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ASSET PROTECTION FAMILY LIMITED PARTNERSHIP
What if you could sign
a document, write a check for a few hundred to thousand dollars and begin to: ● save thousands of dollars in income
tax every year, ● save self-employment taxes, ●
save hundreds of thousands in
future estate taxes, ● insulate your assets from the
lawsuit epidemic, and ● retain control over your assets? Sound interesting? Well what is
a family limited partnership? It is
one of the most effective asset protection tools around. It helps reduce estate and income taxes, gives
you the ability to manage your assets while denying creditors access tot hem,
and has a built in tax penalty for any creditor who receives a court order
against you. General partners are in
complete control while limited partners have no control. The law denies the creditor the right to
take any interest in the partnership, and if structured properly then can
provide great anonymity. It may sound
like a mouthful and it is. They are
among the most widely used and effective domestic asset protection tools
around. Family Limited Partnerships are used to protect real estate, stocks
and bonds, cash, jewelry, furniture and fixtures and many other personal and
business assets. The FLP is unique in
that it is a tax neutral entity. Thus,
unlike a corporation you can freely transfer assets in and out of the FLP
without worry about an adverse tax effect. |
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