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Recent Developments (click link to read in more detail)
Cases Give Direction to FLP Planning
Important legal issues have been raised in recent cases. Although Family Limited Partnerships may provide excellent protection, most FLP agreements should be amended or revised now to account for recent law changes concerning ownership and control. Structuring correct ownership of FLP interests is essential to protect against “charging orders” or foreclosure from a successful plaintiff. click here
Danger with Single Member LLC
A claimant is not limited to a charging order against an interest in a single member LLC. Although it is convenient for tax purposes- it may not provide the protection you desire. In those cases where a single member LLC is necessary for tax considerations, full protection can be maintained with “Grantor” type trusts. click here
Significant New Estate Taxes
The U.S Estate Tax is scheduled to phase out until 2010 then come back in full in 2011 and thereafter. Maybe Congress will change this absurd result. Estate tax planning should be appropriate for the existing uncertainty. Don’t bet everything on the wrong side. click here
Use Caution with FLP for Tax Savings
Your FLP can create significant estate tax reduction but new cases illustrate the need for careful planning. click here
New Trusts for High Quality Asset Protection
Changes in the law and advances in technique create the opportunity to achieve full protection and excellent privacy. A trust can be created with special protection for each of your assets - with minimal maintenance and maximum flexibility. This is a convenient and sophisticated technique providing equal or greater protection than many more elaborate plans. click here
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