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As a family, we are going on a trip to Florida by plane. God forbid, anything happens, should I make a will before leaving?

You know I cannot respond to that one! :-) You are in effect asking me whether your plane is going to crash! Whether you are going on a trip or not, it would be wise to have a will and the other documents, such as powers of attorney, in effect. Of course, you may not need them for several years - but I don't have a crystal ball.

Are you familiar with Mr. [deleted], MBA and attorney? I attended a [deleted] seminar yesterday in Lexington, KY where Mr. [deleted] was one of the speakers and will be attending Mr. [deleted]'s financial planning seminar in Cincinnati, OH today. Mr. [deleted] is a strong proponent of family limited partnerships as a tool to avoid capital gains taxes and to shield one's assets from creditors. He sells a package of information including forms for setting up FLPs that costs $1,300 (discount rate during seminar). Can you offer any comment or opinion on the value of making this purchase? I am single with personal assets which include my home, employer funded retirement account, savings (cash, stocks, mutual funds), and an IRA. One thing I have not heard Mr. [deleted] mention is the cost of setting up and administering a FLP. I look forward to hearing from you. Many thanks!

It is very difficult to answer your questions. What you need is some expert CPA advice. Saving capital gains taxes is a goal to be achieved only if you anticipate a capital gains tax problem. With the recent revisions to the law regarding residences, you may find you have no such problem with your home. Talk to someone. Whether a FLP will protect your assets is another question which I cannot answer. It depends upon what Kentucky law is in this regard. As a general rule, creditors can attach any assets if they have a judgment. Ownership of a partnership interest is an asset. I cannot tell you how Kentucky law treats partnership interests and whether a creditor could reach such an asset. Many physicians place their assets in off shore trusts to avoid possible malpractice claims - in little countries which have special laws preventing creditors from attaching the trust assets. I am not sure whether an FLP in Kentucky would give you any protection at all. You have some significant costs in administering and FLP. It is a separate legal entity, needs a tax ID number, must file tax returns, keep books, etc. Appraisals are necessary in many instances for bookkeeping purposes. I was talking to a CPA yesterday about a possible FLP for a gentleman owning about $900,000 in assets. We concluded that the maintenance costs for an FLP would not justify it. He is married, and we can do some planning using other means. Before I spent $1300 on the forms plus the other costs, I would sit down with a CPA and ask him or her "Do I need this?"

Thanks for the prompt response. I attended the seminar today and returned home with some knowledge, but didn't buy the package. As it turned out, it wasn't $1,300 but $1,695. The discount was $1,300. After e-mailing you early this morning I checked some information on other websites. As you mentioned, but Mr. [deleted] failed to, there are a number of fees and other expenses associated with FLPs. Mr. [deleted] mentioned nothing about what's involved to properly administer an FLP and didn't discuss whether the FLP had to have a valid business purpose. There was no opportunity for Q & A either. It's a shame a person has to be skeptical of everyone and everything, but when you work hard for your money you'd at least like to have a more complete picture before taking the financial plunge. Thanks again for taking the time to get back with me. I think your advice about consulting a CPA is worth pursuing. I'd like to find a knowledgeable financial planner in the community too before making any decisions.

"I am looking to start a pure trust organization but would prefer to have an attorney do this for me. Is this a service you can provide?"

Thank you for your note. I notice that your email address ends in "au". Are you located in Australia? If so, we would not be able to help you.

My husband and I live in the State of California. We are about to prepare a Will. We have 2 sons over the age of 21. Upon either of our death, will our boys be responsible for our credit card debts? We own less than $650,000 combined. Please advise

Dear [deleted], I am sorry, but I do not know anything about California law. Here in Georgia, and I imagine there are similar rules in several places in the US, heirs are not responsible for the deceased person's debts; however, heirs do not inherit anything from the deceased person until all enforceable debts of the deceased person are paid. You should check with someone in California to see if the rules are similar there.

My name is Jason and I have a Grandmother who recently moved in with us from Florida. I was looking around at different websites in an attempt to find out if the trust and will that she set up in Florida is still valid here in Georgia or if she needs to have them redone and notarized by someone here in Georgia. Any help you could give would be greatly appreciated, and thank you in advance for anything you can tell me.

