Tennessee repealed its own state estate tax back in 2016, which was good news for families here. But the federal estate tax is still very much in play, and for families with significant assets, understanding how it works and what can be done about it is an important part of...
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Most people assume that their will is the document that decides where their assets go after they die. For some assets, that’s true. For others, it’s completely wrong. And the gap between those two categories is larger than most Tennessee families realize. Retirement accounts, life insurance policies, bank accounts with...
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Choosing a trustee is one of the most consequential decisions in your estate plan. And it’s one that a surprising number of people make quickly, defaulting to whoever seems like the obvious choice without really thinking through what the role involves. The person you name as trustee will be responsible...
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Choosing an executor is one of the most important decisions in the estate planning process. For many people, the most trusted person in their life doesn’t live in Tennessee. Maybe it’s a sibling in another state, an adult child who moved away, or a close friend who relocated years ago....
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This is probably the most common estate planning misconception out there. A lot of people have a will, feel like their affairs are in order, and never think much more about it. And a will is better than nothing. But it has real limitations that a revocable living trust doesn’t...
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Transcript: 00:00:00 So, it depends if a probate administration has been opened. If a probate has been opened and a personal representative has been appointed, the personal representative is required by law to notify any known or reasonably ascertainable creditors. They’re also required to issue notice to creditors and...
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Transcript: 00:00:00 Main duties of the personal representative involve identifying estate assets, collecting those assets, securing those assets. The personal representative is also responsible for notifying any beneficiaries under the will, notifying any errors at law if there is not a will. They’re also responsible for notifying all known...
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Transcript: 00:00:00 If you have a custody order in place, whether a child is born out of wedlock or you have a parent parenting plan from a divorce, there is a statute in place that is the parental relocation statute. If you already have a custody order in place,...
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Transcript: 00:00:00 Once a court has put into place a a custody order, if you want to modify it, most of those orders are through a parenting plan and it will require that for certain disputes before you come to the court that you send a request to your...
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Probate gets a bad reputation, and honestly, a lot of it is deserved. It’s not the end of the world when an estate goes through it. But it’s slow, it costs money, and it plays out in a courtroom rather than quietly within the family. Most people, once they understand...
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