Planning Developments for Family Limited Partnerships and Limited Liability Companies

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Family limited partnerships have become a valuable and dependable estate planning tool to transfer business property, real estate and other assets to family members. The discussion of family limited partnerships in this memorandum also applies to limited liability companies, as the principles discussed are equally applicable to both. Family limited partnerships provide solutions to a number of business, investment and tax objectives. Several recent court cases appear, however, to impact the potential gift and estate tax benefits offered by family limited partnerships. Further, rumblings from the federal government indicate possible regulatory or statutory changes to reduce or disallow the gift and estate tax advantages from using family partnerships to transfer family wealth.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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