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doctor’s bills or medication. On July 1, 2000, decedent moved to
a hospice, where she remained until she died.
7. Formation of the LRFLP
In 1994, decedent’s son-in-law attended a seminar on family
limited partnerships and concluded from this seminar that
decedent’s assets should be transferred to a family limited
partnership in order to reduce the value of her estate for
Federal estate tax purposes.4 Decedent’s son-in-law contacted
Feldman, who had been the estate planning attorney for decedent’s
daughter and decedent’s son-in-law since approximately 1980, and
discussed with him the idea of transferring decedent’s assets to
a family limited partnership. Feldman informed decedent’s
son-in-law (and later decedent’s daughter) that simply changing
the form in which decedent’s assets were held from a trust to a
limited partnership would generate significant tax savings.
Feldman believed that such tax savings were a major and
significant reason to form a limited partnership into which
decedent’s assets would be transferred.
Feldman ultimately structured and formed the LRFLP. Before
doing so, Feldman discussed the matter several times with
decedent’s son-in-law; neither of decedent’s children
4 For approximately 15 years before this seminar, decedent’s
son-in-law had been attending other seminars sponsored by the
entity that sponsored the referenced 1994 seminar. Those prior
seminars always discussed estate planning or Federal estate tax.
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