There are many sound strategies to protect the wealth you and your family have accumulated over the years. If you have a closely held family business that you want to protect from creditors and estate taxes, your attorney may well advise the preparation of a family limited partnership agreement.
Business and family are often intermixed. In some cases, it might make sense to make this relationship a legal formality. Family members, like anyone else, can create a partnership to manage their savings and assets. In the world of business law this is referred to as a Family Limited Partnership (FLP). Find out how you can incorporate this type of business entity into your overall estate planning process.