Today we wrap up our discussion of asset protection with a brief analysis of the fourth and fifth levels of asset protection.
Level 4 Asset Protection involves the use of entities such as LLCs, LPs, FLICs, FLIPs, foreign or domestic asset protection trusts, QPERTS and other entities for protection of personally owned assets. Level Four Asset Protection would involve the use of domestic or foreign asset protection trusts. Many states now authorize the use of “self settled trusts” that can be used to protect assets from creditor claims. Many foreign nations authorize use of protective asset protection trusts.
Level 5 Asset Protection involves the use of dynasty and heritage entities to protect and preserve family assets over generations. Entities such as Family Limited Liability Companies (FLCs)(FLICs) or Family Limited Partnerships (FLPs)(FLIPs) can be used to protect and preserve family assets over time. These entities may also provide significant estate tax savings and minimize the impact of gift and estate taxes on transfer of assets to future generations.
This concludes our brief introductory series into the issues surrounding Asset Protection We hope you have found this helpful. Please post a comment below and if you find that you need assistance with Asset Protection please contact one of JGPC Law’s experienced attorneys for a consultation.
If you have questions involving asset protection please post a comment below, or contact JGPC business attorney Jim Gulseth:
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