Tag: family limited partnership

Illinois high net-worth families have unique interests to consider when setting up their estate plans to protect their assets for the future of their families. This is particularly important because Illinois is one of the few states that have passed a state estate tax. Estates in Illinois are also subject to the federal estate tax. An attorney who understands the complexities of structuring high-net worth Illinois estate plans may suggest the formation of a Family Limited Partnership (FLP) as part of an estate plan. What is a Family Limited Partnership […]