Family unlimited partnership.

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Family unlimited partnership. po.ning 11-06-2006  Re: Family unlimited partnership. Don 11-06-2006  Re: Family unlimited partnership. po.ning 11-06-2006  Re: Family unlimited partnership. Don 11-06-2006  Re: Family unlimited partnership. Dave Dodson 11-06-2006  Re: Family unlimited partnership. Paul Michael Br... 11-18-2006
Posted by on November 6, 2006, 4:55 am Just went to financial planning seminar and heard someone tout this vehicle, more secure than a revocable trust. Do families need this to protect assets, mainly against lawsuits? Posted by Don on November 6, 2006, 12:05 pm > Just went to financial planning seminar and heard someone tout this > vehicle, more secure than a revocable trust. Do families need this to > protect assets, mainly against lawsuits? In addition to the usual research you should always do before making any investment, here are two questions that you should be sure to ask about limited partnerships: 1. If you decide at some time in the future to sell, how much money do you get back? Any penalties? Any special costs in selling? 2. How long does it take to sell? Posted by on November 6, 2006, 12:35 pm Don wrote: > > > Just went to financial planning seminar and heard someone tout this > > vehicle, more secure than a revocable trust. Do families need this to > > protect assets, mainly against lawsuits? > > In addition to the usual research you should always do before making any > investment, here are two questions that you should be sure to ask about > limited partnerships: > > 1. If you decide at some time in the future to sell, how much money do you > get back? Any penalties? Any special costs in selling? > > 2. How long does it take to sell? Don, it's not an investment. It's a legal vehicle to protect assets. I think it's like a revocable trust type of vehicle. Supposedly this family unlimited partnership gives added protection. Posted by Don on November 6, 2006, 3:35 pm > Don, it's not an investment. It's a legal vehicle to protect assets. > I think it's like a revocable trust type of vehicle. Supposedly this > family unlimited partnership gives added protection. The phrase "limited partnership" is a danger signal. If it is not an investment, be sure you find out and understand exactly what is involved before putting down any money. Who is promoting it, and what fees and expenses are involved? If you describe in more detail just what this product entails, I am sure people in this newsgroup will be able to advise you about the pros and cons. Posted by Dave Dodson on November 6, 2006, 4:02 pm po.ning@gmail.com wrote: > Just went to financial planning seminar and heard someone tout this > vehicle, more secure than a revocable trust. Do families need this to > protect assets, mainly against lawsuits? Here is an article about family _limited_ partnerships. I don't know what relationship this might have, if any, to an unlimited partnership. articles.moneycentral.msn.com/Taxes/TaxShelters/ProtectYourFamilyWithPartnership.aspx Dave Similar Threads Posted What is the best way to financially help family members? December 9, 2007, 11:05 am K-1 form for limited partnership October 8, 2007, 3:53 pm Market value of partnership interest October 24, 2007, 8:18 am Limited Partnership Question September 28, 2008, 7:12 am How to value interest in real estate limited partnership? January 6, 2007, 4:06 pm