Family Limited Partnership (FLP) Planning
Protect Your Wealth, Minimize Taxes, and Preserve Your Legacy
A Family Limited Partnership (FLP) is a sophisticated estate planning tool that allows you to protect your assets, shift income among family members, and ensure the long-term stability of your business. Whether you’re a business owner, real estate investor, or looking to pass down wealth efficiently, an FLP can provide significant tax advantages and liability protection—all while allowing you to maintain control.
Why Consider an FLP?
An FLP enables you to:
Reduce estate and gift taxes by leveraging valuation discounts and strategic gifting. Maintain control over business operations while gradually transferring ownership. Protect assets from creditors, lawsuits, and potential divorce settlements. Ensure business continuity by restricting ownership to family members. Avoid probate and streamline wealth transfer.
How an FLP Works
- You and your family transfer assets (such as a business, real estate, or investments) into the FLP in exchange for ownership interests.
- General Partners (GPs)—usually senior family members—retain management control and assume liability for debts.
- Limited Partners (LPs)—often children or other heirs—own interests but have no direct control, shielding them from business liabilities.
- Over time, ownership interests can be gifted to younger generations, taking advantage of tax benefits while keeping decision-making authority with the senior generation.
Who Can Benefit from an FLP?
- Business Owners looking to transition leadership while minimizing estate taxes.
- Real Estate Investors seeking to consolidate assets and protect against liability.
- High-Net-Worth Families aiming to preserve generational wealth.
Let’s Build Your Family Legacy Together
Navigating the complexities of FLPs requires expert planning. At Corridor Consulting, we specialize in structuring FLPs for tax efficiency, wealth preservation, and family harmony.
Book Your Complimentary Discovery Chat
Find out if an FLP is the right strategy for your family and business. Schedule a consultation today to discuss your financial goals and explore how an FLP can benefit you.
Let's Transform Your Financial Future
Your Path to Financial Excellence
Step 1: Share Your Vision
Through our Strategic Assessment, and our Discovery Chat we’ll gain a deep understanding of your unique situation and goals. This focused evaluation identifies immediate opportunities while ensuring our solutions align perfectly with your long-term objectives.
Step 2: Strategic Planning & Solution Design
Whether you need business optimization, tax resolution, or legacy planning, we’ll develop a customized action plan. Our proven process integrates advanced tax strategies with practical solutions, addressing your immediate concerns while securing your financial future.
Step 3: Implementation & Growth
Watch as our systematic approach transforms your financial situation. You’ll gain clarity, confidence, and control – whether through optimized business operations, resolved tax issues, or guided estate administration.
Why our clients partner with us
- Business Advisory: Our clients increase profits, improve margins, and scale their businesses efficiently by leveraging our technology-driven financial systems and strategic management expertise.
- Tax Services: From proactive tax strategy to full IRS representation, our clients maximize savings while staying compliant. We handle all tax complexities, ensuring ethical solutions that safeguard their wealth.
- Legacy & Wealth Transfer: Through estate, trust, and succession planning, we help business owners and high-net-worth families preserve wealth across generations, minimize tax liabilities, and navigate complex estate administration with confidence.
Start Your Journey Now
Complete this brief questionnaire to tell us about your needs, and schedule your discovery chat.