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.

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.

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.

Garn-St. Germain, Trusts, and the Due-On-Sale Clause

Trusts are a common estate planning tool used to meet a variety of estate planning goals. To maximize trust benefits, estate planning professionals frequently advise their clients to transfer real property into trusts. Placing real property in a trust can achieve estate planning goals like avoiding probate, reaping tax benefits, ensuring real property passes according to the client’s desires, and providing creditor protection.

What Happens If I Own Property in Tennessee and Die Without a Will?

When a person dies intestate (without a valid will stating to whom the decedent’s property is to be distributed) in Tennessee,  property can be divided multiple ways depending on the number and types of heirs-at-law, the type of property ownership involved, and whether the decedent has any valid debts. Many factors are involved which is why it is essential to understand your intestacy rights under Tennessee law when a spouse, parent, or other family member dies without a valid will.

The Importance of Estate Planning for Young Adults: What Parents Need to Know About the Law and a Child’s Eighteenth Birthday

Decorating a dorm room, rushing a fraternity or sorority, choosing a major, experiencing independence from parents, joining the workforce, taking a year off to decide what comes next – just a few things young adults can encounter after graduating from high school. Estate planning, however, is not usually on a young adult’s radar, but this is exactly when one should make sure some parts of the estate planning process are in order.