Asset Protection Planning Attorney in Spring, Texas
How can you help me to protect my assets?
How can you help me to protect my assets?
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00:04
the most important thing
00:05
in asset protection is to understand the
00:08
laws regarding the assets that you have
00:10
because as we mentioned each asset has
00:13
its own
00:14
legal characteristics and so we want to
00:17
be sure that
00:18
if we have assets that are not protected
00:20
under texas law
00:21
such as stocks and bonds and real estate
00:25
that we create entities that are going
00:29
to
00:30
allow for the asset protection of those
00:33
entities
00:34
under texas law texas law is unusual in
00:37
it
00:37
in that it has a loss where a creditor
00:42
or someone who is suing you cannot get
00:44
the assets
00:45
and they’re limited to a charging order
00:48
charging the
00:49
entity like a limited partnership with
00:51
the liability
00:53
and with that charging order the people
00:55
have a right to receive the income
00:58
from that partnership but the general
01:00
the general partner has the ability to
01:02
not make a distribution and so when tax
01:05
time rolls around
01:07
the creditor the person who’s suing you
01:10
is going to get a k1
01:11
showing that they have taxable income
01:14
and yet they did not get any income to
01:16
pay the taxes with
01:17
so it poisons the assets so to speak
01:20
and it allows the distribution of
01:24
those assets in a in a it
01:27
through gifting or through an estate to
01:30
the to the right people
01:32
and the general partner will have the
01:34
control
01:35
over that limited partnership in order
01:38
to make
01:38
wise and good decisions
Contact Michael C. Riddle
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Spring, TX estate planning & probate lawyer Michael C. Riddle shares how he can help you to protect your assets?
