One of my favorite authors is Ernest Hemingway.  Many consider Hemingway’s writing style simplistic and direct, lacking flowery prose and complex grammar.  While this may be true, he was able to utilize “simple” grammar and English to create descriptive passages that were full of colorful dialogue.  When reading Hemingway, various situations are described in such a way that it allows your imagination to take you there and live that situation right along with him.  I love a passage from his novel For Whom the Bell Tolls.  In it, Hemingway states ” “I had an inheritance from my father, it was the moon and the sun.  And though I roam all over the world, the spending of it’s never done.”  Although it’s doubtful that any of us plan on leaving our loved ones a gaseous star at the center of the universe and a white, dusty satellite of planet earth,  I view this passage as a call to leave those we love a great legacy.  This can be a  great legacy of both character and possession. Unfortunately in the tax heavy, litigious world we live in, it has become necessary to take steps to protect our most valuable assets from various forces that can strip them away.

One method of protecting assets in Utah is a Domestic Asset Protection Trust.  An Asset Protection Trust is a legally acceptable method for protecting important and substantial assets.  An Asset Protection Trust can protect your most important assets from creditors and other situations, such as divorce, where large portions of your assets can be seized.  An Asset Protection Trust is established as an irrevocable trust so that the trust now owns those assets, not the Trustmaker. An Asset Protection Trust can be established domestically, or can be established in a foreign territory that has specific laws designed to protect assets.

If you hold substantial assets and have concerns about potential creditors coming after those assets, an Asset Protection Trust may fit your situation.

For additional reading on asset protection:

Working Towards Financial Security

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