LexisNexis® Legal Newsroom
Professor Joni Larson on Valuation of Interests in Family Limited Partnerships

A family limited partnership (FLP) is a limited partnership used to transfer wealth and business control, over time, to a subsequent generation. Because of applicable discounts, FLPs can be used to limit the transfer's tax consequences. In this Analysis, Joni Larson discusses FLPs, gifts and discounts...

Transferring Family Homes: Family Limited Partnerships, LLCs, and Trusts

An alternative to gifting direct interests in a family home to children or other family members is to transfer the property to a family limited partnership (FLP) or a limited liability company (LLC) and to make gifts of interests in the partnership or LLC to children or other family members. In this...

The Case against Family Limited Partnerships

The estate planning benefits of the family limited partnership (FLP) are well known. By dividing ownership into management (general partner) and passive investor (limited partners) units, the value of the limited partnership units may be reduced through minority and marketability discount, which is part...

Elaine Gagliardi on Formation and Transfer of Partnership Interests

The family limited partnership is an effective estate planning tool. The family limited partnership not only provides some creditor protection, it also may provide significant tax savings while still allowing the donor some control over interests transferred during the donor's life. In this Analysis...

Tax Court Digs the Knife in Deeper in Bad Family Limited Partnership Case

Today [March 30th] we learn from a supplemental opinion to Turner v. Commissioner, TC Memo 2011-209 Aug 30, 2011 (Estate of Turner I ), that a marital deduction is not available when § 2036 is deemed to pull assets back into the estate, but the assets aren't actually there to give to the surviving...