Are Family Limited Partnerships Obsolete Now

After the new tax laws that came into law in December 2017, are Family Limited partnerships still viable or with the changes, are they now obsolete?

Are family limited partnerships obsolete now? Hello, my name is John Pankauski, I’m a trust
litigation and estate lawyer with Pankauski Hauser in West Palm Beach Florida. You know, we handle trial, disputes and appeals and that is all we do and we limit our practice to probates, trusts, estates and guardianship. But a lot of our colleagues are estate planning lawyers, many of them are very very good tax lawyers who spend hours and hours planning estates and creating different entities like LLC’s, partnerships, trusts and corporations for their wealthy clients many of whom have business that or real property interests that are valuable. Millions and Millions of dollars. Many of you recognize that sometimes estate planning lawyers want you to create a family limited partnership. Is the need for a family limited partnership now non-existent with the 2017 tax cuts and jobs act? Well, the lifetime exemption amount has gone up from 5 million to 10 million which means our estate taxes are entirely different. You may not need a family limited partnership to leave your wealth at your death. For more information, make sure you talk to a very experienced estate planning attorney in Florida.