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Family limited partnerships (FLPs) and family limited liability companies (LLCs) have been a mainstay of estate and related planning for decades. FLPs and LLCs (collectively, FLPs) could have been formed for a myriad of reasons. However, in many cases, achieving valuation discounts for gift or estate tax purposes was a major motivation. Many clients who created these entities hoping to obtain discounts have forgotten the many other benefits these entities can afford them and their families and, as such, are pushing practitioners to dissolve these entities, or worse, terminate them on their own with no professional help. While in […]

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