Family limited partnership attorney McKinney

As a McKinney-based lawyer who specializes in estate planning, Janelle Cremé has witnessed countless families struggle with the transfer of wealth from one generation to the next. One approach she advises to her clients is the implementation of a family limited partnership (FLP).
An FLP is a partnership that enables relatives to merge their resources and manage them collectively. The partnership is composed of two categories of partners: general partners and limited partners. The general partners control the management of the partnership and make decisions about the partnership's assets. The limited partners, in contrast, lack any influence over the partnership's management but are entitled to a portion of the partnership's earnings.
There are several benefits to utilizing an FLP as part of an estate plan. One of the primary advantages is that it enables families to transfer wealth from one generation to the next in a tax-efficient manner. When assets are transferred to a family limited partnership, they are usually assessed at a reduced rate because the limited partners have no control over the partnership's management. This implies that the transfer of assets is subject to less gift tax.
Another benefit of using an FLP is that it provides protection for assets. As the limited partners lack control over the partnership's management, their personal possessions are safeguarded from any liability that the partnership may incur. This can be particularly useful for families who own businesses or real estate.
Finally, an FLP can assist in maintaining family harmony. By merging their assets, family members are compelled to work together and make decisions as a team. This can help avoid disputes and disagreements that may arise when family members make individual decisions regarding the family's assets.
While there are numerous advantages to employing an FLP, it is crucial to collaborate with a skilled estate planning lawyer to ensure that the partnership is established properly. Janelle Cremé has aided many families in McKinney and the surrounding regions in establishing family limited partnerships that meet their distinct needs and objectives.
Clients working with Janelle Cremé can expect a customized approach to their estate planning needs. She takes the time to comprehend her clients' objectives and concerns, working closely with them to develop a plan that suits their specific situation.
If you're interested in discovering more about how an FLP can benefit your family, contact Janelle Cremé today to schedule a consultation. She can help you understand the pros and cons of employing an FLP and guide you through the process of establishing a partnership that suits your requirements.