Family Limited Partnership Agreement
This Family Limited Partnership Agreement Template can be used among family members to split income from a business or other income generating asset (e.g., stocks, bonds, real estate, etc.) among themselves. This template can also be used as a means to transfer wealth among family members and reduce the impact of transfer taxes. Because the IRS scrutinizes Family Limited Partnerships very closely, it is extremely important that an attorney review before executing.
IMPORTANT: Please consult a local attorney and remove any commentary or highlights before executing!
Last Update May 2021
May 1, 2021