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Family Limited Partnerships: Keeping the IRS at BayGET A GOOD LAWYER: Look for a tax or estate planning attorney who is experienced in drafting and defending partnership agreements. Call the American College of Trusts & Estates Fellows (310 398-1888) or the American Bar Association (312 988-5000) for referrals. GET A QUALIFIED BUSINESS APPRAISAL: An appraiser will document how much you can discount the assets in the partnership--usually 25% to 60%. PROVE IT'S A BUSINESS, NOT A TAX SCAM: Spell out your nontax reasons for setting up an FLP in the partnership agreement. Save all pertinent correspondence between the family members and your financial, legal, and tax advisers. KEEP A PAPER TRAIL: Get a copy of the limited partnership certificate filed with the state from your attorney. Open a separate bank account for the partnership, saving all account statements, receipts, and accounting records.
DATA: BUSINESS WEEK
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Updated June 15, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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