IRS Targets Estate Tax Valuations of Family Businesses

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…

The Importance of Titling Your Assets in Estate Planning

The Importance of Titling Your Assets in Estate Planning The Tennessee Court of Appeals’ recent decision, In Re Estate of Calvert Hugh Fletcher, highlights the importance of titling assets. This case involves a joint checking account with rights of survivorship established by a married couple, the Fletcher’s, after they refinanced their home mortgage. After depositing…

Asset Protection Strategies in Tennessee that Don’t Involve the Use of Trusts

Asset Protection Strategies in Tennessee that Don’t Involve the Use of Trusts Based on the growing concerns that accompany life today, such as the risk of litigation, incapacity, divorce, and potential remarriage, individuals have an increased interest in asset protection strategies. Fortunately, there are several preventive measures to shield assets without establishing trusts. One consideration…