Preferential aspects of FLPs.
| Jurisdiction | United States |
| Author | Wallgren, Don |
| Date | 01 April 1999 |
Chapter 14 of the Code was enacted in the Revenue Reconciliation Act of 1990 to curb perceived estate freeze abuses. However, the recent decline in interest rates and a number of developments have reinforced an effective method to retain a right to a fixed amount of income and control of assets while freezing their value for estate tax purposes--namely, a family limited partnership (FLP) with a retained preferential interest. The concept is simple: The parents transfer real estate, securities and other appreciating assets to a limited partnership in exchange for a...
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