We help clients analyze their unique situations in order to plan for asset protection. In Utah, asset protection typically falls in two camps: 1) limited liability business entities and 2) asset protection trusts.
With a properly formed and managed limited liability business entity (example: a limited liability company, or LLC) each owner's personal property is protected from the creditors of the business. The liability of the company is insulated and collectible only against the property held by the company. On the other hand, if an owner incurs a creditor outside of the business, the business interest is protected from the owner's personal debts. Very specific planning is required to take advantage of these protections, and we walk our clients through every step to ensure they understand the workings of these entities.
Another option for asset protection is a self-settled asset protection trust. A self-settled asset protection trust is a state-specific, statute-heavy tool that allows a person to put assets into an irrevocable trust in order to protect those assets from future creditors. We identify what assets are best for this structure, as well as assist each client in implementing their plan.