Hurford: FLP Practice Pointers
6 Pages Posted: 11 Feb 2009 Last revised: 23 Feb 2009
Date Written: February 10, 2009
Sometimes a case offers practice pointers: Hurford is one such case. Besides explaining what not to do (that is, what was actually done in the case), the Tax Court continually commented on what the decedent and her family might have done to improve their chances of success. The taxpayers in this case attempted to use family limited partnerships (FLPs) and a private annuity to reduce gift and estate taxes.
Keywords: family limited partnership, FLP, private annuity, Hurford, gift tax, estate tax, estate planning
JEL Classification: K34, H24, H26, H29
Suggested Citation: Suggested Citation