A Family limited partnership is a legal, formally established business entity.
It can be the owner of life insurance, family vacation property or most other
assets. A limited partnership consists of general partnership interests and
limited partnership interests. An FLP is typically structured with the general
partnership portion holding less than 5% of the total value of the assets of the
partnership, with the limited partnership holding the balance. Partnerships are
very flexible and generally have many additional tax benefits compared to other
entity structures.
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