There are many benefits to establishing a family limited partnership in Florida, from tax savings to succession planning. This popular business structure pools your family members’ resources with the goal of protecting assets. With this type of partnership, chosen individuals manage the business while others take a more passive role in its operations.
Our skilled attorneys help you reap the many rewards of a family limited partnership. We’ll discuss the main perks you could leverage with this powerful estate-planning tool.
Paying taxes is something most of us want to avoid when it comes to estates and assets, and a family limited partnership could help you accomplish this by transferring your wealth to children or other heirs in an efficient manner. This entity could provide some income tax planning opportunities if interests are transferred to a younger generation. The partnership also allows for efficient use of annual gift tax exclusion of up to $38,000 for a married couple in 2025. By transferring your assets to this type of business structure, you may also be able to reduce the value of your estate and, consequently, lower how much you pay in estate taxes, if applicable.
You worked hard to accumulate your wealth, and we work hard to help you protect it by drafting a family limited partnership that could shield your personal assets from creditors and lawsuits. Because you would likely transfer the bulk of your assets to the partnership, they would be protected from the liabilities of individual partners, as they would be considered legally separate.
Succession planning should not be overlooked because, while you want to keep your wealth in the family, you also want it to be properly managed. Establishing a limited family partnership has the benefit of ensuring that your family business is controlled according to your wishes if you become incapacitated or pass away. By identifying potential successors now, you could gradually provide them with extensive training and mentorship.
Finally, when you are ready, you will be able to transfer assets in a more managed, tax-efficient and controlled manner.
One of the main purposes of setting up a family limited partnership is to preserve your wealth and transfer it to future generations, which is a huge advantage. Family members, such as children or grandchildren, could contribute their own assets in exchange for ownership interest, while parents act as managing partners. Over their lifetime, parents would gradually give their shares to their chosen heirs, facilitating a smooth succession plan that ensures the family’s legacy continues to prosper.
You can depend on us to serve your family with integrity; we work hard to understand your unique estate legacy planning needs. Contact us today to learn more about the benefits of a family limited partnership and how our firm can help you protect your assets.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
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