Minnesota and Wisconsin Family Limited Partnerships
Family limited partnerships can be an invaluable tool to hold family assets and involve heirs in the process of transferring assets to the next generation. An experienced estate planning lawyer at Cummins Law Office can help you explore all your options and tailor a plan to meet your family's unique needs. We serve clients throughout the St. Croix River Valley, the Twin Cities metro area and Western Wisconsin helping them establish family limited partnership agreements.
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Family limited partnerships can be used to accomplish a number of important estate planning goals. These include establishing a centralized structure to hold family assets, involving children in decisions regarding family investments and protecting assets from risk. Family limited partnerships offer efficient transfer of wealth from parents to children. They also minimize tax consequences. In addition, a properly drafted family limited partnership can also leverage the annual gift tax exclusion, accelerating tax-free transfers.
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There are a number of tools for comprehensive estate planning. While wills and trusts are clearly effective, a family limited partnership may represent an additional level of asset and estate planning. The attorneys of Cummins Law Office can help you decide which combinations of planning tools will provide you with the best results. Contact us today to learn more about our estate planning services.
