Family limited partnerships (FLPs) have long been considered an estate-planning tool for transferring wealth at discounted values and ultimately reducing estate-tax transfer costs. With the possible repeal of the federal estate tax (maybe, maybe not), is there still a need for these family limited partnerships?
The answer remains a strong ‘yes,’ and there are many reasons for this. What follows is a basic primer on the FLP and as well as some of the best practices that should be followed so that your partnership will be recognized as an entity and not considered a sham
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