From Prince to Aretha Franklin, this year has had many interesting probate issues among the rich and famous. Each of these issues present lessons for all of us. To learn more about how the probate process can go awry and how to avoid it, take a look at some of these biggest probate controversies of 2020.
Many businesses throughout Tennessee have been thrown into tumult thanks to the global COVID-19 pandemic, social unrest, and the resulting economic hardships. As we look forward to the latter half of the year, there are still many unknowns. In this article, we provide some helpful resources that can rebuild your business after this tumultuous summer.
It’s easy to feel overwhelmed when a family member dies. When it comes time to sort out the estate, the many different investments and properties can be hard to track—especially in an emotionally challenging time. Many people are worried about probate: the time it takes, the costs, the potential family fighting. But what’s the reality? In this article, we delve into some of the myths surrounding probate.
If you live in Kentucky and have a family member that is no longer capable of handling his/her day-to-day expenditures or paying the bills themselves, it may be time to consider a guardianship and/or conservatorship for that individual. Find out more in this article.
When someone dies without a will in Kentucky, state law control the distribution of assets. Many times, this distribution would not be what the deceased would want or prefer. In this article, we explain what happens to an estate should an individual die without having a will.
Financial experts have predicted that cryptocurrencies may dramatically increase in value over the next several years. If you are invested in these currencies, understand that they require unique considerations as they relate to your estate plan. Find out more in this blog.
If you have heard the term trust protector, you may wonder what exactly that means. How does a trust protector work with a trust? Simply put: The trust protector's job it to make sure that your wishes outlined in the trust you created are followed. Find out more in this article.
One of the most difficult things to hear is that your parent has passed away. Sometimes this loss can be exacerbated by the knowledge that you were cut out of the will. When this happens, here are a few things that you should consider before deciding to contest the will.
When making an estate plan or a will, you aren't necessarily thinking about the legal details your heirs will endure after you're gone. But if you want to get your assets to your loved ones as quickly as possible and as intact as possible, it's a good idea to think ahead and avoid these six mistakes.
If you are worried about protecting your assets from lawsuits and creditors, an asset protection trust may be a good solution. A Tennessee Investment Service Trust or TIST provides significant flexibility and creditor protection. Learn more in this article.
If you have investments or properties that have significantly increased in value over time a Tennessee Community Property Trust might be a great fit for your estate plan. This special type of trust can literally save you and your family thousands of dollars in capital gains taxes. Find out more in this article.
If you are going through a divorce take some time to update your estate plan. Chances are your life has changed dramatically and its important that your will, trust, and powers of attorney reflect these changes. Make time to remove your spouse as beneficiaries from your financial accounts and as beneficiary of your will or trust. After all, there is nothing worse than your assets going to your ex-spouse.
When it comes to a small business, you need more than a will for your estate plan. To avoid family squabbles and confusion at your death, you need a clear succession plan for your business. Find out more in this article.
When a loved one dies an executor takes over managing the estate. But many times the executor does not provide details of the management and progress of the estate. Beneficiaries are left in the dark. Can beneficiaries ask the executor to provide an accounting of the estate?
Simultaneous deaths of family members are some of the most common unforeseen events that can have substantial impacts on your estate plan. Failure to plan for those situations can create significant problems down the line. Learn how to best plan for simultaneous deaths in this article.
If you have a farm in Kentucky, you need a comprehensive estate plan to ensure that the farm is preserved after your death. Understand that estate planning for farms can be complex. Tax planning and directing who will control farm assets at your death is essential. Learn more about estate planning for farms in this article.
When we become ill or face life-threatening medical conditions, we want to be assured that our healthcare wishes are followed. Many times, we do not want to place the burden on a family member to make decisions for us. We may not even trust certain people to make proper decisions for us. Advance healthcare directives help ensure your decisions are heard and eliminate worry over who will be in charge if something happens to you.
The coronavirus pandemic is taking its toll, and some of our community members are contemplating bankruptcy. If you have an estate plan and are concerned about your assets if you go through bankruptcy, here are a few points to keep in mind.
During a time of crisis, writing your own will can seem like an attractive option. Handwritten wills, called holographic wills, have to meet Tennessee's state requirements for the will to be valid. Before you start drafting your own will, make sure you know what you need to include and how to make your will a valid legal document.
If you are seeking to prepare a traditional will, trust, or other estate planning document in Tennessee, understand that you must have a notary and two witnesses at the time you sign. Due to COVID-19, meeting with witnesses and a notary in person can be challenging. Fortunately, Tennessee has recently changed their law to allow the remote notarization and witness of wills and other such estate planning instruments.
As the coronavirus pandemic continues, the need to help small businesses in Tennessee and throughout the United States to survive this crisis is critical. First came the Families First Coronavirus Response Act, and now comes the CARES Act. Find out how the CARES Act can help your small business in this article.
If you live in Kentucky and are considering preparing a will, trust, or power of attorney, you must have a notary and witnesses. During this time of the coronavirus pandemic, finding those essential persons can be challenging. However, with the passage of a new law in Kentucky, estate attorneys are able to conduct document signings through remote online conferencing.
Kentucky is known as the horse capital of the world. Horses are loved animals, but they are also an investment to large extent. If you live in Kentucky and own horses, you need to decide whether you will care for them in perpetuity or sell the horses to boost the liquid value of your estate. Either way, the process is complex and to succeed to avoid probate, your estate plan must be specific and clear.
Whether you’re the owner of a new business or of a mature company, the need for succession planning is the same. The future of your business is only as successful as the plan you have in place. One way to ensure the safety and success of your business is to create a buy-sell agreement for your business.
For people with a significant amount of wealth, trusts are often an important and advanced tool used in an estate plan. But you do not have to have a certain amount of wealth in order for you or your loved ones to benefit. Many people use trusts like credit-shelter and irrevocable life insurance trusts to minimize taxes and avoid probate. But there are other -- though not as well-known but just as useful -- trusts available. In this article, we identify some of those trusts.