Hello Jason. There is one thing a person cannot do, and that is to comment on documents which he or she has not seen or read. I hope you understand that there is no way that I could comment on documents which I have not seen. As a "general" rule, if the documents were valid in Florida, they should be valid here; however, we have some things here in Georgia which are designed to make probate quick and easy, statements about bond, inventory, "self-proving" provisions, etc. You may wish to have the documents examined just to make sure those helpful provisions are present. You might also wish to have some other documents done according to the Georgia statutory formats, such as a Living Will and Durable Power of Attorney for Health Care. I hope this answers your questions.

Subject: A Will of Trust
Dear Sir, Could you possibly enlighten me as to what exactly the above is? Is it binding, i.e. Any changes to the will are fruitless, the original takes precedent? I would be grateful if you would look into this for me.

I am sorry, but I don't recognize the term "will of trust." A "will" and a "trust" are separate concepts. A will may contain trust provisions, but they are entirely separate legal theories. Perhaps your State has a statutory definition of which I am not aware.

Can you write up a durable power of attorney for healthcare and finance as one document?

Without looking, I think the code envisions additional material being inserted in the health care durable power of attorney; however, I do not do that and keep the powers of attorney separate. Most people would not want their banker or insurance agent (or whomever needed to see the business power of attorney) knowing what health care decisions or directives they may have made. So, I don't combine them. Also, the majority of health care powers have alternates in the event of a common disaster such as an automobile wreck, but it's often not a good idea to have alternates in the business power.

hi i am 72 and have a will , my health is failing, my concern is that if my insurance runs out can the doctor hospital go into the estate (all i have is my home) to pay the bill, and what about if i have to go in a nursing home. is there any thing i can do to avoid them from going into my estate thank you for your help in this mater .I WHANT TO LEAVE WHAT LITTLE I HAVE TO MY CHILDREN. THANK YOU FOR ANY IMFORMATION YOU CAN GIVE ME ON THIS. PS SOME ONE SAID TO OPEN A CORPORTION WITH MY CHILDREN ?

I appreciate your concerns; however, I am prohibited from making any comments which might result in someone trying to avoid payments due to a government entity. It would appear to me that you should visit with an attorney and develop an estate plan.

I have a very practical question at an emotional time. My husband and I hold everything, bank accounts, home, cars, in joint tenancy. However, we do not have a will. He is undergoing surgery next week and the thought crept into my brain that I may not be financially protected in the event of something going awry. I am also hesitant to talk to him about it. It may just heighten his anxiety and let him know that, although this is supposed to be a rather simple procedure, I am feeling a lot of apprehension. That would be very unfair to him, so I resist the idea. If I am in good stead by having everything in joint name, then I will leave it as such for now and insist after he recuperates on developing a will. On the other hand, if I am in jeopardy then I need to figure out how to be prepared. Our children are adults. In Florida, where we previously lived, this was enough, however Georgia seems to have some strange and archaic laws on the book. Thank you for your help.

You are probably OK. I say "probably" because I am assuming that when you say "joint tenancy" you mean "joint tenancy with right of survivorship and not as tenants in common." Joint ownership does not necessarily mean "joint tenancy...." What happens to joint deposit accounts is determined by the deposit contracts which were signed when the accounts were opened, not by the names on the accounts. If something were to happen, and all of the assets, including real estate, are titled in true joint tenancies with right of survivorship, you should have no problems. Some real dangers exist if your combined estates, including life insurance, is or will be over $650,000. If that is not the case, and if your assets are in true joint tenancies with right of survivorship, then I don't think you have any cause for concern right now. There are some other reasons for getting a good estate plan together, but I am just responding to your immediate concerns. From a practical standpoint, if some asset were not in a JTWRS, your husband's 1/2 interest would be split between you and the children. If it were, say, the home, the children could quitclaim their inherited interest to you. It would not be a disaster, just an added step you would have to take.

