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Breaches of Fiduciary Duty
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Change of Beneficiary
Executors, Guardians & Trustees
Family Limited Partnerships
Planning for Incapacity
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Post-Nuptials
Risks of Using Online Forms
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Dallas Family Limited Partnership Attorney

Understanding Family Limited Partnerships

A limited partnership is a type of business organization where the management responsibilities and rights are held by general partners. The general partners acquire all of the shares and transfer some or all of their assets into the partnership. They can then distribute shares to limited partners. A family limited partnership (FLP) operates the same way, except that the general and limited partners are related to each other.

If you have a large estate with numerous holdings, establishing an FLP could potentially protect your assets against future creditors. It could also save you substantial amounts in estate and gift taxes. A family limited partnership can also help protect the family's assets against failed marriages and be of benefit in succession planning. A Dallas estate planning lawyer should be consulted if you are considering establishing a family limited partnership.

The Importance of Hiring a Lawyer

While there can be many benefits from establishing an FLP in Texas, it must be understood that they are not for everyone. Because a family limited partnership is set up as a business, they are scrutinized by the IRS. Hiring an attorney who is experienced in both estate planning and tax planning is very important. There are numerous pitfalls that you can encounter if you have not gotten advice from a lawyer who is knowledgeable in both of these fields.

My name is Carol Butrus and at my law office, I work directly with my clients. In that way, they can benefit from my 23 years of experience in both estate planning and tax law. I want my clients to be secure in the knowledge that their peace of mind is of great concern to me.

Contact a Dallas estate planning attorney at (972) 325-7516​ if you are interested in establishing an FLP to protect your family's holdings.

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Carol Willis Butrus, Attorney at Law - Dallas Estate Planning Attorney
Located at 2500 Dallas Parkway, Suite 600 Plano, TX 75093. View Map
Phone: (972) 325-7516 | Local Phone: (469) 440-5401.
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