FLPs and FLLCs - asset protection or not?
The question of whether of not a personal family residence should be placed into a Family Limited Partnership or a Family Limited Liability Corporation is a frequent topic for discussion. The impetus for such a decision is based on the theory that the FLP or FLLC affords the owner a degree of asset protection against personal liability - because a creditor is allegedly limited to a Charging Order Remedy when trying to get at the assets inside the FLP or FLLC. This white paper reviews whether or not the Charging Order Remedy is really effective.
Jeffrey R. Matsen, Esq.
Bohm Wildish & Matsen, LLP
- Founder of Matsen Law and “of Counsel” to Bohm Wildish & Matsen, LLP
- Practices encompasses Business Formation and Transactional Matters, Estate Planning, Asset Protection, Probate, Tax & Real Estate
- Designated on the Nation’s “Top 100 Attorneys” by Worth magazine and one of Southern California “Super Lawyers” by Los Angeles magazine. Achieved the highest rating with Martindale Hubble Law Director and AVVO
- Frequent speaker and author of numerous publications. Author of the ABA Publication The ABA Guide to Asset Protection Planning
- J.D. degree, with honors, University of California Los Angeles; B.A. degree, cum laude, Brigham Young University
- Can be reached at 714-384-6580
Bohm Wildish & Matsen, LLP
- Associate attorney with Bohm Wildish & Matsen, LLP
- Practice focuses on estate planning and assisting business owners and high net worth individuals to protect their assets, decrease their tax liabilities, and plan for future generations
- Represents fiduciaries in complex probate, trust administration, and trust litigation matters
- An active member of the Trust & Estates Section of the Orange County Bar Association, the Orange County Chapter of the USD Law Alumni Association, and The Elite OC – Young Professionals Giving Back
- During law school, he received the Albert and Mae Lee Memorial Scholarship, recognizing strong scholastic ability and outstanding moral character; served as the comments editor for the San Diego Journal of Climate & Energy Law; and wrote a student comment selected for publication , 6 San Diego J. Climate & Energy L. 247 (2015)
- J.D. degree, University of San Diego School of Law; undergraduate degree, University of California, San Diego
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