Category: Estate Planning
Tags: Estate Tax, family entities, Gift Tax


FLP Gift Discounts Alive and Well – for Now

Posted on: June 1st, 2009
In the recent case of Estate of Valeria M. Miller v. Commissioner; T.C. Memo. 2009-119; No. 5207-07 (27 May 2009), the U.S. Tax Court allowed a 35% discount for gifts of family limited partnership interests.  No discount was permitted for the FLP interest owned by the decedent at her death.
 
This case shows that a properly planned and executed family limited partnership or limited liability company is still a very effective way to pass on wealth to younger generations.  However, Obama’s tax proposals would do away with such discounts in most cases.
 
Click here for a summary and the full text of the case, thanks to NC State’s GiftLaw eNewsletter.
Share |

Comments (0)



Post a comment
Name *
Email (will not be published)
Comment
Please enter this security code *