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.
A variety of things can stand in the way of properly offering a will for probate or suing for breach of duties to a trust. One specifically of utmost importance is the statute of limitations. A statute of limitations is a statute, which prescribes a period, normally several years, which limits the time in which one can bring a cause of action.
There are several ways to make a will in Tennessee – through legal counsel, by writing your own, and in certain limited situation even by oral cantation. Tennessee statute sets forth the necessary requirements, and our case law contains a countless number of scenarios by which a will shall be deemed defective if not followed in accordance with the law.
There are many aspects of the law where it is only natural to overlook the important details when moving to another state. One of these important aspects is whether a validly executed will from another state will still be valid once moved to another state.
What happens when you own a piece of real property with another person or people – be they family members, friends, or even strangers – and you have differing views about what to do with it?
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.
There is an ever-present concern for providing the next generation with the right tools for success. While parents do their best to impart their own financial wisdom upon their children, some individuals require extra help. In terms of estate planning, this concern creates an additional need that is separate from personal asset protection and instead focuses on implementing strategies that protect intended beneficiaries from themselves.
In a recent bulletin, the IRS issued Revenue Procedure 2017-34 which outlines a potential opportunity for certain taxpayers to obtain a time extension for those seeking to make a “portability election.”
Following the December 2016 death of “Growing Pains” actor, Alan Thicke, tensions have risen between his loved ones concerning his estate, and the validity of a 2005 prenuptial agreement with his third wife. In a petition filed in May in Los Angeles County Superior Court, Thicke’s sons, Robin and Brennan, requested guidance regarding distributing their father’s trust property and the legitimacy of any potential claims from his widow, Tanya Callau Thicke, about the prenuptial agreement. Callau Thicke recently responded through a reported filing in early July. It seems that the legal battle is just getting started.
We have all been witness to the probate headache accompanying the unfortunate death of the late musical mastermind, Prince, as the result of his passing without a will. While the process has taken over a year, in early May, Judge Eide ruled that Prince’s sister and five-half siblings were the heirs to his multi-million dollar estate. Underlying issues, however, remain unresolved.