As a Ventura County estate planning law firm specializing in family partnerships, our firm commonly recieves questions about family partnership options. We have a team of experts with the legal knowledge to answer questions about the process of choosing a family partnership, and what the benefits of proper estate planning can be.
Our firm can provide expert legal services as estate planning attorneys. We are a Southern California based law firm in business since 1985. We specialize in family partnerships and estate planning matters.
To learn more about family partnerships, or if you would like a free consultation to learn if a family partnership is right for you, please do not hesitate to contact us at (805) 482-2282, or e-mail us.
What is a family partnership?
A “Family Partnership” is an entity you set up to maximize the wealth you pass on to your heirs instead of to the IRS or your creditors. The partners are typically family members or family trusts. The family partnership presents amazing planning opportunities.
What are the advantages?
– You can reduce estate taxes by as much as 35 percent or more.
– You can erect at least a significant hurdle for future creditors.
– You have more flexibility to change your mind than in co-ownerships, trusts, or corporations.
What are the disadvantages?
– The amount of the discount remains (or may actually be created) as capital gain that will be triggered upon a subsequent sale of the assets.
– Fees to set up: our fees and appraisal fees.
– Annual cost of preparation of partnership income tax return.
It is our privilege to guide clients through estate planning decisions
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