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A Family Limited Partnership, as its name implies, is an arrangement where a family forms a limited partnership to hold family businesses and investments. In this arrangement, parents can make “gifts” of partnership interests to their children. The benefits of a Family Limited Partnership include asset protection and discounts for estate and gift taxes.
Family Limited [...]
A trusts can be used for asset protection, but it must be the right type of trust. A living trust may not shield your assets because it is revocable. That is, you can change the terms at any time. Courts have held that since you have access to your revocable trust, creditors should be able [...]
Continue reading...Living trusts are becoming an increasingly popular addition to estate plans. Living trusts are attractive because they allow you to avoid probate – the court supervised process by which estates are administered. With a living trust, assets are transferred directly to the beneficiaries named in the trust, and the trust simply ceases to exist once [...]
Continue reading...Asset protection is the process by which both business and personal assets are organized so that they are protected from future creditors. This both shields your assets and discourages creditors from pursuing judgments against you.
Asset protection, while valuable to everyone, is most necessary for certain types of individuals.
These include:
• Business owners;
• People who are facing [...]
In light of the recent chaos in US and world financial markets, it is easy to understand the temptation to return to a “money under the mattress” saving plan. It may seem counter-intuitive to continue investing given the uncertainty, but contributing should still be an important part of your estate planning.
One advantage of continuing to [...]
New York elder law and special needs planning attorney, Bernard A. Krooks talks with Dr. Jeffrey Nichols of Cabrini Eldercare about his job as a geriatrician.
Continue reading...
