Family Limited Partnerships: How They Work in Generational Estate Planning

Family Limited Partnerships can be an extremely effective tool in protecting family businesses, transferring value to the next generation during life without transferring control, and providing for a clear distribution of all assets (including the businesses) upon death. To make this happen as smoothly as possible, the Family Limited Partnership needs to be handled in conjunction with a Revocable Living Trust. But how is this accomplished? How do you title the shares? What’s the difference between General Partnership Shares and Limited Partner Shares?

In this video, Jeffrey G. Marsocci, The Plain English Attorney™ reviews all of these questions and more, including providing a family example of how control of the business can be maintained through a second generation.