Asset Protection Law Firm in South Jordan, UT

Protecting What Matters Most

People work for years to build the lives they want for themselves and their families. Many people begin working in high school or college to start themselves down the road to success. Other business professionals begin working after graduation to build successful careers and corporations. Everyone who strives to succeed in America and who works to build better lives for themselves, their families, and their loved ones deserves to be able to enjoy the fruit of their labors. This should include being able to rest assured their hard-earned assets are protected. 

In today’s litigious society, anyone can be subject to lawsuits at any time. Business owners, private individuals, and even the deceased may face creditors, bill collectors, and lawsuits from people and institutions eager to profit from their hard work. This is why everyone needs to consider asset protection strategies and asset protection planning regardless of their age or financial situation. An experienced asset protection attorney can assist you in developing a plan to make sure you, your loved ones, and your assets are protected regardless of the situation. 

What is Asset Protection in Utah?

Asset protection is the process of ensuring personal and business assets are safe from potential risks, including lawsuits, creditors, and probate. The State of Utah understands that people work hard to earn their livelihoods and has provided several opportunities for individuals to make sure their assets are safe from individuals and entities that would attempt to seize them through lawsuits and other legal means. Asset protection helps individuals prevent taking unnecessary risks by leaving their assets vulnerable. 

In many cases, a person’s assets may be vulnerable to being seized through legal means. This includes if a person or their business is sued, if a person dies in debt, or if a person’s estate is contested for any reason. Planning ahead with asset protection is a form of insurance that makes certain assets untouchable and exempt from being seized. 

What Are Asset Protection Strategies Available to Me in Utah?

The State of Utah provides many opportunities for individuals to protect assets. Some of the strategies for asset protection in Utah include but are not necessarily limited to:

Domestic Asset Protection Trusts

Domestic Asset Protection Trusts (DAPTs) are one of the most common asset protection planning tools available to Utahans. A trust protects assets from creditors. When an individual sets up a trust, they become a guarantor. A guarantor designates a trustee as the individual who can access assets placed into a trust. Utah Domestic Asset Protection Trusts are considered irrevocable. This means the guarantor cannot remove assets once they have been placed into a trust. This is the element of a DAPT that protects assets from creditors. However, a guarantor can name themselves as a co-beneficiary and co-trustee. This creates some leeway in allowing a guarantor access to assets in the trust, especially if they designate a spouse, close friend, or loved one as beneficiary. 

Domestic Asset Protection trusts are valuable tools for individuals who are afraid they may be sued one day for any reason, including medical professionals, business professionals, or other wealthy individuals. They are also valuable for planning ahead for after one’s death to ensure your assets are distributed to your family and loved ones rather than seized to pay off debts. For a Domestic Asset Protection Trust to effectively shield assets, at least one of the beneficiaries must be a Utah resident, and some of the assets must be in Utah. Experienced asset protection attorneys will be able to help you form an effective DAPT. 

Liability Insurance Coverage

If you are a business owner or other professional who is afraid they may be sued, liability insurance coverage may be an effective asset protection strategy. Liability coverage will provide payment in the event you lose a lawsuit. This can protect your monetary and other assets from potentially being seized. 

Forming Limited Liability Companies (LLCs)

If you are a business owner, forming limited liability companies is an effective way to protect your own personal assets. If you are sued in any capacity as a business owner, only the LLC’s assets can be pursued by creditors; your own personal assets will be protected and effectively off-limits. 

Retirement Planning

The government takes retirement plans seriously. There is an understanding that the money people place in these plans is meant to help see them through their golden years and that these assets should receive special protection. 

Under asset protection laws laid out in the Employee Retirement Income Security Act (ERISA), money placed into IRAs, 401(k)s, and most traditional retirement accounts are exempt from being seized by creditors or in lawsuits. An experienced attorney will be able to help explain how a retirement plan can be used as an effective asset protection plan. 

Offshore Trusts

Offshore trusts are trusts established in countries other than the United States. The assets in these trusts and the trusts themselves then become subject to the governing laws of that country. Depending on the country, this may make seizing the assets difficult or impossible in the event of a lawsuit, probate, or other litigation. While an offshore trust may be an effective strategy for protecting assets, it can also be incredibly complex and expensive to establish. An asset protection lawyer will be able to perform a risk assessment to help you determine if an offshore trust is right for you. 

What Should I Do if I Want to Protect My Assets in Utah?

People deserve the peace of mind of knowing their hard-earned assets are protected in an emergency. This is why everyone should look into asset protection. It’s a valuable tool that can help anyone make sure their hard work and the fruit of their labors are safe no matter what. If you or a loved one are considering asset protection, don’t hesitate to contact RCG Law Group, located at 489 S Jordan Pkwy Suite 255, South Jordan, UT 84095. 

The attorneys of RCG Law Group are extremely knowledgeable in asset protection planning. Their asset protection insights are unparalleled. They can perform a comprehensive review of your assets and personal situation and help you develop an asset protection plan tailored to your own unique situation and the assets you wish to protect. They know multiple legal tools and strategies available to all Utahans to ensure their assets are protected both for themselves and future generations. The attorneys of RCG Law Group pride themselves on ensuring every client receives the maximum protection and peace of mind. 

You truly can’t put a price on the assurance of knowing you, your family, and your loved ones will be protected. This is why asset protection planning is vital for everyone. If you or a loved one are considering asset protection attorneys, call RCG Law Group at 385-503-3663 or email them for a consultation.