Q: How can I protect my assets and reduce estate taxes?
A: An excellent device, if properly arranged, is a Family Limited Liability Limited Partnership (FLLLP). Converting asset ownership from your individual name to an FLLLP protects your assets from lawsuits and creditors and reduces the value of your estate for estate tax purposes. The FLLLP protects the partners from partnership liability and protects the assets of the partnership from the liabilities of the other partners. Also, when you properly convert your assets to ownership in an FLLLP, the value of the assets is discounted for estate tax purposes, greatly reducing your potential estate taxes. The laws in this area are very complex and are state law specific. It is essential that you consult with an attorney who keeps abreast of these developments.
Contributed by MH Arrowhead, Phoenix and Scottsdale Estate Planning Attorney and Partner, David T. Eastman.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.