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FLP |
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Land placed in an LLC or FLP can be discounted to account for joint ownership, lack of marketability and less control. As virtually every estate planner knows, an FLP is not a favored creature with the IRS. Citizens and interest groups who advocate for parks and conservation should work closely with their local park and recreation agencies to contact the FLP representative in their region early, and to have the necessary planning and documents completed prior to the final and formal notification of availability. |
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