Hi My name is Paula [deleted], I have a question, if you have a will already and your family members took an elderly person to change the will knowing she is not capable of making decisions in her right mind, is the first will made by the elderly person canceled out? Do they people have to contact the first person made as the power of attorney or can they just do that new will without the other person being notified? Please email me at [deleted]. Thank you for your time.

You are asking questions which will be governed by the law of your particular State. As a general proposition, if a person is not competent to make a new will, then they are not competent to revoke the prior will. That is a fact question. Is the person competent or incompetent? If incompetent, then the first will in your example was most likely never revoked. The second part of your note is not clear. In this State, powers of attorney and wills are completely separate documents and have nothing to do with each other. I could conceivably have a dozen powers of attorney in force for various reasons, but I could change my will anytime I desired to do so.

What is a letter of executive administration? And can I buy one of the legal cd's and draft one myself.

I am not sure what it is in your jurisdiction. Many States have something called "letters of administration." These are not something you can prepare yourself. They are issued by a Probate Court to the person who has qualified as administrator of an estate. They are used as proof that the person is indeed the administrator.

I found it intresting to find an attorney from Cummings, Ga on the internet. I have family in Cummings and was just there visiting, I just happened to be searching the web for a way to re-do our wills and saw your name. I know the laws in Ga are a lot different than PA, so I know that you could not help me. I understand GA is not a spousal state, but a childs, where PA is much different, no will here means, the state gets about 50% of your estate. Thanks for your time., Good luck with your newsletter, that you have been to busy to update, just teasing.

Editor: No response is published.

My husband and I need to do some estate planning. We have a thriving [deleted] business in [deleted] County, And a three month old son. I wondered if I could get a copy of your June newsletter as noted in your web page? We also have one elderly parent who will be in need of some sort of "guardianship" shortly , but currently still lives Independently. I'm not sure of the questions I should be asking at this point, but wanted to send you a note with "A thanks" for the information that you have provided to the public in laymen's terms.

Thank you for your note. Unfortunately, I don't have the June newsletter up yet. I seem to be spending time answering emails rather than compiling them and creating the newsletter! :-) My goal is to now have a July newsletter! I appreciated your kind comment on the website.

You mentioned your elderly parent, and the possible need in the future for a guardianship. If your parent is still mentally alert, and able to understand what he or she is doing, your parent can avoid the need for a guardianship by executing two powers of attorney. The first POA would be a durable power of attorney to enable you or your husband to handle the parent's business affairs. The word "durable" means that the POA would continue to be effective even if the parent becomes incapacitated. Normally, a power of attorney is no longer effective if the person becomes mentally incapacitated. A "durable" POA solves that problem. The second POA would be a durable power of attorney for health care which would enable you or your spouse to make health care decisions for the parent. These two documents enable someone to handle the parent's affairs without the need to apply to the Probate Court for a guardian to be appointed. This is advance planning for incapacity - and saves money. This approach is the best and most economical should the parent be lucid and of sound mind - in other words, the parent makes advance plans. If the situation is one where the parent already has diminished mental faculties, or is becoming hostile to his or her children, then guardianship is the proper course.

I don't know if you can help me, but I appreciate your time and attention. I recently inherited some money from my grandfather (I live in [deleted]) part of which was from a "Living Trust" and part of which will come from Probate. He had originally had his house and car under the living trust but when he moved and bought a new car he thought they transferred over to the living trust, but evidently he was wrong. They are to be probated. My question is: I am married and my grandfather knew there were marital problems between my wife and I and did not wish her to get any of this money. How can I prevent her from doing just that? Are they CD's, or other accounts which I can open that she cannot legally touch? How can I shelter this money, yet also put it to work for me and my children without her being able to touch it? Any help you can offer, or any advice on who to contact would be appreciated.

Thank you for your inquiry. You need to contact an attorney in [deleted]. Here in Georgia, property which one inherits, or receives by gift, or owns prior to the marriage, is not "marital property" for purposes of equitable division of marital assets. I do not know if that is the case in [deleted]. Also, I do not know whether such property would be subject to alimony claims there. You need to seek some local advice.

Are life insurance proceeds taxed? Federal and state? How do you know if you need a trust? My husband and I have a basic will. Do we need to give each other power of attorney? Do we need to give the executor of our estate power of attorney? Are power of attorneys limited or are they just open and anything can be done?

