Long story short, the business is the patriarch's only source of retirement income, but he needs it all. I'm thinking of a FLP owning the business in a pass-through form like an LLC and an ironclad partnership agreement that gives him as general partner all the income for life. Any insights welcome. Long story short, the business is the patriarch's only source of retirement income, but he needs it all. I'm thinking of a FLP owning the business in a pass-through form like an LLC and an ironclad partnership agreement that gives him as general partner all the income for life.
Any insights welcome.
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