Texas Comptroller: Companies ‘boycotting’ fossil fuels could lose state funding

How Much Should We Tell Our Ex?

When a relationship’s over how much do we still need to consider our ex, how much of our news and change of circumstances should we share in person – or should we just let them find out via social media? I suppose different factors apply; are shared children in the mix, was it a friendly enough split? How much should we tell our ex?

Living Life On Purpose – Easier Than You Think

What is the purpose of life or, in fact, what is the purpose of my life? Maybe there is more than only one purpose. Maybe there is a plethora of purposes.

Funding the Family Limited Partnership

A family limited partnership is generally funded with specific assets. Real estate provides the ideal investment, but not all assets are suitable for transfer to the partnership. Regarding corporate partners, S-corporation stock cannot be held by a partnership. Partners do not recognize gain or loss when they contribute property to the partnership in return for their partnership interests. Additional capital contributions do not generate a gain or loss for partners or the partnership.

Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Failures and Mistakes That Can Create Disaster in a Family Limited Partnership

The proper planning and formation of the FLP is critical, but there are certain events that must be avoided or you might risk invalidating the FLP. If the person or persons transferring assets into an FLP is in a terminally ill situation, the IRS can invalidate the FLP as it is seen as a way for the transferor to hide assets rather than protecting them.

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