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An FLP can protect family wealth, provide a tool for reducing the size of an estate, and help individuals retain control and management of assets. An FLP is different from a charitable trust or gift of future interest; FLPs allow you to use more than one asset in the plan. However, like other planning techniques, selected assets are included in full – you cannot use part of an asset in an FLP.

The program assumes that ownership of all property is changed as necessary, using the marital gift tax exclusion, so that each spouse owns equal interest in the FLP you propose.