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Essay / Research Paper Abstract
This 11 page paper explores the FLP through a case study provided by a student. Benefits and detriments of using such a tax strategy are discussed. Bibliography lists 11 sources.
Page Count:
11 pages (~225 words per page)
File: RT13_SA022FLP.rtf
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Unformatted sample text from the term paper:
incomes rise and wealth accumulates in America, boomers are beginning to realize that their assets may be taxed to death after their own demise. Wanting to leave their wealth to
their children, many couples who have done well find it frustrating that Uncle Sam can take so much money away during a transfer of assets. After all, they earned the
money and paid taxes on it previously. Why should they be doubly taxed? Many people and politicians are frustrated with laws that heavily tax such business, property and cash transfers.
However, while people continue to lose large chunks of their money to the government, financial planners, tax accountants and CPAs have always found ways to circumvent taxation when parents want
to will money to their children. These methods are perfectly legal as although tax evasion is illegal, tax avoidance is something every person should do. At the same time, the
less fortunate often argue that the types of methods employed by tax planners are immoral as they provide the rich with tax loopholes, while placing the burden of paying tax
on the middle class. Still, for decades, rich people have been able to secure ways to protect their assets from heavy taxation. When a familys net worth exceeds one million
dollars, something not hard to do in the twenty-first century, many leading trust and estate attorneys recommend the Family Limited Partnership (FLP) to facilitate the transfer of money between generations
(Simonoff 204). While forming an FLP is often recommended it is not a panacea, nor is it available to everyone. Such partnerships are only legitimate if a family
possesses various assets such as real estate and interests in private companies, for example (204). There is also a great deal of disagreement in terms of who is eligible and
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