A limited partnership exists when two or more partners go into business together, but the limited partners are only liable up to the amount of their investment. An LP is defined as having limited partners and a general partner, which has unlimited liability. For estate tax purposes, partnership planning can provide tax benefits by allowing a valuation discount. Currently, a single person can die with up to $11,700,000.00 in assets or $23,400,000.00 as a married couple and pay no Federal Estate Tax at their death. The value of your estate is determined at death and the government demands a valuation of everything you own—even partnership assets. With sound partnership planning, you can create a LLC that will be valued at less than its directly appraised value, while providing the owner the continuing ability to manage it.