Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: cjrcpa One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121146  
Subject: Re: Total Asset Protection Date: 6/26/2001 1:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
What do you think about asset protection plans such as creating a family limited partnership(LP)for lawsuit and tax strategies such as Charitable Remainder Trust (CRT), Family Foundations, 1031 exchanges, living trust.

The above strategies do work. However, I agree with Gail that you have to evaluate your personal situation.

Also, remember that there is a tax return to prepare for every new entity that you create. For example, if you create a family limited partnership, you have to file a partnership return for that entity until it is dissolved. It may also have distribute k-1's, file 1099's, etc. This does not include the cost of bookkeeping. The bottom line is to look for the hidden costs that no one wants to tell you about.

CJ
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement