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American Academy of Estate Planning Attorneys

The American Academy of Estate Planning Attorneys was established in 1992. Mr. Holmgren has been an active member since 1995. Click here to visit his Academy website.

Long Life in Okinawa

Take a moment to watch this video from CNN on the amazing health and long life of Okinawans.

Seinfeld Has An Answer for Everything

In this classic Seinfeld episode, Jerry and Kramer discuss living wills. Although humorous, it makes a great point about the importance of this key document.

 

DocuBank
Utah's New Domestic Asset Protection Trust (DAPT)

Effective May 2013, the DAPT statute (or DAPT law) provides a powerful way to protect assets from various creditors and especially from lawsuits.

CLICK HERE for full, printable article.

Domestic Asset Protection Trusts in Utah
Posted on Jun. 13, 2013

Question:  I’ve heard that Utah has a new law authorizing the use of Domestic Asset Protection Trusts (DAPTs) in Utah.  Someone mentioned that a Utah-compliant DAPT can be used to protect assets from lawsuits and other claims and, at the same time, the owner of the Trust can utilize the assets for his/her own needs.  If this is true, how does it work?

Answer:  The new DAPT was enacted by the Utah Legislature, signed by Governor Herbert, and became law in mid-May of this (2013) year.  These types of “asset protection” trusts have been available in Alaska, South Dakota, Delaware and Nevada for years but, until now, Utah has not had a law that was as “user friendly” as those other states.  Now we do.  Basically, the new law allows you to establish a Utah-compliant DAPT to house assets that you want to insulate from future creditors.  This is not a solution if you have existing creditors who may have a legitimate claim on your assets, but if you have valuable assets (such as a home, cabin, investment account, CDs/savings, etc.) and you don’t have any reason to believe that anyone could currently have a claim to those assets, the Utah-Compliant DAPT may be a tool for you to utilize.  I am currently consulting with couples and individuals about whether the DAPT is suitable for their particular needs and wants.  To schedule a no-fee consultation, please call (801) 534 7434 or (801) 534 7228.

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About Randy

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I help clients prepare for their unexpected death or disability. Using legal documents such as Wills, Trusts, Power of Attorney, LLCs and more, we can ensure that your hard-earned assets go to the right people, at the right time, and in the right way–and are managed by someone who is competent, skilled and trustworthy.

I also help clients identify their non-monetary legacy (values, wisdom, principles, beliefs, life experiences, family name and a commitment to certain charitable causes) and how to effectively pass that legacy on to family and others.

Take time to consider the value of your life to others. Don't miss opportunities to leave a greater legacy than just money.

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