When putting an asset protection plan in place – such as an LLC, FLLP or a Domestic Asset Protection Trust – we consider all aspects of your personal, business and family situations, as well as your goals and legal risks, in order to create a plan that effectively protects and shields your valuable assets.
LIMITED LIABILITY COMPANY
The LLC (Limited Liability Company) has become the most flexible and preferable entity for most operating businesses since LLC’s combine tax planning flexibility with administrative simplicity, legitimate asset protection and a built-in succession plan after the business owner retires or passes away
Using separate LLC’s for separate real properties and assets is also a useful asset protection technique for rental properties, vacation rentals and other property owned by you
A Family LLC can be a powerful tool for estate planning by creating a proven and reliable structure to manage and distribute family property to future generations
A Family LLC can provide enhanced protection from creditors and, in a number of cases, substantial estate and gift tax savings
FAMILY LIMITED LIABILITY PARTNERSHIP (FLLP)
Like a Family LLC, the FLLP can also provide asset protection as well as helping you avoid estate taxes. A FLLP can be used to transfer ownership to heirs as “limited partners” (who have no control and no liability) while the management (and liability) is held in the name of the General Partners, often the parents of the limited partners.
DOMESTIC ASSET PROTECTION TRUST
Several U.S. States have enacted legislation to allow an individual to create an “asset protection trust” of which they can be a beneficiary. Arizona does not currently have an asset protection law in place. Arizona residents may use other State laws to create an asset protection trust to shield their assets.
Contact Phoenix Asset Protection Attorneys, Libby Banks & Travis Meyers, For a Free Consultation for Wills & Trusts Today & Learn More About Family LLC’s.