14 September 2022 - Events
Family limited partnerships and limited liability companies are tried-and-true estate planning tools, but are they still useful after the 2017 Tax Cuts and Jobs Act? Withers’ Louis Mezzullo, consulting partner in the private client and tax team, was interviewed by tax law editor Kate Adcock on Bloomberg Tax’s Practitioner Insights podcast, also listed as Bloomberg Tax’s Jumpstart podcast, to discuss this topic.
Based in the firm’s Rancho Santa Fe office, Lou’s legal practice is focused on taxation, estate and business succession planning, and employee benefits. He is a Bloomberg Tax Portfolio author of the recently re-released Tax Management Portfolio, “ Wealth Planning with Family Limited Partnerships and Limited Liability Companies,” and several other portfolios for Bloomberg Tax. He is also the recent lifetime achievement honoree of Bloomberg’s Leonard L. Silverstein Award for Distinguished Service in Tax for his contributions to estate planning during his career.
In the 15 minute podcast, Lou discusses some of the requirements and difficulties in using family limited partnerships in today’s estate planning, including the impact of the increased estate and gifts tax applicable exclusion amount to over 10 million USD. He also sheds some light on what kinds of families and assets could benefit from FLPs and family LLCs and tax benefits associated including whether the IRS is still accepting discounts for partial interests and FLPs and family LLCs.
Listen to Bloomberg Tax’s Practitioner Insights podcast available here or wherever you go for podcasts.