St. George & Surrounding Areas

Asset Protection Planning

We will help you through the complexities of protecting your assets and the steps that need to be taken throughout the process.

Asset protection planning may involve several strategies depending upon each client’s fact situation. In all asset protection planning it is better to have the planning in place before the need arises. Doctors, contractors, lawyers and real estate developers are vocations often associated with litigation and therefore more aggressive asset protection planning. However, anyone with an asset or good earning potential needs some level of asset protection planning.

The foundational planning will include insurance as the initial line of defense. After insurance, asset protection planning depends on the facts and may include business entities, funding retirement plans, asset ownership strategy, domestic asset protection trusts, irrevocable life insurance trusts (ILIT), intentionally defective grantor trusts (IDGT), other irrevocable trusts.

Entities

LLC Formation
C Corporation Formation
S Corporation Formation
General Partnership Formation
Annual Meeting

Develop

Domestic Asset Protection Trusts
Irrevocable Life Insurance Trusts
Intentionally Defective Grantor Trusts

LLC

A Limited Liability Company (LLC) is one type of legal entity that can be formed to hold real estate or own and operate a business. An LLC is a popular option, and provides the similar limited liability as a corporation but is easier and more cost effective to form and operate. Any individual operating a business as a sole proprietor should consider an LLC for the personal legal liability protection it may offer.

General Partnership

A general partnership is a business entity that consists of two or more owners who operate in accordance with an agreed-upon business arrangement with the intent to make a profit. A partnership is the least protected business entity in terms of risk, partners are jointly and severally responsible for any debts or liabilities associated with the business – meaning personal assets can be seized to fulfill outstanding debts or obligations.

C Corporation

A C Corporation (C-corp) is a legal entity in which the owners or shareholders are taxed separately from the business. It is the most common type of corporation. C-corps separate the company’s income and assets from its owner and shareholders, limiting their liability to only what they have invested in the business.

S Corporation

An S Corporation (S-corp) is a type of corporation that gives a business with 100 shareholders or fewer the benefit of a corporation while being taxed as a flow through entity. Only the money invested into an S-corp by shareholders is at risk, with protection similar to an LLC or C-corp. S-corp shareholders can only be individuals, certain trusts and estates or specific tax-exempt organizations.

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Tom and his staff were very helpful and patient in explaining everything to me because I had no idea what I was needing or doing. Very timely and extremely helpful. I have already recommended them to friends who knew I was going through the process.

Shawn J.

Proven Law

Why Choose Us?

Free 30 Minute Consultations

Voted Best Of Southern Utah For 4 Years In A Row

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95+ Years Of Combined Experience On Our Team

We Only Focus On Estate, Trust, And Tax Matters

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(435) 688-9231

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