Will your FLP be DOA? — Estate of Liljestrand provides some clues
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Description
Abstract: The recent Tax Court case Estate of Liljestrand reads as a case study of what not to do with a family limited partnership (FLP). This article discusses the decision and points out some important lessons that can be gleaned from it, including the fact that attention to FLP formalities, retaining some personal assets outside the partnership, and obtaining a formal outside appraisal are key to withstanding IRS scrutiny. Case citation: Estate of Liljestrand, T.C. Memo 2011-259, November 2, 2011.
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