Antelope Valley Estate Planning Law Firm Explains How Family Limited Partnerships Can Protect Assets

Antelope Valley estate planning law firm Thompson Von Tungeln explains the benefits of a family limited partnership to protect assets and reduce estate and gift tax liability.

Lancaster, California (PRWEB) June 11, 2009 -- Antelope Valley estate planning law firm Thompson Von Tungeln explains how a family limited partnership can reduce estate and gift taxes and protect assets of family members from potential claims and lawsuits.

"A family limited partnership is an excellent way to protect assets for several family members in one convenient instrument," said Kevin Von Tungeln, partner at Thompson Von Tungeln. "Typically family savings, investments and titles to businesses and property are placed into the family limited partnership (FLP). Since the family limited partnership is a separate legal entity and assets are typically held in a trust, it is extremely difficult for claimants and judgment creditors to gain access to assets that are part of the FLP."

A family limited partnership is an excellent way to protect assets for several family members in one convenient instrument

Typically family savings, investments and titles to businesses and property are placed into the family limited partnership (FLP). Since the family limited partnership is a separate legal entity and assets are typically held in a trust, it is extremely difficult for claimants and judgment creditors to gain access to assets that are part of the FLP.

This is not something that someone wants to try to do on their own

The Internal Revenue Service monitors family limited partnerships closely, and has been successful in challenging those established near the time of death for the sole purpose of reducing estate taxes. An estate planning specialist is crucial for properly establishing and operating a family limited partnership.

"This is not something that someone wants to try to do on their own," said Von Tungeln. "The Internal Revenue Service monitors family limited partnerships closely, and has been successful in challenging those established near the time of death for the sole purpose of reducing estate taxes. An estate planning specialist is crucial for properly establishing and operating a family limited partnership."

About Kevin Von Tungeln

With more than 17 years' legal experience, Kevin L. Von Tungeln serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships and elder law. He is certified by the State Bar of California Board of Legal Specialists as a Board Certified Specialist in Estate Planning. Get to know more about Kevin's approach to estate planning by viewing his informational videos at: http://tinyurl.com/d59rz2 Kevin can also be found at LinkedIn by going to: www.linkedin.com/in/kevinvontungeln

About Thompson Von Tungeln

Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at EstatePlanningSpecialists.com.

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family limited partnership antelope valley estate planning law firm

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