Family Limited Partnerships

A Family Limited Partnership is a limited partnership that is formed to manage jointly-owned family property. Upon formation, the assets of the family are transferred into the Family Limited Partnership for ownership, management and control. Typically, the parents are the general partners with a 1% interest. Their children then split the remaining ownership as Family Limited Partners, which greatly reduced the parents’ risk of loss of property. A Family Limited Partnership also can have a dramatic affect on gift and estate taxes.

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