A Family Limited Partnership Can Satisfy Multiple Objectives

When you are devising a financial plan as a small business owner, you should consider the importance of asset protection. There are always going to be individuals who look for targets in this litigious society, and you have to take the appropriate steps if you want to make sure that your assets are protected from litigants. With this in mind, let s look at the value of family limited partnerships. Family Limited Partnerships Of course, anyone can be sued, but people who are involved in certain businesses are particularly vulnerable. For example, consider the situation that a landlord would be in. Tenants and visitors could potentially get injured on rented property, and this would be an ongoing possibility. Doctors are also quite vulnerable to legal actions. They are viewed as deep pocket targets by opportunistic types, and they are inherently exposed to malpractice actions. A family limited partnership could potentially provide an asset protection solution. The person who creates the
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