CCH Answers

You can enter Family Limited Partnership (FLP) information in the Estate Details section.

1. Go to Assets and Liabilities > Family Limited Partnerships. 
2. Click on the "Add" button to add the FLP.  In the "Value" section, you have two options to choose from:
3. • Existing FLP value:  This means that the clients came to you already with a FLP as part of their estate.  All you need to do is enter the value of the FLP and enter info in the other tabs (except for the FLP tab) as needed for accuracy.
   • Create FLP from existing assets:  This means that either you or your clients want to take existing assets to fund a FLP.  There is no FLP in existence yet.  After choosing this option, go to the "FLP" tab and click on the assets you want to include in the FLP.  Enter the percentage of the asset you want to use to fund the FLP in the "% of Asset" column.  For example, if the client wants to have half of his asset fund the FLP, choose the asset in the "FLP" tab and enter "50" in the "% of Asset" column.  Confirm data entry in all other tabs for accuracy.