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Family Limited Partnerships Holding Real Estate

Family Limited Partnerships holding real estate. Is that a proper investment for your family trust or limited partnership?

In Florida, wealthy families often try to dispose of their wealth by creating a family limited partnership. They transfer certain limited partnership interests into a trust for family members and beneficiaries. And many times, the family limited partnership holds real estate.

Sometimes all they do is hold real estate. What you have to consider as a beneficiary of a trust is the family limited partnership that’s in the trust, which only hold real estate, proper or prudent? Is it well diversified? Or is it restricted to geography or asset class, or income?

If your trust has an interest in a family limited partnership, or real estate for that matter, do you need to diversify? These are questions you need to ask your trustee or your trust litigation lawyer in Florida. And remember, in Florida, sometimes the time to object to a trust, or an action by a trustee, can be as little as six months.