Family limited partnership

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Estate planning tools comparison

This section of Family limited partnership information website deals show estate planning tools comparison of living trust, family limited partnership, C corporation, LLC, and charitable remainder trust (CRT). Each of these estate planning tools have their advantages. However, each estate planning tool alone is usually not enough for a tax payer.

Legal structure	Lawsuit protection	Lower income tax	Avoid probate	Pay no capital gains
Living trust	No	No	Yes	No
Family limited partnership	Yes	No	No	No
C corporation, LLC	No	Yes	No	No
Charitable remainder trust	No	No	No	Yes

In order to be totally protected against lawsuits, probate, capital gains tax, and maximize tax deductions, a tax payer may want to consider the following set up. The set up below is for example only. Please consult your tax attorney for your specific situation.

Living trust

All assets that you don't want to go through probate need to be in the living trust. Examples of assets in the living trust are: checking accounts, savings accounts, stocks, bonds, properties, and insurance.

All assets also need to be in the family limited partnership to be protected against lawsuits.

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Family limited partnership (home) Family limited partnership Pay no income tax Charitable remainder trust Trust Site Map

Family Limited Partnership is a free resource website. We are not affiliated with any companies listed here. You should consult a tax attorney for specific problems.

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