|
UTAH–THE TRUST FRIENDLY STATE
Information for legal advisors about Utah trust law
List of Financial Service Providers
Utah is rapidly becoming a financial center. Its industrial bank charter has already attracted firms like UBS, Merrill Lynch, American Express, GE Capital, GMAC, Morgan Stanley, Goldman Sachs, BMW and Volkswagen. Now changes in Utah’s trust law have created additional opportunities for those interested in maximum flexibility in the area of wealth management.
WHY DOES UTAH DESERVE YOUR TRUST BUSINESS?
IT HAS LAWS WHICH ALLOW FOR THE TRUST PROVISIONS YOU–
THE CREATOR OF A TRUST-- WANT
• Utah allows you to protect your assets against creditors. So long as your Utah Trust has at least one qualified Utah trustee and some of the assets are administered in Utah, you, the creator of the Trust, can receive distributions from the Trust and still protect the trust assets from your creditors.
• Utah law limits state income taxes on Utah Trusts. Income, other than Utah source income, which is accumulated in a Utah Trust is not taxed until it is taken out. Utah has no sales tax on trusts, no intangibles or personal property tax, and no estate tax except for the credit allowed under federal estate tax law.
• Utah allows you to create a Utah Trust family dynasty. Utah Trusts can last as long as 1000 years. Such long lasting trusts create great opportunities for estate tax savings.
• Utah law allows you to control the Trust’s investments. Under your Utah Trust, you can make the investment decisions yourself, or allow a trusted investment advisor to do so. Under Utah law, the Trustee can be relieved of that responsibility.
• Utah law respects your personal privacy. Trusts are NOT registered with the State; no public filings are required. Accountings are easily waived. Under Utah law you decide who does and who does not get information regarding your Trust.
• For your benefit, Utah trust law is flexible and up-to-date.
You can have protection from your creditors and still have the choice whether or not to remove the trust assets from your estate for estate tax purposes.
You can appoint a trust protector/special trustee in your Utah Trust to handle changing circumstances during the life of the Trust.
You can use modern investing techniques and provide for flexibility in what is income and what is principal of the Trust. Utah has adopted the Uniform Principal and Income Act.
FOR INFORMATION FOR YOUR ATTORNEY REGARDING THE LEGAL BASIS FOR A UTAH TRUST ACCESS THIS LINK. Information for legal advisors about Utah trust law
IF A UTAH TRUST IS FOR YOU, PLEASE CONTACT ONE OF THE FINANCIAL SERVICE PROVIDERS LISTED HERE.
|
Bank of Utah
Roger Tidwell
Vice President Trust Administration
9320 South State Street
Sandy, Utah 84070
Phone: 801-924-3618 |
|
JPMorganChase
Jeffery Chivers
Senior Investment Specialist
50 West Broadway #200
Salt Lake City, Utah 84101
Phone: 801-481-5320 |
Central Bank
Joyce M. Prather
75 North University
Provo, Utah 84601
Phone: 801-655-2182 |
|
Franklin Templeton Bank & Trust, F.S.B
Gretchen Anderson
Executive Vice President
2302 Presidents Drive
Salt Lake City, Utah 84120
Phone: 801-952-3311 |
KeyBank, N.A.
Dean C. Weaver
Vice President/Financial Advisor
50 South Main Street, Suite 1914
Salt Lake City, Utah 84144
Phone: 801-535-1287 |
Merrill Lynch Bank USA
Janeen Erekson
15 West South Temple, Suite 300
Salt Lake City, Utah 84101
Phone: 801-526-6810 |
U.S. Bank
Laura Houston
15 West South Temple, 2nd Floor
Salt Lake City, Utah 84101
Phone: 801-534-6045 |
|
Wells Fargo
Mike Poulter
2404 Washington Blvd.
Ogden, Utah 84401
Phone: 801-246-1191 |
Zions First National Bank
Craig A. Standing
Vice President & Trust Officer
310 South Main Street, Suite 1330
Salt Lake City, Utah 84101
Phone: 801-524-4869 |
|
