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Family Limited Partnerships

By Martin M. Shenkman

Family limited partnerships and limited liability companies (collectively, FLPs) are ubiquitous in estate and asset protection planning. The odds are that you will encounter one or more FLPs in discovery with increasing frequency. The question is, what do they mean to the divorce negotiations and settlement, and how can you be certain that your client gets a fair deal? When these entities are set up for estate and asset protection planning, the very mechanisms that reduce values for estate and gift tax purposes and make it harder for creditors to reach the assets will also make it more difficult for you to negotiate a fair and equitable distribution settlement, and a reasonable alimony and child support payment based on the income generated by the entity. This article explains and highlights in general terms how these mechanisms work, and provides a checklist of issues that you can use to attack these entities – thereby obtaining a better settlement for your client.

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