In the August 2011 issue of BVUpdate™, John Porter noted "recent court decisions have dealt a blow to the effectiveness of family limited partnerships (FLPs) for transfer tax purposes, particularly when the partnership formation and funding fail to respect state law requirements. In these cases, the IRS has successfully attacked the FLPs—often nullifying any valuation discounts—by focusing on their lack of economic substance/business purpose, or characterizing the asset transfers as indirect gifts/gifts-on-formation." In Family Limited Partnerships: The Current Landscape, the first installment of BVR's Online Symposium on Estate & Gift Tax, Porter, an expert attorney and CPA, joins us to discuss the changing landscape of FLPs. From how recent IRS tactics and court cases have affected the regulatory treatment of FLPs to how appraisers should approach these valuation assignments, Porter will address what everyone must know when operating in this challenging and changing space.