What is the name of your state (only U.S. law)? TEXAS
Hello All,
We've been doing some research and consultations on getting most (if not all) our personal assets moved from our personal names and placed into a living trust or FLP. We have done research and lawyer's meetings but would like some insight from someone not billing me. My family has a large number of assets (both real property and personal property in number and value). We recently went thru probate court and cost us an arm and leg in trying to get it settled. We decided it would be the best interest for the future to place everything in a trust or FLP. The only thing we are concerned about is people coming after our assets. We have several companies in which we operate...that is subject to major exposure...it seems like not a month goes by that people try to seek legal action saying they were "done wrong" but I can assure you they have been taken care of.
From what we have been told a trust could be dissolved when the person who created it dies, we don't really want this, we want whatever route we do to continue from my parents, to my brother, to our kids, their kids, etc. without disruption and the same ideas to carry on throughout the years with the same beliefs we hold now.
Anyways, What are the advantages of both creating a Living Trust and a Family Limited Partnership?
Hello All,
We've been doing some research and consultations on getting most (if not all) our personal assets moved from our personal names and placed into a living trust or FLP. We have done research and lawyer's meetings but would like some insight from someone not billing me. My family has a large number of assets (both real property and personal property in number and value). We recently went thru probate court and cost us an arm and leg in trying to get it settled. We decided it would be the best interest for the future to place everything in a trust or FLP. The only thing we are concerned about is people coming after our assets. We have several companies in which we operate...that is subject to major exposure...it seems like not a month goes by that people try to seek legal action saying they were "done wrong" but I can assure you they have been taken care of.
From what we have been told a trust could be dissolved when the person who created it dies, we don't really want this, we want whatever route we do to continue from my parents, to my brother, to our kids, their kids, etc. without disruption and the same ideas to carry on throughout the years with the same beliefs we hold now.
Anyways, What are the advantages of both creating a Living Trust and a Family Limited Partnership?