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  • Writer's pictureRubi Carranza

The Benefits of a Family Limited Partnership in Estate Planning

A family limited partnership (FLP) is a powerful estate planning tool that can provide many benefits for families. Here are some of the benefits of an FLP:


Asset Protection

An FLP can provide asset protection for your family's assets. By transferring your assets into an FLP, you can protect them from potential creditors and lawsuits.


Estate Tax Savings

An FLP can also provide estate tax savings. By transferring your assets into an FLP, you can reduce the value of your estate and potentially reduce the amount of estate taxes that your heirs will have to pay.


Centralized Management

An FLP can provide centralized management of your family's assets. This can include appointing a manager to oversee the assets in the FLP, which can help ensure that your assets are managed effectively and efficiently.


Succession Planning

An FLP can also provide a structure for succession planning. By transferring your assets into an FLP, you can plan for the future and ensure that your assets are passed on to your heirs according to your wishes.


Flexibility

An FLP can be customized to meet the needs of your family. This can include provisions for distributions, management, and control of the assets in the FLP.



In conclusion, a family limited partnership can provide many benefits for families, including asset protection, estate tax savings, centralized management, succession planning, and flexibility. At Perez-Roura Law, we can help you create a comprehensive estate plan that includes provisions for an FLP. Call us today at (305) 359-3888 to schedule a consultation and start planning for your future. Together, we can help ensure that your family's assets are protected and managed effectively.



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