Save Income Taxes

With state and federal combined tax rates of 50 percent, overall family income taxes may be reduced by shifting income to lower bracket family members. This can be accomplished by gifting some limited partnership interests to children or grandchildren who are fourteen years or older. Depending upon the number of beneficiaries and the amounts involved, over a period of years the total savings can be quite substantial.

Aggressive tax planning with the FLP often includes a nonprofit organization as a partner in the FLP. Properly designed, significant tax savings can be generated and overall family wealth can be increased with this structure.