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en.wikipedia.org/wiki/Family_Limited_Partnership

Family Limited Partnerships (commonly called FLPs) are frequently used to move wealth from one generation to another. Partners are either General Partners (GP) or Limited Partners (LP). One or more General Partners are responsible for managing the FLP and its assets. Limited Partners have an economic interest in the ...

www.gdblaw.com/efficacy-of-family-limited-partnership

Efficacy of Family Limited Partnerships: A Case Study. 02/23/2013. The Family Limited Partnership (FLP) is probably the most beneficial structure available for wealth preservation via asset protection, estate planning and tax minimization. Although you "can't take it with you," by placing your assets into FLPs you can legally ...

scholarship.law.marquette.edu/cgi/viewcontent.cgi?article=1104&context=elders

The Smith family owns a hardware store. The store has been in the family for three generations. The parents are in their fifties and are considering retiring in the next ten years and want to pass the business on to their children. They have two children: a son and a daughter. Both children are in their twenties. Neither child is ...

www.bjornsonlaw.com/frequently-asked-questions/family-limited-partnership-flp-montana-law

A Family Limited Partnership (FLP) is a limited partnership made up of family members. The advantages of this kind of partnership are tax savings, asset protection, and asset control. FLPs allow general partners to transfer limited partnership interests to children, while still holding onto decision-making and distribution ...

www.snyderlawpa.com/davie-broward-fl-family-limited-partnerships-lawyer_pa9609.htm

Designed to preserve family businesses for future generations, Family Limited Partnerships (FLPs) can help shelter your assets and reduce overall estate and gift taxes. FLPs are commonly used as part of business succession planning, business continuity plans, and often serve as an integral component of an estate plan ...