Family Corporations

Family Corporations

Family Corporations can provide the same benefits as family limited partnerships (transfer of assets outside the estate, avoidance of probate, [less] protection from creditors and bankruptcy) and were the preferred vehicle prior to family limited partnerships coming into vogue in the late 70's. The disadvantage of family corporations is that the shareholders control the corporation and if the children have a majority of the shares, the parents often lose control of the assets transferred.

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