
Warren Buffett once said, “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” This maxim rings true in investing, of course, but is also apt in the context of an attorney advising a high-net-worth (HNW) client on the assignment of equity in an alternative entity such as a limited liability company (LLC) or a limited partnership (LP). HNW clients and their trusts commonly own and assign equity in LLCs and LPs for a variety of reasons, such as succession planning (assigning equity in a family-owned business from one generation to the next), trust decanting (distributing assets of one trust to another) and diversification (selling an investment in a private equity fund). An attorney advising an HNW cl...
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