November 22, 2017

Family Limited Partnerships – How They May Help Your Family Save Money

Estate Planning Legal Advice in Pennsylvania

Transferring assets from one generation to the next or from one family member to another can usually be accomplished in one of dozens of different ways. Often, by consulting with an estate planning attorney, you can determine the method that will save the most money and/or result in a minimal tax liability.

The most cost-effective way for families to transfer funds is often a family limited partnership. Family limited partnerships offer numerous benefits:

  • They allow for both general and limited partners. General partners manage both the partnership and its assets.
  • They can be used to distribute assets to family members but keep control over the assets with other family members.
  • Family limited partnerships can reduce estate taxes.
  • They can minimize tax liabilities because, on paper, funds in a family limited partnership are worth less because they can’t be sold to outside parties, thereby limiting their market value. Taxes on monies transferred through family limited partnerships, therefore, are less.
  • Family limited partnerships can provide protection against claims from outside parties.

The Media, Pennsylvania, estate planning attorneys of The Law Offices of Halligan & Keaton have substantial experience in handling family limited partnerships. We have practiced estate planning law in Media for over four decades and can meet with you to discuss the benefits of establishing a family limited partnership for your family. To contact us, please call 610-566-6030 or fill out our online intake form.