A word must be said about the term “family limited partnerships.” There are promoters crisscrossing the country selling an expensive version of supposedly bulletproof asset protection secrets known as the family limited partnership. It is important for you to know: There is no such thing as a family limited partnership! Yes, there are limited partnerships that are used to hold family assets. But, contrary to promoter claims, there is no such creature under any state law as a family limited partnership. They do not exist. So do not pay a lot of extra money for a super-secret, special system that has been fabricated out of thin air. A limited partnership, properly structured, can protect you and be very useful for gifting. You don’t need to pay more for illusory entities.
About The Author
Garrett Sutton is a corporate attorney, asset protection expert and best selling author of 10 books. He has sold more than 850,000 books to guide entrepreneurs and investors. For more than 30 years, Garrett Sutton has run his practice assisting others in protecting assets and maximizing financial goals. The companies he founded, Corporate Direct and Sutton Law Center, have helped more than 10,000 clients protect assets and incorporate businesses. Garrett is a member of the elite group of “Rich Dad Advisors” for bestselling author Robert Kiyosaki.