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- Posted on 12/19/2009Read Will, Trust, and Estate Attorney David Frees' Comments on The Washington Post Blog
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Pennsylvania Asset Protection & Estate Planning Blog Will & Trust Attorney Blog For Unruh, Turner, Burke & Frees
Estate and Inheritance Tax Planning
A Victory For Family Limited Partnerships Against The IRS
A tax payer has won a seventh case (or at least achieved a partial victory) in a family limited partnership where the IRS was asserting a claim under section 2036 of the Internal Revenue Code.I am including a link to analysis of the flp (family limited partnership) case but this analysis is somewhat technical.
The key points to take away from the series of cases related to family limited partnerships:
Avoid personal property which continues to be utilized by the creator
Carefully document the business purposes of the partnership
Observe the business entity and purposes of the FLP
Carefully select the assets to manage and to include
For more information on Famnmily Limited Partnerships as a tool to pass on wealth, to manage "gifted" property, and for providing creditor and litigation protection, follow this blog.
David M Frees III is an attorney practicing in the areas of Pennsylvania Estate Planning, Asset Protection Planning, Wealth Preservation and Estate Administration. David's partners and associates practice in many related areas of the law.
610-933-8069
dfrees@utbf.com
Attorney David M. Frees III whose practice involves trusts, estates, wills, and estate and asset protection planning, has just published a new (and free) guide for executors of wills probated in Pennsylvania. The report entitled: The Ten Most Common Mistakes That Executors make and How To Avoid Them. This is a guide for executors to prevent personal liability and a guide to you if you're planning your estate and need to decide who is the best executor.
David Frees and Unruh, Turner, Burke and Frees have offices located conveniently in Malvern, Phoenixville, and West Chester Pennsylvania. Just click here for directions.
If you are an executor, or if you need to update an old will, trust, or estate plan, or if you need to do one for the first time, call 610-933-8069 and ask for one of David's assistants for an appointment with David or one of his team.
Please tell us that you're calling from our estate planners web site and you will receive a bonus when you come for an appointent or you have a telephone conference with David.
David Frees has attained AVVOs highest lawyer rating of "superb" or 10. For more information on David Frees' AVVO rating click here.
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Phone: (610) 933-8069
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Malvern
116 E. King St.
Malvern, PA 19355
Phone: (610) 240-0750
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West Chester
17 W. Gay St.
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West Chester, PA 19381
Phone: (610) 933-8069
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See David by Appointment call 610-933-8069 For David Frees
Get Directions
Offices
Offices
Phoenixville
120 Gay St.
Phoenixville, PA 19460
Phone: (610) 933-8069
Fax: (610) 240-9323
Regular Business Hours
Malvern
116 E. King St.
Malvern, PA 19355
Phone: (610) 240-0750
Fax: 610-240-9323
By Appointment
West Chester
17 W. Gay St.
P.O. Box 515
West Chester, PA 19381
Phone: (610) 933-8069
Fax: 610-240-9323
See David by Appointment call 610-933-8069 For David Frees
