Family Limited Partnership Attorneys in Montgomery County
Also Serving Philadelphia County, Merion Station and Surrounding Areas
Do you have a family business? Does your family own property or have a large amount of wealth that you would like passed on to future generations? In these cases, you may want to consider obtaining a family limited partnership, or FLP. Family limited partnerships are great tools to help protect your assets and provide exemptions from costly taxes.
At Sallen Law, our Merion Station family limited partnership lawyer helps clients determine if a family limited partnership or another type of trust may be right for them. We are prepared to work alongside professionals you may already have on your team, such as financial advisors or accountants, to ensure that we are providing you with a plan that addresses all your needs.
What Is a Family Limited Partnership?
Family limited partnerships are a form of trust that is established by an individual or married couple (named the general partners) that can then grant limited partnership to children or other family successors. These partnerships can help avoid extensive taxes on estates or gifting, and seamlessly move the estate and assets into control of the successor, thus avoiding probate.
There are additional benefits to obtaining an FLP, including:
- Protecting the assets named in the FLP from the partner’s creditors
- Assets can be efficiently divided among family members
- Allowing businesses to remain fully operational while training future generations for takeover of the business
- Limiting the complications of business inheritance and partnerships
Establish a Family Limited Partnership with Sallen Law
If you have questions or concerns regarding a family limited partnership, or if you are a business owner looking to prepare for the future, we encourage you to contact Sallen Law right away.
For more information on how we can help, call us today at (215) 809-3900.