I'll attempt to answer your several questions. Life insurance proceeds have no income tax consequences (unless your State has some special tax on them. I doubt it.) I presume that you are talking about regular, everyday life insurance which a spouse leaves to the other spouse. How do you know if you need a trust? As stated on my website, you need a reason for one. Don't get one because someone selling them tells you need it. "Avoid Probate" is not a reason. The common reasons are (1) to save estate taxes, (2) to provide for minors, (3) to provide for someone who cannot manage money, or (4) for religious or charitable reasons. Should you give each other powers of attorney? Yes. One medical, one business. This makes things much easier if one of you is out of town, or one of you becomes incapacitated. Should you give the Executor a power of attorney? I cannot see any reason to do that. State law or your will gives the executor the powers he or she needs. Are powers of attorney limited? Some are. You can make them to give whatever powers you wish. A common use of a limited power of attorney is one which gives your spouse, attorney, or real estate agent the power to conduct a real estate purchase or sale in your absence.

IF AN ACCT IS SET UP AS MARY JONES OR CAROL JONES (MOTHER AND CHILD OVER AGE 21) AND THE MOTHER DIES. DOES THE ASSETS IN THE ACCT GO DIRECTLY TO THE CHILD IN IT ENTIRITY OR IS IT PART OF THE ESTATE?

The contract with the bank (or whatever the depository institution is) will govern where the funds go. When an account is opened, the depositor signs a contract with the bank, and that is the governing document. If the contract is a survivorship contract, the money is now the child's. If it was not a survivorship contract, the child probably has the right to withdraw the money, but there is still an issue of to whom the money belongs. If the mother gave the money to the child during her life, it is just like any other gift. If the mother placed the child's name on the account for convenience so the child could help the mother with her finances, then the money is probably part of the estate. All of this will depend on the laws of the State where you are located.

MY HUSBAND RECENTLY DIED AND WE CANNOT SEEN TO FIND HIS WILL WHAT WILL HAPPEN? OR HOW CAN WE FIND THE LAWYER WHO WROTE UP HIS WILL? THANK YOU SHERI

In many States, there is a presumption that if you cannot find the will, it is presumed to have been revoked. A will can be revoked by destroying it. For this reason, if you cannot find the original will, he most likely will be considered to have died intestate, without a will. In some areas, attorneys retain wills in a safe. Should your husband's lawyer have done that, you are in good shape. As far as locating the attorney, call your State Bar. All State's have directories of lawyers practicing there.

are wills public record?

If a will has been filed in the Probate Court or other location in the courthouse, it is a public record. If a will has not yet been filed, then it is not a public record. Some States have laws making it a crime not to file a will after someone dies.

My husband and I are preparing to buy property in Florida and we live in Louisiana (community property). Our title choices are all joint? I recently read about the estate planning problems caused by the joint titling (can't use a by-pass trust, for example) but I have not been able to find out what the solution is to avoid this problem. Can you tell me the alternatives to joint?

I am not sure what the solution would be. I do know that Louisiana law is very strange - comes from Napoleanic law unlike the rest of the country. However, I would imagine that Florida takes the position that its own law governs real property within its borders. If that is the case, whatever La law is does not matter. Think of it this way: five hundred people in all 50 States could own property in a timeshare in Fla. Fla could not permit 50 difference State laws to govern its property. Therefore, it would seem to me that you could own property in Florida as tenants in common no matter what La law says.

I prepared a will in england which covers everything i own. My question is will my will be leagal in this country, or do i need to have a will drawn up here?

I cannot comment on a document I have not seen. My guess would be that it is valid; however, there may be other reasons to do a new will here. For instance, your State might have statutory powers which can be given to your executor to make administration much easier. A will drawn up here in Georgia with our State laws in mind can be probated in about five minutes at the courthouse. I am not sure that would be possible with a will from England - even if it is a valid will.

