Protect Assets

The most valuable feature of the Family Limited Partnership 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 that business interests, savings, and investments may be safely insulated from potential liabilities in this manner. This excellent result will not be accomplished if a creditor is able to obtain a charging order, foreclosure or seizure of your ownership interests in the FLP. Limited Partnership interests should be held by children, or trusts specifically designed for ownership purposes. This technique will preserve and may significantly enhance the available level of asset protection.