WPC k4m=XkjDH|?U[݀IrPag ydK^Q>(8l) ؊H?cLxC!AQCZ9J{E0J%<ϷMu=4mκY6ؿD1R4P>Rk V3'+esన7g HRD4B+ϟV +P t:NqWN ~ Qo\-G{KN׃ӗe ds~q3#8/vgwՊ"̀ZW/nլ4-{)#>UN %M 0:S 0 0{ 0f 0N 03 0 0 0 0 0 0[ 04 0  0 0 0z 0D 0  0 0 0 0W 0) 0 0 0 0SU*U>@^ ~w4 mHP LaserJet 2100,,,,,,,,0(9 Z6Times New Roman RegularX($USUS.,2G+J 0_level1  X /%4 4 <DL/23  ..  2( 4 <DL2  2D+J 0_level2   ," <DL,23  ..  2( 4 <DL2  2A+J 0_level3   ) <DL)23  ..  2( 4 <DL2  2>+J 0_level4  ` &<<DL&23  ..  2( 4 <DL2  2;+J 0_level5   #DL#23  ..  2( 4 <DL2  28+J 0_level6    DL 23  ..  2( 4 <DL2  25+J 0_level7  h DDL23  ..  2( 4 <DL2  22+J 0_level8   L23  ..  2( 4 <DL2  2/+J 0_level9    L23  ..  2( 4 <DL2  2GJ 0_levsl1  X /%4 4 <DL/23  Ԁ  2( 4 <DL2  2DJ 0_levsl2   ," <DL,23  Ԁ  2( 4 <DL2  2AJ 0_levsl3   ) <DL)23  Ԁ  2( 4 <DL2  2>J 0_levsl4  ` &<<DL&23  Ԁ  2( 4 <DL2  2;J 0_levsl5   #DL#23  Ԁ  2( 4 <DL2  28J 0_levsl6    DL 23  Ԁ  2( 4 <DL2  25J 0_levsl7  h DDL23  Ԁ  2( 4 <DL2  22J 0_levsl8   L23  Ԁ  2( 4 <DL2  2/J 0_levsl9    L23  Ԁ  2( 4 <DL2  2GJ 0_levnl1  X /%4 4 <DL/23   2( 4 <DL2  2DJ 0_levnl2   ," <DL,23   2( 4 <DL2  2AJ 0_levnl3   ) <DL)23   2( 4 <DL2  2>J 0_levnl4  ` &<<DL&23   2( 4 <DL2  2;J 0_levnl5   #DL#23   2( 4 <DL2  28J 0_levnl6    DL 23   2( 4 <DL2  25J 0_levnl7  h DDL23   2( 4 <DL2  22J 0_levnl8   L23   2( 4 <DL2  2/J 0_levnl9    L23   2( 4 <DL2  %2A`Arial\  `&Times New Roman}, Y,:i+003|xU  !USUS.,  _(&%XX!&%%&   FamilyLimitedPartnerships#&%%!&n#!&%%&#!XX%!&O#!&%X!X   FamilyLimitedPartnershipsarethecenterpiecesforfamilywealthplanning.Thefamilylimitedpartnership  reducesestatetaxesandachievesmanyothernontaxbenefits.#!XX%!&##XXX!X# XmOXXX       &Aj%X XmO#&%% &Aj[#!&%%&Theparentscreatethefamilylimitedpartnershipamongmembersoftheirfamily.Generalpartnersrunthe   partnership.Limitedpartnersarepassiveinvestors.Theparentscontributeassetstothepartnershipinreturn   forgeneralpartnershipunitsandlimitedpartnershipunits.Anytypeofpropertycanbecontributed:real   estate,businesses,rentalrealproperty,andinsomecases,marketablesecurities.#!XX%!&##XXX!X# XmOXXX        &Aj%X XmO#&%% &Aj'#!&%%&Oncethefamilylimitedpartnershiphasbeenestablishedandfunded,limitedpartnershipunitsmaybegiven   toyoungerfamilymembersbymeansofanannualprogramtakingadvantageofthe$10,000.00gifttax   exclusion($20,000.00ifmarried)toeachchildorgrandchild,eachyear.#!XX%!&t##XXX!Xȶ# XmOXXX        &Aj%X XmO#&%% &Aj^#!&%%&Theparentsmaychoosetotransferalargerblockoflimitedpartnershipunits,takingadvantageofthe   transfertaxunifiedlifetimecredit.#!XX%!&##XXX!X# XmOXXX       &Aj%X XmO#&%% &Aj#!&%%&Duetothesignificantrestrictionsimposedonthelimitedpartnershipunits,thepartnershipunitstypically  willhaveavalueapproximatelythirtypercent(30%)lessthanthevalueoftheassetsthatoriginallywere  transferredtothepartnership.Actualdiscountscanrangefromtwentyfivepercent(25%)tosixtypercent ~ (60%).#!XX%!&@ ##XXX!XȂ # XmOXXX x      &Aj%X XmO#&%% &Ajp #!&%%&Bothgeneralandlimitedpartnersshareincomeandcashflowbasedontheirpercentageinterestinthe | partnership.Incometaxliabilitypassesthroughtopartnersautomatically.Cashisnotdistributedtopartners v untilthegeneralpartner(s)determinetomakeadistribution.Limitedpartnershaverestrictionsontheability p totransfertheirunitstoothers.Generalpartnerscanpreventtheunitsfrombeingtransferredoutsideofthe j family.#!XX%!& ##XXX!X # XmOXXX d      &Aj%X XmO#&%% &Ajw#!&%%&Therearemanytaxandnontaxbenefitstothefamilylimitedpartnership,including:#!XX%!&##XXX!X# XmOXXX h       &Aj%X XmO#&%% &Aj#!&%%&Reductionofgiftandestatetax#!XX%!& ##XXX!XO# XmOXXX l"  &Aj%X XmO#&%% &Aj#!&%%&Taxadvantageofgiftandestatetaxvaluationrulesrelatingto"minorityinterests"and"marketability"#!XX%!&##XXX!XJ# XmOXXX f#      &Aj%X XmO#&%% &Aj#!&%%&Theprimaryincometaxbenefitproducedbyafamilylimitedpartnershipresultsfromshiftingincome j% ! betweendifferenttaxpayersbymeansofgiftsoflimitedpartnershipunits.#!XX%!&e##XXX!Xȧ# XmOXXX d&!"      &Aj%X XmO#&%% &Aj#!&%%&Iftheparentsdiewhilestillholdingpartnershipunits(eithergeneralorlimited),theestatetaxvalueoftheir h(#$ partnershipunitsmayalsobereducedbydiscounts(1)forlackofmarketability;(2)asageneralpartnerfor b)$% potentialliabilityofthegeneralpartnertothelimitedpartner;and(3)ifappropriate,becauseitrepresents \*%& aminorityinterest.Thiscouldalsoresultinreducedestatetax#!XX%!&##XXX!X_#es.