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Disadvantages of Family Limited Partnerships First, it can be expensive to set up and maintain because of its complexity. Most often, setting up an FLP will call for a tax specialist and estate planning attorney, and you may need to call on other professionals associated with helping to support an FLP.
This legal arrangement helps related people share ownership of a business or holding company. Family members can buy shares and later pass them onto their beneficiaries without incurring large estate or gift taxes. This strategy appeals to many high net worth individuals and couples.
As a limited partnership, the FLP is taxed on a pass-through basis. This means the FLP is not subject to taxes itself. Instead, its income and losses are passed on to the general and limited partners in proportions equal to their interest in the FLP.
All partnership formalities were observed when the FLP was created. After the decedents death, distributions were made from the FLP to the decedents estate to pay estate taxes and estate administration expenses.
Disadvantages of a Family Limited Partnership Cost: Given their complexity, family limited partnerships are also costly to maintain. Depending on the size of your business, it may be advisable to keep professionals like estate planning attorneys, CPAs, and property valuation experts on your payroll.

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Disadvantages of a Family Limited Partnership Cost: Given their complexity, family limited partnerships are also costly to maintain. Depending on the size of your business, it may be advisable to keep professionals like estate planning attorneys, CPAs, and property valuation experts on your payroll.
The main purpose, though, of most FLPs is to preserve generational wealth within the family. By setting up this legal structure, ownership of a business can easily pass from one generation to the next. That way a family business doesnt have to be sold to outside shareholders.
Disadvantages of a Family Limited Partnership Cost: Given their complexity, family limited partnerships are also costly to maintain. Depending on the size of your business, it may be advisable to keep professionals like estate planning attorneys, CPAs, and property valuation experts on your payroll.
Depending on your financial circumstances, the family limited partnership might be the ideal vehicle for your estate planning needs. While it is essentially a limited partnership and must be run as one, it also provides both gift tax and estate tax advantages that may make it advantageous for you and your heirs.
Unlike irrevocable trusts, the members of a family limited partnership can change the terms of the agreement. Creating a family limited partnership also limits liability. Family members who have limited partnership interests are protected from their creditors.

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