One popular yet confusing estate planning tool is the Family Limited Liability Company (FLLC). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and grandchildren. FLLCs are also used to shield assets from creditors.
As the name implies, a FLLC is a type of business. When used as an estate planning tool, a FLLC is a company owned by several family members. Members jointly own any assets transferred to the FLLC. In order to create a FLLC, family members must enter into a written agreement that outlines its terms and conditions.

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