White Paper

2 Pages
  • 2 Pages

Tax Cut and Jobs Impact and Related Considerations for Family Limited Partnership Estate Planning


The TCJA hasn't slowed down FLPs in estate planning.

While the unified credit amount has doubled to $11.9 million per person, the strategy remains intact for many other reasons to reduce the transaction costs on family succession to reduce uncertainty as to future changes in estate tax laws, regardless of who remains in office. FLPs further are used as a tool to convey family values between generations, which may include transitioning management to the next generation. This white paper reviews Section 199A, the qualified business income deduction, and the use of corporate entities and the 21% corporate tax rate.



Cameron L. Hess, Esq., CPA, MBT

Cameron L. Hess, Esq., CPA, MBT

Wagner Kirkman Blaine Klomparens & Youmans LLP

  • Partner with the Northern California law firm of Wagner Kirkman Blaine Klomparens & Youmans LLP
  • Business, real estate, estate planning and federal and state tax attorney (emphasis: real estate, IT, closely held businesses)
  • Chair Corporate and Pass through Entities Committee of the California Lawyers Association Tax Section; past member Business Law Section’s Committee of the same name
  • Adjunct professor at McGeorge School of Law (Partnership Taxation)
  • More than 35 years of experience
  • Chair, The RED Group, a CalCPA Sacramento Real Estate think tank, 26-years
  • Committee member/past chair CalCPA Ed Foundation Tax Conference (and prior Real Estate Conference), 17-years
  • California Apartment Association – Sacramento Valley (government relations/past president)
  • National speaker on tax law
  • Prior: KPMG Lost Angeles Office State and Local Tax Practice (manager)
  • Spidells California Taxletter, past columnist, continuing contributing writer

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