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FAMILY LIMITED PARTNERSHIP (FLP) LAWSUIT PROTECTION

Utilizing the Family Limited Partnership for Assets Protection:

The Family Limited Partnership is an outstanding ENTITY, VEHICLE for providing the highest degree of law protection for family wealth. When used as part of a properly designed overall strategy, it’s an excellent ESTATE PLANNING benefits when used with an assets protection trust.

The overall structure avoid the cost and expense of PROBATE, it reduces the estate size and lowers income tax by shifting income to lower tax bracket family members. It provides an unsurpassed level of asset protection can be accomplished.

In the old days individuals seek to protect their assets they utilize an (IREVOCABLE TRUST), the problem with such method the individual will lose the control of his assets and he is under the mercy of the TRUSTEE of the IREVOCABLE TRUST.

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The FAMILY LIMITED PARTNERSHIP, in addition to the assets protection it accomplish the most important need, it gives the individual the complete control of HIS/HER assets, he/she will never lose control or give up control of their assets to a third party.

The FAMILY LIMITED PARTNERSHIP can be used as a very effective Prenuptial / Postnuptial agreement that is very hard or next to impossible for a court to VOID it. It will accomplish the assurance and security of the Prenuptial / Postnuptial agreement and LAWSUIT protection.

The FAMILY LIMITED PARTNERSHIP is Your Legal Shield Against any Predator.

The FAMILY LIMITED PARTNERSHIP formation is similar to Limited Liabilities Company or Corporation, instead of having a President, share holder or manger, it has two OWNERS Called GENERAL PARTNER and LIMITED PARTNER. The most important part of the FAMILY LIMITED PARTNERSHIP is the operating agreement, a well structured agreement that will provide the protection and flexibility you need during your life time and beyond.

Under normal arrangement, The Family Limited Partnership is set up that the HUSBAND and WIFE are each General Partner and own certain percentage interest of the PARTNERSHIP, the remaining interest are in form of LIMITED PARTNERSHIP interest, owned by the HUSBAND and the WIFE directly or indirectly or any family member depending on the individuals circumstances and their objective.


After setting up the FAMILY LIMITED PARTNERSHIP (FLP), all family assets are transferred into it, including the family home, investments and business interests. When the transfers are complete, Husband and Wife no longer own a direct interest in these assets. Instead, they own a controlling interest in the FAMILY LIMITED PARTNERSHIP (FLP) and it is the FAMILY LIMITED PARTNERSHIP (FLP) which owns the assets. 

Creditor of the husband or the wife has no CLAIM AGAINST THE PARTNERSHIP

Husband and Wife as general partners, they have complete management and control over the affairs of the FAMILY LIMITED PARTNERSHIP and can buy or sell any assets they wish. They have the right to retain in the partnership proceeds from the sale of any partnership assets or they can distribute these proceeds out to the partners.

To be eligible for a refund, the item must be unused, undamaged, and in its original packaging. Custom-made or personalized items may not be eligible for a refund unless they are received in a damaged or defective condition.

JOINT RELATIONSHIPS

Joint relationships, Business partnership, living together and joint business are the most significant sources of POTENTIAL LIABILITY. Each partner is liable for any negligent acts committed by another partner. JOINT AND SEVERAL LIABILITY means that a partner is not just responsible for his share of the obligation. Instead, each partner is responsible for the entire amount. If your partner cannot or will not pay his share, you pay the whole amount. Creating an asset protection plan to insulate your assets from any potential creditor or lawsuit is the most important plan to your financial well-being.

Assets in the Family Limited Partnership

A Family Limited Partnership will provide you with Five significant advantages that cannot be obtained through any other vehicle.

1. Discourage Lawsuits. Assets that are protected in the Family, since you do not own any assets in your name individually, the creditor has nothing to go after and place a lien on or siez your bank account.

2. Family Limited Partnership cannot be seized by a judgment creditor. It is unlikely that someone will want to sue you if they do not believe that they will be able to collect a judgment.

3. Income Taxes. With state and federal combined tax rates of 50 percent, overall family income taxes may be reduced by shifting income to lower bracket family members.
This can be accomplished by gifting some limited partnership interests to children or grandchildren who are fourteen years or older.

