Family Limited Partnership - A Family Limited Partnership ("FLP") is used as a method of owning either businesses or personal securities portfolios. The use of a FLP has spread because it enables the original owners of the property (typically the parents) to discount other value of the assets in the FLP, give minority interests away (typically to the children) at a discounted value without necessarily giving the income attributable to the property. Ultimately, estate taxes are reduced on the value of the assets in the partnership due to the gifts and discounts claimed, even if the assets are publicly traded securities.