Your Rights to a FLP (Family Limited Partnership) Under Texas Lawadmin
A Family Limited Partnership (FLP) is a business entity often used to manage family property. Aside from having the responsibility of managing family assets, FLPs are part of an estate planning strategy often designed to reduce the impact of Federal Estate and Gift Taxes as well as to attempt to shelter assets from future potential creditors. After family property has been transferred into the FLP, certain family members (or the entities they control) are named as the General Partners.
General Partners have the power to manage and control the FLP. Other family members may be named as Limited Partners. Limited Partners do not have control or power over the operations of the FLP but they do have important legal rights. Some FLP related disputes are between family members as to their various roles and duties within the FLP. This would include violations of self-dealing, duty of loyalty, the proper distribution of assets, and more.
What are Your Rights? Learn Them and Protect Them
If you believe your rights in an FLP are being compromised, it is important to have law firm representing you that has significant experience in understanding both the structure, accounting as well as having a history of successfully litigation FLP related disputes. That experience is clearly available from our firm. Request a Consultation If you, a family member or loved one have a concern related to a Family Limited Partnership, you need attorneys who are highly knowledgeable regarding the law regarding FLPs.
Our attorneys understand that disputes arising under FLPs often arise because one person has made a decision to intentionally manipulate the partnership for his or her financial gain at the expense of the other partners. Contact our Dallas-based law firm to request a meeting with one of our attorneys today to learn more about your situation. Litigation Involving Estates, Trusts and Family Limited Partnerships can be Expensive
Contingency Fees Power our Lawyers
For some individuals, the cost of this type of litigation may prevent them from asserting their legal rights. At DallasProbateAttorneys.com, we can arrange to represent certain clients on a contingency fee basis. If a contingency fee arrangement is appropriate to your situation, we will advance the cost of preparing your case and recover attorneys’ fees only if we are successful. This approach is not available in all cases.