4. Reduce the estate size of up to 35% since the PARTNERSHIP Interest is not MARKETABLE TO THE PUBLIC.

5. Gifting percentage of the Partnership to BENEFICIARIES over a period of years it again reduces the size of the estate.

To be eligible for a refund, the item must be unused, undamaged, and in its original packaging. Custom-made or personalized items may not be eligible for a refund unless they are received in a damaged or defective condition.


Income Tax

The Family Limited Partnership is a PASS THROUGH entity, there is no potential for income tax on it, (DOUBLE Taxation), and the Family Limited Partnership is not a taxpaying entity.

A partnership files an annual informational tax return reflected on the General Partners Social Security Number, it set up it is income, losses and expenses, and it does not pay taxes on its income.

The net income is passed through from the Family Limited Partnership to the individual PARTNER. Each Partner claims his share of income or loss on his own TAX RETURN.

Estate Planning for the Special Needs Family

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As the parent of a child with special needs, you need to have a Will, and probably a special needs trust, you also need to have a durable power of attorney for financial affairs?.

Your Will is only effective if you die, whereas a power of attorney is effective while you are alive. If you became incapacitated due to an accident, disease or other cause, no one can handle your financial affairs.

At that point, someone would have to hire an attorney and go to court to seek guardianship of your assets, so they have the authority to act for you and continue to pay your and your family’s bills.

Power Of Attorney

 Appointing an agent in a financial power of attorney avoids this costly court guardianship proceeding. Your agent can continue to manage your assets and use your funds to meet the financial needs of you and your family, including your children. In addition to your agent, you would appoint two back-up agents, in case your first agent cannot act.

This is especially important if your agent is your spouse, as you could both be incompetent as a result of the same accident. Often clients chose relatives, close friends or colleagues as agents, and it is important that you really trust your agents. Agents should have good judgment and have the financial savvy necessary to manage your affairs. Therefore, the more complex your finances, the more financially sophisticated your agents should be.

Financial powers of attorney should become effective upon your incapacity (usually as determined by two licensed doctors who confirm you are unable to handle your financial affairs). The type of power of attorney is referred to as a “springing” power of attorney, as it “springs” into effect upon your incapacity.

When you have a child with special needs, you choose to include provisions in your power of attorney that authorize your agent to make gifts or distributions to your child with special needs, you should consider how those powers should be restricted so that any gift or distribution that your agent makes to such child will not jeopardize his or her ability to apply for or continue to receive his or her government benefits.

Our estate planning attorney will help you and prepare the proper documents for your SPECIAL NEED CHILD.


Call 1800-733-1315


YOUR PET TRUST

Most people want their pets cared for after their death. For many reasons, it is important to make such arrangements in your estate planning documents for your current pets and any future pets.

Most people consider their pets members of the family, but under the law, pets are property. Pets are, of course, a special kind of property that require you to make decisions regarding their care and the funding for such care.

Thus, you must decide who is best suited and qualified to care for your pets, what amount of money will be needed to care for your pets, and how you want to leave your pets and any money for their care, outright or in trust.

The person selected as the caregiver should have a desire to care for your pets, and have the physical, and potentially the financial, ability to care for your pets. If possible, the person should have a longer life expectancy than you, and you should have a backup in case your first choice predeceases you or cannot take the pets at the time of your death.

You should also determine the annual cost for your pets and their likely life expectancy. In calculating the annual cost, remember to include the cost of potential medical treatment, pet sitting, day care or boarding when needed, grooming and any special items or services you wish for your pets. Then, you can determine how much of this amount you wish to leave for their care or the care of any future pets.

You have to reach a balance between the control you want to have in how your pets are cared for after your death and the amount of time and cost you want to invest in planning for your pets.

The simplest plan is to leave your pets and the cash amount to the new caregiver. However, this plan does not provide any supervision to make sure the caregiver is using the funds to care for your pets instead of his or her own interest.

For more control, you can create either a traditional or a statutory pet trust. A trust is simply an agreement where you, as the donor, give one person, the trustee, the power to hold the property for the benefit of another person, the beneficiary.

