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Non-Tech : Estate Planning

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To: posthumousone who wrote ()	3/31/1998 9:42:00 PM
From: peter michaelson	Read Replies (1) of 36

A Different Topic - Family Limited Partnerships I have three young children and would like to set aside money for their education. However, I'm not comfortable with the usual custodial account arrangement which gives the kids total control of the assets at age 21. I have read about establishing a limited partnership with only family members as partners. See this link for my source: mtpalermo.com (BTW, I very much like Michael Palermo's site for straight-forward, understandable information on estate planning) Initially I would own all of the partnership units. Also, I could be the general partner and so have total control for the rest of my life. Every year I could give the kids up to $10,000 worth of my limited partnership units, tax free to myself and the kids. When they need cash for education and such, I can buy back the units at their then proper value. If it's more money than needed for education, I will have gotten an early start transferring assets for estate planning purposes. Seems like a perfect arrangement for my needs. Anyone have experience with this arrangement? TIA peter P.S. Gary, good luck with your issues and thanks for starting the thread. Great idea!

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