Asset Protection Family Limited Partnership

 

CAPITAL ASSET, INC.

 

since 1990

____________ ̣ ___________

Total Asset Protection - Legally, Quickly, Conveniently, Inexpensively, Anonymously

 

 


We form an asset-protected partnership

 customized to YOUR needs.


  

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Living Trust

 

 

Family Limited Partnerships &

Limited Liability Limited Partnerships

 

We form it, service it, and consult on its use.

 

Our FLP is a truly asset-protected

partnership customized to you,

not the generic FLP out of a box that

other companies give you.

 

Easy and Convenient Total Asset

Protection For You, Your

Family, Your Business.

 

We do everything to form the FLP and

move assets into the FLP for you.

We give you unlimited consultation

so you always know how to use and

maintain it.  Set it and forget it!

 

Our Family Limited Partnership can allow you to: 

  • save self employment taxes

  • save future estate taxes

  • prevent lawsuits

  • keep control of your assets

  • avoid fraudulent conveyance

       

 What is a family limited partnership?

The FLP is one of the most effective asset

protection tools around. It helps reduce estate taxes, gives you the ability to manage

your assets while denying creditors

access to them, and has a built in tax

penalty for any creditor who receives

a court order against you.

 

In a FLP you name one or more general

partners and one or more limited partners.

General partners can be yourself or

a corporation or your spouse or other

family member. Limited partners can be LLCs, spouse, grown children, etc. 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 they can provide

great anonymity. The FLP is the most

widely used and effective domestic

asset protection tool around.

Family Limited Partnerships are used

to protect real estate, stocks & 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

normally freely transfer assets in and

out of the FLP without worrying about

an adverse tax effect.

So, How does it work?

 

The first thing to do is properly form an FLP

that is structured to your specific needs.

his takes some important planning.

Second, the partnership agreement

has to be drawn up and the ownership

carefully decided. Third, the assets have

to be properly transferred into the FLP.

We do all of this for our clients.

Once all of this has been done, it becomes

very hard for a creditor to attack your FLP.

Even if he sues and gets a court judgment

against you, that still does not give him

the right to take your assets in the FLP.

He has to go back to court and get

another judgment called a charging order.

That allows him to get your share of the

distributions from the FLP, but not the

assets. If you do not distribute anything,

then the creditor gets nothing. He

cannot take your position and run the FLP.

He cannot force you to distribute assets.

The rights of an assignee of an FLP

interest are much more limited than are

the rights of the assignor partner.

If the FLP has undistributed profits,

the creditor gets a K-1 and must pay

tax to the IRS on money he never received

and probably never will receive.

 

As a result of this, few creditors ever go

for a charging order. Thus your assets

are safe! See IRS Rev Rul. 77-137,

977-1 C.B. 178.

FLP Is Confidential

 

Your partnership agreement is confidential

and is not filed with any government

agency. Only you know what it says

and only you know who the limited

partners are and what assets are owned by the partnership.

 

An FLP does not have double taxation like a corporation. It is truly an excellent domestic protection tool when it is properly structured

and implemented.

When setting up an FLP and moving

assets into it, if possible you try to avoid

mixing risky assets with safe assets.

A risky asset is one that is likely to generate a lawsuit and a safe asset is one that is

unlikely to generate a lawsuit. Examples

of risky assets are rental property, boats,

airplanes, cars, stock in closely held

corporations etc. Examples of safe assets

are cash, stocks and bonds, home

equity personal

assets etc. Most ideal is to form both a

LP and LLC (both in Nevada for the privacy

and asset protection), use the FLP to

protect your home and accounts, and the LLC to

protect investment real estate.

It is not advisable to put your personal

home that you currently live in into

an FLP. To do so may result in the loss

of deductions and valuable capital gains

treatment upon the sale of your home.

Instead, you use the FLP to strip

the equity in the home to protect it. Property

transfer can be done for investment real estate.

 

The FLP  can serve as umbrella protection

for all your businesses and any of your

family members spouse, children, parents,

etc. If you want the partnership assets to flow through for estate planning, we will show you how to make it work seamlessly with your asset protection plan.

 

Note: Especially in a state like

California, use of an out of state partnership

such as a Nevada or Wyoming LP in

which assets are not carefully transferred

 in, can trigger

Proposition 13 property reassessment

and higher taxes. Regardless of where

you live, you should never try to transfer

assets into a LP by yourself. We do the

transfers for clients in such a way that

it is a tax-neutral transfer.

 

We advise you on what assets are best

to put in your FLP, and what assets are best protected in another structure.
 

 




 

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Global Asset Advisors, Inc.

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1-888-521-6577


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Using an FLP to Place a 'equity stripping lien with consideration' on Your Home

An equity stripping lien with consideration placed by your asset-protected family limited partnership prevents anyone else - lawsuit judgment, creditor or contractor - from getting a lien on your home equity. A FLP does NOT protect against IRS liens or IRS collection efforts, however, nor do we provide any 'protection' against IRS collection efforts.

We prepare all the complicated paperwork for these liens for you. Sophisticated, exact process guarantees safety of your home equity from any attack.

 

Best Use of FLP for Asset Protection, Combined with Revocable Trust

Everyone needs and should have a revocable trust for passing assets to heirs without probate. But a revocable trust offers no asset protection. 

 

Best Use of FLP for Asset Protection, Combined With LLC and Revocable Trust

 

  • We form a Nevada LLC to hold risky assets like real estate, boats, planes, or to run a business. This is no generic LLC our of a box that all other companies give you. The bulletproof asset protection is in the 100 page operating agreement for the LLC.

  • We form a Nevada FLP to work with the LLLC.

  • Your revocable trust owns 99% of the FLP.

  • The FLP will hold 'safe' assets like bank and brokerage accounts, and will lien the equity of your personal home while the LLC will hold risky assets.



Using Multiple FLPs To Segregate Assets


Depending on your needs, you may need multiple partnerships and LLC  to segregate your risky from safer assets and to create the proper asset protection layering needed to survive determined attacks by creditors and lawsuit lawyers.

 

Call us today. We make it easy, fast and convenient for you

 

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