A word must be said about the term “family limited partnerships.” There are promoters crisscrossing the country selling an expensive version of supposedly bulletproof asset protection secrets known as the family limited partnership. It is important for you to know: There is no such thing as a family limited partnership! Yes, there are limited partnerships that are used to hold family assets. But, contrary to promoter claims, there is no such creature under any state law as a family limited partnership. They do not exist. So do not pay a lot of extra money for a super-secret, special system that has been fabricated out of thin air. A limited partnership, properly structured, can protect you and be very useful for gifting. You don’t need to pay more for illusory entities.