General partner may take a management fee. Irrevocable trust may be partner for leverage and creditor protection. Partnership income can be distributed or retained at discretion of general partner. Avoids capital gains on sale of highly appreciated assets. Can provide substantial current income for the beneficiary or even greater future income.
Creator can usually be the trustee and control the trust investments.
Estate taxes greatly reduced or even eliminated on assets left to the Foundation. Assets to your grandchildren 4. Prestige for your children as directors and trustees of the foundation. Can be set up by either will or living trust on your death. When combined with the FLP or Dynasty trust can be the epitome of sophisticated planning.