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family limited partnership |
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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. |
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Also, both LLCs and their cousin, family limited partnerships ( At the same time, DFA's joint venture partner, the Allen Family Limited Partnership, also agreed to sell its interest in the dairy. Overall, the taxpayer transferred family limited partnership ( |
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