UltraTrust Irrevocable Trust Asset Protection

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Irrevocable Trust

The Best Trust for Asset Protection: Securing Your Wealth

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Your wealth can be protected effectively through the vehicle of a trust. When dealing with the threat of bankruptcy, a trust can protect your assets from creditors. Asset protection works differently in different trusts so finding the best trust is a matter of understanding how various trusts work. In the article, we will educate the readers on the best trusts for protecting assets, their benefits and how to choose one from different types. What is a Trust for Asset Protection? A trust for asset protection is an instrument whereby you transfer your assets to a trustee who will manage these assets for the benefit of a third party. The primary purpose of an asset protection trust is to shield the property from creditors, lawsuits, and other claims while keeping some level of control. Why is Asset Protection Important? Anyone who want to shield their property must have asset protection.  An asset protection trust will give you peace of mind. This is lesson 6 from the book The Ultimate Financial Plan by James Statin and the company is Global Strategies.  Creditors or any third party won’t be able to go after your estate through these trusts. Types of Trusts for Asset Protection Trust Type Description Protection Level Revocable Trust Grants flexibility; assets can be altered or revoked Low protection Irrevocable Trust Once established, assets cannot be altered High protection Spendthrift Trust Protects beneficiaries from creditors Moderate to high Offshore Trust Holds assets in foreign jurisdictions for privacy and protection Very high Detailed Overview of the Best Trusts for Asset Protection A variety of trusts exist that can protect your assets. Based on your specific needs and financial goals, each one has its pros and cons. We will further explore more of the most often used trusts to protect your assets. Irrevocable Trusts: High Protection, No Control An irrevocable trust provides the maximum level of protection. When the assets go into the trust, the assets have been transferred out of your control. They are no longer part of your estate. This makes it tough for creditors to access these assets. Benefits of Irrevocable Trusts: The creditors cannot reach anything held in an irrevocable trust. Your estate can be decreased for tax purposes. You lose control over the assets once they are put into the trust. Revocable Trusts: Flexible but Less Protective A revocable trust means you can control the assets in the trust as you have the option to use, change or revoke the trust. A revocable trust does not protect assets from creditor claims because, as the trustee, you control the property in a revocable trust. Benefits of Revocable Trusts: You have the ability to alter or terminate the trust whenever you choose. Estate planning is used to avoid the headaches of probate and for the smooth transfer of assets after your death. Not much protection. Cannot protect assets from creditors because you control it. Spendthrift Trusts: Protecting Beneficiaries from Creditors A spendthrift trust protects the beneficiary from the claims of creditors. A valid spendthrift trust inhibits a beneficiary from transferring his interest. The restrictions imposed by the trust prevent the beneficiary from accessing the assets, so creditors cannot seize the assets in the trust. Benefits of Spendthrift Trusts: This assures protection from creditors of beneficiaries. Family Protection: Safeguards beneficiaries from financial exploitation. This option is a good alternative and protects moderately. Offshore Trusts: Global Protection for High Net-Worth Individuals Offshore trusts are formed in foreign countries with stringent asset protection laws. They are used to protect your assets from creditors and lawsuits by utilizing the privacy and favorable laws of other countries. These are effective at protecting assets or personal information, but they are complicated and expensive to set up. Benefits of Offshore Trusts: It provides the most robust protection from creditors in the same country and from overseas. More private than domestic trusts. It requires a lot of money and set-up time to make off-shore trusts. Comparing Asset Protection Trusts Various types of trusts have different levels of protection, flexibility and cost. The most popular asset protection trusts fight to stand out from among the multitude of choices. The Control Trade-off: Revocable Living Trusts (RLT) offer maximum flexibility and control for the grantor but offer virtually no protection from creditors since the assets are still legally your own. The most secure asset protection is provided by Foreign Asset Protection Trusts (FAPT) Hiding assets outside of home jurisdiction imposes serious legal and practical problems on creditors, although they are the costliest to maintain. The Domestic Asset Protection Trusts (DAPT) allow U.S. residents to make a relatively low cost investment in a strong statutory protection against the creditors in certain states. Irrevocable Trusts vs. Revocable Trusts Irrevocable trusts shield money from creditors but you lose control of assets with them. This is their drawback. In contrast, revocable trusts allow flexibility and control, but they provide limited protection from creditors since the trust’s assets remain in your name. Spendthrift Trusts vs. Offshore Trusts A spendthrift trust can protect the beneficiary from creditors, while an offshore trust can protect globally. Offshore trusts may cost more money and be more complicated to set up, but offer the best asset protection. If your estate is relatively small and not large enough to make it unmanageable, a spendthrift trust is suitable. Practical Tips for Choosing the Best Trust for Asset Protection There are various choices available to you for the best trust which you can choose for the various assets that you might have. Here’s how to choose the right type of trust for you. Deciding the type of protection that needs to be offered to your asset is very important; the protection could be for your personal property, for your business or investments. If you want to safeguard personal assets. Then an irrevocable trust or a spendthrift trust may be suitable. If you require strong protection from creditors or lawsuits, an irrevocable or offshore trust will provide you with the highest level of protection.

