As an attorney focused on estate planning, I have utilized family limited partnerships (FLPs) for high-net-worth clients to facilitate intergenerational wealth transfer while minimizing taxes. For example, I had a client with $50 million of commercial real estate. By establishing an FLP and gifting limited partnership interests to his children, we achieved a 40% valuation discoumt. Though $20 million of interests were gifted, only $12 million counted against his lifetime gift exemption, saving $2.4 million in gift taxes. The key was limiting limited partners’ control to justify the discount. The FLP agreement gave limited partners no say in decisions or distributions. An independent valuator appraised the interests. With the FLP, my client transferred much of his real estate to his children at a fraction of the tax cost, keeping full control. Savings continue as more interests are gifted. FLPs require meticulous setup for maximum benefit. Gifting hard-to-value, non-controlling interests at a discount, families can transfer wealth between generations at lower tax cost. The savings compound with each transfer. With expert guidance, FLPs help high-net-worth families preserve wealth for generations.