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Did you know Utah is one of only 17 states that has a Domestic Asset Protection Trust (DAPT) statute? This new law is a powerful new tool in your asset protection planning tool belt! This type of irrevocable trust allows the grantor to benefit from the trust while serving as co-trustee as long as the statutory requirements are met. But a DAPT is not the only tool available. A good asset protection plan contemplates the use of, not only asset protection trusts, but life insurance, limited liability companies (LLCs), family limited liability partnerships, prenuptial agreements, and choice of law – just to name a few.
The purpose of an asset protection plan is to protect your assets from creditors. And creditors can arise from both expected and unexpected liability situations. Thus, this type of planning is intended to be a proactive approach that leads to further planning and is not to be used as a quick fix when a claim arises. The laws for asset protection vary from state to state, so it is important to consult with a professional when you decide to create an asset protection plan to ensure that you are following all of the applicable laws and legalities.
An asset protection plan helps to keep your assets safe from seizure in the event that you lose a lawsuit. This plan needs to be created in advance of a lawsuit. Attempting to protect assets after a case has begun can result in a judge deciding that you are fraudulently hiding your assets. By creating an asset protection plan as a preventative measure, you can protect your assets over a long-term period.
Different states have different laws involved regarding asset protection plans. It is important to consult with a legal professional when you wish to protect your assets. In most states, including Utah, there are rather stringent rules in place regarding asset protection. Planning for the future is important, as many of the most effective methods are not intended to be quick fixes.
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