Estate Law Questions? Ask an Estate Lawyer.
Good evening. My name is ***** ***** I look forward to helping you.
The issue for you as I see it is to accomplish asset protection without giving up control over your assets. You can always give them away, but the risk is that then you no longer own them or control them and they can become subject to the whims and creditor of the people to whom you give the assets. So, the best solution to protect the assets and leave control in your hands is 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.
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Thanks for following up. I will admit it's a bit complicated, but this is a somewhat complex structure; as a result it's sometimes better discuss in full by phone rather than within the confines of this forum. I do apologize if your process has been aggravating. And, I thank you for your patience. I will be happy to discuss this further and more fully by phone. Just let me know.
No worries. I wish you the best. As I mentioned, these are complex legal structures and are difficult to explain fully within the confines of this forum. Take care!