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!