Taking the right steps when using an FLP or LLC
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Description
Abstract: If one wishes to transfer large amounts of wealth to his or her family at discounted values for gift tax purposes, it might be advisable to form a family limited partnership (FLP) or a limited liability company (LLC). But a pitfall to be aware of when using an FLP or LLC is the step transaction doctrine. This article explains the ins and outs of using either vehicle.
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