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Probate Calculator Form

In California, the probate code sets a statutory fee for attorneys and executors for the administration of an estate. Many families are shocked to learn just how much the probate process will cost them, often leaving them with a much smaller inheritance than they’d expected. Use our calculator below to estimate Probate fees for estates over $184,500, but less than $10,000,000. Probate fees are set by California Probate Code Section 10810.

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Home / Estate Planning / Family Limited Partnerships

Family Limited Partnerships

Estate Planning, Family Limited Partnerships (FLPs)

A family limited partnership (FLP) is not uniquely different from a limited partnership except that the participants are generally limited to family members and an FLP is often structured to receive special estate tax treatment. However, I personally haven’t created a limited partnership in years. Why?

A limited partnership is required to have one or more limited partners, and one or more general partners. The general partners have UNLIMITED liability for the partnership debts, so any time you create a limited partnership, the general partners potentially face a high risk of exposure.

By comparison, NONE of the participants of a limited liability company (LLC) have any obligation to pay the LLC’s debts. Additionally, all of the advantages of a limited partnership can also be obtained using an LLC. Thus substituting the LLC in place of an FLP adds the advantage of liability protection.

Litherland, Kennedy & Associates, APC, Attorneys at Law
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