Sec 2036, FLP, right to change life ins. beneficiary
Posted: 18-Sep-2019 10:25am
Wealthy family, where father put most assets in an FLP. Father is the GP. Four children are LPs. FLP owns $10 million life insurance on GP, and $5 million on each of the LPs. GP has right to change beneficiary of all policies because he is GP. Other assets of FLP total $10 million, all liquid.
Will right to change beneficiary cause all assets of FLP to be included in estate of GP under Section 2036?
Will right to change beneficiary cause all assets of FLP to be included in estate of GP under Section 2036?