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Comprehensive Overview of Family Limited Partnerships
A Family Limited Partnership (FLP) can be a practical estate planning approach for families in Jamul seeking to organize assets, protect wealth, and create a structured transfer to future generations. This guide explains how an FLP functions, the roles of general and limited partners, and the potential benefits for families who want to consolidate real estate, business interests, or investment portfolios. Residents of Jamul will find clear information on formation, partnership agreements, and considerations under California law to help determine whether an FLP aligns with their long-term goals and family circumstances.
Navigating the formation and administration of a Family Limited Partnership involves many legal and financial considerations that affect control, taxation, and asset protection. This introduction outlines the key steps from evaluating assets and drafting a partnership agreement to transferring ownership interests and maintaining ongoing governance. Jamul families should understand how an FLP fits within a broader estate plan and how it can coordinate with wills, trusts, and business succession plans. The following sections provide practical guidance and local context to support confident decision-making about FLPs in California.
Why a Family Limited Partnership Can Benefit Jamul Families
Family Limited Partnerships offer a framework for families to maintain management control while transferring ownership interests to younger generations. In Jamul, this can be particularly valuable for families owning multiple properties, local businesses, or significant investment assets. An FLP can help centralize decision-making, provide potential tax planning opportunities through valuation discounts on partnership interests, and reduce exposure to some creditor claims when structured and maintained correctly. Families considering an FLP should weigh administrative responsibilities and legal compliance alongside the long-term advantages of coordinated asset management and succession planning.
About Our Firm and How We Assist Jamul Families
Our firm focuses on helping Jamul residents evaluate whether a Family Limited Partnership fits their estate planning objectives and then guiding them through the steps to create and manage the partnership. We emphasize clear communication, careful document drafting, and adherence to California law when preparing partnership agreements, transferring assets, and implementing governance procedures. Clients receive practical, personalized advice for structuring an FLP to address family goals such as succession, asset protection, and tax planning, with ongoing support to update arrangements as circumstances change.
Understanding Family Limited Partnerships in California
A Family Limited Partnership is a legal entity that enables family members to pool assets into a partnership structure where certain partners manage operations while others hold ownership interests without active management. The arrangement typically designates one or more general partners responsible for management and limited partners who retain ownership but have limited liability. This structure allows families to concentrate management authority while facilitating transfers of economic interests. Key considerations include partnership governance, valuation of interests for gifting, and how state law affects liability and taxation under California rules.
When exploring an FLP, families should assess which assets make sense to contribute, how control will be allocated, and the intended timeline for transferring interests. Proper valuation and documentation are important to achieve intended tax and succession outcomes. Families must also design distribution and withdrawal provisions, restrict transfers to protect family cohesion, and incorporate clear procedures for resolving disputes. Understanding these mechanics helps Jamul households decide whether an FLP will support their estate planning strategy and how it will interact with trusts, wills, and other planning tools.
What a Family Limited Partnership Is and How It Works
A Family Limited Partnership is a partnership formed by family members in which certain partners take on management responsibilities and potential liabilities while other partners maintain ownership without participating in daily decisions. The partnership agreement sets the terms for contributions, distributions, management authority, and transfer restrictions. This design aims to balance control with transferability, allowing family leaders to retain decision-making power while gifting economic interests to other relatives. Clear agreements and compliance with California law are essential to ensure the FLP accomplishes its estate planning objectives.
Core Elements and the Formation Process for an FLP
Forming an FLP involves drafting a comprehensive partnership agreement that identifies general and limited partners, specifies contributions, and lays out management and distribution rules. The process includes transferring assets into the partnership, establishing valuation methods for partnership interests, and filing any required state documents. Additional considerations include tax planning for gifts, preparing records that demonstrate arm’s-length treatment when appropriate, and setting procedures for admitting new partners or handling buyouts. Attention to these elements ensures the partnership functions as intended and supports estate transition goals.
Key Terms and Glossary for Family Limited Partnerships
Understanding the terminology related to Family Limited Partnerships helps families make informed decisions about formation and management. The glossary below defines common terms such as general partner, limited partner, partnership agreement, and estate planning elements relevant to FLPs in Jamul. Familiarity with these definitions clarifies roles, liabilities, and procedural requirements so families can evaluate whether an FLP is the right fit for their estate plan and how to structure agreements and transfers to support long-term goals in compliance with California rules.
