What is legal asset protection? First, it is the tried and true strategy that everyone is familiar with – insurance. For individuals, the most common types of insurance protections are for: (1) auto accident collisions and injury, and (2) damages to the insurer’s home. Most businesses also have insurance covering exposures like fire, damage, “slip and fall” and work-related employee
The list of property classifications in Utah is long and sometimes confusing: marital property, separate property, joint property, community property, probate property, non-probate property, intestate property, exempt property, joint tenancy, tenants in common. What precisely do these terms mean as it relates to a married couple’s property? In what context is each relevant? Utah estate planners should have a precise
A client called recently and shared the challenging situation she is experiencing. A family member passed the previous month, and she was named the executor. Her relative did not have a list of their online accounts and passwords; they merely had a cheat sheet hinting as to what existed online. My client is now in the awkward position of collecting
One of the powerful tools available to Utah estate planners is the domestic asset protection trust (DAPT). This article briefly explores what a DAPT is, how it differs from other irrevocable trusts, how it came to be in Utah and how to avoid common DAPT pitfalls in practice. What is a domestic asset protection trust? A DAPT is an irrevocable
To get the most enjoyment and best flavor from a bottle of wine, connoisseurs sometimes recommend decanting – transferring the liquid to another container before serving, allowing the wine to separate from the sediment. With the recent overhaul of Minnesota trust law, trustees may now employ the same concept to the advantage of trust beneficiaries. As decanting a bottle of
What is legal asset protection? First, it is the tried and true strategy that everyone is familiar with – insurance. For individuals, the most common types of insurance protections are for: (1) auto accident collisions and injury, and (2) damages to the insurer’s home. Most businesses also have insurance covering exposures like fire, damage, “slip and fall” and work-related employee
The list of property classifications in Utah is long and sometimes confusing: marital property, separate property, joint property, community property, probate property, non-probate property, intestate property, exempt property, joint tenancy, tenants in common. What precisely do these terms mean as it relates to a married couple’s property? In what context is each relevant? Utah estate planners should have a precise
A client called recently and shared the challenging situation she is experiencing. A family member passed the previous month, and she was named the executor. Her relative did not have a list of their online accounts and passwords; they merely had a cheat sheet hinting as to what existed online. My client is now in the awkward position of collecting
One of the powerful tools available to Utah estate planners is the domestic asset protection trust (DAPT). This article briefly explores what a DAPT is, how it differs from other irrevocable trusts, how it came to be in Utah and how to avoid common DAPT pitfalls in practice. What is a domestic asset protection trust? A DAPT is an irrevocable
To get the most enjoyment and best flavor from a bottle of wine, connoisseurs sometimes recommend decanting – transferring the liquid to another container before serving, allowing the wine to separate from the sediment. With the recent overhaul of Minnesota trust law, trustees may now employ the same concept to the advantage of trust beneficiaries. As decanting a bottle of
