Asset Strategies

Learn more about protecting your personal and company assets.

Utah Asset Protection Laws

These assets are exempted from a state court or bankruptcy proceeding in Utah.

Homestead: Real property, mobile home or water rights up to $20,000. Joint owners may double. Proceeds from sale exempt for 1 year. Must file homestead declaration before attempted sale of home.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for public employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, for contributions made more than 1 year prior to filing. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Life insurance policy cash surrender value to $1,500. Life insurance if beneficiary is insured's spouse or dependent as needed for support. Disability, illness, medical or hospital benefits. Fraternal society benefits.

Personal Property: Animals, books and musical instruments up to $1,000 total. Artwork depicting or done by family member. Bed. Bedding. Carpets. Washer and dryer. Burial plot. Clothing (excluding furs or jewelry). Food for 3 months. Furnishings and appliances up to $1,000. Health aids. Heirloom or other sentimental item up to $1,000. Refrigerator. Freezer. Stove. Sewing machine. Proceeds for damaged exempt property. Wrongful death recoveries for person who supported you.

Miscellaneous: Business partnership property. Alimony needed for support. Child support.

Tools of Trade: One motor vehicle if used for debtor's business or profession up to $5,000. Implements, professional books or tools of the debtor's trade up to $5,000. All military or National Guard property.

Wages: Minimum of 75% of earned but unpaid wages.

Public Benefits: Unemployment compensation. Workers' compensation. Veteran's benefits. AFDC. Crime victim compensation. General assistance. Occupational disease or disability benefits.

Wild Card: None.

Category : Running A Business
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