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Family Limited Partnerships (FLP)

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In this insightful discussion, Christopher Masters, Houston Managing Shareholder at Doeren Mayhew, sits down with Jack Najarian and Avo Mavilian, EA, WMCP®, ChSNC® as we take a deep dive into the world of Family Limited Partnerships (FLPs), offering a comprehensive understanding of their role in estate planning and wealth transfer. Our seasoned experts provide invaluable insights into the intricacies of establishing and managing an FLP, shedding light on essential factors that can shape your financial future.

Explore the critical considerations that come into play when creating an FLP, including strategies for anticipating buyer expectations. Discover why forming a cohesive team of advisors, including attorneys, investment experts, and CPAs, is pivotal to a successful FLP. Learn how collaborating with these professionals can help you align the structure and tax framework of your business with the long-term goals of preserving your family’s wealth.

Gain a deeper understanding of the proactive planning required for FLPs, as well as the annual administrative tasks and associated costs. Learn how these efforts are necessary to maintain the integrity of your FLP and ensure its continued effectiveness as a wealth management tool.

But FLPs are not just about financial assets; they can also serve as a means of passing down essential family values. Discover how senior generations can use FLPs to impart their financial wisdom, ethics, and strategies to the younger heirs. Understand the profound impact this can have on preparing the next generation to responsibly manage the family’s wealth.

We also address the challenges that arise when heirs are disinterested in the family’s financial affairs and explore potential solutions for bridging this gap. Furthermore, we delve into the longevity of FLPs, explaining how they can transcend generations, mitigating common conflicts that often surface after the passing of the senior generation.

Don’t miss this comprehensive discussion that goes beyond the basics of FLPs, offering valuable insights and guidance for securing your family’s financial legacy while imparting enduring values to future generations. Whether you’re an established business owner or just beginning to explore estate planning options, this episode provides essential knowledge to help you make informed decisions about FLPs and their role in your financial future.

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