Abstract
Family limited partnerships (FLPs) can be useful instruments for estate planning in a variety of situations, but investment advisors and clients alike must understand the intricacies associated with them. For instance, FLPs are complex and expensive to create, and they are prone to U.S. Internal Revenue Service scrutiny. Nevertheless, not only do FLPs allow for valuation discounts, but they also allow clients to organize, control, and amend the partnership agreement as needed.
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