ASSET PROTECTION

• The Family Limited Partnership
• A Nevada Statutory Entity, NRS 88
• The "FLP"

The prior literature relative to Nevada CORPORATIONS and LLC's, when maintained properly, reflect the "bullet proof" judgment protection afforded by the statutes (NRS) of State of Nevada, and its protective court system, which is often referred to as the "corporate veil".

Recognize, the historic and traditional FAMILY TRUST is but a "contractual agreement," often entered into between family members being, the Trustors, Settlors, Trustees and Beneficiaries. The State offers no more protection for such arraignments than its vague, ambiguous and general laws governing private contracts.

Traditionally, the CORPORATION and LLC are products for, and a tool of business and industry, and have historically served these purposes VERY, VERY well.

FAMILY LIMITED PARTNERSHIPS

Now comes Nevada's FAMILY LIMITED PARTNERSHIP, "the flip" FLP, an entity designed by the State of Nevada for the individual and the family.

Predicated upon the language as reflected in NRS 88, the FAMILY LIMITED PARTNERSHIP "the FLP can become the very foundation of every ASSET PROTECTION PLAN. The FLP can successfully be used to shield and protect all of your valuable property from virtually any type of judgment or claim".

"The reason that the FLP is essential for asset protection is that the Nevada laws provide that a creditor of a partner may not reach the assets of a partnership in order to satisfy a debt."

Typically, the husband and wife will transfer into the FAMILY LIMITED PARTNERSHIP, THE FLP, their real estate, savings, securities, interests in businesses etc. etc., retaining control of the assets as the one (1%) percent General Partners, as Trustees for their children, or other heirs, the later being the beneficiaries of the PARTNERSHIP as ninety-nine 99% LIMITED PARTNERS.

WHY?

The reason is most obvious; these kinds of assets can cause personal and property damage, and if in the FLP all the assets of the FLP can be at risk in litigation.

Nevada provides a remedy for the ownership of "dangerous assets", call upon US at any time to discuss the suggested safe ownership of "dangerous assets"

In such an arrangement, all assets placed into the FLP are totally protected, thus "bullet and judgment proof."

Additional benefits of the FLP are:

1. TAX SAVINGS via the ability to transfer family assets to the beneficiaries avoiding Federal taxation. Simply stated, a husband and wife can give each beneficiary, up to, $22,000.00 per year without Federal tax. This can be accomplished "cash less wise" via simply annually increasing the beneficiary's interest in the Partnership. The gift can be substantially increased beyond the $22,000.00 limitation, via discounted values; call me on this tax ploy.
2. AVOIDANCE OF PROBATE, all assets of the FLP are totally immune to probate, thus to avoid the time consuming and very expensive costs of probate upon the death of a Partner of the FLP, thus no loss of privacy and inconvenience.

Recognize, the Nevada statutory FLP is but a "bullet proof, judgment proof shield" you must then structure and "maintain" your personal protection plan within this shield.

A well planned Family Asset Protection Revocable Trust and Will, in symphony with the Nevada statutory FAMILY LIMITED PARTNERSHIP, FLP, together become a vital facet and link of your total ASSET PROTECTION program.

CORPORATE FORMALITY, Inc. will provide you with, as part of your Nevada Registration, a viable and generic ASSET PROTECTION TRUST form, from which you can begin the structure of your own FAMILY TRUST and WILL around the FLP.

Please call upon me for further direction in this vital asset protection program.

HISTORY OF PROTECTION

In a RECENT Asset Protection seminar conducted jointly between the University Of Nevada, Las Vegas and La Verne School Of Business Administration, the statement was made that "SINCE THE ADOPTION OF THE FAMILY LIMITED PARTNERSHIP, VIA NEVADA NRS #88, NO PENATRATION OF THE PARTNERSHIP HAS BEEN DETECTED TO DATE"

SUBSTITUTE GENERAL PARTNER

THOSE WHO ELECT ABSOLUTE ANONYMITY AND PRIVACY, for their NEVADA REGISTRATION, with CORPORATE FORMALITY, INC., will OFFER A GENERAL PARTNER NOMINEE SERVICE.

A NEVADA NON-PROFIT CORPORATION, PARTNERS EQUITY, INC. WILL BECOME THE ONE (1%) PERCENT GENERAL PARTNER.

THIS NOMINEE POSITION CARRIES NO VOTE, OWNERSHIP, BENEFITS OR RENUMERATION.

DEPUTY GENERAL PARTNER

TAKING ASSET PROTECTION AND TOTAL ANONYMITY TO A NEW LEVEL, THE PARTNERSHIP AGREEMENT ALLOWS THE PARTNERSHIP TO ELECT A DEPUTY GENERAL PARTNER WHO WILL ASSUME ALL THE DUTIES AND RESPONSIBILITIES OF PARTNERS EQUITY, INC. YET CARRIES NO PERSONAL LIABLILITY ......... RECOGNIZE THE DEPUTY GENERAL PARTNER IS STRICTLY ACTING FOR PARTNERS EQUITY, INC. NEVER IN HIS (HER) PERSONAL CAPACITY.

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