The trustee has a legal obligation to manage and administer the trust property according to the terms of the trust. Under traditional trust law, a pet, as property, could not be a beneficiary, so a traditional pet trust names the new caregiver as the beneficiary and restricts the use of the funds to the pet’s care.

Over the last twelve years, most states have adopted a form of the statutory pet trust that allows the pet to be the beneficiary.

For either type of trust, the named trustee will use the funds for the pet’s care, and will have a duty to ensure the caregiver is taking proper care of your pet. Upon the death of your pet, the remaining assets can be distributed as you choose. People typically leave the remaining assets to the caregiver or to an animal charity.

You should make sure someone can care for your pet during your lifetime in the event you become incapacitated or are unable to care for yourself. This can be done by creating a pet trust during your lifetime that can start caring for your pets the moment you no longer can care for them yourself.

With a little planning, you can ensure your winged and four legged family members will be cared for in the event of your incapacity and after your death.

Call 1800-733-1315

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LAWSUIT PROOF

Protecting Your Assets From Lawsuits and Claims

FIND OUT THE DANGERS OF OWNING YOUR HOME IN JOINT TENANCY????
REALIZING THE POWER OF ESTATE PLANNING AND ASSETS PROTECTIONS

EVERY ONE SHOULD PROTECT THEIR ASSETS FROM CIVIL LIABILITIES, DIVORCE, GETTING MARRIED AND OR GETTING REMARRIED. LEARN HOW TO PROTECT YOUR ASSETS NOW.

DEMANDING PROTECTION WITH THE FAMILY LIMITED PARTNERSHIP
As a new generation is approaching their senior years, they are now facing a new challenge. They are turning 50 and their outlook on life has once again created a market anomaly, the desire for ESTATE PLANNING.

Now is the time for all Americans to give their families the benefits of security, greater opportunity for accumulation and provide tax reduction strategies that improve the bottom line.

This generation has also watched their peers "crash and burn" as they were caught in corporate downsizing, divorce actions that destroyed families and wealth, financial crunches and civil litigation.

We live in an age so proliferated by lawsuits, (PREDATORY LITIGATION), where personal wealth is gutted by incredible civil actions of greedy litigants. Possibly, we are looking at the most vulnerable and victimized population ever.... and it will not get any better!
 

THE MAJOR CONCERNS OF THE BABY BOOM GENERATION ARE,
A) THE CONCERN OVER RETIREMENT SECURITY.
B) THE POTENTIAL OF TOTAL LOSS OF FINANCIAL SECURITY.
C) THE CONCERN OF JOB SECURITY

I am sure there are numerous other concerns, but they mostly boil down to one key element, SECURITY.

In a volatile and unforgiving society, WE DO NOT WANT TO BECOME THE NEXT VICTIMS. We are far more demanding than any generation has ever been.
The common belief is that, "ACCUMULATION IS THE KEY!". In other words, if you can save enough money during your earning years, you will be "SECURE". This is the confession of your advisors.

Well, Accumulation is not the "KEY" all it takes is an adverse tax structure to turn your mountain of ASSETS into a molehill. Consider further that a CIVIL LIABILITY can strip away in virtually moments, the RESOURCES that took you a lifetime to create.

DIVORCE rates are up to 60%. You have a one in ten chance of being sued, and one third of all Americans either has had or currently has an IRS problem. One million people go bankrupt every year. Over one million people go broke every year due to long-term illness and apply to Medicaid.

There are over 20 million state and federal lawsuits filed every year. Attorneys earn over $30 Billion in legal fees in civil lawsuit charges. Court’s award over $300 billion on civil judgments each year.

So what good is simple Accumulation plan? Yet the typical advisor/financial planner who prepares your "GOALS and NEEDS ANALYSIS" only considers and proposes an Accumulation plan.

On the contrary, Americans are ASKING FOR, LOOKING FOR AND FINALLY DEMANDING ASSET PROTECTION.

Will Rogers made a statement that applies very powerfully today:

I am more concerned about the, RETURN OF MY MONEY... Than I am about the RETURN ON MY MONEY

Therefore, there is a more pressing need for those who know how to grow their money. They also MUST include strategies to safeguard those assets from any UN-WELCOME INVASION.