My father passed away recently and my mother has been tol she needs a probate bond for $50000. Their state of residence was Florida. Are these probate bonds common? How much should this cost? Where can I get one? Does the demand for a probate bond mean that there are problems? My father made handwriten changes to his will which were witnessed but not notarized. Is this the reason for the probate bond demand? I appreciate any help you can give me.

Probate Bonds are common. They are sold by insurance agencies. The premium depends upon the amount of the bond, which is based upon the amount of the estate. A good reason for preparing a well drawn will is to relieve the executor of the need to post a bond.

When the term personal property is used and also the term real property, what is the difference between these two terms? Does everyone named in the will get notified or is it mandatory to contact them?

"Real property" means real estate. "Personal property" is just about everything else. Tangible personal property is something you can touch, such as furniture, jewelry, etc. Intangible personal property includes contract rights, promissory notes, stocks, bonds, etc. I am not sure what notice your State may require. Here in Georgia, different people are notified depending upon what type of proceeding it may be. In most cases, heirs at law are notified. In some cases, beneficiaries also.

Liked your page, I am currently a student (legal admin) and we are studying estate planning now. I never realized all the work that went into a will. This site provided some interesting info. Thanks

Thanks for the note. Good luck on your studies.

I recently lost a grandmother. She had a will filed at the county of her residence. There is a second will.. this second will (an UNSIGNED COPY) has been submitted by one of her sons asking that this will be considered THE WILL. And the first will be obsolete. My question is.. have you ever heard of a will being challenged by a second unsigned document? (the first will is signed, and filed w/the court back when it was originally executed). Please give me your view point on this. I cant believe such a document could even be considered.

Of course, a will contest such as this is governed by the law of the State where she lived. You will need to check the law of that State. Generally, and this may or may not apply in the particular State, the object is to ascertain the intent of the deceased person. You may get into a lot of factual questions.... where did the unsigned copy come from? Who prepared it? Was an original signed in the presence of the person who prepared the will? What happened to the original? Did she sign a second will revoking the first will, and then revoke the second will by tearing it up? Did she, therefore, die without a will at all? The questions can go on and on. The object of the exercise is to determine what she intended to do. Just because a will is filed does not mean that it cannot be revoked. Here in Georgia, at least, the only thing the Probate Court does is hold the will, and a person can remove it.

I have a Living Trust, but I've been told I need an AB Trust. What is an AB Trust?

An AB trust is a term sometimes used for the Credit Shelter Trust. I presume the combined values of your estate and your wife's for estate tax purposes is over $650,000.00.

what is ' WAIVER OF NOTICE OF PROBATE OF WILL " ? I am named in a recent will and would like a second simple explanation of this form before singing

Without seeing the form, I don't know. Is it the Georgia form?

Would I be a legal heir of my sisters? She died without a will in Tampa, FL on Nov 14, 1998. She has 3 sons.

I am sorry your sister died. If she did not leave a spouse, I would think that you were be one of her heirs, but you said she had three sons. You need to ask an attorney in Florida. It is quite possible that her three sons inherit everything.

What are the advantages and disadvantages for family members when a loved one prepares a living will?

One's loved ones will not have to hire a lawyer when one has a terminal condition in order to get court permission to pull the plug. That is the advantage. There are no disadvantages.

Would you please advise us on the rights (if any) of alleged heirs (illegitimate children) not named in will. to everyones knowledge not known to exist . Do they have any rights to any part of the estate?

Thank you for your inquiry. Please understand that I cannot give advice on individual situations; however, I can give you some general comments and point out things to ask your attorney. Each State's law may be different from another's so the ultimate outcome depends on your own State's rules. Generally, illegitimate children do not inherit and have no claim against the estate. Legitimization procedures exist where a father can legitimate his child born out of wedlock. It that is done, the child can inherit. Some States may have rules where a child obtains rights if the father publicly declares the child to be his. It is best to contact an attorney in the State where you live so that you can be advised according to the rules of your jurisdiction.

What is the typical amount an executor recieves for his work? Your help will be appreciated! Thanks.

