Estate Planning – Other Optional Components

In addition to the above different types of Trusts, in certain circumstances, there are other steps that may be taken including:

Family Limited Partnership (FLP) – Typically used for assets too large to be transferred at death without a huge estate tax hit that are transferred, a “share” at a time, during life, without giving up control of that asset, effectively “disinheriting” the IRS. Typically used to transfer rental property.

LLCs (Limited Liability Companies) / Incorporations – In some situations, using an LLC or a corporation through which to transfer part ownership, a piece at a time, rather than using a FLP, is preferable, especially where the asset is an ongoing, active commercial enterprise, with employees / inventory, etc.

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