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. […]
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 […]
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 […]
A Pour-over Will is a simple type of Last Will and Testament that works together with a Revocable Living Trust. Instead of dividing assets upon your death, a Pour-over Will is used to “pour” assets into your Revocable Living Trust upon your death. Your trust does the rest. When most people think of estate planning, […]
Central Part of Estate Planning A revocable trust, also known as a “living trust” or a “revocable living trust”, is the central part of your Foundation Estate Planning Documents. Most people need a revocable trust. It’s also one of the most widely used estate planning techniques. A revocable trust allows you to smoothly carry out […]
The Estate Planning Documents Most People Need Do you need estate planning? The answer is yes, but what exactly does that mean? The key is to make sure your affairs are handled smoothly both while you’re alive AND after you pass away. Here’s the estate planning everyone needs. Regardless of your net worth, most people […]