Every family should first and foremost DEMAND AN ESTATE PLAN that will provide them with protection from,

1. CIVIL LIABILITIES THAT YOU MAY FACE.

2. THE TAX IMPACT OF YOUR FUTURE ESTATE - TAX PLAN

It would be very wise and prudent for you to consider an ESTATE PLAN that provides you with the PROTECTION YOU DESPERATELY NEED now and after your demise. This does not mean a plan such as a Will or Joint Tenancy of your assets. A Will and Joint Tenancy can only be called an estate plan if you include the word "BAD" in the phrase.

Is a concrete foundation a house? Is a set of tires and steering wheel a car? Is a puddle of water, an ocean? "NO" You should respond and realize that these items are only part of the greater program. Well, as good as your attorney may be, he/she only supplies one part of a true estate plan... documents. Is your life insurance or annuities an estate plan? NO, these are elements of planning, but they are not estate planning! Is your highly refined portfolio of stocks or bonds an estate plan? NO, they are good but still just a shadow of what estate planning involves!!

An Estate Plan is a "ROAD MAP" that will guide you to your desired destination, avoiding pitfalls and providing direction until your journey's end.

At Global Estate Services, Inc.,

Our Estate Planning/Paralegal Team are experts in their field and have been serving clients for at least 10 years and some of them much longer, The team is trained by, as well as, work under the direct supervision of our on staff Estate Planning attorney's.

The team is continuously trained and educated on new laws and changes in the existing laws. Certain information needs to be obtained from the clients in order to adhere to the new laws.

Our team is qualified to gather the necessary information from you in order for the staff attorney's to create a plan that fits your individual needs and help you turn your financial journey into a certainty instead of a mystery.

When you should plan your estate? The ideal time to create an assets protection plan is before there are any potential creditors, before you need it.

Find Out;

1. How Asset Protection can legally protect your home, savings and business from type of lawsuit, judgment or claim;

2. How Asset Protection can keep you from ever getting sued

3. Why property owners are sitting ducks for lawsuits

4. Why a living Trust will not protect your property from lawsuit

5. How to keep all of your assets completely confidential

6. Why you should never be a joint-tenant

7. When it is illegal to transfer your property

Protect Assets With A Family Limited Partnership or An L.L.C.
A Family limited Partnership or an L.L.C will provide you with four significant advantages which cannot be obtained through any other vehicle.

1. Discourages Lawsuits.
Assets which are protected in a family limited partnership cannot be SEIZED by a judgment creditor.

2. Saves Income Taxes.

3. Saves Estate Taxes.

4. Protection Of Assets.

The most valuable feature of the Family Limited Partnership or an L.L.C. is the ability to protect and shield assets from potential claims. The law is well established that a creditor of a partner is not permitted to seize assets of the partnership to satisfy the debt.

That means the family home, savings, checking and investments can be safely insulated from potential liabilities.

The Family Limited Partnership or an L.L.C, is the proper method for owning and holding valuable assets for anyone who has any possible lawsuit or liability exposure.

Call us now and find out more at: 1 800-733-1315

Estate Planning 

Global Estate Services specializes in working one on one with each member and preparing a customized Estate Plan that is tailored to their specific needs.

Global Estate Services have prepared thousands of Trusts for Members and are proud of our impeccable track record of providing “Proper Estate Planning” with quality service.

Global Estate believes that our product is much needed by families today, especially for retirees. If their personal asset is over $150,000 or they own any Real Estate, their estate must go through probate whether they have a Will in place or not.

Probate can tie up the estate for 22 months or longer and the average Union Member will lose thousands of dollars in probate fees. Most people need a Living Trust.

However, many don't know who to trust and are discouraged by expensive legal fees. Our program provides Union Members with the protection they need at a fraction of the cost!

As a Union Official you work hard to make sure your members earn better wages and a secure retirement.

Help your Members learn more about proper Estate Planning and Asset Protection now before its too late!

Do not let their hard earned accumulated assets go to waste, by not having a proper Estate and Assets Protection Plan in place, your members livelihoods are at risk.

Please contact our Public Relation department for more information on how we can provide our services to your members at no cost to you.