Estate Planning

FLP gets 47.5% Estate Tax Discount

By Gregory Herman-Giddens

In addition to providing ease of management and significant asset protection, FLPs and (FLLCs) are still a excellent planning tool for obtaining gift and estate tax discounts (for minority interests and lack of marketability) - provided that the implementation and valuation are done correctly.  See this BVWire article on Keller v. U.S., 2009 WL 2601611 (S.D. Tex.) (Aug. 20, 2009).

However, anyone considering a FLP or FLLC for the transfer tax advantages should not delay - the Obama administration has recommended legislation prhibiting such discounts in most cases.

Full post as published by North Carolina Estate Planning Blog on September 30, 2009 (boomark / email).