Wednesday, October 16, 2013
Forming a family limited partnership (FLP) or a limited liability company (LLC) can be a strategic tool for an estate plan. A person considering creating these entities should look at the step transaction doctrine. The step transaction doctrine streamlines separate steps into one. As a result, careful consideration of timing becomes important when the step transaction doctrine is used.
See Adler Pollock & Sheenan P.C., Insight on Estate Planning -October/November 2013: Using an FLP or LLC? Beware the Step Transaction Doctrine, JD Supra Law News, Oct. 9, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.