Current Thinking on Family Limited Partnershipspresented by Gary A. Zwick, Attorney at Law, CPAWalter & Haverfield, LLP2 CE applied for

Gary Zwick is a partner of Walter & Haverfield LLP and Chair of the firm's Tax & Wealth Management Group. He has a general tax practice, with emphasis on tax planning for closely-held and family businesses and their owners, and high net worth individuals. This encompasses not only income tax planning, but also estate planning, ERISA, Subchapters C & S, mergers and acquisitions, employee benefits and IRS and tax court practice.

Clearly the tax benefits of FLPs and FLLCs have been responsible for the proliferation of FLPs. The non-tax aspects of FLPs are the greatest reasons to tell a client to implement a FLP. Clients continually raise issues with their estate planners which include the need for family unity, professional assistance for family members in managing family wealth, protection of successors from creditors, divorce and predatory litigation, ease of transfer of assets including avoidance of transfer taxes on the transfer of assets which may be owned by a FLP, restricting the transfer of family assets outside the family and power of attorney alternatives including protecting family members with special needs. The FLP can help solve many if not all of these issues.


  • Reasons for you to recommend Family Partnerships and LLCs to clients
  • Type of entity to select
  • State of organization
  • Tax Reasons to transfer assets and the tax pros and cons of doing so in a Family Partnership or LLC
  • Checklist of organizational documents, decisions and elections
  • Assignment of interest vs. certification
  • What to look for in the operating agreements
  • Transfers of units by gift or sale and combinations with other techniques
  • Gift tax returns-compliance and the Statute of Limitations
  • IRS attack of gift valuation under Sec. 2703, 2704, SHAM transaction doctrine, swing vote, gift on formation and family attribution theories
  • IRS audit after death - Sec. 2036
  • What effect will circular 230 have on our advice in this area

  • Tickets
    Name Sales End Price Fee
    FPA/NEO Member Ended $35 $0.99
    Non-member Ended $60 $1.5

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