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...
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 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...
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...
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...