Should you set up an old-fashioned family limited partnership?

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The family limited partnership was a fairly unusual way for wealthy families to manage their real estate and various financial accounts. But this year it is coming back into fashion. Why?

The reason this esoteric and rather arcane estate planning device has once again become popular is because of the scheduled end of the $5.12 million gift tax exemption, which is set to expire at the end of this year. It is not yet known what the figure may be starting next year.

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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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