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In this video, our lawyers explain how Family Limited Partnerships (FLPs) can be used to support succession planning, asset protection and long-term wealth preservation. They explore how FLPs enable families to transfer value to future generations while retaining control, and discuss the key tax, governance and practical considerations that make these structures an attractive alternative to trusts in a range of family planning scenarios. Transcript Rob So you may hear advisors refer to entities as a FLP - a family limited partnership or an FLP. And these structures, although they sound different, are one of the same entity. What they are is a limited partnership, and the word ‘family’ being popped at the front doesn't actually have any technical meaning. So, for clients who are familiar with limited partnership structures, Introducing Family Limited Partnerships (Video) WL Withers LLP