A few weeks ago I wrote about 5 Asset Protection Mistakes You Should Avoid. Here are 5 more asset protection mistakes you should avoid. 1. Owning Assets in Your Own Name One of the key ways to protect assets is to transfer them out of your ownership. If you don’t own it, it can’t be […]
People make incorrect assumptions about irrevocable trusts all the time. Yes, even attorneys, CPAs, and financial advisors. Irrevocable trusts are nothing to be afraid of. Here are the top 3 irrevocable trust misconceptions: 1. You Can’t Modify An Irrevocable Trust This is not true. You can absolutely modify an irrevocable trust. Here are the three […]
Beneficiary Trusts – A Better Way to Leave Inheritance to Children There is a better way to leave an inheritance to your children – Beneficiary Trusts. I hear over and over that clients don’t want their children to get too much too soon or that they don’t want their children to squander their inheritance. It […]
The answer is NO, except when the answer is maybe. I’ll explain why a revocable trust generally doesn’t protect assets and circumstances where a revocable trust can protect assets. Revocable trusts are still amazing tools for estate planning and most people need one as part of their foundational estate planning. However if asset protection is […]
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 […]
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. […]
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 […]
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 […]
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 […]