A single person having more than $5,000,000.00 in assets (or 10 million married) must take extra steps to diminish or avoid paying estate taxes. With a Family Limited Partnership, a person can give away estate value while maintaining control of the assets until death. The assets in the family limited partnership also have added protection from litigation, if someone sues you.
The Family Limited Partnership is a long-term plan that uses your lifetime federal gift tax credit to transfer assets slowly to your heirs over time without incurring inheritance tax.