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Essentially, a family LLC can help you transfer more to your heirs before you will owe estate taxes than if you transferred the assets without the discounts. In addition, if you want to ensure your family business will continue to be family-owned, a family LLC can protect your legacy.
A Family LLC usually own rental properties, brokerage companies, and a portion or all of the familys business operations. On the other hand, an LLC can own anything, except for a personal residence which cannot be owned by a business entity as it violates its tax status.
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.
FLPs both protect assets from creditors and provide flexibility, since they can be revised and altered as circumstances change. While an FLP can be a great way to take advantage of estate tax protections, an FLP must have a purpose beyond merely reducing estate tax liability to be legitimate in the eyes of the IRS.
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.

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Limited partnerships are generally used by hedge funds and investment partnerships as they offer the ability to raise capital without giving up control. Limited partners invest in an LP and have little or no control over the management of the entity, but their liability is limited to their personal investment.
Sometimes FLPs are used by family members who are interested just in grouping their funds together to start a business. Others use FLPs as a way to gift shares to other family members in a tax beneficial manner. FLPs allow individuals to use the annual tax exclusion amount for each family member to gift shares.
Limited liability companies (LLCs) are important legal structures for forming a business. Limited liability means that the assets and debts of the business remain separate from the personal assets and debts of the companys owners.
A family limited partnership (FLP) is an arrangement in which family members pool money to run a business project. Each family member buys units or shares of the business and can profit in proportion to the number of shares they own, as outlined in the partnership operating agreement.
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.

Related links

family limited partnership | Wex - Legal Information Institute

Family limited partnership (FLP) is a legal entity used by families to start a business together or to be an estate planning vehicle.

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new irs rulings approve rescission transactions that change

by SI Banoff 2006 200613027 approves a rescission that permitted an LLC (taxable as a partnership) to regain its partnership tax status after having been statutorily converted

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What is an Electing Family Limited Liability Entity? - Alabama

An Electing Family Limited Liability Entity is defined in Section 40-14A-1, Code of Alabama 1975. Upon meeting certain requirements, an Electing Family

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