In this day and age, its not uncommon to be faced with a lawsuit. More than 19 million of them are filed every year in the U.S. alone. What’s worse is many of these concern trivial matters, or they are being settled for far more than the real debt. This means that people in Utah are finding that their life’s work is at risk and could be taken away via the legal system.
This risk has continued to grow over the last several years and is not likely to decline without a large revamping of the legal system. Personal assets can be ask because of several liabilities:
• Misconduct liability
• Malpractice liability
• Lawsuits by business partners
• The personal liability of corporate directors and officers
• Personal injuries suffered on the premises
• Personal injuries that result from motor vehicle accidents
• Liability from being a guarantor for another person’s debts
More specially, Utah business professionals and others that have legal responsibility for the well-being of others like doctors, lawyers, accountants, and property owners, need to take special care when carrying out their duties.
Our firm represents all kinds of Utah professionals and business owners to protect their assets against potential lawsuits, fraud, and liens. We believe that asset protection is not about fear but about implementing legally-sound strategies to safeguard assets and preserve wealth.
Since insurance alone doesn’t always protect against threats, our strategies include various legal arrangements like special trusts and the development of different business entities.
Protecting Assets from Creditors
Our legal experts can help clients arrange their assets in ways that lesson their exposure to possible creditors. We evaluate current client assets and work to discover the best legal methods of protecting those assets from creditors.
These methods might involve creating trusts, establishing business entities, and structuring investments. We are also knowledgeable about:
• Exempt asset protections under Utah law
• Offshore and domestic trusts
• The preparation of both pre- and post-marital agreements
There are several benefits to using these legal methods for asset protection. If a person has placed his or assets into a legal entity like a trust or foundation, a creditor suing him or her may discover very few assets to collect. The wealth in an asset protection entity is usually not subject to claims by beneficiaries, and it removes those assets from a person’s taxable estate.
Wilson Law Offices - 1555 E. Stratford Ave., #100, Salt Lake City, UT 84106 - 801-467-5800