Jul 20, 2015
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
Read his commentary here.
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