The Yale Law Journal

Gregory A. Hayes


Context Matters: Rules for Reducing Taxable Value

Steven M. Fast, Gregory A. Hayes, Darren M. Wallace & Susan W. Ylitalo

Parents often create a family limited partnership (FLP) or similar entity to provide a vehicle for cohesive management of assets, secure some measure of creditor protection, or create a common pool for investment in marketable securities. FLPs generally encumber their members’ interests with restr…