How to Avoid the Attention of the IRS When Making Family Limited Partnership Gifts

Nov 01, 2015

The widespread use of Family Limited Partnerships (FLP) among taxpayers is due to its effectiveness for asset protection, dispute resolution, and favorable tax benefits for gifting. However, FLPs are not popular with the Internal Revenue Service (IRS). In fact, certain IRS officials have stated (off the record) that every FLP will be examined. Article reviews the formation and operation of FLPs, valuation issues and steps for a successful gift.

Read the complete article.