Legal Services at the Intersection of Business and Life
Probate can be a time-consuming and expensive process. Fortunately, not all estates have to go through probate. After a loved one dies, is probate necessary when there is a will? Not necessarily. In this blog, we’ll explain how probate works, when it is required, and when it is not. What Is Probate? Before discussing when probate is necessary, let’s first…
Probate is a time-consuming process that comes with certain fees. Although not all estates have to go through probate, for those that do, the expenses for this process can be substantial. So how much does probate cost in Tennessee? We’ll answer that question and more below. Contents hide 1. When Is Probate Necessary? 2. How Much Does Probate Cost in…
In theory, creating an estate plan is a pretty straightforward process. However, in practice, there are many estate planning mistakes that prevent your plan from having its intended effect. Thus, while there are many options for DIY estate planning, these tools are better used to familiarize yourself with the process as opposed to creating actual estate planning documents. When the…
Batson Nolan explains how an ILIT can possibly help avoid a heavy tax burden. Irrevocable Life Insurance Trusts and Crummey Letters Many clients are unaware that the value of their life insurance policies may be includable in the value of their estates at the time of their death. Due to the high estate tax exemptions currently, this inclusion by the IRS…
Batson Nolan explains how proper estate planning can save your family thousands of dollars. Due to Federal Income Tax and Federal Estate Tax, it is often joked that the government gets the last laugh by taxing your assets even after you’ve already passed. However, an often times unknown, but very advantageous tax rule exists within the confines in estate planning.…
The consequences of not planning for your death. According to a recent Harris Poll regarding a will: 64% of Americans do not currently have a will Out of the 64% that do not have a will, 27% said a will was not an urgent need 15% said they do not need one at all. The poll also indicated why so…
A Living Will ensures your wishes are fulfilled in the event that you can’t speak for yourself. In 1990, a 26-year old bookkeeper named Terri Schiavo collapsed from cardiac arrest at her residence in St. Petersburg, Florida. She was eventually resuscitated by paramedics, but she suffered massive brain damage from lack of oxygen to her brain and was left in…
Can family members be disinherited in a will? It is not uncommon for a husband or wife to be excluded under their spouse’s will. This situation often occurs when: an estranged husband and wife are separated for a significant period of time, a couple is married later in life and each have children by prior marriages, or a spouse never…
The probate process is the legal proceeding in which a deceased person’s estate is administered and settled. Probate is necessary if a person dies and has assets in their name only. It is likely that the person’s estate will have to be probated before the heirs or beneficiaries of the estate can assume ownership of those assets. Probate can be time…
We have all heard of scams that target elders in our community. There are several types of scams focused on cheating vulnerable people out of money. They include: Phone calls that state that the elder has just won the lottery and needs to pay taxes before receiving their earnings. Others say that a beautiful girl 50 years younger is interested…