General Partner
A general partner in a Family Limited Partnership is responsible for managing the partnership’s operations and making decisions that affect partnership assets. General partners typically assume broader liability for partnership obligations and have fiduciary duties to act reasonably in the interests of all partners. In an FLP, a general partner may be a family member or a management entity, and the partnership agreement will define the scope of authority, compensation, and any limitations on decision-making. Properly outlining these duties in the agreement helps protect family relationships and clarify expectations.
Partnership Agreement
The partnership agreement is the foundational document that governs a Family Limited Partnership, laying out roles, contributions, distribution rules, transfer restrictions, and processes for resolving disputes or admitting new partners. It determines how income and losses are allocated, how decisions are made, and the mechanics for buying out interests or dissolving the partnership. A detailed agreement tailored to family goals and compliant with California law reduces uncertainty and helps preserve the intended structure of control, ownership, and succession within the family.
Limited Partner
A limited partner in an FLP contributes capital or assets and holds an ownership interest while generally refraining from day-to-day management. Limited partners’ liability is usually limited to their investment in the partnership, protecting personal assets from partnership debts. The partnership agreement may restrict transferability of limited partnership interests to preserve family control and can set rules for distributions, voting rights, and how interests are valued for gifting and estate purposes. These features make limited partnership interests a common vehicle for gradual wealth transfer.
Estate Planning
Estate planning is the process of arranging for the management and transfer of assets during a person’s lifetime and after death. Family Limited Partnerships are one tool within an estate plan that can consolidate assets, facilitate succession, and provide potential tax benefits by transferring interests over time. Effective estate planning for Jamul families includes coordinating FLPs with wills, trusts, beneficiary designations, and other documents to ensure the family’s intentions are carried out and assets are handled efficiently under California law.
Comparing Family Limited Partnerships with Other Estate Planning Tools
Families in Jamul considering estate planning have options including wills, trusts, and Family Limited Partnerships, each offering different strengths. Trusts provide a direct mechanism to control distributions and avoid probate, while wills set out final wishes subject to probate. FLPs offer a partnership structure that centralizes asset management and can enable gradual transfer of economic interests with potential valuation benefits. Deciding among these tools depends on asset type, family dynamics, tax planning goals, and the desired level of ongoing management and control.
When a Simple Estate Plan May Be Adequate:
Smaller Estate Size and Simplicity
For families with modest assets, straightforward ownership, and few beneficiaries, a basic estate plan centered on wills or simple trusts may address key goals without the complexity of forming an FLP. When assets do not require centralized management or special transfer mechanisms, the administrative requirements of a partnership could outweigh potential benefits. In these cases, focusing on clear beneficiary designations, healthcare directives, and a well-drafted will can provide efficient protection and transfer of assets for Jamul residents who do not need a partnership structure.
Minimal Need for Ongoing Asset Management
If family assets are easily divisible and do not require collective management, creating an FLP may introduce unnecessary governance and reporting obligations. Families whose property holdings are few and whose successors are prepared to assume direct ownership might benefit most from trusts or direct transfers. In those situations, choosing simpler planning tools reduces administrative burden while still addressing transfer, incapacity, and end-of-life decisions. Jamul families should weigh the benefits of streamlined plans against the administrative costs of maintaining a partnership.
When a Comprehensive Partnership Approach Is Appropriate:
Complex Asset Portfolios and Business Interests
Families with multiple properties, business holdings, or complicated investment portfolios often benefit from a comprehensive approach like an FLP to centralize decision-making and streamline succession. When assets span real estate, operating businesses, and investment vehicles, a partnership can provide a single management structure and clear mechanisms for transferring economic interests. This can reduce disputes and create continuity, making it easier for families in Jamul to preserve value and coordinate long-term financial objectives while maintaining oversight over important assets.
Desire for Coordinated Succession and Protection
An FLP can be useful when families want a controlled method for transferring wealth while maintaining governance continuity and protecting assets. By defining transfer restrictions and management roles in the partnership agreement, an FLP can limit unexpected transfers and help protect against external claims when combined with other planning tools. For Jamul residents focused on preserving a family business or multi-property portfolio, a comprehensive plan that includes an FLP supports orderly succession and provides clarity about how assets will be managed across generations.
