Message-ID: <001401c1888b$b374ea20$6501a8c0@cfl.rr.com>
From: "Ted Noel" <tednoel@cfl.rr.com>
To: <lancair.list@olsusa.com>
Subject: insurance/liability
Date: Wed, 19 Dec 2001 07:50:12 -0500
MIME-Version: 1.0
Content-Type: text/plain;
	charset="iso-8859-1"
Content-Transfer-Encoding: 7bit
Reply-To: lancair.list@olsusa.com

          <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>>
          <<  Lancair Builders' Mail List  >>
          <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> 
>>
In listening to the shell (corporation) game regarding insurance, another
solution regarding liability is possible. In Florida (and perhaps other
states) a family limited partnership is of great benefit.

I have a FLP which has the primary purpose of serving as a conduit for
assets for heirs. It is owned by six shareholders, of which my wife owns 40%
and I own 40%. If I die, all my assets are now held by the FLP, which is now
80% owned by my surviving (hopefully) spouse. (20% is divided among the
kids). Assume that I die crashing my L-IV-P.

Any attempt to attach assets will have to penetrate the FLP. Since the FLP
was not a party to the ownership of the A/C, it is not liable in any way.
Further, the multiple ownership makes its assets immune from attachment
unless every owner is party to the act creating liability. Since that is
impossible (6 owners, 4 seats, 1 builder/owner), there are no assets which
are legally attachable. The corporate structure serves multiple legal
purposes and cannot be pierced as a sham, which the shell corporations might
(however difficult).

Ted Noel


>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
LML website:   http://members.olsusa.com/mkaye/maillist.html
LML Builders' Bookstore:   http://www.buildersbooks.com/lancair
Please remember that purchases from the Builders' Bookstore
assist with the management of the LML.

Please send your photos and drawings to marvkaye@olsusa.com.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>