For What It’s Worth: Valuation in the Courts – FAMILY’s FLP foibles serve as a cautionary tale

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Abstract: If there’s a silver lining to a gloomy economy, it may be the estate planning opportunities that arise. Currently, many wealthy individuals are creating family limited partnerships (FLPs) to take advantage of lower market values and slowed transaction activity. But they must be structured carefully to avoid IRS challenge, as one family found out in Estate of Thelma G. Hurford v. Commissioner.