Tax Select a Question: Are there gift tax advantages to forming a family limited partnership (FLP). How can the value of my assets decrease just because they are owned by a FLP? What can I do to reduce my income tax for 2002? I've read that estate taxes are repealed effective in 2010; should I continue to make gifts to my kids? If I already have a Bypass or Exemption Trust in my estate plan, do I need to be concerned about the increase of the estate tax credit (equivalent) from $675,000 in 2001 to $1 million in 2006?

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