Trust and Asset Protection

The Role of Trust and Asset Protection in Safeguarding Your Wealth

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As the world becomes more unpredictable, safeguarding your wealth and assets. Trust And Asset Protection are imperative to keeping your assets safe from lawsuits, creditors and other risks someone may face in life and business. Trusts can be an effective way to protect wealth. However, they must be set up correctly and in a strategic manner. In this post, we’ll explore the basics of trusts and asset protection, why they are essential, and the different ways to secure your assets for the future.  If you are a business owner, a high-net-worth individual or someone worried about asset security, understanding these tools will help you achieve peace of mind. Understanding Trust and Asset Protection An area of law that protects assets from third-party claims, like creditors, through the use of a trust.  The main objective is to make sure that your wealth isn’t threatened without restricting your use and spending. What is Trust Protection? Trust protection requires asserting your ownership of assets by creating legal structures, such as an irrevocable trust or a spendthrift trust, to protect your wealth preservation. After the transfer of the assets, they are held in trust by a trustee on behalf of your beneficiaries offering varying levels of protection. You can protect your personal assets by creating a trust. This will prevent creditors or other people from claiming your assets. Why Asset Protection Matters Protecting your assets is essential as they are crucial to your life and a guarantee of your future wealth.  Without protection from courts, divorce, business creditors, smart people can lose assets to lawsuits. To prevent risks, it is essential to implement asset protection. Types of Trust and Asset Protection Methods Method Description Protection Level Revocable Trust Flexible; assets can be altered or revoked Low Irrevocable Trust Cannot be modified; provides strong protection High Offshore Trust Placing assets in foreign jurisdictions for privacy Very High Spendthrift Trust Protects assets from beneficiaries’ creditors Moderate to High Detailed Aspects of Trust and Asset Protection The methods and strategies relating to trusts and asset protection permits a variety of legal protection of your assets. Here’s a thorough examination of a few of the best techniques. Irrevocable Trusts: High-Level Protection An irrevocable trust is one that cannot be changed or revoked after it has been set up.  Consequently, by putting wealth into the trust, the assets that are in the trust are no longer yours and protected from creditors. High‑net‑worth people commonly use irrevocable trusts to protect their wealth from any claims against it. Benefits of Irrevocable Trusts: Once assets go into the trust, they are usually protected from creditors, strong protection. Estate Tax Advantages: Since you no longer own the assets, your estate will no longer be subject to those taxes. Offshore Trusts: A Global Approach Foreign countries provide stronger protection laws that are more favorable to asset holders like offshore trusts. Offshore asset protection trusts can provide effective protection from domestic creditor claims because many offshore jurisdictions have strong legal privacy protections that creditor lawyers find extremely difficult to penetrate. Benefits of Offshore Trusts: Assets are protected from creditors both in Canada and abroad. Certain offshore jurisdictions contain interesting tax laws that can assist in lowering tax burdens. Spendthrift Trusts: Protecting Beneficiaries’ Wealth A spendthrift trust protects beneficiaries from creditors and is ideal for those who may not manage money very well. It keeps the trust fund assets safe and provides security to the beneficiary in the future. Benefits of Spendthrift Trusts: It prevents beneficiaries from wasting and mismanaging their inheritance. Beneficiaries’ creditors cannot reach the assets of the trust. Comparing Trust and Asset Protection Strategies To help you understand the differences between various trust and asset protection strategies, let’s look at a comparison of some of the top methods. Offshore trusts offer the highest level of asset protection (10/10) by placing your assets in a foreign jurisdiction that your creditors can never reach. Irrevocable trusts can protect much of the domestic estate as they remove the ownership of the grantor which can be targeted by future judgments. Spendthrift trusts are great at keeping your inheritance safe from creditors and improper use as a beneficiary. They provide a lot of value for a low complexity. Irrevocable Trust vs. Revocable Trust An irrevocable trust provides better protection than a revocable trust because the assets you put into an irrevocable trust no longer belong to you. In contrast, a revocable trust allows you to access your assets if you need to, but it is less protected from creditors and lawsuits. Offshore Trust vs. Domestic Trusts Because foreign entities manage offshore trusts, they benefit from foreign laws that are usually debt‑friendly. Solutions are fairly easy to implement and administer as compared to an offshore trust. However, they do not provide as much protection as an offshore trust. Practical Tips for Implementing Trust and Asset Protection It is essential to take a strategic approach whilst considering trust and asset protection. Here are a few real-life tips for you to secure your wealth. Eliminate your estate taxes of an experienced attorney is important. If you do not set up your trust correctly and properly, you may suffer the very consequences the trust is intended to avoid. Consider the Kind of Protection You’ll Need: All it takes is the right combination of trusts to achieve the high-level protection you need depending on your financial situation and purpose. For instance, using an irrevocable one, coupled with a spendthrift one for the beneficiaries. You should frequently review your asset protection plan because your strategies need updating as your assets grow or your financial situation changes. It doesn’t matter if you are using an offshore or domestic trust, you have to be compliant with the laws of the applicable jurisdiction so that you do not get into any trouble. Final thuoghts Any comprehensive estate plan should include Ultra trust and asset protection for you. Wealthy individuals and families have protected their riches with the help of various trusts for centuries. Use of irrevocable

