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<<Can you tell me what the status of a LLP is as an estate planning tool?>>

Not really...without getting into some really heavy discussions.

LLPs (or family limited partnerships...FLPs) are still being used as an estate planning tool. But the IRS is attempting to crack down on these type of planning vehicles. So if you are looking to use an LLP or FLP for extate tax planning, you must have an estate planning pro to guide you through the maze...and hope that the pro doesn't get too agressive in the valuations (or, at least, that you don't get nabbed by Uncle Sammy).

Check out your local library and/or bookstore for additional information on how this all works. Hopefully, as you are reading how "wonderful" this is, the author will also tell you about the pitfalls.

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