A Limited Partnership is an excellent tool that empowers you to maintain control over assets while at the same time offering you the flexibility needed to devise and implement a sound estate planning strategy that can deal simultaneously with a multitude of business and family issues. These issues require an analysis of your assets, your business succession desires, how control over the partnership is to be allocated between general and limited partners, the asset protection consequences, and the estate, gift, and income tax ramifications.
Of course, by itself a Limited Partnership is not a complete estate plan. It works best in conjunction with your Revocable Living Trust and other planning documents to make sure that your estate planning desires are completely fulfilled. It is important to discuss these serious issues in depth with your estate planning attorney before deciding whether a Limited Partnership is an appropriate tool in your estate plan. Although we live in a time when many less than scrupulous individuals are trying to sell fill-in-the-blank partnership forms, only a qualified estate planning attorney will be able to help you sort out your options and tailor a plan that will best protect your family.