asset-protection

Several years ago, when I was just learning the ropes of the U.S. asset protection system the idea of using Limited Partnerships for families was hot. People loved them for three major reasons:

(a) Absolute General Partner control was firmly established by caselaw
(b) Tax-saving advantages
(c) Easy transfer of assets to the next generation

There was also a massive marketing push towards getting people into “family” limited partnerships. But a lot of things have changed since then. Is an FLP still a good choice?

I’ve had a couple of land trust questions come in recently, so I thought I’d give you a primer of what a land trust does (and doesn’t) do.