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Tennessee Investment Services Trust (TIST)

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When exploring options for safeguarding your wealth, one of the most powerful tools for protecting your assets is the Tennessee Investment Services Trust (TIST). This unique legal structure under the Tennessee Investment Services Act allows you to effectively shield your assets from potential creditors and retain control over your investments. Contact the team at Crow Estate Planning & Probate to learn more about this domestic assets protection trust and whether it is right for your financial and protection needs. 

TIST Basics

To establish a TIST, you must meet the following requirements:

  1. One of the trustees on the TIST is a Tennessee resident or corporate trustee authorized to serve in Tennessee. You cannot serve as a trustee on your own TIST.
  2. Some of the property held in the trust must be in Tennessee. This can include an investment account in a bank or an investment company based in Tennessee.

While a TIST is an irrevocable trust, you are able to retain control over many aspects of the trust, such as:

  • Making investment decisions.
  • Determining the process for distributing trust property among beneficiaries after your death.
  • Appointing who serves as a trustee, removing trustees, and appointing a successor trustee.
  • Vetoing proposed distributions to other trust beneficiaries.
  • Deciding how you receive distributions from the trust, such as the principal or 5% of the trust’s initial or annual value.

What Are Some Limitations of a TIST?

As with any trust, there are some limitations to be aware of. The biggest disadvantage of a TIST is that you cannot sign any documents that the TIST is agreeing to and only the trustee can sign. Some other limitation include:

  • Irrevocable: TISTs are irrevocable, which means you cannot alter the language of the trust.
  • Future claims: A TIST can only protect your assets against future claims, not preexisting ones.
  • Exclusionary claims: TISTs cannot shield your assets from obligations like alimony or past-due child support.
  • Tax considerations: Since the client can receive distributions from the trust, it is often still viewed as part of the client’s estate when calculating estate taxes. For this reason, it’s important to develop an estate plan as you set up your TIST.

How to Tell if a TIST Is Right for You

Determining if a TIST is right for you begins with evaluating your current financial situation and your asset protection requirements. Consider these key factors:

Assess Your Assets and Wealth

If you have considerable assets such as a home, investments or a business that you want to protect from legal claims, a TIST may provide the level of protection you need. A TIST is a great option if your assets are likely to grow in value in the future.

Evaluate Your Risk Exposure

If you are a business owner or work in a field with high liability, like medical, legal, or consulting, you may be at a higher risk for a lawsuit, making it essential to protect your assets. A TIST is also beneficial if you have significant debt and want to shield your assets from creditors.

Understand Your Control Preferences

A TIST allows you to maintain some control over your assets, unlike traditional irrevocable trusts. If you want more control over your investments and distributions, you may want to explore other trust options.

What Are Some of the Tax Benefits of a TIST?

TISTs offer several tax return benefits, especially in how they handle income and distributions. The major advantage is that the TIST isn’t exposed to Franchise and Excise tax so it is usually used for commercial properties rather than using an LLC. Some of the other top tax-related benefits of a TIST include:

  • Protection of inherited assets: If you inherit assets and place them into a TIST, those assets are separate from your marital property, and you will not include them in the property divided between spouses during a divorce.
  • Avoiding taxes for asset growth: If you intend to set aside some or all of the assets in your trust for your beneficiaries, you can potentially protect them from paying estate taxes on future asset growth.
  • Better investment decisions: Your trustee can provide advice on investments and business choices for smarter financial decisions.
  • Help with tax compliance: The trustee for your TIST can help you understand your estimated income tax to make it easier to file your taxes and comply with all tax laws.

Learn More From the Experienced Tax Attorneys at Crow Estate Planning & Probate

At Crow Estate Planning & Probate, our attorneys understand how and when to use a Tennessee Investment Services Trust to provide the highest financial advantage. Forming a TIST can be complex and requires attention to detail. Our team is happy to help you understand what you need to know about a TIST, if one is right for you, and how to create one. Contact one of our attorneys today to learn more about TISTs or any of your estate planning needs.

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Hear From Our Clients

David Sweatt

Professional above all expectations. Every question asked answered to understanding. Took time to tailor my request to the exact detail. Documents were explained to the details there in before signing. Super friendly and not showing sign of disconcerting attitude. I respect this firm and they have my “complete” trust.

Ute Bennett

We are very happy with the services provided and will recommend to family and friends.

Donald Hutcherson

The Crow law firm was absolutely wonderful from start to finish.the entire team was professional, knowledgeable and courteous. Above all they were absolutely caring in helping me through a difficult time. I highly recommend this law firm.all my needs were taken care of and were handled in a timely manner…I am forever grateful.

Bill Boyd

Where do I begin? I truly can’t say enough nice things about Crow Estate Planning & Probate and Alexandra Hulme, without her and everyone around her, I can truly say I don’t know where I would be today. Like many after losing my mother, I was lost, in a dark place and things weren’t happening how my mother had planned in her trust and will. Before waiting too long, I retained Alexandra’s services and she took me through the process step-by-step. Something that I never thought I could afford or I’d have to do. She knew I wasn’t asking her to do anything more than complete my mother’s last wishes. She did just that. They did it because they’re passionate about what they do. Communication was A+. She never left me hanging. I know family means a lot to her/them. I am indebted to her and these people forever. If you need help, call her today. I promise you won’t be disappointed. Thank you Alexandra from the bottom of my heart.
 
 

Travis Henry

I was referred to John by a fellow real estate investor when I needed guidance on structuring a couple of LLCs. From the start, he made the process incredibly smooth and straightforward. John was consistently responsive, thorough in his explanations, and showed a genuine commitment to getting everything completed on time—even working late to accommodate my schedule while I was operating from Hawaii, several time zones away. His mix of professionalism, attention to detail, and approachable demeanor made the entire experience seamless. I’m grateful to have him as a resource and wouldn’t hesitate to recommend him to anyone looking for a reliable and knowledgeable attorney.
 
 
 

Andre Christophe

Bridget and Thomas were very professional and knowledgeable in responding to my needs. Also, they were very organized and easy to work with. 
 
 
 

Allen Moser

This firm has done several things for me and real estate clients. Most recently setting up a TIST (Tennessee Investment Services Trust). And redoing my Will, Medical Power of Attorney, and Healthcare Directive. Appreciated their understanding of all of the intricacies of each document. Their timely communication and prompt service.
 
 
 

Sarah Pichardo

I cannot recommend Thomas Steelman highly enough! From the very start, he made the entire process of setting up our estate trust absolutely painless. His expertise and clear explanations turned what I expected to be a daunting task into a smooth and stress-free experience.

Not only did he handle every aspect of our estate trust with great attention to detail, but he (and law firm colleagues) also took care of transferring over our home deeds so we didn’t have to deal with the hassle of going to the county office ourselves. That alone saved us so much time and stress!

I honestly thought the process was going to cost a small fortune, but I was pleasantly surprised by how reasonable the pricing was. Most importantly, though, Thomas gave us peace of mind knowing that our hard-earned assets are protected and will go exactly where we want them—without placing unnecessary burdens on our loved ones.

If you’re looking for a knowledgeable and professional estate trust attorney, Thomas and team are the ones to trust. ⭐⭐⭐⭐⭐

Scott Donnellan

John and his team are professional and do quality work.
 
 
 

Ariel Ottinger

John and his team did an amazing job helping my family get our affairs in order. Could not recommend them more!

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