Posted by William Bronchick on February 18, 2002 at 08:54:29:
The master LP is an excellent asset protection and estate planning device. It owns all of the membership interest of the SMLLCs. It can also own other assets, such as mutual funds, etc.
My “ABCs of Asset Protection” book, as well as my “LLC/Limited Partnershis” course covers how to do it, including paperwork. If you hire a professional, make sure it is an atty. A financial planner cannot do anything more than educate you about it.
Master Limited Partnership??? - Posted by Jeff M
Posted by Jeff M on February 18, 2002 at 08:21:54:
I have been reading and am currently educating myself on the structure of assets before I get into my first RE deal. As I understand it, I need to form a land trust for each property, with the trustee being my SMLLC (seperate one for each property). Where does the “Master Limited Partnership” come in? What are its benefits?
Also, how should I structure my current assets (Home, investments in mutual funds, life insurance, etc). Currently, these are owned jointly with my wife, in our personal names, where if one of us dies, the other owns 100% of the asset.
Do I need a lawyer or a financial planner/accountant to set these things up for me? If a lawyer, what field of law should he/she specialize in? How do I go about finding one in my area (Delaware County, PA)? TIA