As noted, wills and trusts are the most common estate planning tools, but are far from the only tools. Depending on family dynamics, estate size and composition, a client may also want to engage the following.
FAMILY LIMITED PARTNERSHIPS AND LLC’S
For families that own significant assets such as rental property or operate small businesses can benefit from the use of entities such as family limited partnerships (FLPs) or family limited liability corporations (LLCs). These entities provide several benefits for parents and subsequent generations.