ASSET PROTECTION UTAH
You have worked your whole life to build your wealth and you should be able to have the peace of mind knowing that your wealth will be available to you and your family to enjoy. Many business owners, doctors, dentists, attorneys, etc. are prone to being sued because of the nature of their business. Threats of being sued as well as the danger of losing your hard-earned assets are a real possibility that no one wants to face.
Through the proper use of irrevocable trusts or the proper set up of business entities, your assets could be protected from these outside threats. Some states have enacted trust and business laws that can potentially protect your assets.
Nevada is the leading jurisdiction in the nation when it comes to asset protection through the use of irrevocable trusts. Many people from all over the world, create Nevada asset protection trusts to protect their assets. The attorneys at Law Office of John Park are licensed in the State of Nevada, California and Utah and have been helping clients with their estate, business planning and asset protection planning with irrevocable trusts.
Further, through the use of Nevada entities, such as limited liability company or corporations, if you transfer assets to such Nevada entities and have an ownership interest in the entities and you are sued, your assets may be protected to a certain degree. That is because Nevada only authorizes a charging order lien to be placed on your ownership interest in a Nevada entity, which provides asset protection to you.
Although we cannot completely eliminate the risk of someone suing you, we can plan to structure your estate plan in a way that if you are sued, you are either in a position to negotiate to settle or your assets will be fully protected. However, these results are not possible, unless you plan in advance. You will be able to fully protect your assets in 2 years from the time you create a Nevada irrevocable trust for asset protection and transfer your assets to your irrevocable trust. You will be able to manage your assets as the trustee and also be the primary beneficiary of your trust.
Utah also has an asset protection trust, that also follows Nevada law, but has a bit more restrictions to achieve such asset protection. Either way, whether its through a Nevada or Utah asset protection irrevocable trust, there are ways to protect your hard earned assets, if you plan accordingly.
If you are already involved in a lawsuit, it may be too late to protect your assets. Do not wait and contact the Utah and Nevada licensed attorneys at Law Office of John Park today to schedule an appointment and to discuss your asset protection needs before it is too late.