Family Limited Partnerships (FLPs) have become a strategic tool in the realm of estate planning, offering families a unique way to preserve and transfer wealth across generations.

Family Limited Partnerships (FLPs) have become a strategic tool in the realm of estate planning, offering families a unique way to preserve and transfer wealth across generations. By establishing an FLP, family members can pool their assets into a limited partnership, with the senior generation often retaining control as general partners while gifting or selling limited partnership interests to younger members. This not only facilitates seamless wealth transfer but also provides valuable benefits such as potential tax advantages and asset protection. FLPs can play a pivotal role in mitigating estate taxes, as the discounted value of transferred interests can result in substantial savings. However, it's crucial to navigate these structures carefully, adhering to legal guidelines to ensure their effectiveness and compliance. In essence, FLPs offer families a dynamic tool to foster intergenerational wealth continuity while navigating the complexities of estate planning.

If you have questions about Family Limited Partnerships or any other aspect of estate planning, give us a call at 253.858.5434 to set up an appointment today. We proudly represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.