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A Family Limited Partnership (FLP) is a form of asset protection that divides ownership among general partners and limited partners. General partners get absolute control over the partnership property and limited partners have an interest in the partnership but do not have any control over assets.
When a Family Limited Partnership is set up for valid purposes, it can provide tax savings. Family Limited Partnerships can be complicated when it comes to the timing and expense of setting it up, the compatibility with business and increased risk for IRS audits.
A Family Limited Partnership can be a great estate planning method with transfer tax and asset protection benefits. An estate planning lawyer can guide you in setting up a Family Limited Partnership and advise you whether or not it could be used in combination with another estate planning technique. Consulting with an estate planning lawyer can help you reduce your tax burden and protect your assets.
If you or and your loved one needs to set up a Family Limited Partnership, contact Attorney Search Network. We can help you find an experienced estate planning lawyer that can assist you with Family Limited Partnerships.
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