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A Family Limited Partnership Failure

David M. Frees, III
by David M. Frees, III
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Attorney, Speaker and Author

Posted on Feb 03, 2012

2011 Pennsylvania News:

A Failed Family Limited Partnership 

 In the Estate of E.V. Jorgenson the decedent (the person who just passed away) transferred substantial assets to two family limited partnerships and claimed that the retained powers and interests were minimal. The IRS assessed an estate tax deficiency and Tax court found that the decedent had retained the economic benefits and control of such property and that the transfers did not involve a bona fide sale for full consideration. Estate of E.V. Jorgensen, 2011-1 USTC.

To read more about this case and the ramifications it could lead to for you and your family limited partnership click here to read A Failed Family Limited Partnership.

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David M. Frees IIIAttorney David M. Frees III whose practice involves trusts, estates, wills, and estate and asset protection planning, has just published a new (and free) The Executor Reportguide for executors of wills probated in Pennsylvania.
 
The Executor Report: 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 for you if you're planning your estate and need to decide who is the best executor. 

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