April 20, 2014

Utah State Asset Protection Laws

Utah Asset Protection Summary

Homestead Protection

For a personal residence, the exemption is $20,000; if the property is owned jointly each individual is entitled to the $20,000 exemption.  To view this statute, please click here.

Life Insurance and Annuities

Life insurance proceeds or benefits payable to the debtor if the debtor is the beneficiary of any policy payable upon the death of a spouse or child of the debtor are exempt; this policy must have been in effect for a continuous, unexpired, period of one year.  To view this statute, please click here.

Life insurance proceeds or benefits payable to the beneficiaries, spouse or dependent, of the debtor are exempt; this policy must have been in effect for a continuous, unexpired, period of one year.  To view this statue, please click here.

“Proceeds and avails of any unmatured life insurance contracts owned by the debtor” are exempt.  To view this statute, please click here.

IRA

Money or assets in an IRA are exempt. The statute specifically addresses individual retirement plans, it states; “[A]ny money or other assets held for or payable to the individual as a participant or beneficiary from or an interest of the individual as a participant or beneficiary in a retirement plan or arrangement” are exempt.  §78-23-5(1)(xiv).  To view this statute, please click here.

Disability

Disability benefits received by the debtor’s dependents are exempt.  To view this statute, please click here.

Corporate Protections

Charging Order

A judgment creditor may seek to charge the debtor-partner’s partnership interest with payment of any unsatisfied judgments.  The judgment creditor is treated as an assignee of the partner’s partnership interest.  To see this language in the Revised Uniform Limited Partnership Act, please click here.  To see this language in Utah’s General and Limited Liability Partnerships, please click here.

Business Acts

1.      Utah Professional Corporation Act

a.      To view this statute, please click here.

2.      Utah Revised Business Corporation Act

a.      To view this statute, please click here.

3.      Utah Revised Non-Profit Corporation Act

a.      To view this statute, please click here.

4.      Utah Revised Limited Liability Company Act

a.      To view this statute, please click here.

5.      Utah  Revised Uniform Limited Partnership Act

a.      To view this statute, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.