In other words, if the general partner determines to distribute funds to the FLP’s partners, each partner must receive a distribution commensurate with his or her partnership percentage. Distributions from the FLP to its partners must be pro rata. The first means of accessing FLP funds is via distributions. The clients then ask how they may access those funds in the FLP. Clients often place money into a Family Limited Partnership (FLP) for asset protection and estate tax benefits.
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