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What Is a Family limited partnership? Definition, Uses and Importance.

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A legal partnership between members of a family for the management and control of property.

A Family Limited Partnership (FLP) in probate is a good option for families with significant assets (FLPs). An FLP is a valuable structure for wealth preservation since it protects assets, helps with estate planning, and helps to keep taxes to a minimum. When properly implemented, a family limited partnership (FLP) can save families significant amounts of money in gift and estate tax. FLPs both safeguard assets from creditors while also providing flexibility, as they can be revised and altered as the situation changes.

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