Legal Question in Wills and Trusts in California

I established a Family Limited Partnership (FLP) 4 years ago and it remains viable. I am a business owner who works as a Sole Proprietor. I am concerned about my protecting my personal assets (house, autos, bank accounts, life insurance etc.) against any future cliams resulting from my business activities. I would like to know how I can use my FLP in order to achieve my goal of asset protection. I own my own house which is mortgaged, a rental which is mortgaged, several autos owned free and clear and I have several personal bank accounts, a life insurance policy with my wife and son as beneficiaries. 1. Would I need to transfer ownership of both my properties, my autos and bank accounts into the trust? 2. Would I need to do anything in regards to my life insurance to protect it from creditors? 3. Are there any other forms of Trusts or Asset Protection entities that I should look into opening to protect my estate? 4. What are your thoughts and suggestions which would limit the tax burden on my family upon my passing?


Asked on 9/02/12, 9:44 pm

1 Answer from Attorneys

Transfer assets into what trust? You don't mention any trust. As for the rest of your questions, you are asking for significant substantive legal advice. You don't get that for free on the Internet. You consult with a qualified attorney and pay a reasonable fee for the vey valuable advice you will receive. Any free advice you get for the kind of questions you are asking will be worth exactly what you pay for it.

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Answered on 9/02/12, 11:06 pm


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