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On one hand, every attorney that creates a trust, corporation, limited partnership, or limited liability company is engaging in some form of asset protection planning. On the other hand, most would agree that it is ethically inappropriate to assist a person to commit fraud or evade income taxes.
In trust law, an asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and ...
Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses.
Limited Partners have an economic interest in the FLP, but typically lack two noteworthy rights: control and marketability. Limited Partners have no ability to control, direct, or otherwise influence the operations of the FLP. They can neither buy additional assets, nor sell existing assets, and they cannot act on the Partnership's behalf.
Safeguard your assets by ensuring you have adequate insurance coverage and by implementing asset protection strategies. This can include liability insurance, family limited partnerships, or ...
When you think about setting up a trust, the first thing that comes to mind is a plan for how wealth will be passed down after you die. But there is also an asset protection trust, which protects ...
Features of a Delaware statutory trust are very attractive to many business entities. These features include: [7] [13] liability protection for the trustee(s) (e.g. liens, bond obligations) asset protection for the beneficial owner (or vice versa: a creditor of a DST beneficial owner cannot take legal action against the DST's property)
In a partnership, the company is owned by the general partners and, if applicable, limited partners. General partners make the call on how the daily operations run. In a corporation, the company ...