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Utah Asset Protection Trusts

Estate-Planning

Trustworthy Orem Attorneys Draft Utah Asset Protection Trusts

Experienced UDAPT lawyers help safeguard your hard-earned wealth

The wealth you have worked so hard to earn should keep you comfortable in retirement and provide a legacy for your children. But it can all be lost in an instant due to an accident or a business reversal. Lawsuits and creditor liability are the greatest threats to all you’ve struggled to achieve, but Skabelund Wirig & Loos can help you can protect your wealth with a Utah Domestic Asset Protection Trust. If you work in a high-liability profession, have high net worth, or run your own business, we can help you shield your assets and avoid the consequences of living in an overly litigious society.

Orem lawyers show you how to protect your wealth

Suppose for a moment that you are an obstetrician. You’ve delivered countless babies over a long career and are now preparing for retirement. Unfortunately, you are involved in a very difficult delivery in which the baby sustains brain damage from anoxia. You know there was nothing more you could have done, but out of sympathy for the grieving parents, a jury awards them an eight-figure verdict. Even with extensive malpractice insurance, you lose your home and your life savings to satisfy the verdict.

Doctors are not alone in facing such liability: homeowners and business proprietors can be held liable for slip and fall accidents on their property, and drivers can be held liable for catastrophic accidents. You could increase your liability insurance, but the cost of the coverage necessary to protect your home, business and savings would be prohibitive. Fortunately, there is another way.

Utah has one of the strongest asset protection statutes in the country. The law allows you to fund a trust with whatever assets you wish to protect, maintain control of how those assets are invested, and name any family member, including yourself, as a beneficiary. You must have a co-trustee who decides on distributions, but there’s nothing to stop you from naming a close friend or family member. The trust must be irrevocable, but you can amend certain provisions, such as the ultimate disposition of assets upon your death.

Once you have established and funded the trust, those assets are out of reach for future creditors and claimants. Your current creditors can contest the trust as a fraudulent conveyance, but in most cases, they only have a brief window of two years to bring such an action.

Skabelund Wirig & Loos can show you how to make a Utah Domestic Asset Protection Trust part of your comprehensive estate plan. You’ve worked too hard not to protect your future.

See our knowledgeable Orem lawyers about a Utah Domestic Asset Protection Trust

In our overly litigious society, you need to protect your property and savings. Skabelund Wirig & Loos is prepared to help with efficient and effective UDAPTs. To schedule a free consultation with a knowledgeable estate planning attorney, call us at 801-788-4447 or contact our office online. We are conveniently located at 1149 West Center Street in Orem, just off I-15.

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Our Office
  • Orem Office
    1149 West Center Street
    Orem, Utah 84057
    Phone: 801-222-9700
    Fax: 801-224-9960
Client Testimonials
  • "Steve Skabelund is Excellent! He has helped out many of my family and friends with getting their Will and Trust documents in order. He is friendly, quick at getting the job done and does it at a fee that is affordable. I would highly recommend Steve to anyone who is considering having these types of services done. Thanks Steve for a job well done!"  -Lorie P., 5.0 rating ★★★★★

  • "My company and I have been working with Brent Wirig for a couple of years now and he has been crucial to the success of our small business. He is knowledgeable and gets things done in a timely manner. He is also very easy to reach. We have used his expertise on everything from the original business paperwork, to taxes, and client contracts. Would highly recommend Skabelund Wirig and Loos."  -Michael, 5.0 rating ★★★★★

  • "We have had such a positive experience with Brent Wirig as our family estate planning attorney. He also has helped us with the organization documents for our new business and explained everything clearly. He works fast and has a deep concern for each client! We will definitely be using him for any future needs!"  -Danielle S., 5.0 rating ★★★★★

  • "Steve has been our family attorney for over 15 years. Over the years Steve has been there to help us with our estate planning needs. Every time I would leave on a vacation without the kids I would have panic attacks about not having my estate in order. We have a special needs son so that added to my anxiety. Steve helped us plan for our future with how to structure our estate to best meet the needs of our family. Now I can go on vacation and leave at least that worry behind. A few months before our son turned 18 we had to petition the court to become our son's legal guardian. Steve was there to make sure everything was in order. It was a smooth process. I would highly recommend Steve and his associated to take care of your Family Law needs!!"  -Teri T., 5.0 rating ★★★★★

  • "I felt like an actual person, rather than just another number! Steve Loos was great in getting back with me when I needed to talk to him. The Bonus part of my experience with Steve is I actually got a portion of my retaining fee back!! That NEVER happens! Thank you Tiffany Hedges for the referral! You all are amazing!"  -Dana D., 5.0 rating ★★★★★

  • "Brent is one of the most thorough and efficient attorneys that I have worked with as a client. He will go the extra mile for you. Also, you actually feel that he cares about you as an individual!"  -Peter S., 5.0 rating ★★★★★

  • "Stephen Loos is a great combination of being pleasant and competent, which is rare nowadays. I highly recommend Stephen for your legal needs."  -IIdar F., 5.0 rating ★★★★★

  • "Brent Wirig just helped us with our estate planning documents and he was extra great to work with. We highly recommend him."  -Catherine C., 5.0 rating ★★★★★

  • "Brent Wirig is very helpful and explains things I don't understand in a clear and concise way. He is easy to work with and willing to go the extra mile to help out."  -Annie S., 5.0 rating ★★★★★

  • "My review is a little slow however we worked with both Stephen Loos and BJ on multiple things and they were awesome!! Professional, friendly, knowledgeable and always willing to accept a call and answer any questions! Great guys!"  -Jennifer B., 5.0 rating ★★★★★