A Valuable Transition Tool

Family Limited Partnerships Help Transfer Assets, May Reduce Estate Taxes

Escalating land prices mean an estate can quickly exceed its exemption level. (Progressive Farmer photo by Jim Patrico)
Escalating land prices mean an estate can quickly exceed its exemption level. (Progressive Farmer photo by Jim Patrico)
In agriculture, where the predominant asset is usually the land, estate planners often recommend creating business entities like a family limited partnership (FLP) to own the property. The move makes the transition of those assets from one generation to the...

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