What’s new with FLPs and FLLCs? Recent court cases offer insight on how these estate planning tools will hold up against IRS scrutiny
Abstract: Family limited partnerships (FLPs) and family limited liability companies (FLLCs) can be powerful tools for consolidating and managing family wealth while reducing gift and estate taxes. Unfortunately, the potential for significant tax savings makes FLPs and FLLCs targets for the IRS. This article explains how FLPs and FLLCs work and examines how the outcomes of recent court cases affected them.