Key Takeaways:
- A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure.
- Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications.
- Income and losses can be allocated to different family members, taking advantage of lower tax rates.
- It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnership.
Chapters
| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:01 | Introduction to the podcast |
| 0:00:13 | Disclaimer about the information presented |
| 0:00:48 | Phillip and Alison discuss tax benefits |
| 0:01:35 | Introduction to family limited partnerships |
| 0:03:40 | Benefits of family limited partnerships |
| 0:05:46 | Allocation of income in a family limited partnership |
| 0:06:46 | Difference between family limited partnerships and family trusts |
| 0:07:50 | Contact information for Alison |
| 0:08:58 | Conclusion and closing remarks |
| 0:09:21 | Disclaimer about the information presented |
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
Join the Wealth Building Made Simple Newsletter: https://www.wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Wealth Mindset: Money does not buy happiness
Real Estate: What drives real estate prices
Life insurance: Getting life insurance without having to get stuck with a needle
Investing: Understanding what the basics of what drives the prices of assets
Business planning: Tips for building your budget for 2023
Wealth Mindset: Evolving your financial intelligence
Real Estate: Buying real estate when interest rates are rising
Health insurance: Affordable Care enrollment season
Investing: Using our emotions as a guide to wise investing decisions
Tax planning: Don’t take short cuts on your taxes even though audits are significantly down
Investing: The role of cash in this market
Real Estate: Using other people’s money for some of your down payment
Life insurance: How to calculate how much life insurance you need
5 ways to invest in the podcast industry
Taxes: How catching a baseball at a game might create an IRS tax bill later
Achieving the perfect balance between youth and experience is key in investing
Real Estate: Is it a good time to buy a fixer upper?
Mental Conversations with Cody Payne (Recorded Live)
Investing: Money is the Soul the of an economy
Mental Conversations Series: Vicki D Blanton
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast