Tuesday, May 31, 2005
The use of family limited partnerships as an indiscriminate panacea in estate planning was brought to a halt by the Strangi and Stone cases. In the wake of these far-reaching decisions, Bradford Updike, an advisor to Securities America, Inc. (SAI), offers an organized explanation of important legal developments in FLP law in his article Making Sense of Family Limited Partnership Law after Strangi and Stone: A Better Approach to Planning and Litigation through the Bona Fide Transaction Exception, 50 S.D. L. Rev. 1 (2005).