The Family Limited Partnership
A Nevada Statutory Entity, NRS 88
The "FLP"
The prior literature relative to Nevada registered CORPORATIONS
and LLC's reflect the "bullet proof" judgment protection afforded
by statutes (NRS) of State of Nevada, and its protective court
system, the often referred to as the "corporate veil".
Recognize, the historic and traditional FAMILY TRUST is but
a "contractual agreement," often entered into between family
members being, the Trustors, Settlers, Trustees and Beneficiaries.
The State offers no more protection for such arraignments than
its vague, ambiguous and general laws governing private contracts.
Traditionally, the CORPORATION and LLC are products for, and
a tool of business and industry, and have historically served
their purpose well.
Now comes Nevada's FAMILY LIMITED PARTNERSHIP,
"the flip" FLP, an entity designed by the State of Nevada
for the individual and the family.
Predicated upon the language as reflected in NRS 88, the FAMILY LIMITED PARTNERSHIP "the FLP can become the very foundation of every ASSET PROTECTION PLAN. The FLP can successfully be used to shield and protect all of your valuable property from virtually any type of judgment or claim".
"The reason that the FLP is essential for asset protection
is that the Nevada laws provide that a creditor of a partner
may not reach the assets of a partnership in order to satisfy
a debt."
Typically, the husband and wife will transfer into the FAMILY
LIMITED PARTNERSHIP, FLP, their savings, securities,
interests in businesses etc. etc., retaining control of the
assets as one (1%) percent General Partners, who administer FLP and 99% Limited Partners, being the Beneficiaries. The 99% beneficial interest can be fragmented among other Family Members, Heirs or Assigns as the General Partner may determine.
NOTE: The FLP is strictly designed for passive assets only; no "dangerous assets" such as cars, airplanes, boats of any type and certainly NO RENTAL PROPERTY, should be in the FLP. The reason is most obvious; these kinds of assets can cause personal and property damage, and if in the FLP all the assets of the FLP can be at risk in litigation.
Nevada provides a remedy for the ownership of "dangerous assets", call upon me at any time to discuss the suggested safe ownership of "dangerous assets"
In such an arrangement, all assets placed into the FLP
are totally protected, thus "bullet and judgment proof."
Additional benefits of the FLP are:
- TAX SAVINGS via the ability to transfer family assets
to the beneficiaries avoiding Federal estate taxes. Simply stated,
a husband and wife can give each beneficiary, up to, $26,000.00
per year without Federal tax. This can be accomplished "cash
less wise" via simply annually increasing the beneficiary's
interest in the Partnership. The gift can be substantially
increased beyond the $26,000.00 limitation, via discounted
values; call me on this tax strategy.
- AVOIDANCE OF PROBATE, all assets of the FLP are totally
immune to probate, thus to avoid the time consuming and very
expensive costs of probate upon the death of a Partner of
the FLP, thus no loss of privacy and inconvenience.
Recognize, the Nevada statutory FLP is but a "bullet proof,
judgment proof shield" you must then structure your personal
protection plan within this shield.
A well planned Family Asset Protection Revocable Trust and Will,
in symphony with the Nevada statutory FAMILY LIMITED PARTNERSHIP,
FLP, together become a vital facet and link of your total
ASSET PROTECTION program.
Nevada Registrations, Inc. will provide you with, as part of
your Nevada Registration, a viable and generic ASSET PROTECTION
TRUST form, from which you can begin the structure of your own
FAMILY TRUST and WILL around the FLP.
Please call upon me for further direction in this vital asset
protection program.
HISTORY OF PROTECTION
In a RECENT Asset Protection seminar conducted jointly between
the University Of Nevada, Las Vegas and La Verne School Of Business
Administration, the statement was made that "SINCE THE ADOPTION
OF THE FAMILY LIMITED PARTNERSHIP, VIA NEVADA NRS #88, NO PENATRATION
OF THE PARTNERSHIP HAS BEEN DETECTED TO DATE"
SUBSTITUTE GENERAL PARTNER
FOR THOSE WHO ELECT ABSOLUTE ANONYMITY AND PRIVACY, NEVADA REGISTRATIONS, INC. OFFERS A
GENERAL PARTNER NOMINEE SERVICE.
NEVADA REGISTRATIONS, INC. WILL PROVIDE THE 1% NOMINEE.
THIS NOMINEE POSITION CARRIES NO VOTE, OWNERSHIP, BENEFITS OR RENUMERATION.
DEPUTY GENERAL PARTNER
TAKING ASSET PROTECTION AND TOTAL ANONYMITY TO A NEW LEVEL,
THE PARTNERSHIP AGREEMENT ALLOWS THE PARTNERSHIP TO ELECT
A DEPUTY GENERAL PARTNER WHO WILL ASSUME ALL
THE DUTIES AND RESPONSIBILITIES OF MANAGING THE FLP, YET CARRIES NO PERSONAL LIABLILITY ......... RECOGANIZE
THE DEPUTY GENERAL PARTNER IS STRICTLY ACTING
FOR THE FLP, NEVER IN HIS (HER)
PERSONAL CAPACITY.
THE CHAPTER ON "FRIENDLY LIENS" AND THEIR USAGE IS INCLUDED IN THE STRATEGY OF ASSET PROTECTION. IT IS ADVISABLE READING.
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