Family limited partnerships (FLP) and family limited liability companies (FLLC) are estate and business planning strategies that allow you to pass wealth to future generations while enjoying full control of your assets as well as significant tax savings.
You can count on Karen L. Brady to guide you through the process of organizing your business entity. With more than 20 years of experience in estate planning and business law, she will work with you closely to understand your goals, developing an effective plan that allows you to protect what matters most to you.
Effective Estate and Business Planning Tools
If you have a family business or other asset you would like to share with your children or other descendants, an FLP or FLLC could help you achieve your goals. These vehicles allow you to transfer valuable assets into that entity and share them with family members without giving up control. This is a great way to allow your family's younger generation to participate in the business or to gradually transfer ownership of a property to your heirs.
These entities are effective estate planning tools because they significantly reduce estate and gift taxes. Additionally, both LLP and FLLC offer levels of asset protection to its members in the event of a lawsuit or a divorce.
The IRS closely scrutinizes deductions, reported income, and gifting of FLPs and FLLCs. It is important to have an experienced Denver family limited partnerships attorney guiding you through this process to ensure you enjoy the full tax benefits a business entity has to offer.
Speak With a Colorado Family Limited Liability Companies Attorney
Creating an FLP or FLLC is not a do-it-yourself project. Our lawyer will help you develop an entity that meets your financial goals and provides you with the maximum tax benefits. To schedule a free consultation, contact us online or call us toll free at 888-806-7304 or locally at 303-835-1811.