Asset Protection

Comprehensive Guide to Attorney Asset Protection: Safeguard Your Future

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In the volatile world of today, many people have made it a point to secure their wealth and assets. No matter if you are a business owner, a professional, or a high, net, worth individual, asset protection is a must for your financial security over the long run. Attorney asset protection strategies are the ones that come in here. Attorney asset protection means using law instruments and strategies that can protect your money from being seized due to lawsuits, debts, or other dangers. In this article, we will discuss the necessity of asset protection, the main approaches involved, as well as some useful hints which will be of great help in your endeavor of making your wealth inheritance, safe. What is Attorney Asset Protection? Attorney asset protection is essentially the practice of devising an array of legal measures and structures that a person or a company can then use to protect their assets from possible claims, lawsuits, or creditors. It basically means partnering with a knowledgeable lawyer who will guide you through the process of putting these protective measures in place so that your wealth stays protected even if there are some unexpected ups and downs. It would be so risky not to protect your assets because an asset protection plan serves as a defensive tool that can legally stop your creditors from taking your assets if ever you are sued or gone bankrupt. Moreover, through asset protection, one can efficiently manage to keep their economic life stable, shield their families future, and guarantee that their wealth, which they have worked hard for, will not be taken away from them by factors beyond their control. Why is Asset Protection Important? Prevention of Financial Loss: The primary advantage of asset protection is that it protects your assets from creditors and lawsuits. Preservation of Wealth: An asset protection plan guarantees that your wealth will be inherited by your heirs without getting depleted by any legal claims. Peace of Mind: The feeling of being secured and self, assured comes from a knowledge of protection of your wealth. Minimized Risk: Asset protection measures help in mitigating the risk of loss of assets due to a lawsuit or any other financial difficulties. Key Features of Asset Protection Feature Description Trusts Establishing trusts to hold assets and limit liability LLCs & Corporations Using business entities to protect personal assets Insurance Acquiring liability insurance for added protection Offshore Protection Holding assets in offshore jurisdictions for safety Key Aspects of Attorney Asset Protection Attorney asset protection refers to a variety of techniques and legal instruments that combine to ensure thorough shelter. We shall examine some of the typical tactics. Creating trusts Trusts are among the most favored vehicles when it comes to asset protection. When you put your assets in a trust, you are in effect giving ownership of those assets to the trust and thus making them inaccessible to creditors. There exist different types of trusts, e.g., irrevocable trusts, which provide better protection than revocable ones. Forming LLCs and corporations Limited Liability Companies (LLCs) and corporations are legal persons whose property is by law regarded as different from the owners’ personal property. Hence by forming an LLC or corporation, you can prevent your personal fortune from being affected by lawsuits against your business. It is of utmost importance to have this kind of arrangement for business owners and entrepreneurs. Liability Insurance Liability insurance is still an essential part of asset protection. It can cover you if you are responsible for an accident or lawsuit. It prevents your personal belongings from being at risk if anybody claims against you. Offshore Asset Protection Sometimes, people might think to put their assets in foreign places where the laws are more lenient for asset protection. Offshore bank accounts are often used as additional privacy and security tools since creditors have a harder time getting to them. However, establishing overseas accounts necessitates careful consideration and getting legal advice to be sure you are following the law at the international level. Comparing Different Asset Protection Strategies To better understand how these strategies compare, let’s take a look at a few examples. We’ll also highlight the advantages and disadvantages of each approach. Tenancy by the Entirety: Offers strong shielding for married couples with very high ease of implementation and negligible cost. It is often the first line of defense in states that recognize it. Retirement Accounts (401k/IRA): These provide excellent asset shielding under federal and state laws. They are relatively easy to set up through employers or financial institutions with low associated costs. Irrevocable Trusts: While they offer the maximum level of asset shielding (10/10), they are highly complex to implement and come with significant legal and administrative costs. LLCs / FLPs: These are mid-range strategies. They offer good protection through “charging order” protection but require formal business setup, ongoing filings, and moderate legal fees. Homestead Exemption: Generally the easiest strategy to implement (often automatic), though the level of “Shielding Assets” varies wildly depending on state law—ranging from a few hundred dollars to unlimited protection. 1. Trusts vs. LLCs & Corporations Although both trusts and LLCs offer asset protection, they are designed for different purposes. Trusts are generally a vehicle for personal assets, whereas LLCs and corporations are mainly geared towards business, related protection. Ultimately, the decision between the two should be based on your personal and business circumstances. 2. Liability Insurance vs. Offshore Protection It is quite easy to get liability insurance and it gives you an instant coverage against most claims. Nevertheless, it may not be enough to fully shield you in all legal situations. On the contrary, offshore protection not only gives you a very high level of security but also requires a considerable amount of legal work and thus has higher costs. Practical Tips for Attorney Asset Protection Taking proactive steps to protect your assets is very necessary to hold on to your money. Here are some practical tips that can help you with the first steps: Speak to

