Archives for February 2020

The Practical Perspective Family limited partnerships (FLPs) continue to be well established, flexible planning vehicles with tax, financial and administrative advantages.   Family limited partnership (FLP) documents create restrictions that may have important tax and financial implications.  For example, the documents may provide for centralized management of the assets through a more senior member of the family.  Assets in the partnership may also be sheltered from creditor claims.     Estate planning is not only focused on avoiding unnecessary transfer tax but making decisions about different needs within the family and management of different types of assets.   Reduced valuations are often critically important in planning for larger estates – avoiding or minimizing estate or gift tax.   These taxes are still an issue for many families. Family Limited Partnerships – The Basics The FLP is governed by the statutes of … [Read more...] about The Basics of Family Limited Partnerships and Why they are Still Important