Abstract
This Comment examines the use of the family limited partnership as an estate planning device and provides guidance for its use in light of recent precedent with regard to qualifying a transfer as a present interest. First, this Comment reviews the complications associated with the transfer of family farms, including the federal estate tax uncertainty and the Illinois estate tax’s lack of uniformity. Second, it reviews the complications associated with current asset protection of family farms. Subsequently, it analyzes the use of the family limited partnership, including the historical benefits and the evolution and current uncertainty of the doctrine after Fisher and Price. Then, it provides future guidance for its use. Future guidance includes post-Fisher and -Price guidelines for qualifying for the annual gift tax exclusion and general guidelines to avoid IRS challenges.
Recommended Citation
Jason L. Hortenstine,
Use of the Family Limited Partnership to Protect Illinois Family Farms During a Period of Uncertainty: Proceed with Caution,
37
S. Ill. U. L.J.
195
(2026).
Available at:
https://opensiuc.lib.siu.edu/siulj/vol37/iss1/7