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    Dissolving an FLP/LLC: Part I

    WealthManagement.com
    Jul 20, 2015

    Martin M. Shenkman 

    Family limited partnerships (FLPs) and family limited liability companies (LLCs)
    have been a mainstay of estate and related planning for decades. FLPs and LLCs
    (collectively, FLPs) could have been formed for a myriad of reasons. However, in
    many cases, achieving valuation discounts for gift or estate tax purposes was a major
    motivation. Many clients who created these entities hoping to obtain discounts have
    forgotten the many other benefits these entities can afford them and their families
    and, as such, are pushing practitioners to dissolve these entities, or worse, terminate
    them on their own with no professional help. While in some instances it might make
    sense to liquidate the entity, in many, perhaps most cases, other options might
    warrant consideration. In Part I of this article, I’ll outline the general issues and
    considerations. In Part II, I’ll present several options that don’t receive enough
    consideration.

    Read his commentary here.

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