You may be surprised to hear it, but many Americans do not have an estate plan. If you worry that your parents may be in this crowd, you may want to have a conversation with them. Before you embark on the talk, however, Business Insider warns that there are mistakes...
When should you update your will?
A will is an essential estate planning document that outlines how to distribute your assets after your death. It also lets you designate guardianship for any minor children you have. Although having a will is important, a survey performed by Caring.com discovered that...
What is an asset protection trust?
When putting together your estate plan, one of your biggest concerns may pertain to wealth preservation. Though you may have done everything right in your life when it comes to saving, paying off your debts and honoring your financial commitments, there is still the...
How can you make it easier to discuss your estate plan?
As you know, matters of estate planning do not end once you have created the estate plan. You must continually update and maintain it throughout the years. After all, an estate plan must reflect your most recent life circumstances. You should also consider discussing...
What are some reasons for transferring assets before death?
Estate planning law provides you with a number of options when it comes to how and when to share your assets with your loved ones. Shifts in relationships and changing estate tax laws may cause you to consider transferring your assets while still alive. Giving gifts...
What are your options for business succession?
Tennessee business owners like you have a lot on your plate when it comes to deciding how to pass your business down. After all, a time will come when someone else must step up and take the wheel. How you want this to happen will shape a lot of the business ownership...
What can a living trust do for my estate?
Most American adults are aware of the function a last will and testament provides. However, living trusts are better than wills in certain situations. Particularly for high-asset estates, living trusts can help you manage your assets to their fullest extent. According...
Farm succession when your heir does not want the family business
Family-owned farms may run into succession problems when an heir announces that he or she has no desire to take over the business. By not creating a contingency plan, an unexpected emergency could leave dependents without reliable income streams. Even if an heir has...
POAs help you and your family manage emergency situations
Life can throw you a curve when you least expect it. You might suffer a serious illness or become the victim of an accident that leaves you incapacitated. The powers of attorney for healthcare and finances are estate planning tools that will help you and your family...
Is a family member your best option for an executor?
Tennessee residents like you want your matters to get handled well after your death. This means having your estate plan in order well before you may think you need it. To have a solid estate plan, you need to start with a solid base. This means focusing on your...