Peabody Law Firm in Southlake, TX welcomes you back for more insightful legal discussions. Today, we’re exploring an estate planning strategy that may be of interest for families with substantial assets: the Family Limited Partnership (FLP).
Family Limited Partnerships: A Strategic Option for Your Estate Plan?
An FLP is a type of partnership designed to centralize family business or investment accounts into one entity managed by family members.
Let’s break down some reasons why you might want to consider an FLP for your estate plan:
- Centralized Management: One or two family members, typically parents, retain control over the assets while distributing limited partnership shares to others.
- Asset Protection: FLPs can provide a measure of protection from creditors and help safeguard family wealth.
- Tax Benefits: FLPs can potentially reduce estate taxes by taking advantage of valuation discounts.
- Flexibility and Control: General partners maintain control over the FLP’s assets and operations, while also having the flexibility to gift limited partnership interests.
However, like any estate planning strategy, FLPs come with their own set of complexities and challenges. It’s crucial to weigh these considerations with an experienced attorney before integrating an FLP into your estate plan.
At Peabody Law Firm, we stand ready to guide you in exploring whether an FLP might be the right fit for your estate planning goals. Our expertise extends across estate planning, probate services, and more, as we navigate the labyrinth of legal and financial planning together.
We are proud to serve clients in and around Southlake, TX, including the communities of Westlake, Trophy Club, Colleyville, and Keller.
As our client, you can expect a partnership that prioritizes your individual needs, providing you with custom solutions that reflect your unique circumstances.
Let’s discuss how we at Peabody Law Firm can support you in your estate planning journey, help navigate probate challenges, or offer professional business services. Don’t hesitate to reach out today.
Together, we can fortify your assets, safeguard your legacy, and set the stage for a thriving future.