The family limited partnership (FLP) we set up years ago worked well when our 3 children were younger and we were able to distribute over $20,000/year to the kids to use for their private education. Now our kids are in their 20's and working. We still need the $20,000 that we are paying into the FLP, and we are creating tax consequences for our kids by "running this money" through them. Can we freeze or change the FLP in a way that would work better for our current situation?
Education Planning Family Entities (FLP/LLC)
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