Thank you for your note. I don't know where you are located, so all I can offer is what the experience is here in Georgia. One's Last Will and Testament can state what compensation an Executor is to receive. It can specify an amount, it can state "no compensation." If the Will is silent, we have statutory provisions. The historical commission amounts are 2.5% of all sums collected, and 2.5% of all sums disbursed. Statutes set forth the commission rates, and they are amended from time to time. Georgia's has just been amended. In addition, expenses of administration are allowed. Our Probate Courts have authority to award additional compensation when certain criteria are met. I hope this was helpful.

Thank you! That is very helpful. I appreciate you taking the time to answer my question.

IN THE STATE OF GEORGIA, WHAT HAPPENS TO THE MONEY AND PROPERTY IF THERE IS NO WILL AT THE TIME OF DEATH OF ONE SPOUSE. DOES THE LIVING SPOUSE AUTOMATICALLY GET EVERYTHING OR IS IT DIVIDED OUT TO STEP CHILDREN, GRANDCHILDREN, ETC.

Certain facts may change things, but as a general rule only the spouse and children inherit. Step-children do not. Adopted children do. If there is a deceased child, the grandchildren by that deceased child may inherit their deceased parent's share, but that depends on several things, including whether the deceased child had a will and what it said.

Is there a way to leave money to a person who is not an American? Could money be left in a trust for educational purposes or paid to a university for use by the foreign student?

The answer would depend on any special laws in your State. As a general proposition, you can leave anything to anyone you wish. There could be some Federal laws against sending assets to certain countries. Were I wanting to provide for a young person's education, I would not leave money to the young person. Young folks tend to spend. I would put the money into a trust to be used only for education, and the young person would not get what was left until a certain age down the road. That way, temptation to spend is removed. I hope this helps.

Thank you for taking time to answer my query. I will check with my state laws, but you've provided me some ideas to start with. I appreciate your wisdom.

My father-in-law has a sizeable estate, but it is predominantly real estate. It has never been appraised, but equal property sold surrounding it makes our estimate at around 1 million. He has a wife and 3 children and is considering giving chunks of the land to the children before he dies. We have told him to consult an attorney, but he won't or tells us that he has and they say its OK. Also nervous about him leaving it to us in a will for estate tax reasons. What to do?

I am impressed that he is so sure about how long he is going to live. Most people can't be so sure. The problem with giving away the property is that he cannot do so in "chunks". He can only give away $20,000 worth per year per person (he has $10k and his wife has $10k) otherwise he would have to pay gift tax. With three children, giving them each $20,000 worth of property per year, and assuming that the land does not increase in value, he would have lowered his gross estate to the non-taxable level in 6 years. If he dies tomorrow, somebody would have to come up with $84,000 at a minimum, probably closer to $100,000. There are some other things he can do, but he needs to consult with his attorney.

My name is [deleted]. I would like to no more about a will so if something happen to me , that my parents could be the guardain of my son who is 4-years old. I'm a single mom.

Of course, you could appoint your parents as guardians of your son; however, is your former husband living? If so, then your State may have laws which give the child to him no matter what your will would say because he is the other natural parent.

My parents are interested in preparing a living will. Is this possible to do without an attorney? Is so, could you please give me some help as far as how I go about doing this.

If you are in Georgia, there is a form passed by the legislature which is in the Georgia code. If you have access to the code in a public library or law library, you could copy the statutory form and then retype it for your parents to sign.

Just a quick question...My aunt died recently leaving a will and naming three friends as her beneficiaries. I am one of three nieces (her only living relatives) and we are being left nothing.Would we be able to contest this will? Your thoughts would be appreciated.

Thanks for your email. Not knowing where you are or what the facts are means I don't know a thing I am talking about here - but here are some general thoughts. Usually, wills are attacked on the grounds that (1) the decedent was not mentally capable of making a will, (2) someone exercised undue influence over the decedent, or (3) there was some type of fraud or trickery. One must have a factual basis to attack a will. If these folks did something to cause your aunt to put them into the will, you might have a chance. If she put them into the will because they were good friends and the nieces hardly ever came around, then you would have a very hard time.

