FLPs or family limited partnerships have been used by Pennsylvania residents as a sophisticated estate planning technique for years.  And, many Pennsylvania will and probate lawyers have encouraged the use of FLps as a best practice for wealthy clients.  The technique can help control assets, provide for managment of family businesses, and can provide creditor protection from your own creditors and ;itigation against your children and heirs. 

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.

To find out even more about FLPs click here.

David M. Frees III, Esquire

610-933-8069

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.