Asset Protection

Comprehensive Guide to Asset Protection in Pennsylvania

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Nowadays, with the global financial crisis, it has become extremely important for everyone to protect their wealth from the possible risks of creditors, lawsuits, and other unforeseen calamities. Asset protection is a term used for methods that are aimed at isolating your assets from such risks so that your wealth remains intact. Just like any other state in the US, Pennsylvania too can provide you with legal tools and methods through which you can effectively protect your assets. This paper discusses why asset protection is essential, what asset protection options are available to a Pennsylvanian resident, and the tips and tricks that can be used to safeguard ones asset. The Basics of Asset Protection in Pennsylvania Asset protection is a legal method which is utilized to protect an individual’s wealth from being claimed by the creditors or any other party. It essentially means that the ownership of the assets is legally changed to the entities or structures which, in the event of a lawsuit, divorce, or any other financial risk, can make it difficult for the assets to be seized. Pennsylvania provides several ways through which a person can secure his or her assets effectively. Why Asset Protection Matters Asset protection in Pennsylvania involves strategies to prevent one’s assets from being exposed to financial difficulties either due to the personal or business situation. Asset protection is the practice of insulating one’s net worth from the risks of creditors, lawsuits, or a fluctuating market and thus saving and passing on the wealth to the next generations. Lack of planning could lead to people giving away a large part of their wealth if a claim unexpectedly arises. Key Asset Protection Methods in Pennsylvania Method Description Effectiveness Revocable Trusts Allows you to change or revoke trust terms. Limited protection from creditors Irrevocable Trusts Once set up, the trust cannot be altered. Strong protection from creditors Limited Liability Companies (LLCs) Protects personal assets from business liabilities. Moderate to high protection Tenancy by the Entirety A joint property ownership form available to married couples. High protection from creditors Key Asset Protection Strategies in Pennsylvania In regard to asset protection in Pennsylvania, a number of lawful techniques can be leveraged to secure your money. Let us take a closer look at the best choices. 1. Irrevocable Trusts This is among the leading ways to shield your assets from being seized. In the event that assets are transferred to an irrevocable trust, they are regarded as separate from your estate thus will not be targeted by creditors or lawsuits. Such trust provides very tight protection because its provisions cannot be altered and therefore the assets can neither be retracted. Nevertheless, it has to be emphasized that you essentially give up ownership of those assets once they are placed in the trust. Benefits of Irrevocable Trusts: Asset Protection: It is a common understanding that assets placed in irrevocable trusts are usually protected from creditors. Tax Benefits: Besides reducing estate taxes, irrevocable trusts can also offer various tax advantages. Estate Planning: One of the purposes of an irrevocable trust is to be a tool for estate planning in the long term, thereby allowing the transfer of assets to the heirs without heavy tax implications. 