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Carolyne · 2025年05月23日

FLP

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NO.PZ202411210200003204

问题如下:

Describe two benefits of using a family limited partnership for the McDaniels.

选项:

解释:

Assuming the illiquid timberland partnership, the hedge fund, and venture capital investments, with a total market value of USD 20 million, are put into a family limited partnership (FLP), with the expected combined lack of liquidity and lack of control discount of 25%, the FLP shares would be valued at just USD 15 million. This is because the recipient would have little control and find it difficult to sell the FLP shares.

Therefore, a gift of USD 24,000 worth of the underlying assets, when gifted in the form of the FLP shares, would qualify for the USD 18,000 gift exclusion. In addition, the FLP shares would provide the heirs with access to private equity, private debt, and other alternative investments that have significant minimum investment requirements that they may not otherwise be able to meet.

FLP原理我懂,不用细说。我想问这道题为什么 说putting the less liquid assets into a family limited partnership,为什么把流动性不好的放在FLP?流动性不好的本来就有discount啊,没必要再放入FLP啊,难道是就为了lack of control discount吗? 老师说是把流动性好的放在FLP这样可以最大化transfer value,FLP这才有意义。所以我认为 应该把流动性好的和不好的都放进去。我说的对吗?这种问答题不会是让我们纠正题目的错误吧?我们就是默认题目说的是对的是吗?

1 个答案

费费_品职助教 · 2025年05月23日

嗨,爱思考的PZer你好:


同学你好

是的同学,确实是为了获得更大的折扣,参考讲义内容:In general, FLPs comprising cash and marketable securities will receive less of a discount than a privately held operating company. Taxing authorities generally scrutinize these types of transactions very closely.

流动性好的也是可以放入FLP的,但得到的折扣就比较小,同样免税额的情况下,可以转入的资产额度更小。


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