Family Limited Partnerships

A Family Limited Partnership (FLP) is a legal structure where family members pool their assets, such as real estate or a business, into a partnership. Typically, one or more family members act as general partners, managing the assets, while others are limited partners, mainly contributing capital without active involvement. This arrangement can provide benefits like estate planning, asset protection, and potential tax advantages. FLPs help families maintain control over their assets while facilitating smoother transfer to future generations, often reducing estate taxes in the process.