Tag: estates

Estate Planning Newsletter – September 2009

September 4th, 2009   •   Comments Off on Estate Planning Newsletter – September 2009   

The following topics are covered in this newsletter:

 

  • Will there be Estate Tax Reform? What will it look like?

 

View Will There Be Estate Tax Reform.

read more

Estate Planning Newsletter – July 2009

July 8th, 2009   •   Comments Off on Estate Planning Newsletter – July 2009   

The following topics are covered in this newsletter:

 

  • Tennessee Legislature Amends Exemption For Franchise and Exercise Tax

 

View Estate Planning Newsletter July 2009.

read more

Estate Planning Newsletter – June 2009 Issue

July 1st, 2009   •   Comments Off on Estate Planning Newsletter – June 2009 Issue   

The following topics are covered in this newsletter:

 

  • What Is The Tennessee Long-Term Care Partnership?

 

View Estate Planning June 2009.

read more

WHEN IS IT A LOAN? WHEN IS IT AN ADVANCEMENT? WHEN IS IT A GIFT? – April 2009 Issue

April 14th, 2009   •   Comments Off on WHEN IS IT A LOAN? WHEN IS IT AN ADVANCEMENT? WHEN IS IT A GIFT? – April 2009 Issue   

In the case of Poss v. Turner, the Tennessee Court of Appeals dealt with the issue of the legal effect of when a parent transfers money to a child. Mrs. Turner, the decedent, was the payee on a check for $16,000.00. She endorsed it and gave it to her son, Charles Turner, who also endorsed it and deposited it into an account at the Circuit Court Clerk’s Office to pay a delinquent judgment against him for child support arrearage. When Mrs. Turner died, the Executrix of her Estate sued Charles Turner for the $16,000.00 check amount claiming that it was a debt owed by Charles Turner to his mother’s estate. The Trial Court found in favor of the Estate that the check was a loan and found that Charles Turner was “an unbelievable witness, unworthy of belief.”

read more

Basic Estate and Financial Planning Tips – February 2009 Issue

February 9th, 2009   •   Comments Off on Basic Estate and Financial Planning Tips – February 2009 Issue   

In continuing with the basic estate and financial planning tips I pointed out in my January, 2009 Newsletter, I point out some additional things to consider:

 

1. Businesses owned by more than one individual (not in a family) should be sure and have a working understanding of and a knowledge of how business succession will be handled. Business owners should consider buy-sell arrangements, funding for buy-sell arrangements, and any restrictions on the operating business if the payments for a departing business owner are made in installments. If done at arms length, the value set in a Buy-Sell Agreement can establish an estate tax value for the business as well.

read more

Basic Estate and Financial Planning Tips – January 2009 Issue

January 12th, 2009   •   Comments Off on Basic Estate and Financial Planning Tips – January 2009 Issue   

As we enter a new year, it is a good time to take stock of estate planning and financial positions. In this letter and the next newsletter, I will point out several things that people should consider regarding their personal situation.

 

1. Naming Successor Attorneys-In-Fact, Executors, Trustees, and Guardian. Many people spend the time to do estate planning documents such as Durable Powers Of Attorney, Advance Directives For Health Care, Health Care Powers Of Attorney, Wills, and Trusts. Often people think about who they want to serve in the appropriate fiduciary capacities. However, people frequently do not think about who would be the alternates if the primary designee could not serve. It is important to name successors in estate planning documents so in the event the primary designee cannot serve, you have a back up. Also, it prevents you from having to return to a lawyer to prepare an alternative document if the prime designee is unable to serve.

read more

Estate Planning Newsletter – November 2008 Issue

December 30th, 2008   •   Comments Off on Estate Planning Newsletter – November 2008 Issue   
WHO SHOULD BE YOUR TRUSTEE?

I am often asked who would be the appropriate person or entity to serve as a trustee. There is no right answer, and it always depends on the specific circumstance for the family involved. This letter will provide you with a general checklist of pros and cons for consideration of an Institutional Trustee or an individual trustee.

 

View Estate Planning November 2008.

read more