Im well aware that this may be in the wrong section but this section has more eyes and responses than the Asset Protection/Legal forum…So please give me a chance before you transfer it out of here…tyvm…
My situation…
My parents are transferring a free and clear home to me before the estate taxes are reimplemented in Jan 2011…My question is this…Its my concern that being that Im in a few very litigious businesses,it is probably in my best interest to put the property in some kind of Family Limited Partnership or other entity…Does anyone have experience with these types of entities…As Im waiting for a call back from a highly recommended estate planning attorney I figured I would bounce the idea on the forum…My current business litigation attorney has recommended a FLP but after reading the dizzying array of obstacles associated with these entities I wanted some other other opinions…The property is free and clear of any liens,mortgages,notes etc and is on the high end if it matters…Thank you for any help…