This is a basic level course designed to cover the fundamental principles of family limited partnerships (FLPs).

This course will introduce the various advantages of using an FLP as well as the basic considerations of organizing and operating these entities. This course will also review some of the pitfalls of establishing and operating an FLP and the challenges that the IRS has used against FLPs in the past.

Course Level: Basic

Course Prerequisites: None

Delivery Method: Self-study

Published: 07/23/2013

By the end of this course you will be able to:

• Understand the roles of the general partners and the limited partners in an FLP.
• Describe the benefits of using an FLP entity, both tax and non tax benefits.
• Recognize the attributes of a family limited partnership as an asset protection measure.
• Recognize the differences between a lack of control and lack of marketability discount.
• Anticipate the challenges that the IRS has used in the past to attack family limited partnerships.

CPE

1.5

CLE

N/A