Estate Planning with Family Limited Partnerships/LLCs Part 2



  • Available Until 10/17/2021
  • Next Class Time 10:00 AM MT
  • Duration 60 min.
  • Format MP3 Download
  • Program Code 0118418
  • MCLE Credits 1 hour(s)

Course Price: $79.00


Family Limited Partnerships and Family LLCs are among the most effective planning tools for transferring family businesses from generation to generation while reducing federal estate and gift taxes.  Among the many keys to successfully using FLPs is transferring control and obtaining a correspondingly steep discount on the valuation of the company. But the IRS frequently and aggressively challenges the use of FLPs and their valuations, which have made their use fraught with more risk. This program will provide you with a practical guide to sophisticated planning techniques using these vehicles, structuring and drafting tips, a real world assessment of the risks involved, and recent trends in audits of FLPs.

Day 1:

  • Sophisticated planning with FLP and FLLCs
  • Selling FLP/FLLCs – and solutions for clients who want to retain control
  • Use, risks and traps of defined value formula clause
  • Planning for challenges by IRS under Section 2036
  • Trends in FLP audits

Day 2:

  • FLP planning to reduce GST
  • Post-mortem planning, including “note-freeze” partnerships
  • Issues on exiting/terminating FLPs
  • Best practices on advising clients on formation of FLP/FLLCs


William Kalish is a partner in the Tampa office of Johnson Pope Bokor Ruppel & Burns, LLP.  His practice focuses on advising individual clients and their families on their estate and trust plans, including wills, revocable trusts, irrevocable trusts, charitable trusts, private foundations, and limited partnerships. He also practices in probate administration, asset preservation, business succession planning for family-owned entities, and the division of business interests in the context of divorce.  He is a Fellow of the American College of Tax Counsel, formerly served as chair of Administrative Practice Committee of the ABA Tax Section, and has served as an Adjunct Professor of Law at Stetson Law School teaching estate planning.  Mr. Kalish received his B.A. from the University of Pittsburg and his J.D. with honors from George Washington University Law School.

Jeffrey M. Gad is a partner in the Tampa, Florida office of Johnson Pope Bokor Ruppel & Burns, LLP, where his practice emphasizes representing individuals emphasizing a broad range of probate, business and taxation related issues. His practice integrates the personal and estate tax planning concerns of individuals with tax and business planning for their closely-held businesses. He has extensive experience in all aspects of probate and trust administration, including the preparation of estate tax returns.  Mr. Gad earned his B.S.B.A. from the University of Florida, his J.D., magna cum laude, from Nova Southeastern University, Shepard Broad Law Center, and his LLM from New York University School of Law.