Understanding family limited partnerships for estate planning may save your client’s family a considerable amount in estate taxes.
Family limited partnerships are still hot estate planning tools. Using family limited partnerships for estate planning may save your client’s family held businesses from filing due to a lack of succession planning or the burden of estate taxes. This topic will provide successful strategies to use family limited partnerships, and will include several creative strategies.
- You will be able to review how to reduce transfer taxes (estate/gift taxes), by valuation methods that the Service cannot refuse.
- You will be able to explain how to provide techniques for the senior generation to preserve cash flow, while moving ownership to the next generation.
- You will be able to identify whether the FLP should be formed as a limited partnership or a limited liability company.
- You will be able to describe how to assess the benefits and risks of FLPs for your client.
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