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A family limited partnership or family limited liability company is a popular way for high net worth individuals to transfer wealth to their heirs while allowing them to continue to manage the gifted assets,
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Estate Planning with Family Partnerships

For estate planning purposes,
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Parents transfer $2 million of commercial real estate to an FLLC in exchange for a 1% voting interest and a 99% non voting interest. With the voting interest they appoint themselves as the managers of the FLLC. Soon afterward,
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There is no gain or loss to the parents upon the contribution of the real estate to the FLLC. The parents,
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The future income and appreciation on the nonvoting membership interests gifted are removed from the parents’ gross estates,
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To the extent the donees are in lower income tax brackets than the parents,
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If the gifts of the non voting membership interests are made to a so called "grantor trust" established by one of the parents,
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An FLLC consolidates investment assets to promote efficient and centralized management of those assets. It also allows donors to involve their heirs in the operation of the FLLC without losing control. Finally,
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Outside Protection. The FLLC accomplishes the goal of protecting the members’ personal assets from business risks. Members of an FLLC are generally not liable for the debts,
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Inside Protection. Conversely,
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The IRS has been scrutinizing FLLCs closely and has challenged the size of the valuation discounts applied to the non voting membership interests. The burden of proving the appropriateness of the discounts falls on the taxpayer. Thus,
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The FLLC must be operated as an actual business,
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Assets transferred to the FLLC should not be used for the donor’s personal use (unless fair market value rent is paid),
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When distributions are made by the FLLC,
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Recently,
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Despite the IRS’s recent success in some cases,
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Following,
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1,
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2. Create the FLLC well before death,
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4,
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5. Avoid making distributions,
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6,
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7,
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8. Have junior generational members contribute capital to the FLLC,
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