Family Limited Partnership

Family Limited Partnership

A family limited partnership is a limited partnership organized under state law where substantially all partnership interests are owned by family members or by entities controlled by family members. There must be at least two (2) partners contributing property to the partnership when it is created and at least one (1) general partner who is liable for the debts of the partnership. The family limited partnership is a valuable tool in estate planning which can, in appropriate circumstances, result in one (1) generation retaining control over the business entity while transferring the value of the entity to the next generation as part of estate tax planning.

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