Guide to Family Limited Partnerships: Estate Planning and Wealth Transfer
Understanding Family Limited Partnerships: A Comprehensive Estate Planning Tool
Family Limited Partnerships (FLPs) have become a popular tool for estate planning and wealth transfer among high-net-worth individuals and families. An FLP is a legal entity that allows family members to pool their assets, typically business or investment assets, into a partnership. The partnership is divided into two types of partners: general partners, who have management control and personal liability, and limited partners, who have limited control and liability.
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