SwartzCPA

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Advantages of FLP

Avoidance of probate thus saving tax and administrative costs while increasing privacy and access to assets.

Reduce overall tax burden by shifting income to lower income bracket heirs such as children and grandchildren.

Gifting that passes ownership but retains control, as the general partner (donor) retains all decision making and control of assets.

Gifting in larger increments due to the availability of minority and marketability discounts on certain types of assets.

Protection of assets from claims of creditors and law suits through use of the “charging order”.

Tools for managing business assets, as families are forced to value their assets, maximize their values, and develop a structure fir business succession.

Assets can be gifted intact thus retaining their integrity as a unit, i.e. family business, real estate, etc.

Estate tax savings by making gifting more readily available and acceptable to certain taxpayers.

 

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