Publications - Articles

Family limited partnerships and limited liability companies are attractive estate planning tools because, if they are carefully designed and operated, they permit the donor parent or parents to make gifts of partnership or membership interests to younger generation family members while permitting the parent or parents to retain substantial control of the gifted assets. Great care must be exercised in the design and operation of both limited partnerships and LLCs, however, because of recent aggressive enforcement positions taken by the IRS and upheld by the federal courts.