Family Limited Partnership and Discounts

The Wills Trust and Estate Professors Blog commented on discounts on Family Limited Partnerships and discounts in relation to an elective share.

In In re Estate of Hjersted, 175 P.3d 810 (Kan. 2008), the court held that in valuing partnership interests owned by a deceased spouse for purposes of calculating the surviving spouse’s elective share entitlement, discounts for lack of marketability and lack of control are “not precluded.”