Family limited partnerships save transfer taxes
Family limited partnerships (FLP) can significantly reduce gift, estate, and generation-skipping transfer (GST)
taxes on generational wealth transfer through valuation techniques employing minority interest and liquidity
discounts.
Tax-advantaged philanthropy
Charitable remainder annuity trusts (CRAT) & unitrusts (CRUT) can be employed to retain lifetime
income with assets passing to charity at death.
Private Foundations create a lasting family legacy, while eliminating income tax on gifts of appreciated property.
Planned giving to public charities can include life insurance and retirement plan assets.
Eliminate non-resident state income tax
Professional corporations can be employed to eliminate non-resident state income tax for Florida
& Texas attorneys. Candidates for this strategy are partners of large, multi-state law firms admitting
corporate partners.
| (713) 677-4077