${site.data.firmName}${SEMFirmNameAlt}
Throughout Southern California
310-324-9403
Toll-Free
866-402-1805
View Our Practice Areas

Family Limited Partnership May Be the Answer

Lowering tax burdens and protecting financial wealth of future generations may be accomplished through a family limited partnership.

Proper estate planning can take advantage of gift tax exemptions and control gifted assets as explained in an example by New Jersey 101.5 in "Benefits of a limited family partnership."

One of the reasons people seek estate planning advice is to lower potential estate tax burdens yet not limit the ability to manage assets and in a family limited partnership the general partner owns a 1% share of the partnership and the other 99% is given to other family members. The general partner, however, has full control over the management of the partnership and its assets.

Because ownership is limited to family members assets transferred through a family limited partnership receive a discount for gift tax purposes. Essentially the gift tax exemption can be stretched further than if assets are given away directly.

The family limited partnership can be used to give family members extra income now or to allow wealth to grow for later use.

An estate planning attorney can guide you through a family limited partnership.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard Street
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map