Family Limited Partnerships
Family Limited Partnerships (FLPs)
It is absolutely amazing how few people who can benefit from FLPs actually have them.
To read about the asset protection features of FLPs, please click here.
When it comes to “advanced” estate planning, FLPs are almost always a tool that is utilized. Why? Because FLPs can lessen the value of your assets for both gift and estate tax valuation purposes.
If you have an estate of $1,000,000 or more, you are probably a candidate to use an FLP for asset protection purposes.
If you have an estate of $10,000,000 or more (and this includes proceeds from life insurance contracts not owned by an ILIT), you are a candidate to use an FLP for both asset protection and estate planning purposes.
If you would like to download a five-page PDF summary more fully explaining the use of FLPs PDF for estate planning purposes, please click here.