February 15, 2024 / Press
Rob Strauss Sheds Light on Family-Limited Partnerships for Business Insider
Rob Strauss recently spoke to Business Insider about family-limited partnerships and how they are being utilized in wealth transfer and estate planning. The article, “The rich want to give their kids real estate and businesses to save on taxes but still control the family fortune. One neat trick: family-limited partnerships,” delves into the pragmatic reasons to set up a family-limited partnership, and the growing interest in this strategy as HNWIs and families prepare for an end to Trump-era tax cuts next year.
Rob explains that since parents are required to wait several months to give a stake to their children after forming a family-limited partnership, there could be a rush of last-minute FLP requests as clients seek to take advantage of the Trump tax cuts while they can. “That is going to create a firestorm, and I’m going to be overwhelmingly busy, and I’m terrified of it,” he tells Business Insider.
Rob anticipates that when it comes to these last-minute requests, “Whether we’re able to use family-limited partnerships is going to be a function of how much time we have.”
Read the full article in Business Insider.