Estate Planning with Family Limited Partnerships, Part 1 - 2018

Family Limited Partnerships and Family LLCs are among the most effective planning tools for transferring family businesses from generation to generation while reducing federal estate and gift taxes.  Among the many keys to successfully using FLPs is transferring control and obtaining a correspondingly steep discount on the valuation of the company. But the IRS frequently and aggressively challenges the use of FLPs and their valuations, which have made their use fraught with more risk. This program will provide you with a practical guide to sophisticated planning techniques using these vehicles, structuring and drafting tips, a real world assessment of the risks involved, and recent trends in audits of FLPs.

• Sophisticated planning with FLP and FLLCs
• Selling FLP/FLLCs – and solutions for clients who want to retain control 
• Use, risks and traps of defined value formula clause
• Planning for challenges by IRS under Section 2036
• Trends in FLP audits 

Speaker: William Kalish, Johnson Pope Bokor Ruppel & Burns, LLP, Tampa, FL

NOTE: This program was originally produced as a telephone seminar and is available on demand in streaming audio. This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics or elimination of bias credit.