Setting Up A Family Limited Partnership In The Correct Manner
Families in Texas often turn to family limited partnerships (FLPs) to reduce estate taxes and protect financial holdings during transitional times such as the death, incapacitation or retirement of the business owner or key estate holder. If your extended family has significant business or legacy assets to protect, forming an FLP may be the right option.
How Does A Family Limited Partnership Work?
It is easiest to think of an FLP as if you are using your estate assets as an investment in a business venture. Any member of the extended family who contributes assets to the FLP becomes a vested partner with shares in the partnership or business operations. The assets held by the FLP are owned by the business entity, and the shareholders gain from investment interest and earnings on the shares. Having the money held in an FLP can reduce personal tax liabilities while protecting the shareholder from losing the assets in a liability lawsuit.
We Will Advise You About Your Options And Whether An FLP Is Right For You
FLPs are not the right asset protection strategy for everyone. If you are a resident of North Texas and would like more answers, talk to Livens & Reed, PLLC. We have more than two decades of experience helping North Texas estate holders, families and business owners protect their long-term financial futures. With two offices to serve you better, our estate planning lawyers and our staff provide comprehensive estate preservation and asset protection services for clients in the Dallas-Fort Worth Metroplex area and communities throughout North Texas. Call us toll-free at 800-569-2663, or contact our offices by email to arrange a free initial consultation with an experienced Dallas family limited partnership estate planning attorney today.
Our firm is a member of WealthCounsel, ElderCounsel and the Academy of Special Needs Planners. We have earned a reputation for integrity, backed by exceptional client service and responsive communication. You will find our fee structure competitive and our billing policies clear and fair.
Protecting Your Future
From wherever you are in North Texas, call us toll-free at 800-569-2663 to discuss your circumstances. You may also use our convenient contact email form to arrange a free initial consultation at one of our two convenient office locations in Bedford and Addison. Se Habla Español.