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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.

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