What Is a Family Limited Partnership?
Family Limited Partnerships (FLPs) are a sophisticated and widely utilized estate planning tool, particularly well-suited for families with significant real estate portfolios, closely held business interests, or other substantial assets they wish to preserve and transfer across generations. When properly structured and maintained, an FLP can serve as a cornerstone of a comprehensive wealth transfer strategy. An FLP is a legal entity created under state partnership law by family members for the purpose of consolidating ownership, managing assets efficiently, and facilitating orderly transfers of wealth, often at a reduced tax cost. How an FLP Is Structured An FLP generally has ... Read More
