Real Money Talks 013 The Difference Between Trusts and Family Limited Partnerships with Weldon Wulstein
Do you know the difference between a Trust and a Family Limited Partnership? Many people often believe that they are the same, but they are two very different entities. So, what’s the difference and how can you learn which one is right for you? Should you have both?
My brilliant CFO and tax strategist, Weldon Wulstein, joins me on the show again today to explain how these two entities differ, the various types of trusts, and when you should consider getting a trust set up and organized.
“A living trust is not a tax savings vehicle. It is an asset protection vehicle.” – Weldon Wulstein
In This Episode of Real Money Talks:
- The difference between a living trust and an asset protection trust.
- Taxation benefits of living trusts vs. asset protection trusts.
- What is a Family Limited Partnership and how does it work?
- How gifting Family Limited Partnership interest works.
- The structure of Family Limited Partnerships and trusts.
- When you should begin to set up a Family Limited Partnership and trusts and why you should have them set up even when you have insurance.
- The difference between asset protection, taxation, and estate and family wealth building.
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Loral Langemeier is on a mission – to educate and empower the Real Money Talks community on how to have those important money talks that are straight, to the point, and can be applied to every aspect of your life. So, tune in every Monday, Wednesday, and Friday on iTunes to learn, ask Loral a question, and create your path to financial freedom! Don’t forget to leave a review and grab your free gifts on AskLoral.com!