 We're loving the new office!
We are really enjoying having the new office. Some of the choices we needed to make reminded me of the choices that are made in Estate Planning. One of those was with the door frames. We wanted to paint them a different color. When we got estimates for painting, it was a lot more expensive than we expected, because the previous owner had used enamel paint, which makes it difficult to paint over. The painter was going to need to scrape off all the old paint before painting. We could also simply replace all the door frames. James and I had already decided that we would replace the door frames sometime in the future, but to save money, now we were just going to paint them. When we looked at it, it would have actually cost us more in the long run to have them scraped and painted and then replace them at a later date. This is a lot like the choice between a will and a trust. A will is a cheaper short term solution, but it actually costs your family more than a trust in the long-run.
Read more about Leigh's new office on her blog.
About Family Limited Partnerships
Family Limited Partnerships (commonly called FLPs) are often used to transfer wealth from one generation to the next. Like business partnerships, partners are either General Partners (GP) or Limited Partners (LP). The General Partners--there can be more than one--are responsible for managing the FLP and its assets. Limited Partners have a financial interest in the FLP, but they typically lack two powerful rights: control and marketability. In other words, Limited Partners have no ability to control, direct, or otherwise influence how the FLP operates. They cannot buy additional assets, sell existing assets, or act on the Partnership's behalf. They also cannot sell their interest, but they can transfer it to immediate family members, such as their spouse, siblings, parents, or children. FLPs are partnerships limited to family members, hence the name.
To learn more about FLPs, please visit our blog.
Thank you for the referrals!
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Mark Merki
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Mike Gregory
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Tim Shoopman
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Gary Crooms
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Buddy Owens
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Frank Ewing
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Linda Fuhr
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Ron Koger
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Ryan Adair
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Bert Hayslip
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Jerry & Judy Jeanes
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Joanna Knieberg
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Ray Croff
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John Baen
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Mike Woods
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James Horton
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