A last will and testament is a formal document used in estate planning. Here’s how it works in Tennessee and who should have one in place.

Revocable living trusts offer a variety of estate planning benefits to those who create them. Here are five of the biggest benefits.

Having an estate plan isn’t enough. It’s critical to ensure that after certain life events, it is updated. Here are some examples of times to review and update your estate plan in Tennessee.

Being named as someone else’s Successor Trustee is an honor. But it can also feel overwhelming, especially when it happens after the death of a loved one. Most people step into this role with little warning and no real training, all while still grieving. Nonetheless, there’s an important job to do. If that’s where you…

When people think about estate planning, it’s common to focus on who should receive a legacy directly. This is usually spouses, children, or other loved ones. But a well-crafted estate plan goes beyond just naming “primary beneficiaries.” It also addresses what happens if those beneficiaries cannot inherit. That’s where contingent beneficiaries come in. Overlooking the…

It may seem natural to name a child or grandchild as the beneficiary of your Will, life insurance policy, retirement account, or other assets. But naming a minor as a beneficiary is almost always the wrong choice. And when a parent or grandparent dies, it’s often too late to avoid the problems that come as…

The Revocable Trust is a powerful estate planning tool. The flexibility that this type of instrument offers your family is tremendous, especially in Tennessee. But many people misunderstand the tax consequences of a Revocable Trust, both during life and after death. We’re going to discuss some highlights about the tax treatment of Revocable Trusts, both…

When someone passes away, one of the most important tax rules that comes into play is something called the “step up in basis.” While the tax code is quite complex, this topic is actually pretty straightforward. And it’s great news for a Decedent’s Beneficiaries. Let’s break down what the step up in basis is and…

If you’ve recently lost a loved one, your grieving family is likely being hit with more than just sorrow. You may also be bombarded with bills, creditor calls, and legal paperwork. A common fear, if you don’t know about what happens to debt after you die, is that family will get stuck with the debt.…

Odds are you’re reading this because you’ve been searching for some estate planning tips. We’re glad you’re here and are thinking carefully about this critical topic. This article isn’t really going to discuss the law, though. We’re going to focus on some non-legal strategies for your legacy planning. Setting up your estate plan is an…

Being named as an Agent under a Power of Attorney (POA) is both an honor and a significant responsibility. Whether you’ve been appointed to manage someone’s financial affairs, healthcare decisions, or both, it’s essential to understand your duties and the scope of your authority. If a family member or friend has named you as their…

Proverbs 13:22 says, “A good man leaves an inheritance to his children’s children.” This timeless wisdom encourages us to think generationally about wealth. But the Scripture doesn’t instruct us on how to leave an inheritance to grandchildren under American federal and state law. The legal realities of passing assets to minor grandchildren require careful planning…

When creating an estate plan with a Living Trust, a house is typically one of the main assets the Trust will hold. Placing your house in a Trust requires signing a new deed from the current individual owner(s) to the Living Trust. But signing and recording the deed is not the end. There is additional…

When someone creates a Trust, there is also a Trustee who must take charge. The Trustee is the person or entity that manages the assets in the Trust on behalf of the Beneficiaries. Most of the time Trustees do their jobs well. But sometimes they don’t. The failures may be so bad that they constitute…