Legal Services at the Intersection of Business and Life
After someone passes away, their adult children often need to handle the complex issue of dealing with the possessions they left behind. One of the common concerns is what happens to the family home. What should you know in this challenging situation? What happens to...
Some people treat estate planning like a slow cooker. They want to set it and forget it, as the saying goes. It is common for adults to incorrectly assume that an estate plan they created years ago offers them adequate protection. The reality is that the passage of...
Will disputes are among the most challenging situations a grieving family can go through. A contested will adds significant uncertainty regarding how a decedent’s estate is distributed to their heirs and beneficiaries. Further, litigation is expensive and can undermine the value of an estate. Beyond the financial uncertainties, these disputes can lead to irreconcilable family strife. Underlying familial conflicts often…
Understanding how inheritances are taxed is essential to maximize the benefit you provide your heirs. It is also important to know if you are receiving an inheritance and wish to maximize your own benefit. One of these taxes is the inheritance tax on property. Proper estate planning requires a firm understanding of the inheritance tax and what differentiates it from…
All probate assets must go through the probate process before being distributed to beneficiaries. Though the rules for asset distribution in probate courts seem straightforward, they are fairly complex. While probate assets are allocated according to a default beneficiary designation, you can determine who gets what by writing a will. Understanding how the probate process works is essential to maintaining…
You have probably heard that getting your affairs in order is a good idea so your loved ones are protected when you pass away or become incapacitated. But you may not know exactly when to start planning your estate. The answer? Now is always the best time to start the process. When the unthinkable happens, an estate plan gives you…
If you are considering creating an estate plan, you may wonder, How do you decide on a will vs a trust? A will provides a comprehensive plan for how you would like your assets to be distributed after you die. In contrast, a trust owns assets for the benefit of one or more parties (called beneficiaries). A will alone may…
Thinking about and planning for what happens to your assets when you pass away can be uncomfortable. But it is essential to put a plan in place to care for your loved ones and distribute your assets according to your wishes. If you do not have a plan in place, Tennessee’s default rules determine who inherits your assets, which may…
Getting remarried can be an exciting time, filled with the promise of a new beginning and a brighter future. It’s not unusual to feel renewed hope and happiness as you start this new chapter. However, estate planning becomes more complex when you have a second marriage, especially if you have children. Estate planning means ensuring your current spouse and your…
Deciding to begin the estate planning process is an essential step toward protecting your loved ones. An effective estate plan can protect your property while ensuring it is distributed according to your wishes. A well-crafted estate plan also helps you prevent unnecessary and costly conflicts among your loved ones. Many people put off planning their estate until it is too…