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Family limited partnerships deserve fresh consideration for inclusion in many Estate Planning strategies that don’t already have them. This is an especially good time to consider an FLP because of the potential tax changes scheduled at the start of 2013. FLP also offer substantial non-tax benefits. Another reason to take a fresh look at FLPs […]
Family limited partnerships have been a key element in many estate plans, and that is why they have been targets of the IRS for years. The tax law regarding FLPs has fluctuated, but there now are enough court cases decided to develop a road map for securing the benefits of an FLP. An FLP is […]
The family limited partnership has been widely-used in estate planning for years. The benefits are so significant that for almost as long the IRS has been trying to curtail the tax advantages of FLPs. While some of the IRS efforts have been successful, taxpayers also logged some victories. In addition, the IRS successes were in […]
Soon after I updated the tax status of family limited partnerships for our July visit, the Tax Court ruled in another FLP case. The decision went against the taxpayers and again dimmed the enthusiasm of many tax advisors for FLPs. I’m not as pessimistic about the decision, but it does add some uncertainty and should […]
Last year a number of estate planners worried that the IRS and the Tax Court nailed shut the door on family limited partnerships. A recent federal appeals court decision recently made clear the door still is open, and it set some guidelines for the successful use of FLPs. Family limited partnerships have been premier estate […]
Has the IRS nailed the coffin shut on family limited partnerships? The IRS has been challenging FLPs in courts for years, until recently with little success. Two recent court decisions, however, disallowed some FLPs and caused at least a few advisors to caution taxpayers against setting up new FLPs at least until the rules are […]
The usefulness of many estate planning vehicles lasts less than a generation. A host of estate planning strategies can slash taxes and help preserve family wealth. These include charitable trusts, family limited partnerships, and irrevocable family trusts. Events don’t always unfold as planned, and over time changes would be helpful. Unfortunately, most good estate planning […]
family limited partnerships are evolving, and people are finding more uses for them. Until recently, family limited partnerships (FLPs) were considered primarily vehicles for reducing estate and gift taxes. But these vehicles are so flexible that families are finding many practical uses for them, even when taxes aren’t an issue. You might find that they […]