A family limited partnership (FLP) or family LLC is an entity that holds a business, real estate, or other asset within a family, allowing for flexible control and succession, while achieving various tax benefits. A FLP or family LLC can be used to for gifts or sales, to give multiple generations ownership, leadership experience, and a voice, and often allow significant valuation discounts to reduce tax bills.

My law firm, Johnson Law KC LLC, is experienced counseling clients from all stages and walks of life on FLPs, family LLCs, and other entities to solve clients’ business, estate planning, and tax issues. Call (913.707.9220) or email us (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2015, Stephen M. Johnson, Esq.