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You can then bequeath this remaining limited partnership interest to your children’s trust.
You have hundreds of ways to effectively combine trusts, FLPs, LLCs, and corporations to achieve various lawsuit protection, tax, and estate planning objectives.
In this way, you reduce your taxable estate as you shift your limited partnership interest to your children’s trusts.Your children’s inheritance will be twice protected; once by the limited partnership and again by their irrevocable trust.When you die, your remaining partnership interest will have a discounted estate tax valuation.It is important to distinguish a revocable from an irrevocable trust because a revocable trust won’t protect you. You also need an irrevocable trust that you presently fund − an intervivos trust.irrevocable intervivos trust for protection is that once you establish and fund the trust, you cannot cancel or modify it and reclaim property you transferred to it.You thus lose both ownership and control over the trust assets.