Family unlimited partnership.

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?

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.

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.

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

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.