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Currently, Family Limited Partnerships (FLPs) are the last, best way for individuals to protect their assets from the high burden of estate taxes and from today’s litigious society. Historically, FLPs in every state have thwarted the attempts of creditors to seize individual’s assets. Thus, family inheritances and businesses can be protected and passed on to future generations. A glossary, thorough index, sample filled-in forms, sample cases and blank tear-out forms make this new title accessible for any consumer.
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FAMILY LIMITED PARTNERSHIP How to Protect Your Family Business and Provide for Your Children Karen Ann Rolcik Attorney at Law
FAMILY LIMITED PARTNERSHIP How to Protect Your Business and Provide for Your Children
FAMILY LIMITED PARTNERSHIP How to Protect Your Business and Provide for Your Children Karen Ann Rolcik Attorney at Law
SPHINX PUBLISHING ®
AN IMPRINT OF SOURCEBOOKS, INC.® NAPERVILLE, ILLINOIS
www.SphinxLegal.com
Copyright © 2003 by Karen Ann Rolcik All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems—except in the case of brief quotations embodied in critical articles or reviews—without permission in writing from its publisher, Sourcebooks, Inc.® Purchasers of the book are granted a license to use the forms contained herein for their own personal use. No claim of copyright is made in any government form reproduced herein.
First Edition, 2003 Published by: Sphinx® Publishing, An Imprint of Sourcebooks, Inc.® Naperville Office P.O. Box 4410 Naperville, Illinois 60567-4410 630-961-3900 Fax: 630-961-2168 www.sourcebooks.com www.SphinxLegal.com This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles Jointly Adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations
This product is not a substitute for legal advice. Disclaimer required by Texas statutes.
Library of Congress Cataloging-in-Publication Data Rolcik, Karen Ann. Family limited partnership : how to protect your family business and provide for your children / by Karen Ann Rolcik. p. cm. ISBN 1-57248-254-0 (pbk.) 1. Family partnership--Taxation--United States--Popular works. I. Title. KF6452.Z9 R65 2003 343.7305'32--dc21 2002153926
Printed and bound in the United States of America. VHG Paperback — 10 9 8 7 6 5 4 3 2 1
CONTENTS
USING SELF HELP LEGAL BOOKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi CHAPTER 1: PARTNERSHIP BASICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 General Partnerships versus Limited Partnerships Partnership Terms
CHAPTER 2: OVERVIEW
OF
FAMILY LIMITED PARTNERSHIPS . . . . . . . . . . . . . . . . . . . . . . . . . 9
Members of the Partnership Partne