Central Tennessee Estate Planning Blog
Do you need a revocable or irrevocable trust?
Setting up a trust as part of your estate plan is a common move. It enables you to protect your assets and heirs from excessive taxes after your death. A trust also is a good way to avoid probate trouble. However, when setting up a trust in Tennessee, you need to...
What is one of the worst mistakes to make with a trust?
A trust is an essential estate planning tool. Unlike a will, it allows you to put conditions and have control over the distribution of your assets after you die. It also offers extra protection and reduces the chances of issues with your estate during probate in...
Explore the benefits of a community property trust
Under the Tennessee Community Property Trust Act passed in 2010, spouses who own significant assets can equally share capital gains on assets while limiting their federal capital gains tax obligation. This law allows married couples to take advantage of the savings...
Can a trust benefit your children?
Many Tennessee parents worry about the future of their children. Even if they leave money to their offspring in a will, any number of events could happen that might deplete that inheritance, sometimes very quickly. This is why some parents create a trust for their...
What are the duties of each party in a trust?
There are many options available to you when creating your estate plan in Tennessee. One of those options is a trust. While there are a variety of types of trusts, regardless of which type you have, the process will always involve three parties. You should understand...
Is a family member really the best candidate for trustee?
Acting as trustee in Tennessee is typically a major commitment, and you want to make sure that whoever you choose will manage your assets carefully and make sure your beneficiaries are taken care of. Should you choose a family member for the job? According to Forbes,...
Passing the family farm to the next generation
Farming families have special considerations when it comes to estate planning. If you want your children to inherit the farm when you die or are no longer able to run the business, smart structuring of your will and other legal documents can ease the transition for...
Estate plans and the elderly
For those who have reached old age, there may be a number of issues to deal with, from health concerns and problems with loved ones to financial matters related to one’s retirement plan. Having an estate plan secured is vital for older adults who are worried about...
When sibling rivalries create issues during probate
There are many reasons why disputes and tension between siblings can be challenging, especially when these problems last for years and lead to a long-term sibling rivalry. These rivalries may have various root causes, from childhood memories to disagreement over the...
Should you have a business succession plan?
As a business owner in Tennessee, you will eventually come to a point in your life where you are either no longer willing or able to continue running your business. When this moment comes, we at Richardson & Richardson advocate having a business succession plan...