Key Benefits of Using a Family Limited Partnership
Establishing an FLP can provide several tangible benefits including consolidated management of family assets, clearer succession planning, and potential tax planning advantages. For families with complex holdings, combining an FLP with trusts and estate documents can streamline administration and reduce the likelihood of disputes. The partnership structure allows families to preserve decision-making authority with designated managers while gradually transferring economic interests, which can support long-term family financial stability and alignment with planned succession objectives in Jamul and throughout California.
Another important benefit of a comprehensive FLP approach is the ability to customize distribution and transfer rules to reflect family priorities and protections. The flexibility of the partnership agreement enables families to set conditions on transfers, define buyout provisions, and establish methods for resolving conflicts. These tailored provisions help maintain harmony among heirs and protect the family’s financial legacy. When designed and operated appropriately, an FLP can complement other estate planning tools to create a cohesive, long-term strategy for asset stewardship.
Improved Control and Decision-Making
An FLP permits designated managers to make investment and operational decisions while other family members retain economic interests, which preserves continuity of management and aligns decisions with family goals. This control framework is especially valuable for families with ongoing businesses or properties that need coordinated oversight. By documenting powers and limitations in the partnership agreement, families in Jamul can reduce misunderstandings and set clear expectations for how assets will be managed and how major decisions will be taken over time.
Potential Tax and Protective Advantages
When structured properly, an FLP can allow for valuation discounts on partnership interests due to restrictions on control and marketability, which may reduce the taxable value of transferred interests for gift and estate tax purposes. Additionally, restrictions on transferability and centralized governance can offer a measure of protection from creditor claims when the partnership is maintained in line with legal requirements. Families should weigh these potential benefits against administrative obligations and ensure compliance with California tax and partnership rules.
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Practical Tips for Using Family Limited Partnerships
Clearly Define Roles and Responsibilities
Establishing a detailed partnership agreement that clearly outlines the duties of general partners and the rights of limited partners helps prevent disputes and sets expectations for decision-making. Families should specify voting rights, management powers, distribution policies, and procedures for admitting or removing partners. Clear definitions reduce ambiguity when ownership interests change hands and help preserve family relationships. Regular review of the agreement ensures it continues to reflect current family priorities and legal requirements under California law.
Regularly Review and Update Documents
Address Tax Implications Early
Consider tax consequences when drafting and funding an FLP, including potential gift and estate tax effects of transferring partnership interests and the valuation methods used for discounts. Early tax planning can help families take advantage of opportunities while avoiding unintended liabilities. Proper documentation, consistent treatment of transfers, and thoughtful timing of gifts are important to achieve desired outcomes. Coordinating the FLP with trusts and other planning tools can improve overall tax efficiency for Jamul families.
Why Jamul Families Should Consider a Family Limited Partnership
Families should consider an FLP when they seek a coordinated approach to managing multiple assets, want to preserve managerial control while transferring economic interests, or need a structure that supports business succession or real estate consolidation. An FLP can facilitate gradual transfer of ownership, set transfer restrictions, and centralize decision-making to protect the family’s long-term financial interests. For Jamul residents with intergenerational planning needs, an FLP offers tools to align family governance with estate and tax planning objectives.
An FLP is also worth considering when families want to formalize roles and responsibilities, reduce the likelihood of future disputes, and create a framework for distributing income and governance. The partnership can be tailored to reflect family values and practical needs, including buy-sell provisions, succession triggers, and distributions for heirs. When combined with other estate planning documents, an FLP can be a central element in a broader strategy to preserve wealth and ensure orderly management across generations in compliance with California rules.
Common Situations Where an FLP Is Useful
Family Limited Partnerships are commonly used when families own businesses, multiple real estate properties, or investment portfolios that require centralized management. They are also helpful when parents want to transfer wealth to children gradually while retaining decision-making control. Situations that involve blended families, complex beneficiary arrangements, or the need to protect assets from non-family claims often benefit from the governance and transfer rules an FLP provides. These circumstances make an FLP a practical tool in many Jamul estate plans.
Managing Family-Owned Businesses
When a family operates a business, an FLP can separate ownership interests from management authority, enabling continuity of operations while transferring ownership over time. This structure helps establish clear succession paths, define buyout procedures, and centralize decision-making to prevent fragmentation of control. Families can craft partnership terms to support a smooth transition between generations, coordinate compensation and distributions, and preserve business stability during ownership changes in Jamul or across California.
