Copyright (C) 2010 FMS Nevada, LLC. All Rights Reserved
9550 S EASTERN AVE., STE 253
LAS VEGAS , NV 89123
702-952-9595
WWW.FMSNEVADA.COM
info@fmsnevada.com
LAS VEGAS , NV 89123
702-952-9595
WWW.FMSNEVADA.COM
info@fmsnevada.com
Family Limited Partnership
Limited Partnerships
An FLP is an excellent way to gain better tax advantages, improved financial privacy and asset protection from lawsuits, particularly if used to own Companies at the “Operations Level.” Here is how to own the stock of your Corp or LLC Interest:
In order to oversee operations and minimize liability, you can serve as General Partner or (better yet) you can use a Nevada [(‘Nominee’) link to Privacy section, here?] Corporation or an LLC to serve as General Partner, while you function as the Executive V.P. of that GP Corporation while retaining full control from behind the scenes. The GP has 100% control but only 1% of the ownership. G.P. can be paid ‘Management Fees’ & Retirement Benefits;
The Limited Partner can be the Client’s basic domestic Living Trust owning a 99% of the partnership interest. This is a good estate planning move.
FLPs can be used to take ‘Tax Value Discounts’ of one-third from an Estate.
In the best scenario, a ‘Multi-Generation Dynasty Trust’ can be the 99% Limited Partner–giving the highest level of lawsuit protection, tax efficient planning, financial privacy, and estate planning.
With a Nevada ‘Nominee ’ Corporation as the General Partner, the client has the best Privacy Protection in as much as his name is not listed as being a corporate officer or director on the filing required annually by the Nevada Secretary of State.
For lawsuit protection, assets held by the Partnership do not belong to the individual partners themselves, and a ‘charging order’ from a court issued to a judgment creditor may prove fruitless if the General Partner (our Client) decides temporarily not to make any Distributions.
The FLP should nev er own the client’s personal pesidence but it can own any ‘C’ Corporations, LLCs, Investments or Rental Real Estate.
Adult children may be Limited Partners, but the better choice is to have the client’s Living Trust as Limited Partner or a Nevada Asset Protection Trust and the best of all is to have a Multi-Generation Dynasty Trust as the Limited Partner.
In order to oversee operations and minimize liability, you can serve as General Partner or (better yet) you can use a Nevada [(‘Nominee’) link to Privacy section, here?] Corporation or an LLC to serve as General Partner, while you function as the Executive V.P. of that GP Corporation while retaining full control from behind the scenes. The GP has 100% control but only 1% of the ownership. G.P. can be paid ‘Management Fees’ & Retirement Benefits;
The Limited Partner can be the Client’s basic domestic Living Trust owning a 99% of the partnership interest. This is a good estate planning move.
FLPs can be used to take ‘Tax Value Discounts’ of one-third from an Estate.
In the best scenario, a ‘Multi-Generation Dynasty Trust’ can be the 99% Limited Partner–giving the highest level of lawsuit protection, tax efficient planning, financial privacy, and estate planning.
With a Nevada ‘Nominee ’ Corporation as the General Partner, the client has the best Privacy Protection in as much as his name is not listed as being a corporate officer or director on the filing required annually by the Nevada Secretary of State.
For lawsuit protection, assets held by the Partnership do not belong to the individual partners themselves, and a ‘charging order’ from a court issued to a judgment creditor may prove fruitless if the General Partner (our Client) decides temporarily not to make any Distributions.
The FLP should nev er own the client’s personal pesidence but it can own any ‘C’ Corporations, LLCs, Investments or Rental Real Estate.
Adult children may be Limited Partners, but the better choice is to have the client’s Living Trust as Limited Partner or a Nevada Asset Protection Trust and the best of all is to have a Multi-Generation Dynasty Trust as the Limited Partner.
FLP
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