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Estate Tax Savings
The asset protection attorneys at the Farr Law Firm make recommendations and implement strategies to minimize the exposure of clients’ assets to creditors, and one key method of protecting assets involves the family limited partnership.
Family Limited Partnerships and Leveraged Giving for Tax Savings
In addition to asset protection, Family Limited Partnerships provide significant estate planning benefits. These include the ability to divide ownership of assets along multiple family members and generations while retaining control of such assets with the client.
Gifts during Lifetime as a form of Asset Protection and Estate Tax Savings
In addition, a properly implemented Family Limited Partnership can achieve significant estate tax savings through the leveraged giving of limited partnership interest.
This strategy involves making gifts during a client’s life and properly valuing the gift at a significant discount over the value of the underlying assets.
If the Farr Law Firm can be of service to you or your business endeavor in the protection of assets, please feel free to contact the firm to schedule an appointment at (941) 639-1158 (Punta Gorda office) or (941) 460-9334 (Englewood office). It is our honor to serve you.
