| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 1,783,473,657 visitors served. |
|
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
family limited partnership |
Also found in: Acronyms, Wikipedia | 0.01 sec. |
|
family limited partnership (FLP) A special type of limited partnership recognized by some states as an estate planning tool. A donor establishes a family limited partnership and then transfers into it property expected to appreciate in value over the years. The donor then makes gifts of small percentages of the partnership to children or other family members. The gifts are small enough to escape gift taxes and may be doubled if the donor makes the first gift to the spouse, and then each of them makes gifts each year.As the property grows in value,the appreciation belongs to the person receiving the gifted shares and so is not in the donor's estate at death. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
|
| ? Mentioned in | ? References in periodicals archive | |
|---|---|---|
Land placed in an LLC or FLP can be discounted to account for joint ownership, lack of marketability and less control. As virtually every estate planner knows, an FLP is not a favored creature with the IRS. Citizens and interest groups who advocate for parks and conservation should work closely with their local park and recreation agencies to contact the FLP representative in their region early, and to have the necessary planning and documents completed prior to the final and formal notification of availability. |
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|---|