From the Author
In the years that have passed since we put together our first Family Limited Partnership, we have learned a great deal about how this powerful tool can assist in enhancing and maintaining intra-family values and relationships. We have in fact, successfully used Family Limited Partnerships to meet so many challenging situations that we felt compelled to gather up our various experiences and ideas into one complete handbook for the benefit of a broader audience. We did so in order to assist people in developing a basic understanding of the Family Limited Partnership and how this vehicle can be used to intelligently and sensitively direct and protect a family's assets.Additionally, we wanted to highlight the primary and motivating force behind the use of the Family Limited Partnership.
Overwhelmingly, we have observed that these Partnerships are preferred by those who wish to make an expression of love for family, one which underscores a desire for their loved ones to get - and keep - as much as possible of the fruits of their life's work. Helen Walton, window of Wal-Mart's Sam Walton, probably said it best when discussing their own Family Limited Partnership: "It was great money wise, but there was another aspect to it; the relationship that was established among the children and with the family. It developed their sense of responsibility toward one another. You just can't beat that."
From the Back Cover
Family Limited Partnerships have become a "hot" topic in the financial planning areas. However, many times this valuable estate planning tools overlooked simply because the benefits are not understood. In this book, you will learn how a family Limited Partnership has helped many families and could offer you solutions to
Saving estate and income tax while keeping control of your assets!
Protecting your assets from creditors !
Estate tax and trust alternatives for citizen/resident alien marriages!
Keeping your life insurance out of your estate!
Getting the best of Medicaid and much more!!
