The Family Limited Partnership is most suited for situations in which its natural advantages can bestow the benefits which individuals are looking for. This typically occurs in situations where the following factors are present:

• Older family members are unwilling to surrender control of family assets, or lock themselves into inflexible planning arrangements.

• The family faces major impending income tax problems in accumulating wealth, along with significant gift and estate tax problems in transferring wealth.

• Older family members distrust the ability of younger family members managing assets competently while the older members are still alive.

It is important to emphasize one essential point about Family Limited Partnerships that may appeal to a large percentage people: the Family Limited Partnership allows older family members, as general partners, to reduce the value of their estates without losing control of their assets.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.