The estate planning attorney Woodbridge VA would also explain you the concept of LLCs and FLPs. LLC s stand for Family Limited Liability Companies and FLPs stand for Family Limited Partnerships. Both have been used for several years to transfer wealth and assets to the members of the family and this is done maintaining the process that would help in reducing or limiting the state tax through the methods of valuation discounting. However, these days the particular estate planning method has become less useful and functional in matters of tax payments.
Here you have enhanced tax court challenges and this is done by the IRS and also due to the probable hike in the amount of tax indemnity in the year 2013. However, the portability of the norm is better visible in case of married persons.
However, you can call LLCs and FLPs successful estate planning tools. These are turned functional and effective tools due to several non tax reasons.
Things are better explained by the estate planning attorney Woodbridge VA. In matters of business interests and business assets the tools of LLCs and FLPs are better functional. As part of the process you have the development of the business succession plan, and you even have the development of the specific plan for the merging of the investment and business assets.
Here you even have the right placement of the real estate and there are other necessary assets which are in need of real management and in this case the control is exercised by a professional manager.
The managers act in providing periodic interests in matters of LLC to the children and in this way the wards are slowly given the responsibility to look after their parents’ business and in the way they can perfectly protect the assets and the valuables from the line or creditors.