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.
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.
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.