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…

Joint Ownership of Property in Tennessee: JTWROS (Part 2 of 3)

Joint Ownership of Property in Tennessee: JTWROS (Part 2 of 3) Joint tenancy with rights of survivorship (JTWROS) is the second form of joint property ownership in Tennessee. The primary distinction of JTWROS is automatic rights of survivorship at death. Like tenancy in common property, each joint owner of JTWROS property owns an undivided interest…