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Federal estate tax often amounts to double taxation, which puts an unfair burden on family-owned businesses and farms. Thankfully, creating a family limited partnership serves as a powerful estate planning tool that enables the transfer of business ownership from one generation to the next in a smooth and tax-efficient way.

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Succession planning should be an integral part of your business. Many business owners have the vision to build and run a successful company. However, they fail to take adequate measures to secure the company's future after their death or incapacitation.

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Probate court proceedings, wherein your assets are transferred to your beneficiaries after you die, can be expensive and tedious. As such, it is understandable that a lot of people will try to...

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