Family Limited Partnerships - Yana Feldman

From New York Legacy Lawyers by Yana Feldman & Associates PLLC - In this informative podcast episode, we explore the intricacies of Family Limited Partnerships (FLPs) and their role in estate planning. Join us as we delve into the article 'Family Limited Partnerships' and uncover the strategies that high net worth individuals in New York can employ to protect their assets and minimize estate taxes.

Our experienced team of estate planning lawyers discusses the many benefits of establishing an FLP as part of a comprehensive estate plan. Discover how FLPs can preserve family businesses for future generations while providing asset protection and reducing overall gift and estate taxes. We explore how married couples can serve as general partners, strategically granting limited-partnership interests to their children, thereby transferring a significant portion of the FLP's asset value and saving on future estate taxes.

Learn about the flexibility of FLPs, as ownership interests can be easily divided among family members, allowing for the seamless transfer of business ownership to the younger generation. Our experts emphasize the importance of mentorship and grooming the next generation of owners while maintaining control of the FLP and its assets.

However, we also shed light on potential challenges and pitfalls associated with FLPs. Mistakes or abuse can attract scrutiny from the IRS, so it's crucial to ensure proper establishment and operation. We provide insights on how to navigate IRS assessments by demonstrating a legitimate non-tax-related purpose for the FLP and by keeping personal assets separate from the partnership.

Join us for this thought-provoking podcast episode where we dive deep into the world of estate planning and the significant role that Family Limited Partnerships play. Our New York legacy lawyers at Yana Feldman & Associates PLLC are here to provide you with valuable insights and strategies to safeguard your family's wealth and ensure a smooth transition for future generations. Don't miss out on this opportunity to gain a deeper understanding of FLPs and their impact on your estate plan.

New York Legacy Lawyers by Yana Feldman & Associates PLLC | Estate Planning Attorney

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