Limited Family Partnerships & LLCs
A Limited Family Partnership or LLC is an effective estate and business planning tool. A business owner can transfer limited-rights shares in the partnership or LLC to family members or other heirs at reduced values because typically there is no public market for those shares. The owner retains management and income rights until their death or retirement. Upon their death or retirement, provisions of the plan(s) identify how the limited-share owners then divide ownership and the owner continues receiving income during retirement.
These types of entities create very interesting options for larger estates and family businesses. Especially when coupled with other vehicles such as insurance, notes, and trusts and is yet another method of avoiding probate and taxes. Let me help!