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.