This article explains what a Family Limited Partnership (FLP) is and how they work. “Typically, parents establish the FLP and transfer assets that they feel have good growth potential, said Gerard Papetti, a certified financial planner and certified public accountant with U.S. Financial Services in Fairfield.” It also discusses how these organizations are regulated in the State of New Jersey. Rules and regulations governing FLPs can vary from state to state so it is important to get an understand of the policies in your local jurisdiction. This article provides good general information about FLPs, but it is important for people to factor in their own individual circumstances. It is a good idea to speak with an estate planning professional with knowledge and experience setting up FLPs.
See Karin Price Mueller, Benefits of a limited family partnership, New Jersey 101.5, May 18, 2016.
