By using a family limited partnership, parents can keep control of a family enterprise while providing limited ownership rights to their children. Estate planners can use this device to protect assets and reduce income taxes. Childs suggests and explains different methods of reducing or eliminating estate taxes, discussing the need to differentiate between safe and dangerous assets.
"Using Family Limited Partnerships for Estate Planning,"
Marquette Elder's Advisor:
2, Article 5.
Available at: http://scholarship.law.marquette.edu/elders/vol5/iss2/5