Family Limited Partnerships
Family Limited Partnerships are used primarily for tax reasons and may not be suited for bankruptcies.
Because the original purpose of the FLP is taxes, many of these entities are not created with insolvency law in mind. Despite their array of protections, many simply do not protect the family assets from loss in a bankruptcy or seizure by creditors. The primary reason for this is that most often the person or persons who fund the FLP are in control.
All FLP's, however are different.