Columbus Asset Protection Lawyers
At the law firm of Baxter & Borowicz Co. LPA, in Worthington, Ohio, we understand that one of the most important aspects of your estate plan is financial planning in the interest of the protection of your assets from creditor claims and estate taxes. Our experienced estate planning attorneys provide more than just documents to our clients. We provide experience and strategy in protecting assets and families.
Do you have assets that you want to protect from creditor claims, probate and estate taxes? Call our Columbus asset protection attorneys at (614) 431-8110 or send us an e-mail.
The Family Limited Liability Company
There are a number of different ways that you can protect your assets, including creating a family limited liability company (FLLC). In a typical FLLC, parents or grandparents will transfer real estate, publicly traded securities, an interest in a closely held business or some combination of these into a limited liability company. The transferors will typically retain a certain percentage of the company interests. At some point, other family members are given or sold membership interests either all at once or incrementally over a period of time. All parties are bound by an FLLC operating agreement, which defines everyone's responsibilities and interests as well as the ability to (or inability to) transfer their respective interests.
The FLLC is a powerful and sophisticated wealth-transfer planning device. If you want to bring family members into a business or involve them in a major investment portfolio, as well as simultaneously improve family communication and educate your family members about your investment philosophy and strategies, you should consider an FLLC. An FLLC is a concept that should be considered in rapidly growing and high-asset estates. However, it must be considered as a part of your overall estate plan.
Other Ways to Protect Assets
An FLLC is not the only way to protect assets. There are simpler mechanisms that may be utilized depending on your needs. A spousal transfer of assets or an irrevocable trust may also be used to protect your wealth. Please contact us to arrange a consultation with one of our experienced lawyers to learn more about your options.
Contact Our Worthington Strategic Planning Attorneys
We want to help you protect your financial legacy. Call us at (614) 431-8110 send us an e-mail. We look forward to working with you.