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Trusts & Estates Law | Tax Law



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Presented to:

The Florida Institute of CPA's
Summer Cluster
Orlando, Florida
July 30, 1999

The Florida Institute of CPA's
14th Annual Accounting Show
Fort Lauderdale, Florida
September 23-24, 1999

The Florida Institute of CPA's
Florida Institute on Federal Taxation
Lake Buena Vista, Florida
November 17-19, 1999

Estate Planning Conference
Fort Lauderdale, Florida
December 3, 1999

* Materials Supplemented through June 30, 1999.


Over recent years there has been a significant increase in the use of the family limited partnership ("FLP") as a component of estate planning for wealthier individuals. Although the Internal Revenue Service ("IRS") continues to launch attacks on the FLP concept and the legislature continues to propose changes to curtail FLP tax benefits, FLPs are still being used by practitioners as an estate planning strategy and asset protection technique.

This article discusses the myriad of issues that must be considered, not only with regard to the creation of a FLP, but also, and more importantly, with the proper administration, operation and management thereof. As practitioners, we must closely follow the continued development of this area of law by monitoring pertinent statutes and rulings as well as IRS pronouncements in order to determine whether revising existing documents and/or instituting new procedures may be necessary or desirable.

Family Limited Partnerships
Proper Maintenance Must Follow
Initial Formation

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The following notice is required by the IRS: Any U.S. federal tax advice contained in the articles and information in this web site is not intended to be written or used, and cannot be used or relied upon, to avoid tax-related penalties under the Internal Revenue Code, or to promote, market or recommend to another any tax-related matter addressed herein.




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