Which of the following is NOT true about family limited partnerships$($FLP$)?$

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Part $1$

A$.$

The limited partners give all or a portion of their assets to the FLP in exchange for a small general partnership interest and a large limited partnership interest.

B$.$

The children or grandchildren$$ are, or sometime later$$ become, the limited partners.

C$.$

Because of tax$$ benefits, limited partnerships are often used in estate planning.

D$.$

Over$$ time, the senior family members give their limited partnership interests to their children or grandchildren.

E$.$

$$Generally$,$ senior family$$ members, such as parents or$$ grandparents, who have substantial$$ assets, are the general partners who contribute assets to the FLP and manage its business and assets.