Estate Planning Update – 4/17/20

As we continue to monitor and respond to the spread of COVID-19, we want to let you know that all of our employees are working remotely to serve the needs of our clients and to keep our employees, clients, and communities healthy and safe. GSRM Law has a Disaster Recovery Plan to ensure continuity of service in the face of unexpected, disruptive events. Working remotely is part of that plan, and we have IT systems in place providing the same level of security and service that you have come to expect from GSRM Law.

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Estate Planning and the SECURE Act of 2019

Effective Jan. 1, new Federal legislation signed into law by President Trump, the Setting Every Community Up for Retirement Enhancement (SECURE) Act includes significant provisions designed at making it easier for small business owners to set up retirement plans and seeks to prevent individuals from outliving their assets by pushing back the age retirement plan participants are required to begin taking required minimum distributions (RMDs) from 70½ to 72.

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Should I Put My Tennessee Real Property in an LLC?

With millennials choosing to rent rather than buy and the rise of vacations rentals, many people are turning to real estate to diversify their investment portfolio and generate sustainable income for their families.

When purchasing real estate as an investment, it is important to consider the estate planning impact: who will inherit the properties, who will manage the properties, and how to ensure that the properties are not sold to settle debts of the estate? An LLC can help answer some of these questions.

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Executor Responsibilities for Paying Estate Claims and Expenses

As the executor, it is imperative to know of your responsibilities for paying estate claims and expenses. Tennessee law states that certain “classes” of expenses and claims must be paid in a specific order. Specifically, all claims or expenses against the estate of a deceased person shall be divided into these classifications, in order or priority: 1) costs of administration; 2) reasonable funeral expenses; 3) taxes and assessments; and 4) all other timely-filed creditor claims.

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