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25 Documents to have before you die I ran across this Wall Street Journal list today and am reminded of how important it is to get certain life affairs in order. The start of the new year is as good of a time as any. Number one on their list should...
Read More Continue ReadingLaw FAQ: What is a HEET? A HEET is a Health and Education Exemption Trust. This time of year many clients are making gifts to their children and grandchildren. They often forget that gifts in excess of the $13,000 annual gift tax exclusion amount will be subject to Tennessee gift...
Read More Continue ReadingHow does Property Pass to Beneficiaries? Do you know who your beneficiaries are? When we ask clients this question, their first response is often quick and affirmative. However, we frequently discover through the estate planning process that the beneficiaries listed on our clients’ life insurance policies and retirement accounts are...
Read More Continue ReadingTennessee is NOT a Community Property State Community property states such as California and Texas, permit assets to receive a step-up in basis to the current fair market value (FMV) at the death of the first spouse to die regardless of which spouse owns the assets. Tennessee is a separate...
Read More Continue ReadingLaw FAQ: Can I Place My Assets in a Trust and Protect Them from My Creditors? Before 2007, if an individual created a trust under which he is a beneficiary, the assets of the trust were subject to the claims of his creditors. As a result, an individual could not...
Read More Continue ReadingCapacity to Make a Will in Tennessee As an estate planning and probate lawyer, I’ve handled cases from time to time where a person’s capacity at the time he or she created a Will or Trust was an issue. The elderly have increasingly become targets for those looking to prey...
Read More Continue ReadingLaw FAQ: Can I Sell My House to My Children for $1 to Avoid Gift Tax? Many clients and others have asked if they could sell their house to their children for $1 to avoid gift tax. The short answer to that question is “no”. Any transfer for less than...
Read More Continue ReadingLaw FAQ: I’ve been named as Trustee of a trust….what do I do now? The most important thing to remember when you step in as trustee is that these are not your assets. You are safeguarding them for others: for the grantor (if living) and for the beneficiaries, who will...
Read More Continue ReadingLaw FAQ: Why can’t I name my minor kids or grandkids as beneficiaries? You can certainly leave assets to your children and grandchildren if you do so correctly, and there are a number of options to choose from when planning for minor beneficiaries. The problem comes in when minor beneficiaries...
Read More Continue ReadingLaw FAQ: What is living probate? If you can’t conduct business due to mental or physical incapacity (dementia, stroke, heart attack, etc.), only a court appointee can sign for you – even if you have a will. Remember, a will only goes into effect after you die. Once the court...
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