I am a majority shareholder (51%) in a [deleted] firm in SC. Recently my partner and I attended an estate planning seminar in which Family Limited Partnerships were described in great detail. Our interest was peaked and we bought resources to be utilized in the use of this tool, as well as Revocable Living Trusts; Irrevocable Trusts (for Insurance Policies) to name the more important tools for our purposes. Our business is one that attracts predators of our society and so lawsuits are not an uncommon occurance in our business. [Sentences deleted] (I bring this up to establish background as well as to give you some insight into why the seminar we attended was of such interest.) In addition to our [deleted] agency, both my husband and partner's husband, own and operate businesses in the [deleted] industry. They drive 18 wheelers and due to the danger associated with accidents and lawsuits, we felt the Family Limited Partnership would offer both families additional protection from potential lawsuits. My husband and I have a 15 year old son, and my partner has no children. We were very interested in the benefits of the Limited Family Partnership, and particularly in the Charging Order which is typically all a plaintiff would be awarded in the case of Lawsuit, frivolous or otherwise. We hear tragic stories of how people work all their lives to build businesses or accumulate wealth to see them through retirement, only to lose everything in unforeseen instances whereby estate planning left them no protection. We feel this tool could be the answer to many of our concerns. I spent several months researching and prepared a document that would establish a Family Limited Partnership for my husbands business (to date not incorporated), and presented it to my firms CPA; my attorney; a Tax Attorney refered by my CPA; and a financial planner who owns an insurance agency here in town, whom I have known for many years. After reveiw by all of these professionals I have gotten basically the same response from each. A) None of them is familiar enough with the FLP to recommend it, and each time I bring up the signifigance of the Charging Order (which awards the Plaintiff in a lawsuit nothing more than a right to distributions of the Partnership (if made) and full tax liability for revenues of the business) I am met with blank stares. B) The LLC is recommended as a better tool, but when I ask about the benefit of the Charging Order...more blank stares. I was told by the financial planner that SC had no recognition of this form of Partnership. (Is that true to your knowledge?) and I am told that due to our [business] business being an S-Chapter Corporation, my partner and I have insulation against lawsuits (personally of course, but to lose our business even while able to maintain personal property and assets offers us little consolation.) The reason I am writing, is that I am not yet ready to let go of the Family Limited Partnership. I feel we are being disuaded due the professionals we have consulted having no real background or familiarity with the FLP...moreso than anything else. While I know I have given you very little to go on, I wondered if you would venture a little information about your feelings as concern the FLP..and if more information is needed, I will be glad to answer your questions about our specific situation. Are you in agreement that the LLC offers as much protection, and would it be your choice over the FLP or S-Corp? Thanks for any information you might have and be willing to share. We were warned in our seminar that the FLP is probably doomed to extinction in the very near future, so to form one and get any real benefit from having done so, time is of the essence. Again, any information you might offer on the subject would be of great interest to us. Thank you very much.

Thank you for your note. Let me warn you, although our family farm is in the Greenville/Spartenburg area, I am not licensed to practice law in SC, so nothing I tell you can be relied upon over there! :-) Find out one thing for me. Does South Carolina recognize Limited Partnerships? Let me know, and if so, I'll give you a couple of pointers. I am not talking about "Family" Limited Partnerships, just plain old Limited Partnerships.

I am from [deleted], SC and recently my grandfather just died. My mother just got a copy of her father's will. In the will, it stated that his wife was to get all of his money, property and all mixed properties. I am not sure if that is the correct wording. Before my grandfather died, my great grandfather died and his will stated that in the event that my grandfather died the grandchildren should get the part left to their father. Is there anyway that my mother and her sister have a chance to get what was their grandparents? I am writing for my mother b/c she does not have an e-mail account. I hope that this made some sense. I havel ittle knowledge of the law dealing with wills. I hope you can help?

I may be able to give you some general comments, but please note that you should see an attorney who can examine the language of both wills. Nobody could give you an opinion without seeing the documents. Also, it should be someone in the State where the folks died. As a general proposition, IF your great-grandfather's will was worded properly so that the property went to his son (your grandfather) and then to his grandchildren, that is something called a "remainder" or "contingent remainder" and your great-grandfather's property has already passed to your mother and sister. Again, it depends on the precise wording of the documents and you should have them reviewed by an attorney.

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