Why Irrevocable Life Insurance Trusts (ILITs) are Dead for Most Tennesseans

Why Irrevocable Life Insurance Trusts (ILITs) are Dead for Most Tennesseans An irrevocable life insurance trust (ILIT) is a trust that when properly drafted and funded removes life insurance proceeds from a decedent’s estate. This means none of the life insurance proceeds are subject to Tennessee inheritance taxes or federal estate taxes. Wow. What a…

Are Non-Competition Agreements Enforceable in Tennessee?

Are Non-Competition Agreements Enforceable in Tennessee? Yes. Contrary to what seems to be popular belief, non-competition agreements are generally enforceable in Tennessee. For a non-competition agreement to be enforceable in Tennessee it must be sufficiently tailored to balance the employer’s interests with the employee’s right to work. Tennessee law recognizes the employer’s justification for protecting…