ESTATE PLANNING: BUSINESS, FAMILY & PERSONAL

Visit us for tips to make and keep your estate planning, wills, trusts, real estate, and business succession planning up-to-date. Topics on everything from delegating health care and financial decision-making authority during disability and other family/medical-related issues, to current state and federal tax laws that should be considered when forming or managing a family business.

EVEN A PRINCE NEEDS A WILL

It has been widely reported that popular musician Prince died in late April without a Will or any estate planning documents--why should this matter to a Tennessee resident? The simple answer, if you die without a Will or other valid estate planning document, all important decisions are taken out of ...

Revocation of a Will

If you don’t like your Will, how do you revoke it? Tennessee law provides the answer. There are three ways to intentionally revoke a Will: The maker of the Will, the ‘testator’, creates another Will that revokes the prior Will; The testator creates a “document of revocation,” that has to ...

DON’T GIVE IT ALL AWAY

On many occasions I hear from clients and potential clients that they have given certain assets to their children based on advice from someone with claimed experience/expertise in estate planning; on many occasions, the reasons given are to protect the parent’s assets and to save money. But transferring assets to ...

Don’t Forget Your Beneficiary Designations

Some valuable pieces of an individual’s estate do not pass pursuant to their estate planning documents, and this portion of one’s overall Estate “Plan” is often overlooked. These assets typically include: Life Insurance proceeds, Retirement Plans Accounts, IRAs, and most all other accounts held at financial institutions. This major portion ...

When Aunt Becky Had No Will …… the Rules of Intestate Succession in Tennessee

Who gets someone’s property when there is no will? I have had several clients approach me about a loved one who has died without a will ….. clients with questions about who gets what property, how real estate is handled, and whether probate will be required to distribute the decedent’s ...

No Contest—Let’s Avoid a Trip to Court…

A lot of clients have approached me after emotional battles in the various Probate Courts of Tennessee and asked how can they prevent their beneficiaries being subject to such Probate Court proceedings? As with most legal questions, there is no simple answer. My first recommendation is to always consider an ...

Will Contests in Tennessee – What should you know?

You strongly suspect that your deceased family member’s will was obtained, by another family member or individual, through “dubious circumstances.” How should you proceed? What is the legal basis to challenge a probated will in Tennessee, and what is the process involved? You should first contact a qualified probate litigation ...

Don’t Forget Income Tax Planning When Drafting Your Estate Plan

Because of Tennessee’s repeal of the State Gift Tax and the pending repeal of the State Inheritance Tax after January 1, 2016, you may have overlooked tax planning opportunities that exist in your current estate plan. A resident of Tennessee, or any other state, must still keep in mind and ...

Business Succession Planning—Don’t Let Tennessee Run Your Business!

According to Forbes Magazine in 2013, only 1/3 of family businesses successfully make the transition to the second generation. Don’t let your family business join the 2/3’s that fail. With a few easy steps, you can plan for a smooth and successful transition from one generation to the next. The ...

Elder Abuse – What to Look For and How to Help

The financial exploitation of older Americans by their own families, friends, acquaintances, and salespeople is a serious problem in our country – particularly as the number of older citizens increase. It is estimated that more than 2/3 of elder abuse perpetrators are family members. If you suspect that an elderly ...