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Family limited partnerships (FLP) can be used with business, personal or investment assets. Their traditional purpose has been to divide investment income with children in lower income tax brackets
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Personal or investment assets refer to any property, real estate, stocks, bonds, or other valuable possessions owned by an individual or entity.
Individuals or entities who meet certain criteria, such as a minimum income threshold, are required to file their personal or investment assets.
Personal or investment assets can be filled out on specific forms provided by the government or tax authorities, detailing the various assets owned and their corresponding values.
The purpose of reporting personal or investment assets is to provide transparency and accountability regarding an individual or entity's financial situation.
Information such as types of assets owned, their values, any income generated from them, and any changes in ownership must be reported on personal or investment assets.
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