Q: What is a family limited partnership and how would it relate to my estate planning strategy?
A: It’s simply a vehicle to hold assets coupled with an agreement on how to manage and distribute the assets given various scenarios. It is not typically part of an estate plan for most people, as there are usually far better methods. As far as how any particular strategy best relates to your situation, that can only be answered after a consultation with a lawyer and going over your goals, financial situation and what you want to see happen with your assets. There are many issues you will want to be made aware of, including tax consequences of various options, Medicaid/long-term care planning, etc. Partnerships are governed by state statutes, and give various rights to the partners, including accounting actions, liquidation rights, inheritance, etc. Most people would utilize a will and/or a trust to accomplish their goals.
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