Estate Planning for New Parents: Part 1 As summer winds down, excited parents anxiously send their children off to school anticipating the future that awaits their kids. This gives us hope, but also reminds parents of the planning necessary to ensure the opportunities we desire for our children remain intact. In this two-part series, we…Details
Now that the GOP and Democratic conventions are over and the general election campaigns are in full swing, Americans will soon decide on a new president. Many political commentators have noted that the stark differences between the presidential candidates and their platforms have never been greater in any presidential election in modern American history. While most of the rhetoric this election cycle has focused on immigration, trade, and foreign policy, the candidates’ positions on death taxes (e.g., Federal estate, gift and generation skipping transfer taxes) vary greatly and have at times come under scrutiny from opposing parties.Details
The U.S. Treasury Department’s recent proposal to place extensive limits on valuation discounts has caught the attention of family-owned business owners and their estate planning attorneys. The proposal seeks to limit commonly used techniques in which families can minimize estate and gift taxes attributable to family-owned entities by claiming lack of control and lack of marketability discounts.Details
Time and time again we have discussed the arduous probate process that can unfold if one dies without a valid will. Prince died almost three months ago and the public probate proceedings continue on in full force as the court continues to gather evidence to assist it in determining the legitimate heirs of Prince’s estate.Details
Family pets often hold a prominent place in the hearts of their owners. For some, providing for a beloved animal is an issue at the forefront of their minds when creating an estate plan. While not as direct as drafting provisions for human beneficiaries, certain measures can be taken to ensure your pet will taken care of in accordance with your wishes.Details
In the final post of our series on estate planning for marriage, we consider general estate planning issues that can accompany divorce or death, and a few asset protection strategies.
If a married couple has not established pre or post-nuptial agreements, certain statutory spousal rights exist. In Tennessee, if a spouse dies, absent a pre or post-nuptial agreement, the surviving spouse may claim an “Elective Share” regardless of the terms of the decedent’s will.Details