Incorporating a Family Limited Partnership (FLP) into your estate plan can be a strategic move to protect and manage your family's wealth while minimizing estate taxes.

Incorporating a Family Limited Partnership (FLP) into your estate plan can be a strategic move to protect and manage your family's wealth while minimizing estate taxes. An FLP allows you to transfer assets to family members in a controlled manner, often at a discounted value due to the nature of limited partnership interests. This structure not only provides significant tax advantages but also ensures that the management and decision-making power remain with the general partners, typically the senior family members. By leveraging an FLP, you can effectively manage gift and estate tax exemptions, protect assets from creditors, and provide for the seamless succession of family-owned businesses or investments, thereby preserving your family's financial legacy for future generations.

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