Minimize Tax Burdens
Besides credit-shelter trusts and irrevocable life insurance trusts, there are other advanced estate-planning tools that may enable certain individuals to further minimize their Tennessee inheritance tax and federal estate tax burden. With the existing low tax rates, the savvy estate planner may be in a position to take advantage of these low rates with estate-planning techniques such as a grantor retained annuity trust.
Tennessee Charitable Lead Trust
Likewise, for the charitably inclined, there are certain estate-planning techniques and tools such as the charitable lead trust that when properly implemented seeks to maximize the value of your charitable gifts while minimizing Tennessee inheritance tax and federal estate tax.
Tennessee Special Needs Trust
In situations involving special-needs or disabled children there is a trust called a special-needs trust which, if properly created and administered, may provide benefits for a special-needs beneficiary without disqualifying the beneficiary from governmental benefits.
A litigation-settlement trust is a trust for a minor or disabled plaintiff used to recover money received a legal settlement. Litigation-settlement trusts offer flexibility greater than UTMA and custodial accounts and easily permit both family members and/or corporate fiduciaries to serve as trustee. Unlike an UTMA account which requires an outright, lump distribution to the beneficiary at a relatively young age, a trust agreement can be structured in many ways to further protect the trust assets for the long term benefit of the beneficiary.
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