Estate Taxes can be the unintended outcome of a successful family-owned business. The team at Kehlenbrink, Lawrence & Pauckner (KLP) rarely meets business owners who get really excited about dealing with estate tax risk. That’s our arena, and we really do get excited about walking families through the best means to protect company assets and revenue. Who doesn’t enjoy a good success story where number crunching reveals a way to limit tax liabilities and further protects a family owned business’s assets?
One such vehicle where KLP earns happy customers is the Family Limited Partnership, typically used in estate planning to dilute the high net worth person’s estate. We’ve recently guided many agriculture businesses through the opportunities of a Family Limited Partnership with great success. With the rising values of farmlands, many families seek any avenue to protect their estates for the sake of the business value as well as for the inheritance they intend to leave for the next generation.
Enter the family limited partnership. Family Limited Partnerships are created to help families manage their wealth. When implemented correctly, a Family Limited Partnership can help develop a plan for a company’s future and it makes transferring the assets of a company simple by also making the estate and gift taxes as low as possible. Making these taxes minimal is key to helping your family get the most out of your estate.
For a clear picture on how a Family Limited Partnership can best benefit your business, please contact our team. We welcome the opportunity to maximize revenue and limit exposure to estate taxes. We pride ourselves on helping clients achieve the wealth they desire.
What questions do you have about Family Limited Partnerships?