2. Limited Liability Companies (LLCs) LLCs also are a frequently used method for asset protection. When you start an LLC, you essentially create a new legal entity that can own your assets like property or business interests. Therefore, your personal property should, in most cases, be safe from any business liabilities. In Pennsylvania, by establishing an LLC, owners can get a limited degree of shield from creditor actions, thus LLCs are a favored option among business owners. Advantages of LLCs: Division of Property: Business liabilities will not be able to touch personal properties. Adaptability: An LLC can be managed and taxed in a variety of ways. Protection against Creditors: Creditors of the individual cannot attach the assets of the LLC. 3. Tenancy by the Entirety In Pennsylvania, married couples can greatly benefit from the property ownership method called “tenancy by the entirety” for asset protection. It is through this method that spouses are allowed to own property together and one spouse’s creditors cannot take the property without the other spouse’s permission. Tenancy by the entirety is applicable not only to real property but also to personal property, thus offering married couples yet another level of protection. Benefits of Tenancy by the Entirety: Protection from Individual Creditors: Creditors of one spouse are not allowed to take property that is owned by the spouses as tenants by the entirety. Preservation of Family Wealth: If one spouse is going through financial problems, the family’s property will not be divided as a result of this. Ease of Transfer: The surviving spouse will immediately become the owner of the property when the other spouse dies, without any need for probate. Comparing Asset Protection Strategies in Pennsylvania In order to assist you in deciding the most suitable asset protection strategies for your situation, we will be comparing some of the most commonly used methods in Pennsylvania. This comparison will focus on the extent of protection, the simplicity of implementation, and the possible disadvantages of each strategy. Tenancy by the Entirety: In Pennsylvania, this is one of the strongest and simplest protection strategies. It protects property owned jointly by spouses from the creditors of only one spouse, offering high protection with very low legal complexity. PA Homestead Exemption: Unlike many other states, Pennsylvania’s statutory homestead exemption is extremely low (only $\$300$ per individual). This makes relying solely on the homestead exemption a poor strategy for asset protection in the state. Irrevocable Trusts: These provide the highest level of protection by removing the assets from your personal estate. But they are the most complex to set up and offer the least flexibility once established. Retirement Accounts: Accounts like 401(k)s and IRAs generally receive strong statutory protection in Pennsylvania, though they have limited flexibility due to federal withdrawal rules. 1. Irrevocable Trusts vs.

Irrevocable Trust

Asset Protection: General/Limited Partnership, Corp Chapter C, Chapter S, LLC, Trusts

