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 We Can Help
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 817-650-0882, 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 817-650-0882 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.
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Posted on Google Randy GrosenbachTrustindex verifies that the original source of the review is Google. Very helpful knowledgeable concering someone going into a Nursing home needing medicaid approval. They came highly recommended and now so will we highly recommend them.Posted on Google Rick LewellynTrustindex verifies that the original source of the review is Google. We engaged Livens & Reed to create a Supplemental Needs Trust for our adult special needs daughter, to ensure her financial needs were met but also done in a way to not disqualify her for Texas Medicaid benefits she currently receives. Shawn Crawford was excellent, along with Caleigh and Angie: very thorough, explaining every aspect and legalese in layman's terms, in a timely manner and what we thought was a very reasonable fee. We also consulted with Chad Reed on our aging parent's needs and what steps we might follow to have them qualify for Medicaid, when the time and need arises. Very friendly, spent all the time we needed with us during our free consultation. Highly recommend this law firm for anyone considering Trusts, Medicaid qualifications, and elder care. Thank you Livens & Reed!Posted on Google The Killian GroupTrustindex verifies that the original source of the review is Google. Fantastic law firm for all your needs. They helped my family set up our estate and will. Thank you so much.Posted on Google Rick SullivanTrustindex verifies that the original source of the review is Google. Nicole did a fantastic job walking me through the Medicaid process for my mom. She answered all my questions with kindness & respect keeping all parties in mind that were involved with the process.Posted on Google Kelly FincherTrustindex verifies that the original source of the review is Google. Wished we called sooner! Recommend highly!!Posted on Google Nancy KingTrustindex verifies that the original source of the review is Google. The legal team at Livens & Reed has proved to be nothing short of exceptional. From Chad Reed, Nicole Landrum and finally, today, Shawn Crawford. Talking about a dream team, I feel very fortunate and comforted knowing I have the right people on my side. Thank you for your warmth and professionalism! It’s reassuring to know our legal needs are in great hands. If I could rate higher than 5 stars I absolutely would.Posted on Google Julie RobinsonTrustindex verifies that the original source of the review is Google. We were very satisfied. We were well take care of. They are very professional and did a great job for us.Posted on Google Erika KoneckTrustindex verifies that the original source of the review is Google. I worked with Livens & Reed on a medicaid situation for my 93 year old mom. The paperwork, rules, timeline, can be stressful and intimidating at times, but Mehan Barbre & Nicole L. Harkins walked me through the paperwork, and doctuments that we needed and told me what to do and in the end sucess ! Thank you , again ! Erika Koneck