If the asset (for example a vacation home) is owned by the FLP, then a person doesn't own it. A person can't give an asset in a will if he doesn't own it.
It's not quite that simple. Typically the person will own a percentage of the FLP, and that passes through the will.
If the asset (for example a vacation home) is owned by the FLP, then a person doesn't own it. A person can't give an asset in a will if he doesn't own it.
It's not quite that simple. Typically the person will own a percentage of the FLP, and that passes through the will.