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"Unraveling Family Limited Partnerships," American Bar Association 2014 May Meeting

May 2014

American Bar Association's 2014 May meeting

Unraveling Family Limited Partnerships. Family Limited Partnerships are among the most popular estate planning vehicles. However, advisers often fail to consider the prospect of having to terminate or unwind an FLP and the substantial tax consequences of doing so. Facts and substantive law change, and the circumstances that may have once made an FLP the best vehicle for a client's estate may now suggest that the FLP be unwound. This presentation will discuss: Circumstances in which unwinding an FLP may make sense; Valuation issues in unwinding an FLP; Income tax consequences of terminating an FLP; Identifying and reducing risk factors; Best practices in unwinding FLPs.

Panelists: Andrew D. Rothstein, Goulston & Storrs, Boston, MA; Steven R. Schneider, Goulston & Storrs, Washington, DC.

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