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FAMILY LIMITED ENTITIES AND OTHER USEFUL TIDBITS FOR THE ESTATE PLANNER Eric L. Olsen ELO echohawk.com www.echohawk.com (208) 4781624INTRODUCTION Family Limited Entities (FLP) Used to centralize management
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What is family limited entities?
Family limited entities are legal entities, such as partnerships or corporations, that are created by family members to manage and transfer family assets.
Who is required to file family limited entities?
The family members who are involved in creating and managing the family limited entity are required to file the necessary documents with the appropriate government agency.
How to fill out family limited entities?
To fill out family limited entities, family members need to gather all relevant information about the assets being transferred, the owners of the entity, and any other pertinent details required by the governing laws.
What is the purpose of family limited entities?
The purpose of family limited entities is to protect and manage family assets, facilitate the transfer of wealth between generations, and provide tax benefits for family members.
What information must be reported on family limited entities?
Family limited entities must report information such as the ownership structure, assets held by the entity, income generated, and any transfers or changes in ownership.
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