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5 Myths About Family Limited Partnerships - Debunked!

Family Limited Partnerships (FLPs) are a popular choice for business structuring and asset protection among families. Despite their popularity, there are misconceptions and myths surrounding FLPs that can lead to misguided decisions. We'll discuss and dispel those myths and provide clarity to potential FLP stakeholders. We'll explain what a Family Limited Partnership is, and how it's generally structured. Then we'll bust a few common misconceptions about the benefits and usefulness of these entities. Five FLP Myths Busted Myth 1: FLPs Can Halt Creditors Myth 2: FLPs Can Lower Your Income Tax Bill Myth 3: FLPs Can Lower Your Future Estate Tax Bill Myth 4: FLPs Can Replace Those Expensive Trusts Myth 5: Setting Up an FLP Is a One-Time Cost Bottom Line FLPs can be beneficial in structuring assets and managing wealth, but they are not a one-size-fits-all solution. Understanding the intricacies and implications of an FLP is crucial before deciding to establish one. It is always advisable to seek professional guidance to ensure that the chosen asset protection strategy aligns with your needs and can withstand legal scrutiny.