What Is a Family Limited Partnership?

People often say that we live in a litigious society. Lawsuits are common, and people who like to sue others tend to seek out targets with deep pockets. As a result, certain people are particularly vulnerable to lawsuits. Landlords who own rental property sometimes fall into this category. Tenants and visitors could potentially become injured on rented property, and legal actions can be initiated. Asset protection is very important for people who own investment property. Physicians are also vulnerable, because malpractice suits can be financially disastrous. Clearly, some litigious types see doctors as targets who have something to go after, so asset protection is also important for physicians. There are various different steps that you can take to protect assets for your own purposes, and you can also protect assets that you are leaving to your loved ones. One legal device that is often used for asset protection purposes is the family limited partnership. Let s look at the details.
http://www.norcalplanners.com/blog/estate-planning/family-limited-partnership/

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