Northbrook Family Partnership Attorneys
Helping Family Partnerships throughout Chicago and Northern Suburbs
Family partnerships, including family limited partnerships (FLP) and family limited liability company (FLLCs), are business structures that are frequently used forestate planning purposes. By effectively using a family partnership, family businesses can eliminate or minimize the estate and gift tax liabilities that result when transferring assets to the next generation in a family.
Family businesses are often concerned with business succession issues, including liability, tax planning, and asset protection. At The Wochner Law Firm, our experienced Illinois family partnership attorneys focus on helping high net worth individuals and owners of family businesses determine the appropriate estate planning option(s), including a family limited partnership or family limited liability company.
How The Wochner Law Firm Can Help
Family businesses face unique legal, business and estate planning issues in addition to typical business issues. For instance, owners of family businesses are obviously concerned about business succession issues, but they are also concerned about issues such as estate and gift taxes. For some family businesses, the family partnership is a worthwhile estate planning device.
At The Wochner Law Firm, our Chicago family partnership attorneys can provide the following services:
- Educate you on the mechanisms involved with family partnerships, including family limited partnerships and family limited liability companies
- Explain the pros and cons associated with family partnerships
- Draft the necessary legal document to create the family partnership
- Draft the necessary legal documents to transfer assets to the family partnership
- Draft the necessary legal documents to transfer minority interests in the family partnership to family member beneficiaries
- File the appropriate gift tax returns for the minority interest transfers, if necessary.
The Chicago family business attorneys at The Wochner Law Firm focus on helping family businesses with the myriad issues that they face, includingbusiness issues, legal issues, and estate planning issues. Because we focus on advising family businesses of the various estate planning options available, we can help you consider which estate planning options make the most sense given your particular situation.
If you own a family business and have estate planning needs, contact The Wocher Law Firm today at (847) 272-7360 to schedule a consultation with one of our knowledgeable Northbrook estate planning attorneys to learn more about family partnerships.