1555 Palm Beach Lakes Blvd Suite 1410

West Palm Beach, FL 33401

24/7 Customer Support

Same day response guaranteed

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

Jump To Section

Copy the following HTML iframe code to your website:

Share This

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.

« Back to Glossary Index

More Probate Resources

Search for more common probate terms
Search

Get Your Inheritance Money Now!

Our Inheritance Cash Advances help heirs receive a portion of their inheritance payout in just a few days. We then wait and are paid directly out of your share when the estate finally closes. We wait for probate so that you don’t have to. Click below and fill out our short form to receive an advance immediately.

Probate Costs