People all across Nashville make their living in the public eye. For better or worse, actors, musicians and other high-profile professionals often see the details of their lives (or rumored details of their lives) splashed across tabloid websites and discussed by complete strangers.
Don't make these estate planning mistakes if you value privacy
Tennessee franchising opens many questions about business law
A common complaint of employees is the drudgery of working for someone else. Owning and running a business is a dream for many in Tennessee, but the daunting task of starting from the ground up is enough to frighten potential entrepreneurs away from the idea. In addition to the cost, there is the complicated business law involved in creating a company. However, many find that one way to keep the dream alive is to investigate the possibility of buying into a franchise.
3 things to consider when leaving your kids a sizable inheritance
Parents work their entire adult lives to provide for their kids and ensure their needs are met. If this work pays off in the form of substantial earnings and property, then you can have a considerable estate that can provide for your kids long after you are gone.
What is a community property trust?
Property ownership is never as simple as who signed the check or who holds the deed. Marital property is especially complex when joint owners become sole owners through the death of a spouse. When ownership changes hands, there are bureaucratic inefficiencies and tax complications that take time and cost money.
Lack of end-of-life plans place considerable burden on loved ones
A person's death takes a considerable emotional toll on his or her loved ones. They are left to cope with feelings of loss, overwhelming sadness and fear about the future. When a person passes away without providing any guidance for his or her estate, these feelings can grow to include anger, frustration and even resentment.
Irrevocable trust is one estate planning tool
For what reasons might people voluntarily give up all rights to their property? In some cases, those doing estate planning see the benefits of relinquishing their rights to certain assets in order protect their loved ones or reduce the amount of taxable income that is left in an estate after they die. To achieve this, Tennessee residents may place their assets in an irrevocable trust.
Estate administration tricky if digital assets aren't included
Careful preparation of digital assets is becoming an important part of estate planning. Digital assets may include sentimental items, like pictures and posts on social media, or assets with financial value, such as artistic photography, electronic currency, or revenue-generating blogs or websites. If people in Tennessee manage online stores on eBay, Etsy or other sites, they may have digital assets to consider. Preparing those assets can assist one's heirs and representatives during estate administration.
Partnership concerns involve complex business law
For many in Tennessee, getting married is such an intimidating proposition that they postpone the decision for years before taking the dive. The same may be true for beginning a business partnership. After all, like spouses, business partners must be compatible, work well together and complete each other's deficiencies. They may also be required to overlook a lot of faults and be willing to speak the truth when it is difficult. When contemplating an intimate aspect of business law like a partnership, there are many questions to consider.
Reduce taxes by using a community property trust
For many years, Tennessee looked at spousal assets as either marital or separate. Marital property, meaning assets acquired during the course of marriage, were subject to equitable distribution if the marriage ended in divorce.
