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If someone names you as executor of their estate in Tennessee, you take on an important role. Understanding what this job involves can help you decide whether to accept it and prepare for what comes next. What does an executor do? An executor acts as the personal...
A will can feel like a complete plan. It names beneficiaries, appoints an executor and puts your final wishes on paper. For many Tennessee families, though, that document is only the starting point of estate planning. The limits of a simple will What a simple will...
Estate planning is essential for ensuring your assets are distributed according to your wishes. However, many people make common mistakes that can create challenges for their loved ones. Here are a few pitfalls to avoid. Overlooking the importance of a comprehensive...
Divorce later in life, often called a "gray divorce," brings unique challenges. You must address legal and financial issues quickly to ensure your future remains secure. Here is what to focus on post-divorce. Revise your estate plan Begin by updating your estate plan....
Divorce rates among older adults are rising. The Pew Research Center notes that for couples over fifty, the divorce rate has doubled in the past 25 years. This trend, known as "gray divorce," can significantly affect your estate plan. It is crucial to understand how...
Succession planning helps you ensure the longevity of your business by putting it in the right hands. For instance, you could pass leadership to a younger partner or a family member. A well-executed succession plan can avoid disruptions and preserve the value of the...
Creating an estate plan is crucial to avoid the lengthy and costly probate process. Without a proper plan, your estate will go through probate, causing stress and delays for your loved ones. Here is how to prevent that. What is probate? Probate is a court-supervised...
As parents, you often go to great lengths to ensure the safety, health, and happiness of your children. you baby-proof your homes, research the best schools and schedule regular health check-ups, all to provide your kids with the best possible start in life. However,...
The Department of Treasury has issued new inflationary amounts for those passing away in 2020, as listed below: Estates of decedents who die during 2020 have a basic exclusion amount of $11,580,000, up from a total of $11,400,000 for estates of decedents who died in...
The Tax Cut and Jobs Act of 2017 dramatically increased the Unified Estate and Gift Tax Credits available to individuals passing away in 2018 and beyond. The Department of Treasury has issued the new inflationary amounts for those passing away in 2019 as follows:...