Consolidating Real Estate Holdings
Families with multiple properties may place real estate into an FLP to simplify management, centralize rental or maintenance decisions, and reduce individual exposure to liabilities. Consolidation under a partnership enables coordinated strategies for leasing, improvements, and eventual transfer of interests. The FLP structure can support collective decision-making while allowing family members to benefit economically through limited partnership interests. Proper documentation and valuation are important to reflect property contributions and ongoing responsibilities.
Facilitating Intergenerational Wealth Transfer
An FLP can facilitate gradual gifting of partnership interests to younger generations while allowing senior family members to retain control over management. This approach supports succession planning and may provide valuation benefits when interests are transferred. By establishing clear rules for distributions and transfers, families can protect assets and provide for heirs in a controlled manner. The structure also encourages orderly communication about long-term goals and responsibilities, helping to align expectations across generations in Jamul.
We’re Here to Help Jamul Families with FLPs
Why Choose Our Firm for Family Limited Partnerships
Clients choose our firm for personalized guidance on whether an FLP fits their estate plan and for practical support in forming and managing the partnership. We focus on clear communication, careful drafting of partnership agreements, and practical planning to align structure with family goals. Our services include reviewing asset suitability for contribution, advising on transfer and valuation strategies, and preparing documents that reflect intended governance and protections under California law.
We assist with coordinating FLPs alongside trusts, wills, and other estate planning tools to create a cohesive plan for asset protection and succession. This coordination helps avoid gaps or conflicts among documents and ensures that partnership provisions work together with beneficiary designations and administration plans. Families receive support during initial formation, funding of the partnership, and ongoing updates as circumstances or laws change, helping maintain the partnership’s effectiveness over time.
Our commitment includes guiding Jamul clients through technical steps such as drafting customized partnership agreements, preparing transfer documents, and advising on tax and governance issues. We emphasize practical solutions to protect family assets, facilitate orderly transitions, and document policies that reduce the risk of disputes. This approach gives families confidence that their plans reflect their priorities and are implemented with attention to legal and administrative detail in California.
Schedule a Consultation to Discuss Family Limited Partnerships
How We Handle the FLP Process at Our Firm
Our process begins with an initial consultation to understand family goals, review assets, and determine whether an FLP aligns with the plan. We then evaluate which assets to contribute, draft a partnership agreement, assist with transfers and filings, and provide guidance for ongoing governance. Throughout, we explain legal and tax implications in plain language and work to ensure documents reflect the family’s intended control and distribution provisions. We also offer follow-up support to update agreements as family circumstances evolve.
Step One: Initial Consultation and Asset Review
The first formal step is to discuss your family’s objectives and conduct a thorough review of assets to determine suitability for an FLP. This assessment identifies which properties, business interests, or investments are practical to transfer and evaluates how the partnership structure will support succession and management goals. By reviewing ownership documents and family dynamics, we can recommend an approach that aligns with your priorities and prepares a roadmap for formation and funding.
Understanding Family Goals and Priorities
We begin by listening to your objectives for control, succession, and distribution to ensure the FLP structure supports your desired outcomes. Understanding relationships between potential partners, expectations for management, and timelines for transfers helps tailor the partnership agreement to family needs. This step also identifies potential conflicts or practical concerns to address before drafting formal documents, promoting a smoother formation process and greater long-term alignment.
Evaluating Assets for Contribution
A careful evaluation of assets helps determine which items are appropriate to contribute to the partnership and how to document their value. Real estate, business interests, and investment portfolios each require tailored consideration regarding valuation, title transfer, and tax consequences. Proper documentation of contributions and consistent recordkeeping are essential to support the partnership’s intended benefits and to demonstrate appropriate treatment for tax and legal purposes under California regulations.
Step Two: Drafting the Partnership Agreement
After the initial assessment, we draft a customized partnership agreement that sets governance rules, distribution policies, transfer restrictions, and procedures for resolving disputes. The agreement reflects family priorities about management roles, decision-making authority, buyout provisions, and admission of new partners. Attention to clear language and practical contingencies ensures the partnership operates smoothly and reduces uncertainty for current and future partners, helping preserve family assets and control over time.
