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Family Limited Partnership
Posted on 8/27/12 at 1:05 pm
Posted on 8/27/12 at 1:05 pm
What are some opinions on FLP's with respect to transferring assets from one generation to the next and so on. Any other entities or structures that someone has a opinion on. Estate just nudged into 10 figures over last 9 to 12 months, all stock/bond with a small partnership interest in a strip shopping mall.
4
Posted on 8/27/12 at 1:23 pm to CHSBears
10 figures - take your questions to a professional and you can afford more than one.
Posted on 8/27/12 at 1:40 pm to CHSBears
quote:
Estate just nudged into 10 figures over last 9 to 12 months
So you're a billionaire and are asking the innerwebs how to estate plan?
Posted on 8/27/12 at 1:44 pm to CHSBears
quote:
10 figures - take your questions to a professional and you can afford more than one.
I have to agree with this. There are several guys in BR that I would recommend -- David Mancuso, Joe Mengis, Joe Prokop -- not necessarily in that order.
Posted on 8/27/12 at 1:46 pm to Politiceaux
Asking if anyone has first hand/actual knowledge if they work as advertised.
Posted on 8/27/12 at 1:49 pm to CHSBears
quote:
Asking if anyone has first hand/actual knowledge if they work as advertised.
FLPs may or may not be appropriate, but I can't stress enough that you need to see a professional with that size of an estate. It's one thing to be a millionaire these days -- anything under 10 mill between a couple and you are probably going to avoid federal estate taxes and most states don't have estate taxes anymore. But, a billionaire needs serious counsel.
Posted on 8/27/12 at 2:02 pm to rmc
I had to reread what I posted. Couple in question is just at 8 figures and had done no estate planning before the husband died earlier this year and the surviving spouse knew they were well off, just not to the extent they are. She is trying to give away the funds(13,000/per this year) but with her age (85) will not make a dent in the estate. It generates about 300k gross a year.
Posted on 8/27/12 at 3:21 pm to CHSBears
There are many issues to consider when devising an estate plan. Minimizing transfer tax costs is obviously a very important consideration, and FLPs are one technique that can be used to accomplish such an objective. Another consideration is control of the assets, and the FLP is also useful in allowing the owner of the assets to retain control of the assets while transferring the benefits of ownership to others. Both of these objectives can also be acomplished with the use of trusts, but the FLP has a distinct advantage over trusts in that FLPs can be created to exist for perpetuity.
The best estate tax planners I know of are WTAS.
The best estate tax planners I know of are WTAS.
Posted on 8/27/12 at 3:38 pm to Poodlebrain
Thanks Poodlebrain,
The ability to exist for perpetuity is one of two major concerns of the surviving spouse. Taxes are the other. If current tax law sunsets after 12/31/12, it looks like about 5m will be subject to 55% tax.
The ability to exist for perpetuity is one of two major concerns of the surviving spouse. Taxes are the other. If current tax law sunsets after 12/31/12, it looks like about 5m will be subject to 55% tax.
Posted on 9/5/12 at 3:06 am to CHSBears
I reiterate the posts suggesting you hire a qualified tax and estate planner, probably an attorney with a CPA if you can afford it.
In my nonlegal opinion, an LLC is superior to an FLP. You can accomplish the same goals without the management hassles associated with a Limited Partnership.
In my nonlegal opinion, an LLC is superior to an FLP. You can accomplish the same goals without the management hassles associated with a Limited Partnership.
Posted on 9/5/12 at 6:51 pm to ShreveportTiger07
quote:
In my nonlegal opinion, an LLC is superior to an FLP. You can accomplish the same goals without the management hassles associated with a Limited Partnership.
This.
Posted on 9/5/12 at 8:06 pm to ShreveportTiger07
quote:
In my nonlegal opinion, an LLC is superior to an FLP. You can accomplish the same goals without the management hassles associated with a Limited Partnership.
Have to disagree. I have seen some very creative structures that really discount the value of FLPs and use charitable contributions and gifts of discounted interests to future generations well.
I am no expert, but a partner in my firm is one of the best in the country at minimizing taxes and estate planning and making use of FLPs.
If you are serious, I could see about putting you in touch with him.
I'm not disclosing anything specific here, but he has clients with net worth's that get into 10 figures as well.
Posted on 9/5/12 at 8:07 pm to CHSBears
Can you loan me $300k?
Posted on 9/5/12 at 10:56 pm to ShreveportTiger07
quote:More often than not the person creating the FLP wants to exercise control of the wealth even after death. Thus exclusion of the limited partners from managerial decisions is often a desired characteristic of the FLP.
In my nonlegal opinion, an LLC is superior to an FLP. You can accomplish the same goals without the management hassles associated with a Limited Partnership.
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