Partners pay tax on income earned even if it is not paid out to them The taxation of Family Limited Partnerships should be carefully considered in advance of setting up and rolling out your new FLP. FAMILY LIMITED PARTNERSHIP DEFINED State laws have provisions allowing people to establish limited partnerships. …
Purposes of Family Limited Partnerships People form family limited partnerships (FLP’s) to (i) transfer ownership of properties or assets to family members while still maintaining control; (ii) to save on estate and gift taxes; (iv) to shift income from parents’ higher tax brackets to children’s lower tax brackets; (iii) to…
Don’t wait until you get sued to do asset protection BENEFITS OF AN IRREVOCABLE LIFE INSURANCE TRUST (ILIT) Irrevocable Life Insurance Trusts – These types of trusts are not often thought of as an asset protection device. However, they have many benefits, including: Permanent guarantee of money to your heirs…
Don’t wait until you get sued to do asset protection Danger of moving assets illegally – Law Against Fraudulent Conveyances DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment…
Get your assets out of your personal name AND get your name off of public records associated with the asset. DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment…
Get your assets out of your personal name DANGERS OF OWNING ASSETS IN YOUR OWN NAME If you lose a lawsuit that has been filed against you personally then the winning party obtains a court judgment. That judgment is then enforceable against any accounts or property owned in your name. …
A permanent estate builder that provides asset protection and covers future generations What does a Life Insurance trust do? Life Insurance Trusts – A Life Insurance Trust is a permanent, irrevocable trust that is established to own one or more life insurance policies that cannot be altered, amended, or revoked.…