This is a technique for investing and managing family wealth. This technique can be very useful in preserving a business and other investments of the partnership. One significant feature of a family partnership is that it may very well have a transfer tax value that is much less than the value of the underlying assets. We often see family limited partnerships that are likely to be attacked by the IRS upon an estate tax audit due to the way that they have been created and held by the person who created them. There are ways, however, to substantially reduce the risk of estate tax inclusion.