The Palm Springs Asset Protection Lawyer You Want As Your Attorney, Sebastian Gibson
Palm Springs Offshore Asset Protection and Trust Lawyers, Family Limited Partnership Attorneys in Palm Springs
If you’ve been searching for Palm Springs asset protection lawyers or offshore asset protection attorneys in Palm Springs and haven’t found the asset protection attorney in which you can be confident when retaining a lawyer for your asset protection, voluntary disclosure, offshore trust protection and family limited partnership matters in Palm Springs, Sebastian Gibson is the asset protection attorney you’ve been looking for.
Palm Springs Asset Protection Lawyer
With over thirty years of experience handling international matters, with law degrees in both California and in Great Britain, and years of international experience in London as well as decades of experience in Palm Springs, Palm Springs asset protection lawyer Sebastian Gibson brings a wealth of experience to the table and was chosen one of the 2011 Top Lawyers by Palm Springs Life Magazine.
Asset protection comes in many forms. One of the most useful asset protection tools in the arsenal of asset protection lawyers is family limited partnerships. At the law firm of Sebastian Gibson, our knowledgeable Palm Springs asset protection lawyers can advise you on the benefits of limited partnerships to protect your assets.
The mechanics of a family limited partnership are these. Essentially, it is a partnership between family members with general and limited partners but with some differences. The parents are the general partners, the children are the limited partners. The general partners make all the partnership decisions, even though they own a small minority of the interest in the partnership. The children, or limited partners have no decision making authority whatsoever. The general partners are in complete control, as they should be.
An individual should not transfer all of their assets into a family limited partnership to prevent it from appearing that the family limited partnership has been utilized for purposes of creditor avoidance or to accomplish a fraudulent transfer.
Once a family limited partnership has been formed, the general partners should obtain a valuation of the assets and gift limited partnership interests right away to the children. Amazingly, many people set up family limited partnerships only to never get around to gifting the limited partnership interests and obtaining the benefits of a Family limited partnership. If concerned about a child’s interest, their interest should be gifted to a spendthrift trust for the child.
Family limited partnerships should not be used to take aggressive valuation discounts of the assets transferred for this asset protection tool to work effectively as part of your comprehensive estate planning. Even though gift discounts may some day be eliminated, our Palm Springs asset protection lawyers do not feel this is not the time to raise a red flag and waive it so that the IRS focuses on inappropriate discounts claimed on the assets gifted to one’s family members in a family limited partnership.
For now, the courts and the IRS recognize that there can be legitimate valuation discounts for partnership interests. The courts have also recognized the validity of such discounts. The issue is the extent of the discounts claimed by the taxpayer. Take too aggressive a discount and the IRS may not accept it. For this reason alone, valuations should be done before any transfers are made to the Family limited partnership, and again upon the death of the general partners.
Family Limited Partnerships will still require some asset protection pre-planning by the parent owners of a family business such as who, among the family members should be the eventual owner of the business, or, if the family will continue to jointly share the business, who will be the manager, how will disputes will be resolved, and who will be employed by the business. Our Palm Springs asset protection lawyers can assist you with these and other issues.
The operating agreement of a family limited partnership is the defining document of a Family limited partnership and there is little that it may not affect in the operation of the Family limited partnership. Properly drafted to deal with circumstances that may arise, the operating agreement should be carefully drafted with foreseeable situations in mind.
In compliance with IRS requirements, we must advise you that any U.S. federal tax advice contained in this informational article is not intended to be used nor is it published in order for it to be used and you may not use it for the purpose of avoiding penalties or fines under the Internal Revenue Code. It is not intended to be used nor is it being published in order to promote, market or recommend any specific transaction, tax-related matter or estate planning tax scheme to any party.
Palm Springs Asset Protection Attorney, Sebastian Gibson
Sought out to be a writer for California’s two largest and most prestigious legal newspapers, Palm Springs asset protection attorney Sebastian Gibson’s articles have been published in the Los Angeles Daily Journal and the San Francisco Daily Journal. Today thousands and thousands of people visit this website and his blogs monthly for useful advice and thousands more follow him on Twitter for his humor.
One of the best asset protection attorneys for people in Palm Springs to follow for his humor and wit, one of the funniest Palm Springs asset protection lawyers as well as one of the top humorous Palm Springs asset protection attorneys people follow on Twitter, Palm Springs asset protection attorney Sebastian Gibson has been called "brilliant," "hilariously funny" and a "legend."
It matters more than you think who you call for your asset protection and other legal matters. When it matters most, call Palm Springs asset protection lawyer Sebastian Gibson. When it’s time to hire a Palm Springs asset protection attorney, hire a legend.
