Transferring Family Wealth? Consider a Family Limited Partnership Check out our team article featured in Minnesota Business Magazine. Summary: A family limited partnership offers many perks, including the ability to transfer wealth at substantial discounts from the fair market value of underlying assets. But without a valuation, this perk easily could become a liability.
UPDATE March 2017
Dan Korsman was featured in Minnesota Business Magazine’s annual Family Business edition [March 2017]. Click here or below in the image to read the article.
A family limited partnership (FLP) is often regarded as a tax-advantageous vehicle for transferring wealth to future generations—one that allows you to retain control of your assets. Its most notable perk, however, may be the ability to transfer limited partner interests at substantial discounts to the partnership’s underlying assets. But without a valuation, this perk easily could become a liability.