Customizing Terms to Fit Family Needs
The partnership agreement is tailored to specify who manages the partnership, how major decisions are made, and the rules governing distributions and transfers. We work with families to address potential scenarios such as incapacity, divorce, or disagreements, and to set buy-sell mechanics and valuation methods. Crafting these terms up front reduces the risk of future disputes and provides clarity about how the partnership will function across different life stages and transitions.
Ensuring Legal and Tax Compliance
During drafting, we incorporate provisions that align with California partnership law and consider federal tax implications of transfers and valuations. Clear documentation of contributions, consistent governance practices, and careful consideration of valuation approaches support the intended tax and asset protection outcomes. Families benefit from understanding how partnership operations and transfers will be treated for gift and estate purposes and how to maintain records that reflect the partnership’s independent functioning.
Step Three: Funding, Implementation, and Ongoing Management
Once the agreement is finalized, we assist with executing documents, transferring assets into the partnership, and completing any necessary state filings or registrations. We coordinate signings, record transfers, and prepare supporting documents to ensure the partnership is properly funded. Ongoing management includes periodic reviews of agreements, assistance with distributions, and updates to reflect changes in family circumstances or law so the partnership continues to meet its intended purposes.
Executing Documents and Transferring Assets
Executing the partnership agreement and transferring title to contributed assets are important final steps to implement the FLP. We guide families through recording deeds, assigning ownership interests, and completing any filings required by California authorities. Proper execution and documentation confirm the partnership’s holdings and help establish consistent treatment for tax and legal purposes. Clear records at this stage support the partnership’s long-term governance and protect the family’s intentions.
Ongoing Support and Agreement Updates
After formation, periodic reviews and updates ensure the partnership continues to reflect family priorities and legal requirements. Life events such as births, deaths, marriages, or significant asset changes may warrant amendments to the agreement or revaluation of interests. Ongoing support includes advising on distributions, assisting with partnership meetings, and updating documentation to maintain compliance and practical functionality for the family over time.
The Proof is in Our Performance
Frequently Asked Questions About Family Limited Partnerships in Jamul
What is a Family Limited Partnership and how does it work?
A Family Limited Partnership is a legal entity in which family members pool assets under a partnership structure. Typically, one or more general partners handle management and operational decisions while limited partners hold ownership interests without participating in day-to-day management. The partnership agreement defines contributions, distributions, management powers, and transfer restrictions, helping families consolidate assets and outline succession plans. This structure is often used to manage real estate, family businesses, or investment portfolios in a coordinated way. Forming an FLP requires thoughtful documentation and compliance with California law to ensure the arrangement functions as intended. Important considerations include drafting a clear partnership agreement, transferring title to assets being contributed, and keeping accurate records of distributions and decisions. Families should also consider how the FLP will interact with other estate planning documents and whether its administrative requirements are suitable for their long-term plans.
Can an FLP provide tax benefits for my family?
An FLP can provide potential tax planning opportunities by allowing transfers of partnership interests that may be eligible for valuation discounts because of restrictions on transferability and lack of marketability. These discounts can reduce the taxable value of gifted interests for gift or estate tax purposes when properly documented and supported. However, realizing tax benefits depends on how the partnership is structured, how interests are valued, and adherence to applicable tax rules and reporting requirements. Tax outcomes vary depending on family circumstances and current law, so careful planning and valuation are necessary to pursue potential advantages. Families should evaluate the timing and size of transfers, document the basis for valuation approaches, and coordinate the FLP with other elements of the estate plan to achieve coherent tax and succession objectives under California and federal rules.
What assets should be contributed to an FLP?
Suitable assets for contribution to an FLP commonly include real estate holdings, family business interests, investment portfolios, and other tangible or intangible property that benefits from centralized management. Selecting assets depends on goals such as consolidating ownership, facilitating management, or enabling gradual transfer of value to heirs. Assets that are difficult to divide or require ongoing oversight are often good candidates for placement into a partnership framework. Before transferring assets, it is important to consider valuation, title issues, and any tax consequences that may arise from the contribution. Accurate documentation of transfers and consistent governance practices help preserve the intended benefits of placing assets into the partnership. Families should assess each asset’s suitability and how it will be managed within the FLP structure.
How are general and limited partners treated differently?
