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What is the difference between a family limited partnership and a family trust?

The organizing document, the form of organization, the way they operate, the tax forms they file, and the results they achieve.

Let's see, that's pretty much everything. Except they both have the word "family" in them.

At first blush, they look pretty similar, but they are used for two different purposes. Arguably, the trust could be a DIY project, but you're much better served if you are consulting with an estate planning attorney to choose which is better suited to your situation. The FLP is never, IMNSHO, a DIY project.

If you are invloved with either of these, you probably need professional advice from both an attorney and a tax professional.

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