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Family Limited Partnerships
How much are you willing to give to the I.R.S. from your hard
earned estate? Not much, I hope. Many, however, will give large sums of their
hard earned assets to Uncle Sam after their deaths... assets they thought would
go to their children, grandchildren, or charity.
This tax can be greatly reduced, or even eliminated, with a little time and “gifting” through a Family Limited Partnership.
The Family Limited Partnership (FLP) eliminates many of the problems inherent in gifting, thus making gifting a much more affordable and flexible option for taxpayers.
An FLP is simply a limited partnership that is controlled by members of your family. A favorable I.R.S. ruling in 1993 has made FLP’s the favored tax saving tool for many. It is flexible and can be used to transfer almost any kind of asset, and can be amended to meet the changing needs of your family. In a nutshell, a FLP can facilitate the gifting of non-cash assets from your estate, while retaining control and increasing the protection of assets from creditors.
Click here for the advantages of Family Limited Partnerships.