This paper offers an analysis of the pitfalls and merits of assets being transferred to a family limited partnership.
Written in 2007; 3,774 words; 19 sources; MLA; $ 103.95
Paper Summary:
The paper provides a review of the relevant literature to determine when and for whom a family limited partnership is appropriate. The paper presents an analysis of the pertinent laws, including an examination of the Internal Revenue Code, regulations, case law and other rulings and matters that are relevant to a family limited partnership in general. The paper discusses tax planning in particular to provide a comprehensive survey of the tax-ability of this business form. The paper was consistent in emphasizing the need for timely and professional financial advice from experts in tax law who are aware of any recent changes and what the implications are of one approach over another.
Outline:
Introduction
Review and Analysis
Conclusion
From the Paper:
"According to Fiore (1994), taxpayers in general and affluent taxpayers in particular are always on the lookout for new ways to reduce their taxes, especially in the area of estate planning. For this purpose, taxpayers have a wide range of choices available, each with its own advantages and disadvantages depending on a taxpayer's unique circumstances. For instance, "Should a taxpayer incorporate a complex strategy such as a grantor-retained annuity trust," Harmelick and Vandenburgh (2001) ask, "a dynasty trust or a family limited partnership in his estate plan?" (p. 95)."
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