How can I protect my assets and reduce estate taxes?

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.

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Morris Hall, PLLC

At Morris Hall, we have focused our legal practice on estate planning for over 50 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting, and other important legal aspects...Read More!

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