Asset Protection Individual Form 6.00
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Letter to a client explaining the concept of asset protection
This form explains the concept of asset protection. It covers many topics that are included in the decision to form a family limited partnership. The letter covers the following important topics: the definition of asset protection, the sources of financial disaster, what assets should be protected, how to own property and the pitfalls of each type of ownership, pitfalls and traps in asset protection such as the Fraudulent Transfers to Creditors Act, types of insurance the client should obtain, what property is exempt from collection by general creditors under the Texas and Federal, exemptions, what the client should know about bankruptcy, what the client should know about probate, trusts, including Living Trusts, why the family limited partnership should be considered, and problems in keeping the protection of a corporation’s status.
