A "family limited partnership" or "FLP" is a type of limited partnership in which family members pool their assets or into which the assets of a family business can be organized. Family members whose assets are in the FLP no longer directly own the assets; instead they own shares of the FLP, just as they would own shares of a business. FLPs can help family members avoid certain tax burdens, and they are especially useful to assist wealthy families avoid the estate tax.