A UDAPT is an irrevocable trust blessed by the Utah legislature which pretty much lets you have your cake and eat it too. “Own nothing and control everything” as Nelson Rockefeller famously said. UDAPT stands for Utah Domestic Asset Protection Trust. Utah is one of a minority of States that allow asset protection for a […]
What are you grateful for? Several years ago my wife challenged me to write in a daily gratitude journal. I am grateful for her and for that challenge. I began writing daily. It was pretty simple and became a habit. It only took about 10 minutes each day and changed my entire life. There is […]
NING stands for Nevada Incomplete-gift Non-Grantor Trust. An ING Trust is an irrevocable trust designed to be treated a certain way for tax purposes. Incomplete-gift means that transfers to the trust do not require filing of a gift tax return (Form 709) and the trust assets remain part of your estate for estate tax purposes. […]
An irrevocable trust is one where the Settlor (the person who established the trust) does NOT retain powers to revoke or amend the trust. This sounds pretty permanent, right? Even though the Settlor can’t revoke or amend the trust, if drafted properly, other mechanisms can be used to add broad flexibility to the trust. Also, […]
You likely know someone in Utah who lost their wealth or their home due to a lawsuit or creditors. It’s quite devastating and probably makes you think about how you can protect your own assets. Asset Protection Trusts are the best way to protect your assets in Utah and elsewhere. Not all trusts are the […]
Have you created meaningful relationships remotely? It is possible. I have done it. I have many deep meaningful friendships which have been established 100% remotely. Nuances of in-person communication are lost I suppose, but that just means we need to be more attentive to the communication tools that remain. Think about it like this. When […]
Your home is one of your most important assets. Protect your home with the best asset protection strategy for greater peace of mind. Without asset protection, your home is at risk if you are the victim of an unexpected lawsuit, creditor attack, and more. Here’s a list of good, better, and best tips for asset […]
An Advance Health Care Directive (Advance Directive) is a legal document where you outline the type of medical treatment you want in the event you are unable to make these decisions yourself at the time. This is an important part of your foundational estate planning. You want to be sure that you’re covered both during […]
I have three children. My responsibility is to “love them, no matter what, even if…” in the words of Dr. Paul Jenkins. This goes for the sons AND the daughters. My first is a son. What dad doesn’t want to have a son right? I got my wish and it has been spectacular. I thought […]
A power of attorney document is where you give someone else the authority to sign on your behalf – as if they were you. A power of attorney is an important part of your foundational estate planning documents. The purpose of a comprehensive estate plan is that you cover all your bases during your lifetime […]