Usually, spouses transfer most of their assets to the FLP. The spouses, as general partners, would share control. They may own their limited partnership interest personally or through their respective living trusts, or through other types of trusts. This arrangement provides excellent creditor protection, retained control and probate avoidance. Any other trust or entity can be limited partner(s). You can see that the FLP can be structured in many different ways.
Can you give an example of how the FLP would be used?