Family Limited Partnership: Estate Freeze Technique

A family limited partnership (FLP) is a limited partnership created under and governed by state law and of which two or more family members serve as limited and/or general partners. It can be a powerful estate planning tool that (1) reduces income and transfer taxes, (2) permits you to distribute business assets to your heirs while retaining control of the business, (3) ensures continued family ownership of the business, and (4) provides liability protection to the limited partners.

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