Cottonwood Heights Asset Protection Attorneys | Serving Salt Lake City

High net worth individuals in Utah have worked hard to build a comfortable life for themselves and their families. Many of these individuals seek to pass their homes, vehicles, savings, and other assets down to their loved ones as part of their estate plan. Those who are diligent will look to protect their assets as much as they possibly can, but what happens if you get sued and these assets are put at risk? It is important to be aware of how the law and various estate planning options can be used to protect the assets of your estate.

John Park Law is a Cottonwood Heights law firm serving Salt Lake City, Utah that focuses on estate planning and all related areas of law. We are located at 6975 S Union Park Center STE 600, Cottonwood Heights, UT 84047 near the I-215 freeway & 1300 East, in the Union Park area. Call us at (801)-701-3330 or complete our contact form to take the first step toward your legal solution.

Recent Review:

“John Park Law was extremely helpful & knowledgeable. I had many questions and all were answered in detail. Sam was very patient, especially with my elderly mother. He took the time to discuss options and guided us through step by step in protecting my mothers assets. Highly recommend!”
— Verified Google Review from Stacey W.

Exceptional, Award-Winning Legal Counsel

Serving clients across Utah, John Park Law is trusted for its experience in estate planning, business law, and real estate matters. We work closely with our clients to create clear, organized estate plans that reflect their wishes and ensure loved ones are cared for at every stage.

About Utah’s Domestic Asset Protection Trust Statute

In 2013, Utah’s state legislature passed the Domestic Asset Protection Trust Statute, which offers protection for personal and business assets for Utah residents. Before the passing of this law, there was little that Utahns could do to protect their assets from litigation and creditors. Utah’s current asset protection trust statutes provide several important features:

Protection from certain creditor claims. Assets properly transferred to a qualifying Utah asset protection trust may receive statutory protection from claims against the settlor, subject to important exceptions and limitations.
The settlor can remain a beneficiary. Utah law permits the person establishing the trust to retain certain beneficial interests and rights while maintaining asset protection when statutory requirements are satisfied.
A Utah trustee is required. At least one trustee must be a Utah resident or a qualifying Utah trust company.
Future creditor planning is expressly contemplated. Utah law provides that an expressed intention to protect assets from potential future creditors is not, by itself, evidence of an intent to hinder, delay, or defraud a known creditor.
Domestic support obligations receive special treatment. Utah’s statute establishes specific requirements involving child support, spousal support, and other qualifying domestic support obligations, including notice requirements before certain distributions.
Asset protection must be established proactively. Transfers cannot be used to render the settlor insolvent, shield assets derived from unlawful activity, or improperly hinder, delay, or defraud a known creditor.

Benefits of Placing Assets in a DAPT Trust

The Utah DAPT is a type of irrevocable trust that offers unique protections not found in revocable trusts or other types of irrevocable trusts. There are a few advantages to using a Utah DAPT trust:

Assets placed in the trust are immediately protected from future creditors and litigators
Assets are protected from current unknown creditors within no more than two years.
The settlor of the trust can be named a beneficiary of the trust.
The settlor is permitted to live in and use property owned by the trust without the risk of losing the property to creditors.
The settlor can name themselves a co-trustee
The settlor can remove individuals and appoint trustees who have the power to make discretionary distributions.
The settlor can veto distributions, giving them the final authority over who receives assets from the trust.
A friendly Trust Protector has the authority to amend or revoke the trust without the consent of another beneficiary of the trust.

If you are a high net worth individual and/or work in a profession with high liability risk (such as a doctor, lawyer, or business owner), it may be wise to examine how your estate could benefit from Utah’s asset protection laws. You can learn more about this law and how it could affect your estate plan in a consultation with one of John Park Law’s experienced Utah estate planning attorneys – serving Salt Lake City from our Cottonwood Heights office location.

How Many States Have Asset Protection Trust Laws?

Utah is one of 17 states with asset protection trust laws. The other 16 include:

Alaska
Connecticut
Delaware
Hawaii
Indiana
Michigan
Mississippi
Missouri
Nevada
New Hampshire
Ohio
Oklahoma
Rhode Island
South Dakota
Tennessee
Virginia
West Virginia
Wyoming

Contact our Salt Lake City Asset Protection Attorneys to Protect Your Utah Assets

For individuals, families, and business owners in Salt Lake City, Utah law provides a powerful option for protecting wealth from certain future creditor claims. Under Utah’s Domestic Asset Protection Trust laws, qualifying individuals can establish an irrevocable asset protection trust while remaining a beneficiary of the trust, provided the trust is properly structured and complies with Utah’s statutory requirements.

For Salt Lake City residents with significant personal assets, investment property, business interests, or generational wealth, a Utah Domestic Asset Protection Trust can become an important component of a broader estate and asset protection strategy. Our Salt Lake City asset protection lawyers at John Park Law can evaluate your exposure, explain how Utah’s asset protection laws apply to your circumstances, and help structure a plan designed to safeguard your wealth and long-term legacy. Get in touch with us today at 801-701-3330 to learn more about asset protection trusts and other estate planning matters.