Miller Law Group Experienced, Proven Family Limited Partnership Lawyers
Miller Law Group Family Limited Partnership Lawyers have 40 years’ experience preserving and protecting the assets in Berks County, PA communities in and around Reading, PA. As you’ll find out as you read the information on this page, experience matters. That’s because you’re assured there are no surprises from the IRS or Probate Court.
Why Consult With Our Family Limited Partnership Lawyers When Planning For Your Estate?
Estate Planning in Pennsylvania can be challenging. Two important questions include how can I:
- leave property and assets to your loved ones and children without burdening them with excessively high taxes which devalue the amount of money or property you’re leaving; and
- retain control over what you leave, ensuring your wishes are respected and your property is distributed as you would like?
One solution that may answer both questions is a Family Limited Partnership (FLP). This legal instrument allows you to…
- preserve family businesses and assets as well as property for your loved ones.; and
- retain control over what you have now while reducing the tax burden your loved ones will have to face later.
How Family Limited Partnerships Work in Pennsylvania
A Family Limited Partnership works very simply. You
- work with our Limited Family Partnership Attorneys to properly set up and properly structure your partnership;
- add assets, businesses and property to the partnership which now belong to the partnership;
- gift interests in the limited partnership to children as well as other beneficiaries; and very importantly
- remain (and possibly your spouse) as general partners in the partnership meaning you control the assets and the property.
The advantages of an Family Limited Partnership include…
- it allows you maximum control as well as full protection;
- interest gifted to your family members…
- has no value in and of itself because you can’t sell, trade or give the interest away;
- cannot be used to control or make decisions about the assets in the partnership; and
- become accessible to your family members only valuable when you pass on; and lastly
- considerable tax advantages because interest in the partnership is not valuable and marketable (it can’t be sold or traded), it is valued at a discount for tax purposes. Therefore, after your passing, your beneficiaries pay less in taxes through an Family Limited Partnership than they would if you pass the same assets to them directly.
Why You Need a Family Limited Partnership Lawyer
If your Family Limited Partnership you risk running into issues with IRS and probate courts. Your Family Limited Partnership must…
- work as a genuine partnership for business purposes; and
- operate like a business with meetings, the correct paperwork and the right tax filings.
Not surprisingly, running a partnership can be quite complex. A family limited partnership attorney in Reading, PA can not only help you set up an FLP, but they can also ensure you understand how to follow all the rules so the IRS is less likely to challenge the validity of the entity. In addition, an attorney can help you decide whether an FLP or other estate planning tools will be the most appropriate for your family and your needs.
If you’d like to speak to an estate planning or family limited partnership attorney today, contact Miller Law Group. Through our offices in Reading, Pennsylvania, we’re proud to have helped families across the Reading area, Berks County and other parts of Pennsylvania with their probate and estate planning needs. Contact us today for your consultation to discuss whether FLPs might be a solution for you.