Navigating Family Limited Partnerships in New York: A Comprehensive Guide for Estate Planning For New York families engaged in substantial estate planning, the Family Limited Partnership (FLP) often emerges as a powerful, albeit complex, tool. An FLP is more than just another legal entity; it's a strategic framework designed to centralize asset management, protect wealth across generations, and potentially reduce significant estate tax liabilities. This article will delve into the intricacies of establishing and maintaining an FLP within the Empire State's unique legal landscape, offering practical advice, highlighting potential pitfalls, and illustrating its profound benefits. What is a Family Limited Partnership (FLP)? At its core, an FLP is a private business entity where two or more family members pool assets. It typically consists of a General Partner (GP) and one or more Limited Partners (LPs). The GP, often the senior family member (e.g., a parent), ...