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 […]
Tag Archives: asset protection
09
Sep
Sep
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. […]
07
Sep
Sep
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, […]