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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.
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40th Place, single-family residence, $174,139 Bruce Wiechert Custom Homes Inc, 6060 Graystone Loop, single-family Residence, $215,418 Margolis Family Limited Partnership, 4185/4187 Glacier View Drive, duplex, $231,454.
SPRINGFIELD BUILDING PERMITS by The Register-Guard (Eugene, OR)
Background on Application of Section 2036 in the 537 Family Limited Partnership Context B.
On discounted partnership interests and adequate consideration by Hellwig, Brant J. / Virginia Tax Review
The Tax Court ruled, contrary to the IRS's argument, that the step transaction doctrine did not apply where gifts of interests in a family limited partnership (FLP) were made only six days after the funding of the partnership with stock.
FLPs revisited by Jennings, Bob / Journal of Accountancy
 
 
 
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