- quote -

Take it from a guy who's practiced tort law for 19 years -- NO!!

Most people earn a living working for somebody else for a salary. If they
do something negligent or wrongful on the job that person is going to sue
the employer - which is a deep pocket defendant that has commercial
insurance. They're not going to sue the employee personally.

If you do something negligent or wrongful on your own time to injure
somebody, odds are it's going to be in a car. That risk is easily handled
by carrying sufficient automobile insurance. Not the minimum required by
state law, but more than that. Call your agent and you'll be surprised at
how little it costs to increase your coverage.

What's left? Somebody coming to visit your home slips on the ice and
breaks a hip? Again, you can easily manage this risk with insurance. So
while you're on the line with your insurance agent, make sure your
homeowners coverage is adequate.

If you're still worried, ask about an "umbrella policy," which insures
against risks not covered by your auto and homeowners insurance. This is
generally quite affordable as well.

If your insurance coverage is adquate, you're protected three ways. First,
in the event you do something negligent or wrongful and somebody is
injured the insurance company will try to settle with them. Second, if the
injured person sues you the insurance company is going to hire lawyers to
defend you. Third, if there's a judgment against you the insurance company
will pay it. This is the asset protection that counts, not some scheme
sold by a guy in a hotel room.

Having good insurance coverage is infinitely smarter than hocus pocus
efforts to "shield assets" via offshore accounts, partnerships, etc. etc.
The premiums will probably be cheaper and the protection will almost
certainly be greater.

po.ning[at]gmail.com wrote:
- quote -

Here is an article about family _limited_ partnerships. I don't know
what relationship this might have, if any, to an unlimited partnership.

articles.moneycentral.msn.com/Taxes/TaxShelters/ProtectYourFamilyWithPartnership.aspx

Dave

<po.ning[at]gmail.com> wrote in message
news:1162833768.385619.13470[at]h48g2000cwc.googlegroups.com...

- quote -

The phrase "limited partnership" is a danger signal. If it is not an
investment, be sure you find out and understand exactly what is involved
before putting down any money. Who is promoting it, and what fees and
expenses are involved? If you describe in more detail just what this product
entails, I am sure people in this newsgroup will be able to advise you about
the pros and cons.

Don wrote:
- quote -

Don, it's not an investment. It's a legal vehicle to protect assets.
I think it's like a revocable trust type of vehicle. Supposedly this
family unlimited partnership gives added protection.

<po.ning[at]gmail.com> wrote in message
news:1162772985.037603.251780[at]e3g2000cwe.googlegroups.com...

- quote -

In addition to the usual research you should always do before making any
investment, here are two questions that you should be sure to ask about
limited partnerships:

1. If you decide at some time in the future to sell, how much money do you
get back? Any penalties? Any special costs in selling?

2. How long does it take to sell?

Just went to financial planning seminar and heard someone tout this
vehicle, more secure than a revocable trust. Do families need this to
protect assets, mainly against lawsuits?