Archivo categoría International investment protection

In the US, what is a Family Limited Partnership?

In the United States, you can reduce your estate by transferring a family-owned business, real estate, stock, etc., to your children by establishing a Family Limited Partnership (FLP). The benefit of a FLP is that you and your spouse can maintain control over your assets as the general partners. Each of your children can be given limited partnership shares, which can be given annually to make use of the $11,000 annual gift exemption. The FLP allows both spouses to retain control no matter how much of the assets are transferred to the children. In fact, as limited partners, the children cannot sell or transfer their shares without the parents’ approval. As for the examples above, the shares of the limited partnership are discounted since there is no market for them.

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Should I have a will?

A Will is a legal document that allows you to determine how you want your property to pass. If you do not have a Will, your property will pass to your heirs according to California law. A Will also allows you to nominate an executor to manage the assets of your estate, nominate a legal guardian to care for and provide for minor children, and allocate or apportion estate taxes.

In most of the US States, although a Will can pass most of your assets, assets such as life insurance proceeds, retirement benefits, joint accounts, jointly held realty, assets held in a living trust, and your spouse’s one-half community property interest in any assets cannot be passed using a Will.

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