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General Partnership Package Illinois Form

General Partnership Package Illinois Form

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the following BL TV program is brought to you by O'Flaherty law please enjoy welcome to learn about law my name is Kevin o Flaherty from O'Flaherty law and today we're going to explain family limited partnerships and irrevocable trusts what are the two things have in common you might ask they're both estate planning tools that we can use to protect assets from potential creditors so they operate a little bit differently we're going to go through family limited partnerships first explain how they work and explain how irrevocable trusts work as well the bottom line is that in order to protect an asset from a creditor though you have to give up some of your own interest in that asset this is usually done by giving some of that interest even if it's only a future interest to a family member so a family limited partnership is one way to do this people can do this with either a home or a bank account and what they do is they transfer the proper

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