10 Reasons to Create an Asset Protection Plan

10 REASONS TO CREATE AN ASSET PROTECTION PLAN 1 CONTROL 2 CARE FOR CHILDREN Control. A well-drafted asset protection If you fail to select a guardian for your plan allows you to ensure that your minor or disabled children, you estate goes to whom you want, when the decision up to Utah courts. you want it, and the way you want it. Update the plan over time to deal with changing circumstances. 3 PROTECTION FOR YOU AND YOUR SPOUSE Protection for you and your spouse. Establish a revocable trust with separate parts funded by the husband and wife. The assets of the other spouse's portion of the trust are not subject to attachment by creditors should something happen to either husband or wife. 4 PROTECTION FOR YOUR CHILDREN In the event of an untimely death, your assets go to your heirs in lifetime trusts for their benefit, maximizing the amount of funds without being subject to Utah estate tax. Heirs can be trustees of their own separate trusts. 5 REDUCE OR ELIMINATE POTENTIAL STATE TAXES Reduce or eliminate potential estate taxes. Plans ensure no estate taxes will be owed on the death of the first parent to die, and the least possible amount on the second death. 6 MAINTAIN PRIVACY 7 AVOID PROBATE Probate filings are all public record; Save heirs legal fees, taxes and time. utilize a revocable living trust to avoid Accelerate settlement process. Costs public probate. savings are multiplied if you have property in multiple states. 8 ABILITY TO ADDRESS SPECIAL CIRCUMSTANCES If your family is the result of multiple marriages, children from different marriages can be treated differently. Determine what goes to your current spouse and to all the children in your plan. 9 LOSS OF CAPACITY 10 PEACE OF MIND Without a plan, Utah's court can select A well thought out plan can actually make a person to manage your affairs. you feel more secure and comfortable. SOURCES YORKHOWELL http://www.sevicklaw.com/top-10-reasons-to-estate-plan.html Anuar Zhumaev I http://thenounproject.com/term/house/5850/ http://www.elderlawanswers.com/10-reasons-to-create-an-estate-plan-now-1076 ATTOR NEYS AT LAW %24