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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 54704
Experience:  Attorney with 29 years of experience.
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I have owned my bussiness for 38 yrs..We have no Ins and my

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I have owned my bussiness for 38 yrs..We have no Ins and my wife need bye pass surgery.how do we protect our bussiness >we are 60 and 62
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. What structure is your business....sole proprietorship, LLC, corp., etc? Thanks.
Customer: replied 3 years ago.


LLC husband owns 95 percent father ownes 5 percent...this is a cabin rental bussiness that has been in the red the last four years...

Thanks so for much for following up. What you will want to do is convert your ownership in this business from one that a creditor would want into one they do not want. In this situation, you want to consider putting your non-exempt assets (retirement income and retirement account assets are exempt and can be left in place), including your ownership in this LLC, into a family limited partnership. Carefully drafted, this converts assets that a creditor would find attractive to go after into a limited partnership interest with no control, no rights other than that of an assignment, no transferability, no marketability, and no right to distributions. The transfer is for fair market value…i.e., you are simply exchanging one asset for another of equal value to you. And, you maintain control through a general partnership interest that you control. Yet, when complete it essentially is an asset no one wants and thus the creditor is less likely to pursue the debtor. Family limited partnerships must be carefully drafted and one would need an attorney experience in this area to do so, but they can be a very effective method of asset protection.




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