|
1. Have an appraisal of the property done when you begin transferring
interests to beneficiaries, if you do. This is to establish the
fair market value to support your gift tax.
2. Have a competent professional perform the calculations for discount
valuation of the limited partnership interests in the form of a
written opinion.
3. File a gift tax return with your next tax return if you have
transferred interests to beneficiaries in excess of the yearly exemption.
4. Obtain a tax identification number for the FLP: http://www.irs.gov/pub/irs-pdf/p1635.pdf
5. Tell your CPA/tax preparer that you have set up a FLP.
|
