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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Executor Compensation in Tennessee

Being the executor of an estate can be a time-consuming and involved task. Executors may be responsible for probating the decedent’s will, selling the decedent’s assets, paying the decedent’s outstanding debts, paying the decedent’s taxes, providing an inventory and accounting to the court and beneficiaries, and dealing with factious family members and making distributions to the beneficiaries, among other duties.

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