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The Family Limited Partnership (FLP) structure simplifies annual
giving, especially for real estate and other assets that may be
difficult to give away on a piecemeal basis. It also makes gifting
an easier process since you do not actually part with the gift,
you just move it to the limited partner side of the FLP.
In order to gift within the limited partnership, the gift must
be coupled with a notice to the beneficiary giving him or her the
right to demand the gift during the gifting year. Of course, since
the beneficiary is a limited partner subject to your generosity,
the beneficiary allows the gift to remain within the limited partnership
pool of assets.
Just through annual gifting enormous amounts of assets are removed
from your estate without any tax consequence at all since annual
gifts are not counted against your estate tax exemption.
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