Posted on September 30, 2009 by Greg Herman-Giddens

FLP gets 47.5% Estate Tax Discount

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 prohibiting such discounts in most cases.

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Scott Jensen, MBA, Realtor - October 2, 2009 2:56 PM

I have heard incredible things about FLPs, my only hope is that the new administration does not change the current rules affecting FLPs and FLLCs

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