General partners in an FLP typically have authority to manage partnership affairs, make investment and operational decisions, and are more directly responsible for partnership liabilities. Limited partners generally contribute capital or assets and enjoy liability protection limited to their investment but do not participate in daily management. The partnership agreement defines the scope of authority, compensation, and fiduciary expectations for general partners while clarifying the rights and restrictions that apply to limited partners. Because the distinction affects liability and management control, families should carefully assign roles and document expectations to avoid inadvertently exposing limited partners to liabilities. Clear provisions about voting, distributions, and restrictions on transfers help preserve the intended balance between management authority and ownership interests.
Will forming an FLP protect assets from creditors?
An FLP can provide a degree of protection by limiting the direct ownership of assets and imposing transfer restrictions that make it harder for creditors to reach partnership property directly. Centralized governance and documented restrictions on transfers may deter some claims against partnership assets. However, the level of protection depends on proper formation, consistent operation, and adherence to legal formalities to avoid challenges that could undermine protective features. Asset protection is not absolute and depends on facts such as timing of transfers and whether transfers were made to hinder creditors. Families should maintain proper records, avoid commingling personal and partnership assets, and ensure the partnership operates as a bona fide entity. Combining an FLP with other planning tools can strengthen overall protection when done correctly under applicable law.
How do I value partnership interests for gifting?
Valuing partnership interests for gifting involves professional appraisal methods and recognized valuation techniques that account for discounts due to lack of control and limited marketability. The partnership agreement’s transfer restrictions and the absence of an active market for interests often support such discounts, which in turn can lower the taxable value of gifts. Accurate valuation requires documentation of how values are determined and consistency with accepted appraisal standards. It is important to use defensible valuation approaches and document the basis for any discounts or methods used. Seeking appropriate valuation assistance and documenting contemporaneous analysis helps support positions taken for gift and estate tax reporting. Families should coordinate valuation timing with gifting strategies to ensure compliance and clarity.
What steps are required to form an FLP in California?
Forming an FLP in California typically involves deciding on partners and contributions, drafting a thorough partnership agreement that addresses management and transfer rules, transferring agreed assets into the partnership, and completing any required filings or registrations. Proper documentation of asset transfers, recording deeds for real estate, and establishing partnership records are essential to demonstrate the partnership’s legitimacy and purpose. Throughout formation, families should consider tax implications, valuation of contributed interests, and governance practices that reflect real business or management activity. Maintaining formal meetings, minutes, and consistent recordkeeping helps the partnership operate as an independent entity, which supports both functional governance and legal standing under California rules.
How often should we review our partnership agreement?
Reviewing the partnership agreement regularly ensures it remains aligned with family goals and legal developments. Families should revisit the agreement after major life events, changes in asset holdings, or significant shifts in family dynamics. Periodic reviews also help incorporate changes in tax law, valuation methods, and practical governance needs so the FLP continues to serve its intended purposes over time. Regular updates also create opportunities to refine transfer provisions, update buy-sell mechanisms, and reassess distribution policies to reflect evolving family objectives. Scheduling routine check-ins and documenting decisions keeps the partnership responsive and helps maintain orderly administration across generations.
Can an FLP be dissolved if family circumstances change?
Yes, an FLP can be dissolved or restructured if family circumstances change, subject to the terms set out in the partnership agreement. The agreement should include provisions for dissolution, buyouts, and other exit mechanisms that define how assets are valued and distributed upon dissolution. Planning for these contingencies ahead of time helps reduce disputes and provides a clear path forward if the family decides to end or modify the partnership. Dissolution requires careful attention to tax and title consequences, especially for real estate and business interests. Proper execution of buyouts, transfers, and distribution of proceeds according to the agreement helps ensure an orderly wind-down and minimize unintended liabilities or conflicts during the process.
How does an FLP work with trusts and wills?
An FLP works alongside trusts and wills by addressing management and ownership of certain assets while trusts and wills dictate distribution at death and manage probate concerns. For example, partnership interests may be held by trustees or passed under a will, and trusts can receive partnership distributions or hold partnership interests to align with broader estate objectives. Coordinating these documents ensures consistent treatment of assets and avoids conflicts between different instruments in the estate plan. When integrating an FLP with trusts and wills, families should ensure that beneficiary designations, successor trustee provisions, and partnership agreement terms work together. This coordination helps maintain intended control, streamline administration, and provide clarity about who will manage and benefit from partnership assets under different scenarios.