Question

what are the advantages of corporation versus partnership for estate planning purposes?

Please answer. for corporation you protect shares and how do you pass down assets of a partneship interest?

Answer 1

Advantages

It offers a flexible form in comparison to many other business entities, which makes it an attractive choice for use as an estate planning instrument. The relative freedom of members, the protection from liability.

Valuation Discounts

Perhaps the strongest argument for use of an LLC as part of an estate plan is to take advantage of the transfer tax discounts that passing fractional shares of LLC interest can create. The two types of valuation discounts that the IRS most commonly applies in determining the value of a business entity for tax purposes are (1) a discount for "lack of control" or "minority," and (2) a discount for "lack of marketability."

To ensure that taxes do not consume the wealth you have worked so hard to create, it is necessary to plan ahead.Some of thestrategies that can be used to transfer business interests without giving up control of your business before you wish to do so.

Using

1.the family limited liability company
2.discounted business interests
3.tax-free gifts
4.trusts and corporations
5.annuitie