There is much to consider when planning for the use and distribution of your assets, including your family’s needs, disposition of a business, or long-term financial goals. At The Law Office of Timothy J. Hacking we craft our Estate Planning tools based on the unique needs of each client, working to assure your assets are properly protected and managed according to your wishes.
If you have questions about lifetime gift plans, estate and trust administration, probate, wills, trusts, estate and trust disputes, or other fiduciary issues, The Law Office of Timothy J. Hacking can you assist you in finding answers.
If probate is needed, we prepare the necessary court documentation in addition to offering advice and direction to personal representatives and trustees in their fiduciary capacities to meet obligations put upon them by the statutes that govern the probate process. The Law Office of Timothy J. Hacking can provide expertise and advice regarding Powers of Attorney, Trust and Probate Administration, Asset Protection, and Guardianship Planning.
At The Law Office of Timothy J. Hacking, we understand that an important aspect of your estate planning is the protection of your assets from creditor claims. We provide experience and strategy in protecting assets and families.
The Family Limited Liability Company
There are a number of different ways that you can protect your assets, like 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 generally retain some percentage of the company interests. At some point, other family members are given or sold membership to the FLLC. 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.
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 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 other simpler mechanisms that may be utilized depending on your specific planning 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 to learn more about your many options.