Flipping for Family Partnerships

Flipping for Family Partnerships

The IRS may not like FLPs for their ability to transfer wealth within a family an, they are a legitimate tax-reducing strategy.

Subscribe
November 16, 2018
Mark E. Battersby

Many of the recently proposed tax “reforms” call for drastic changes in — and even elimination of — the estate tax. Despite any promised changes, however, the Family Limited Partnership, or FLP, continues to be an extremely valuable tool for both business and estate planning. After all, what other tool can ease or even eliminate the tax bite often associated with transferring the snow removal business — or its income — to family members, all the while keeping the owner’s current tax bills to a minimum?

CLICK HERE to read the rest of this article.