Family limited partnerships lawyer Yana Feldman has authored an insightful article addressing the complexities and benefits of Family Limited Partnerships (FLPs) in New York. The article serves as a comprehensive guide for individuals seeking to preserve their family business and secure their wealth for future generations while navigating the legal and tax implications of such entities.
Family limited partnerships lawyers like Feldman play a crucial role in advising clients on the formation and management of FLPs. Her article provides a deep dive into how FLPs operate within the realm of estate planning, emphasizing their effectiveness in minimizing estate taxes, protecting family assets, and facilitating the seamless transfer of wealth to succeeding generations.
“Establishing a Family Limited Partnership is a strategic move for families looking to safeguard their assets and ensure a legacy of prosperity,” family limited partnerships lawyer Yana Feldman states. “However, the key to harnessing the full potential of an FLP lies in its proper setup and operation, which requires professional legal guidance.”
Yana Feldman’s piece further explores the structure of a Family Limited Partnership, which typically involves parents as general partners who retain control over the partnership, while children or other relatives are assigned limited partnership interests. This strategic distribution of interests not only provides for tax-efficient wealth transfer but also maintains the family’s control over the business.
The family limited partnerships lawyer’s article also highlights the attractive benefits of FLPs, such as asset protection and the ability to apply discounts on gift taxes due to the lack of marketability and control associated with limited partnership interests. Feldman’s insights elucidate how these discounts can significantly reduce the taxable value of transferred assets.
Despite the advantages, Feldman cautions that FLPs are closely scrutinized by the IRS and must be carefully structured to avoid challenges. “It’s imperative to establish a legitimate and substantiated non-tax-related purpose for the FLP, maintain a strict separation of personal assets, and ensure accurate valuation by qualified professionals,” she advises.
In her article, Feldman also outlines the distinctions between limited and general partners, shedding light on the intricate balance of liability, control, and tax obligations within a Family Limited Partnership. She emphasizes the importance of legal guidance in forming an FLP, ensuring compliance with New York’s specific requirements for limited partnerships.
For families and individuals in New York considering an FLP, Yana Feldman’s article is an essential read, providing clarity and direction in leveraging this powerful estate planning tool.
Those interested in learning more about Family Limited Partnerships and the legal services offered by New York Legacy Lawyers are encouraged to read the full article for a comprehensive understanding.
About New York Legacy Lawyers:
New York Legacy Lawyers is a law firm dedicated to providing top-tier legal counsel in estate planning, business succession, and wealth preservation. With a team of highly skilled attorneys, the firm prides itself on crafting personalized solutions that address the unique needs of each client. Understanding the complexities of estate law, New York Legacy Lawyers commits to guiding families and individuals through the crucial decisions that shape their financial legacy.
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