Business: The Tax Benefits of a Family Limited Partnership

2023-07-27

Key Takeaways: - A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure.- Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications.- Income and losses can be allocated to different family members, taking advantage of lower tax rates.- It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnership.

Key Takeaways:

- A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure.
- Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications.
- Income and losses can be allocated to different family members, taking advantage of lower tax rates.
- It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnership.

Chapters

| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:01 | Introduction to the podcast |
| 0:00:13 | Disclaimer about the information presented |
| 0:00:48 | Phillip and Alison discuss tax benefits |
| 0:01:35 | Introduction to family limited partnerships |
| 0:03:40 | Benefits of family limited partnerships |
| 0:05:46 | Allocation of income in a family limited partnership |
| 0:06:46 | Difference between family limited partnerships and family trusts |
| 0:07:50 | Contact information for Alison |
| 0:08:58 | Conclusion and closing remarks |
| 0:09:21 | Disclaimer about the information presented |

https://www.reiffmartincpa.com/

https://stonehillwealthmanagement.com/

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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