New York high net worth estate planning attorney Yana Feldman (https://yanafeldmanlaw.com/practice-areas/high-net-worth-estate-planning/family-limited-partnerships/), of New York Legacy Lawyers, has recently published a comprehensive article on Family Limited Partnerships (FLPs). The article provides valuable insights on the benefits, tax implications, and considerations when establishing and maintaining an FLP, a legal vehicle often utilized by high net worth individuals as part of their estate planning strategy.

According to Yana Feldman, a New York high net worth estate planning attorney, “A Family Limited Partnership is a special legal vehicle that can preserve a family business for future generations while helping to shelter assets and reduce overall gift and estate taxes.” FLPs are commonly used in business succession planning, business continuity plans, and as an integral component of estate plans for wealthy individuals.

The article highlights the numerous advantages of FLPs, such as minimizing estate taxes, protecting family assets, and facilitating wealth transfer to future generations. “One of the significant benefits of a properly established and maintained FLP is that it can reduce the value of gifts to your children and grandchildren,” New York high net worth estate planning attorney Yana Feldman explains. Furthermore, the FLP can enable business ownership to transfer to younger family members while allowing the senior generation to continue managing operations and mentoring the next generation of owners.

New York high net worth estate planning attorney Yana Feldman emphasizes the importance of careful planning and proper establishment of an FLP to withstand scrutiny from the IRS. The article outlines several key considerations to ensure the FLP is a legitimate business entity that serves a valid purpose beyond tax savings.

In addition to discussing FLPs, the article provides an overview of Limited Partnerships (LPs) and their structure. LPs consist of one or more general partners who assume personal liability for the partnership’s debts and limited partners who provide capital but have limited authority in day-to-day operations. Limited partners enjoy the protection of limited liability, similar to shareholders in corporations or members of an LLC.

Yana Feldman, a New York high net worth estate planning attorney, and the team at New York Legacy Lawyers are experienced in guiding clients through the intricate legal process involved in forming FLPs and LPs. They offer tailored advice on structuring the partnerships to achieve specific estate planning goals while ensuring legal compliance.

For individuals and families seeking assistance in establishing and managing a Family Limited Partnership or Limited Partnership, consider reaching out to the knowledgeable attorneys at New York Legacy Lawyers.

About New York Legacy Lawyers: 

New York Legacy Lawyers is a top-rated law firm in estate planning, trust and estate administration, and probate matters. With a team of experienced attorneys, they provide comprehensive legal services to high net worth individuals and families, helping them navigate the complex landscape of estate planning to preserve and protect their assets for future generations.

 

Embeds:

Youtube Video: https://www.youtube.com/watch?v=c_D8nJsuSwA

GMB: https://www.google.com/maps?cid=16408561942605909937

Email and website

Email: [email protected]

Website: https://yanafeldmanlaw.com/

Media Contact
Company Name: New York Legacy Lawyers by Yana Feldman & Associates PLLC
Contact Person: Yana Feldman
Email: Send Email
Phone: (718) 713-8080
Address:132 32nd St, Brooklyn, NY 11232
City: Brooklyn
State: New York
Country: United States
Website: https://yanafeldmanlaw.com/