Gullett Sanford Robinson & Martin PLLC
How to Retroactively Fix a Defective Will in Tennessee (Post Mortem Planning) Estate plans for most Tennessee residents drafted prior to 2012 were structured to minimize Tennessee inheritance taxes and federal estate taxes. Since then, Tennessee’s death tax landscape has drastically changed and for many Tennesseans their estate plans may be outdated and potentially subject…
What is a Prenuptial Agreement and Should You Sign One Before Getting Married? A prenuptial agreement, sometimes referred to as an antenuptial agreement, is a written contract that sets the ground rules concerning property acquired prior to marriage. Although the terms are negotiable, generally speaking the contract provides that neither party has any obligation to…
We’ll Be Back Soon! You may have noticed that TN Estate of Mind has been on hiatus for a couple weeks – for a very good reason! Rob Hazard, editor of TN Estate of Mind, welcomed his fourth child, Crosby Pierce Hazard, last Wednesday. We’ll be back in action soon with new blog posts once…
Should I Update My Old Will by Using a Codicil or Executing a New Will? Well-written, estate-planning documents are drafted to be flexible and usually do not require frequent change. However, when major life events or transitions occur, estate-planning documents may need updating. In Tennessee, the most common way to update an outdated will is…
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…
Avoiding Will Contests in Tennessee Lawyers often say tongue-in-cheek that the first thing they teach you in law school is “anyone can sue anyone for anything.” While there may be some truth to this statement, there are certain techniques a careful estate-planning attorney can employ to reduce the possibility of a will or trust contest.…
Five Reasons To Appoint a Professional Trustee One part of devising an effective estate plan is deciding who is best to serve as trustee. Some people are confident in family members or other personal acquaintances and prefer they serve if able. Others prefer having a professional/corporate trustee serve. Here are five reasons to name a…
I Have a Living Will in Tennessee So I Don’t Need a Will, Right? Wrong… There is a common misconception with the public that a living will in Tennessee serves the same purpose as a will in Tennessee. As you will see below this couldn’t be further from the truth… Wills The most common and…
How Long Should I Keep My Children’s Inheritance in Trust? An important decision for couples with young children is determining if both parents are gone how long their children’s inheritance will be maintained in trust. Each child is different and parents – who presumably know their children better than anyone – usually come into the…
Three Ways Assets are Transferred at Death An integral part of the estate planning process is reviewing how assets are titled and beneficiary designations. It doesn’t matter how well written your will or trust is if these estate planning documents do not coordinate with the titling of your asset holdings. In Tennessee and most other…