Estate Planning and Probate Attorney in Dallas

Make an appointment to consult with Attorney Robert Rosen today! Call 972-503-1436 or e-mail at rlrosen@therosenfirm.com

The Rosen Firm  
Phone: 972.503.1436
Toll Free: 877.714.0583
rlrosen@therosenfirm.com

FAMILY LIMITED PARTNERSHIPS

Family Limited Partnerships are effective at minimizing estate taxes and facilitating the transfer of wealth to the next generation. Creating a Family Limited Partnership, in fact, is a well-tested and proven means of lowering or eliminating estate taxes altogether on the assets you have accumulated over your life. And there are other non-tax reasons to consider them in your estate planning, as well. For instance, it may be preferable to transfer a portion of ownership in a Family Limited Partnership to a younger family member than to transfer outright ownership in an asset.

  • An interest in a Family Limited Partnership would not be accessible to the creditors of the donee family member.
  • Older family members can still make decisions by remaining as the only general partners in the Family Limited Partnership.
  • An interest in a Family Limited Partnership may be designed to restrict transferability - this may not be possible with an outright gift of an asset.
  • Estate administration expenses may be reduced including probate costs through the use of Family Limited Partnerships.

Establishing a Family Limited Partnership and transferring assets to it prior to death may reduce the likelihood of disputes about the distribution of the estate assets.

The decision to create a Family Limited Partnership is not irrevocable. You may at any time terminate the partnership and suffer no tax consequences. This is one huge advantage that a Family Limited Partnership has over other types of entities you may be considering.

Contact Robert Rosen if you are interested in discussing how a Family Limited Partnership could fit into your estate and wealth transfer planning.