Family Limited Partnerships in Illinois

Gift & Estate Tax Valuations in Chicago

If you are taking steps towards estate planning, you have likely realized that transferring your wealth to your children or grandchildren can be very costly, unless you plan ahead. This is due to estate and gift taxes, as well as transfer taxes, which can cause your hard earned money to go to frustrating taxes, rather than loved ones and family members. The good news is that you do have legal options to help limit these taxes, including family limited partnerships and limited liability companies.


You have spent many years working hard to earn your wealth. Trust Gibraltar Business Valuations​to help you employ tools which will minimize taxes on that wealth. Call us today


Should I Create a Family Limited Partnership?

The main reason you may want to form a family limited partnership or limited liability company as a legal entity is to intelligently manage family wealth. A partnership or LLC can be used as a tool for wealth transfer planning. Establishing a family partnership or LLC is complex, and the success of one depends on a number of different variables. That is why our Chicago business professionals are here to assist you with these matters.

We put together specific strategies to help you avoid tax obstacles, using family limited partnerships and limited liability companies to allow for a larger amount of assets to be transferred without incurring seemingly insurmountable taxes. If you are interested in creating a partnership as part of your estate plan, reach out today.

How Does a Family Limited Partnership Work?

Generally, the owner (you), contribute assets to the family limited partnership or limited liability company in exchange for ownership units in the partnership or LLC. You then gift ownership units to your children or grandchildren, transferring wealth out of your estate and into the hands of family members. This allows for transfer of wealth at discounted amounts, and helps to minimize gift and estate taxes.

As general partner, you, the donor:

  • Controls what cash the limited partners receive
  • Determines what abilities the limited partners have
  • Retains control over the partnership assets

Employing Careful Planning Techniques

There are many different factors to consider, which we will explain thoroughly when you make an initial appointment. It is important to understand that limited partnership documentation is very specific and must be drafted by an experienced professional. A business and tax expert from our team can offer thoughtful planning and financial resources to help you understand your options.

Please call our office now at (312) 883-8850 to get started!

Questions? Contact Gibraltar Business Valuations Today

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