When would I use a family limited partnership in Malvern?
A family limited partnership (FLP) is a type of asset protection many families use when they have established a family-owned business and wish to keep it organized among the various partners upon the absence of a controlling partner. If you have a family business it may be in your best interest to form it as a family limited partnership in Malvern.
One of the main reasons to form a family limited partnership is for the tax benefits. Certain assets can have ownership transferred to the FLP to protect them from complications when a partner passes away. In some cases, estate taxes can be reduced or even eliminated when you protect your family business through an FLP.
Another benefit of using a family limited partnership is that you can develop the structure of ownership and asset protection, such as:
- methods of payment;
- degrees of ownership; and
- allow for gifting of interests in the FLP to other family members such as your children.
There are many complex ways a family limited partnership can be used when an asset owner is looking to protect their property and legacy upon their death. If misused, a FLP could become more of a burden than a relief to your family and beneficiaries. Before deciding to form a family business as an FLP or establishing an FLP to protect assets, it’s best to talk to an attorney in Malvern.
Estate attorneys are your best resources to guide you through the establishment of an estate, trust, or family limited partnership when you are seeking to protect your assets. The Pennsylvania estate laws can be difficult to navigate if you’re not familiar with estate planning, but your attorney can help you resolve your situation without the hassle of learning the legalities behind asset protection.
Begin Protecting Your Legacy with a Malvern, Pennsylvania Estate Attorney
When you have significant amounts of property, a business, or other important personal value you’ll need to consider asset protection for your estate upon your death. To protect your beneficiaries and make sure your final wishes are granted you can work with a Malvern, Pennsylvania estate attorney for all of your estate planning needs.
A successful business begins with the right organizational structure. Before forming your company, consider working with a Malvern business attorney from the Law Offices of Unruh, Turner, Burke & Frees. To find out how our legal team can help you, contact David Frees or Douglas Kaune today – 610-933-8069.