Family Limited Partnerships in Estate Planning: Structuring and Income Tax Considerations, Asset Protection
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will provide estate planners with a practical guide to utilizing family limited partnerships (FLPs) in estate planning under current tax law. The panel will discuss the income tax and asset protection benefits of FLPs, detail how to withstand IRS scrutiny of transfers and operations, and address the interplay between estate planners and income tax advisers, particularly concerning planning to obtain a step-up in basis upon death.
Outline
- Using FLPs for asset protection and business continuation/succession planning
- Structuring and funding options
- Section 199A deduction for FLPs
- Income tax minimization opportunities
- Using FLPs with trusts and other wealth transfer vehicles
Benefits
The panel will review these and other relevant topics:
- What are the income tax and asset protection benefits of FLPs?
- How can you withstand IRS scrutiny in operating an FLP for non-tax reasons under the business purpose rules?
- Using distributions to shift the income tax burden to limited partner family members with lower marginal income tax rates
- How does the Section 199A pass-through deduction apply to FLPs?
- Strategies for funding FLPs through nontaxable transfers and sales
Faculty
K. Eli Akhavan
Senior Counsel
Norton Rose Fulbright US
Mr. Akhavan focuses his practice on domestic and international estate, asset protection and tax planning for high... | Read More
Mr. Akhavan focuses his practice on domestic and international estate, asset protection and tax planning for high net-worth individuals and their families. His clients include executives, real estate owners and professionals, nursing home operators, professional athletes, entrepreneurs, owners of closely-held businesses and hedge fund and private equity professionals. Additionally, Mr. Akhavan represents family offices in their tax, estate and business succession planning needs. He is a is a widely published author and frequent speaker on estate planning issues.
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Cliff Capdevielle
Managing Attorney
Moskowitz
Mr. Capdevielle has been developing sophisticated tax planning strategies and resolving tax disputes for clients more... | Read More
Mr. Capdevielle has been developing sophisticated tax planning strategies and resolving tax disputes for clients more than two decades. As lawyer, accountant, longtime instructor and adjunct professor, Mr. Capdevielle formulates strategies to utilize the ever-changing array of federal and state tax laws – and relevant treaties – to clients’ benefit. This includes comprehensive counsel to businesses adapting to sweeping tax law changes enacted in 2017, and ongoing work with business owners and other individual taxpayers seeking to preserve assets through trust and estate planning.
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Beth S. Cohn
Shareholder
Jaburg Wilk
Ms. Cohn chairs the firm’s Estate Planning and Business Law Department. As both a Tax Specialist certified by the... | Read More
Ms. Cohn chairs the firm’s Estate Planning and Business Law Department. As both a Tax Specialist certified by the State Bar of Arizona - Arizona Board of Legal Specialization and a Certified Public Accountant, she has a unique expertise in assisting her clients with their estate planning as well as closely held businesses. She has assisted hundreds of families - including ones with substantial assets - with their estate needs ranging from simple estate plans to complex multi-generational gifting plans. She assists families, closely held businesses owners and individuals by providing succession planning, business planning and estate planning.
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