A will becomes a matter of public record after its creator passes away. The state court conducting the probate process does this by filing the document once it has been finalized.
This may feel a little concerning to some given the personal details a will holds. But, there are a few good reasons for making the matter public.
When people are doing their estate planning, one objective they may want to know more about is how to minimize tax obligations. Depending on where a person passes away, the value of his or her estate and the states in which he or she owns property, tax obligations can be something worth addressing.
This is particularly true for wealthy individuals, as they can be subject to tax laws because of the size of their estates. For instance, if your estate has prior taxable gifts and combined gross assets of $11.4 million, then it will be necessary to file a federal estate tax return. However, that amount could be changing dramatically in coming years.
Last year, a new option for green funerals arrived in Tennessee. The Larkspur Conservation in Summer County is the first non-profit conservation burial grounds to open in the state. This 112-acre nature conservation sits beside beautiful Taylor Hollow and welcomes interested parties and their families.
With the coming of the new year, many people are still sticking to their resolutions. Most of these goals have to do with self-betterment, such as exercising, eating healthier or practicing self-care.
But, by setting these estate planning goals, you can use 2019 to help look out for others someday in the future.
Receiving an inheritance can be a great gift for anyone. It could be a sizable sum, a meaningful gesture or a significant responsibility that a person carries on. Under any of these circumstances, recipients can wonder when and how they will receive their inheritance.
There is no one easy answer, though, as the details of distribution depend on many details. However, there are some general notes that can help beneficiaries better understand the process.
When a person sets up a trust as part of his or her estate plan, one thing that matters a great deal is who he or she selects as trustee. This is the party that manages the trust and handles distributions to beneficiaries. When it comes to serving this role, there are a wide range of responsibilities that fall on the trustee.
A recent report points to Nashville being a very attractive location for startups.
The report, posted on Inc.'s website, scored the nation's 50 biggest metro areas in seven categories that touch on how good of an environment a given place is for starting a business. These categories are: early stage fundraising deals, high-growth company density, job creation, net business creation, population growth, rate of entrepreneurship and wage growth.
People don't start businesses hoping they fail; they don't marry hoping to divorce. However, both are events that can happen when people take the plunge into marriage or business ownership.
As such, it is crucial to take these possibilities into consideration and make a plan to recover if they should happen. One especially important decision is to complete some comprehensive succession planning.
The beginning of a new year is a time when people reset their priorities and set goals to make the coming year better than the last year.
These resolutions can help people improve aspects of their lives that require more than a quick fix. For instance, perhaps you resolve to get your finances in order, or you want to be better about planning for the future. Maybe you want to finally tackle some difficult decisions about your health. These and other goals can be achieved by creating an estate plan.
When working on your estate plan, your financial planner and attorney will likely ask you the same question many times: "How is that asset titled?" How you set up your assets affects what happens to that asset after you die. Perhaps no asset is more complicated than real estate when it comes to title and transfer.
Contact us today to schedule a consultation by sending us an email or by calling 615-200-9117.
We assist clients throughout the Nashville area.
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5141 Virginia Way
Suite 220
Brentwood,
TN
37027
Phone:
615-200-9117
Fax:
615-370-5938
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