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Asset protection comparison & definitions of General Partnership, Limited Partnership, Corporation Chapter “C”, Corporation Chapter “S”, Limited Liability Companies & Revocable Trusts and Irrevocable Trusts. PART 2: ASSET PROTECTION: GENERAL/LIMITED PARTNERSHIP, CORP CHAPTER “C”/CHAPTER “S”, LLC, TRUSTS   Read PART 1: ASSET PROTECTION: JOINT TENANCY, TENANCY IN COMMON, TENANCY IN ENTIRETY & COMMUNITY PROPERTY Watch the video on Like this video? Subscribe to our channel. THE CONCEPT OF ASSET PROTECTION includes the possibility of placing title in certain assets in the name of a less vulnerable spouse or other family members, or a legal entity. One should be very attentive in transferring title without an open invitation to a “fraudulent transfer” claim against the asset transferred as a result of the possibility of death by the spouse or a family member, or the possibility of a dissolute marriage, or even a court judgment.   Fraudulent conveyance has to do with transferring assets at less than the “fair cash value” thereby defrauding a potential creditor or the intentional divesting of assets which become unavailable for satisfaction of a lawsuit. Fair cash value means cash or near cash value at the time of transfer, not the price you paid for the asset. Example: you transfer your portion of your equity in your home to your wife for $100.00 and the fair cash value of your portion of the equity was $250,000 or you transfer title to your car to your brother for $10.00.   The most common methods of holding assets by INDIVIDUALS: Joint Tenancy Joint Tenancy with right of survivorship Tenants in Common Tenancy by the Entirety Community Property (Read part 1 “Asset protection with Joint Tenancy, Tenancy in Common, Tenancy in Entirety & Community Property”) LEGAL ENTITIES (Artificial person created by application of law): General Partnership Limited Partnership Limited Liability Company Corporation under Chapter “C” Corporation under Sub Chapter “S” Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract) GENERAL PARTNERSHIP A General Partnership is an association of individuals, collectively owning property or a business relationship of a collective group of individuals acting as a business unit/enterprise as a going business concern.   The worst way to hold any asset or to do business as a partner is a General Partnership. In my opinion, there’s absolutely NO advantage, whatsoever. It’s all negative. Each member of the General Partnership is liable for all potential liabilities of each of the other partners. In other words, an employee of the General Partnership causes an accident while on company business. Each of the Partners individually can be held 100% liable. The deeper pocket theory is he who has the most to lose will lose the most. NEVER do business in General Partnership or become a partner of a General Partnership.   LIMITED PARTNERSHIP Limited Partnership is one or more General Partners and one or more Limited Partners. The General Partner(s) controls all actions of the partnership. The Limited Partners are the silent partners; the Limited Partners have no control. In certain cases the Limited Partnership has significant asset protection and tax advantages.   For example, in a Family Limited Partnership the Parents take the responsibility of day-to-day management as a 2% General Partnership (each Parent 1%) and retain 98% as Limited Partners. In each of the subsequent years, each of the General Partners (the Parents) gift each of their children an excluded gift tax amount of $12,000 (for the taxable year beginning 2006 and thereafter). Over time, the children will have a 98% interest in the Family Limited Partnership. However, the control of the Partnership remains in the hands of the General Partners (i.e. the Parents). This is a noteworthy tax-efficient way to transfer wealth from the Parents to their children tax-free.   Another tax advantage for Estate Taxes is the valuation of a minority interest as a Limited Partner due to lack of control or ability to sell a minority interest. A Limited Partner is a “Silent Partner” in the management and control and therefore, the Limited Partnership Interest has a discounted value, generally up to 40% as a minority interest, depending on the nature of the assets. Additionally, the Limited Partnership interest has a discounted marketability, up to 40%. Combined, minority interest and lack of marketability, for estate tax purposes it can be argued that the fair cash value of asset is diminished by as much as 80%. Aggressive? The IRS considers this type of discounting abusive.   For asset protection purposes, the Family Limited Partnership, for decades, has been considered the Cadillac of Unites States asset protection systems. By definition a Partnership is considered to be two or more persons.   ON FAMILY LIMITED PARTNERSHIPS The more commonly recognized advantages for the Family Limited Partnership are: Family Limited Partnership Asset protection. The creditor may not step into the shoes of the “Partner.” The only remedy for the creditor is the “charging order” obtained subsequent to litigation and judgment in favor of the creditor. A creditor who obtains a charging order is therefore liable for Federal Income Taxes on their pro-rata share of the partnership income even though the creditor may never be able to receive or collect the income. A major detriment to the creditor. Family Limited Partnership on Reduction of Federal Estate Taxes. You can make a lifetime of gifts under the gift tax rules ($12,000 for 2006 and forward) and still retain all the control. A reduction in taxable estate tax valuation by application of discounting for lack of marketability and minority interest. The negative of Limited Partnerships is the “General” Partnership interest. If the General Partner loses a frivolous lawsuit to a creditor, the creditor controls the Partnership. The other negative is that Partnership interests go to Probate and are includible assets for the Estate Tax. This problem can be avoided if the “General Partnership” interest is owned by an Irrevocable Trust.   LIMITED LIABILITY

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