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In Estate Planning

Lindsay Jones featured in World Magazine

Lindsay Jones was was recently interviewed by World Magazine about elder fraud and tools to keep elderly loved ones from being victimized by scams, including conservatorships. Read the full article online here: https://wng.org/articles/fleecing-the-vulnerable-1654568085

Lindsay also appeared in World Magazine’s podcast. Listen here: https://wng.org/podcasts/fraud-and-financial-responsibility-1655265184… Read the rest

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June 21, 2022
In Contracts, Estate Planning

Do It Yourself Legal Documents Can Cost You Big

Loved ones are fighting a prolonged court battle after the former Zappos.com Inc. CEO, Tony Hsieh, joined a long list of prominent celebrities who died without leaving a Will. As when Prince died without a Will, the court has said the CEO died intestate, the legal term used when someone died without a Will.  But courts can still determine that you died intestate even if you tried to draft your own Will.

We see many cases involving individuals who thought “drafting my own contract” or “drafting my own Will” sounded like a good plan.  There are many reasons you may want to draft your own contracts or create your own Will.  It can be a desire to maintain privacy and control, save money on attorney fees, or simply thinking you don’t have enough assets to justify the costs.  Unfortunately, he pitfalls of drafting your own contracts or drafting your own Will are numerous.

 

Common problems with drafting your own contracts can include:

 

    • Failing to Account for Licensing Requirements – Many industries have specific requirements for licensing that
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December 20, 2021
In Civil Litigation, Estate Planning, General

The 27th Edition of The Best Lawyers in America© Recognizes Attorneys Lindsay Jones and Will Patterson

Patterson Bray is pleased to announce that attorneys Lindsay Jones and Will Patterson were recently selected by their peers for inclusion in the 27th Edition of The Best Lawyers in America©.

probate lawyer in memphisLindsay Jones was recognized for her high caliber of work in the practice areas of Trusts and Estates and Litigation- Trusts and Estates.

 

 

Will Patterson was recognized for his high caliber of work in the practice area of Commercial Litigation.

 

 

For more than three decades, Best Lawyers has been regarded – by both lawyers and the public – as the most credible measure of legal integrity and distinction in the United States. As such, Lindsay and Will’s recognition by Best Lawyers symbolizes excellence in practice.

Inclusion in Best Lawyers is based on a rigorous peer-review survey comprising more than 9.4 million confidential evaluations by top attorneys. Best Lawyers’ founding principle remains unchanged and forms the basis of their methodology: The best lawyers know who the best lawyers are, and attorneys do not pay to participate or be recognized. Best Lawyers lists are … Read the rest

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January 20, 2021
In Estate Planning

Why Is It Beneficial that Trusts Avoid Probate?

Memphis Probate and Estate Administration Lawyers

It can be difficult to know exactly how to construct an estate plan that will protect your family and keep your family from potentially destructive in-fighting. Thankfully, you do not have to determine the best ways to move forward alone. An experienced estate planning attorney will be able to help you decide which legal and financial tools will most directly benefit you, your family, your assets and your family’s future. And if you are concerned about the possibility of family in-fighting over your estate, your estate planning attorney will likely have one primary suggestion for you: consider setting up a trust.

Trusts and Probate: The Basics

When individuals pass away without first constructing legally enforceable estate plans, their assets pass through a legal process known as probate. The probate process essentially distributes the assets of a deceased person in accordance with the state’s estate-related regulations. This seems like a harsh way to deal with a lifetime’s worth of sentimental and potentially financially valuable property. But absent clear directions about how an estate should be … Read the rest

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February 16, 2019
In Estate Planning, General

No estate plan: a lesson from the extraordinary life of Aretha Franklin

No estate plan: a lesson from the extraordinary life of Aretha Franklin

It’s been widely reported that Aretha Franklin, The Queen of Soul, died without any sort of Estate Plan leaving many people wondering: “Why would someone so successful not have a financial plan in place?”  We should all pause and THINK about what we’re trying to do with our assets after death.

Unfortunately, it is fairly common for people to die without even the simplest form of an Estate Plan.  Even tremendously successful individuals like Prince and Aretha Franklin have made this mistake.  While Prince and Aretha Franklin certainly have more complex financial affairs than most of us, Estate Plans are not just for rich people.  In fact, a basic plan can be relatively inexpensive, especially when you consider the potential legal fees and costs which arise when there is no plan at all.

