Course 6.4 · 60 minutes
Family Limited Partnerships and Family LLCs: Pooling Wealth and Passing It Down
Use a family partnership to manage family wealth in one place, teach the next generation, and transfer value at a discount without tripping the estate tax rules that undo it.
- Who it is for
- Families with 5 million dollars or more in investments, land, or a business.
- Runtime
- 60 minutes
Pre-order: this course is still in development. Your purchase includes its materials as they are published in your portal. No release date is confirmed. Buy 5 or more and every course is 30% off.
After payment is confirmed and your access is set up, the files listed below can be downloaded from your portal. Any unpublished materials will be added when ready, at no additional charge.
Files currently available
- Family Partnership Structure Diagram.
- Bona Fide Purpose Memo Template.
- Operating Rules Checklist.
- Gift Program Tracker Guide.
- Gift Program Tracker.
- Defined Value Clause Explainer.
- Slide deck.
- Visual: Roadmap.
- Visual: Who Holds Which Seat.
- Visual: Four Benefits.
- Visual: Irs Attack Map.
- Visual: Bona Fide Sale Test.
- Visual: Operating Rules.
- Visual: Reporting Calendar.
- Visual: Discount Math.
- Visual: Direct Gift vs Partnership Gift.
- Visual: Decision Tree.
- Visual: Seed Early Timeline.
- Visual: Three Traps.
- Workbook.
- The narrated lesson. 60 minutes, cued to the deck, with chapter markers by lesson. Added to your portal when published, at no extra cost. This purchase does not guarantee that the narrated lesson is available today.
What the course covers
- 01What a family partnership is and who holds which seat5 min
- 02The benefits: one manager, creditor protection, discounts, and annual gifts8 min
- 03How the IRS attacks them: retained enjoyment, the restriction rules, and the indirect gift on formation10 min
- 04The bona fide sale exception: the non-tax reason that has to be real6 min
- 05Operating it right: formalities, no personal bills, pro rata distributions, and the appraisal8 min
- 06Gift and income tax reporting: adequate disclosure and the children's K-1s5 min
- 07Worked example: a 10 million dollar family, a 30 percent discount, and 2 million dollars of gifted units9 min
- 08Tricks of the trade: seeding early, putting a real business inside, and defined-value clauses6 min
- 09Mistakes and traps: the deathbed partnership, the personal expense, and the kiddie tax3 min
How it fits: Requires 3.3 and 5.5. Pairs with 3.6 and 8.3.
The standard every course holds
- A narrated lesson of 45 to 60 minutes, produced as audio
- A designed slide deck you download and keep
- A computational workbook that runs the actual legal tests
- A toolkit of checklists and protocols
- A legal authority appendix carrying the two-pass vetting protocol
Written for a diligent reader with no legal education. Professionally narrated using a studio voice model of Brian T. Boyd. The course is recorded instruction, not a live consultation.
Where this course sits
Track 6: Structuring Business and Estate Architecture
This course is one step in a track built around a single outcome. See the full build order and the other courses that get you there.
Back to this trackEducational material from the private client curriculum of Brian T. Boyd. This is legal education for a general audience, not legal advice, and no attorney-client relationship is created by purchasing, viewing, or using it. Tax outcomes depend on your facts and your state.