Florida Trusts and Family Limited Partnerships
Is that investment appropriate for your Florida trust? And is your trustee doing the right thing? You know, wealthy families in Florida create entities such as limited liability companies, LLCs, family limited partnerships and trusts for their beneficiaries.
One of the most common estate planning vehicles for wealthy families in Florida is the family limited partnership. Many times, parents will transfer a limited partnership interest into a trust for a family member’s benefit.
Is your trustee holding a limited partnership interest? Is that appropriate under Florida trust law? Is it a prudent investment under Chapter 518? Does your trustee need to sell that limited partnership interest?
These are all questions trust beneficiaries often have a desire to have answered. So if you’re the beneficiary of a trust and you own a limited partnership interest, understand what your rights are. And remember, in Florida, statutes of limitations to exercise your rights for trusts can sometimes be as short as six months.