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.
For more information and to see how an FLLLP could assist you, please contact our offices at 888.222.1328.
Contributed by MH Phoenix, Flagstaff, and Prescott Estate Planning Attorney David T. Eastman.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. 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.
- What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 - September 16, 2022
- Does Your Estate Have Sufficient Liquidity? - September 14, 2022
- Understanding Asset Protection Trusts - September 12, 2022
Leave a Reply