Planning Developments for Family Limited Partnerships and Limited Liability Companies

more+
less-

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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Business Organization Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

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.

© Lane Powell PC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »