David M frees III as an attorney representing many affluent and moderatly affluent families has been recommending the use of family limited partnerships for all of these reasons. However, as family limited partnerships have become more mainstream he has also noticed (like many other advisers) that families want to move all of their assets into these vehicles. However, moving homes, cars, and other personal use assets into family limited partnerships can be a recipe for disaster.
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David M. Frees III, Esquire
Unruh, Turner, Burke and Frees serving clients in Chester, Montgomery, Philadelphia, Lancaster, and
Delaware counties and with officeis in Phoenixville, Malvern, and West Chester Pa.