Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances.
I became a member of the Forbes Finance Council a short time ago. I am thankful for the opportunity and look forward to sharing my knowledge and experience with the Forbes readership.
This is the link to the article at Forbes: http://bit.ly/2j1Bf8V
For many years, family limited partnerships (FLPs) have been a popular estate planning tool, in part due to their tax benefits. Specifically, they can allow you to transfer assets to your children (and other family members) at discounted values for gift tax purposes. The gifts may even be tax-free if you apply your lifetime exemption or annual exclusion.