WHY HAVE A WILL OR ESTATE PLAN?

Whether we are meeting with potential clients or giving estate planning seminars, we always stress the importance of having an estate plan in place no matter how simple … Read the rest

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August 31, 2018
In Estate Planning

IRS Eliminates Valuation Discounts for Family Owned Entities: TAKE ACTION NOW!

 

 The IRS Has Issued Regulations Limiting or Eliminating the Use of Valuation Discounts.

One of the key benefits of Family Entities over the last several years has been the opportunity for significant valuation discounts for estate and gift tax purposes for clients with taxable estates. Last year, we advised  in our Estate Planning Newsletter that we expected the IRS to issue regulations limiting or eliminating the use of valuation discounts for family owned or controlled entities. Earlier this month, the IRS finally issued those proposed regulations. The  regulations are set to virtually eliminate the use of family entity valuation discounts as an estate planning tool.

However, there is still time to take advantage of valuation discounts. But, you need to act now. 

What is a Family Entity?

A Family Entity is exactly as it sounds — a company (limited liability company, corporation or partnership) that is owned and controlled by the organizer and the members of his or her family.

What Are Valuation Discounts?

Traditionally, ownership interests of a Family Entity have been valued at a reduced or discounted … Read the rest

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August 31, 2016
In Estate Planning

Digital Assets: Who can access my online accounts if I die?

Digital Assets: Who can access my online accounts if I die?

Chances are, if you are reading this Blog Post, you own Digital Assets and have one or more online accounts.  As Estate Planning Lawyers, we continue to see changes in the law to address our increasingly tech-savvy culture. The use of electronic information has continued to play a larger role in the Estate Planning and Administration we do for our clients.

Have you ever thought about what might happen to your Facebook account if you died?  Who would get your iTunes library and how would they access it?

Tennessee Legislature Passes Revised Uniform Fiduciary Access to Digital Assets Act

The Tennessee legislature recently passed the Revised Uniform Fiduciary Access to Digital Assets Act (the “Act”), which became effective July 1, 2016. The intent of the Act is to aid in a Fiduciary’s ability to access an individual’s Digital Assets.  A Fiduciary is someone either appointed by a person or a Probate Court Court to act on behalf of the person in the event of incapacity or death.  A … Read the rest

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July 18, 2016
In Contracts, Estate Planning

Joint Property Ownership Pitfalls and Solutions

Joint Property Ownership Pitfalls and Solutions

Our law firm has worked on a couple of cases lately involving joint property ownership; that is, property owned by a group of several individuals. Owning a piece of land or real estate with a group of individuals or family members can lead to many problems, a few of which we will discuss here.

What Happens to Real Estate When a Person Dies?

In Tennessee, real property typically passes outside of Probate in accordance with the publicly recorded property documents in the County where the property is located.  A person can also plan for the disposition of real property in a Will or Trust.  If you die owning real property in your sole name, though, it can cause significant problems for your Beneficiaries that can be avoided by proper planning.

In both cases I mentioned above, the group of individuals came into joint property ownership because of intestate succession (i.e., dying without a Will).  You may think that you do not need a Will because your property will pass to your heirs regardless.  However, … Read the rest

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July 11, 2016
In Estate Planning

Don’t be like Prince: Get a Will.

Learning from Prince’s Mistake

It’s been widely reported that Prince probably died without a Will. This has left many people wondering:

How could someone rich and famous like Prince die without a Will?

Unfortunately, it is not uncommon for people, even the super-wealthy, to to die without even the simplest form of an Estate Plan. While at least one source reports that Prince’s Estate may be worth less than what people think, this surprising omission of someone of Prince’s celebrity status should give us all cause to stop and think about what might happen to our own families and hard-earned assets in the event of an untimely death.

2 Simple Reasons to Have a Will or Estate Plan

When we meet with potential clients and give basic estate planning seminars, we stress the importance of having, at the very least, a basic estate plan in place. This is important because:

1. Your wishes will be known. Have you ever tried to guess what another person wants? This is why many of us find Christmas shopping very stressful. The only way … Read the rest

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June 13, 2016