|
The generally accepted discounts on valuations run as high as 40
percent. The amount of the discount depends on the terms of the
partnership agreement, the type of property put into the partnership,
and the relationship of the limited partners. For example, the discount
increases for a limited partner unrelated to general partner. Caution:
It is imperative that an appraiser with solid credentials in appraising
family limited partnerships for federal estate and gift tax purposes
be used to determine the amount the discounts. An inadequate appraisal
will jeopardize the benefits derived from using an FLP for estate
planning.
|
