Family Partnerships and Limited Liability Companies
At Icard Merrill, our estate planning attorneys understand that solid business planning is essential to the financial success and security of any company. Along with asset protection of individuals, preservation of business assets is a critical estate planning feature. Certain partnerships and limited liability companies are structured to maximize tax savings, retain family control, and protect valuable company assets.
A family limited partnership (FLP) is a form of limited partnership among family members designed to achieve these objectives. A FLP allows retention of control over the transferred assets while providing tax advantages and asset preservation. Once a FLP is established and assets transferred into it, gifts of limited partnership interests to children or other beneficiaries can be made. This accomplishes several estate planning goals simultaneously.
The estate planning lawyers at Icard Merrill are experienced in the evaluation and formation of these entities, as well as in assisting clients with achieving the best tax advantages and liability protection from these company structures.