Family Limited Partnership: F.A.Q.

A Family Limited Partnership (“FLP”) is a structure that is known for two main purposes: asset protection and tax minimization. Its ability to handle both of these important wealth generators puts it in the running as one of estate planning’s most valuable tools, if implemented and maintained properly. Below, you will find some frequently asked questions that we receive from our clients regarding FLPs. (1) What is an FLP? An FLP is a limited partnership in which all the partners are family members or entities created by or owned by family members. A limited partnership is a business entity that […]