Tax
Apr. 1, 2020
How to avoid property tax reassessment on transfers to children
A family limited partnership is a great platform to accomplish several positive results.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
A family limited partnership is a great platform to accomplish three positive results. First, it can be used to reduce, perhaps eliminate, the parents’ federal estate tax. That is accomplished by gaining the discounts, often as much as 40%, for lack of marketability and control, on the value of income producing real property. The parents transfer their (discounted) partnership interests to a children’s trust using their lifetime exclusion (currently $23,160,000 per co...
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