A Last Will and Testament is, of course, important to make sure that after you pass away your assets are distributed according to your wishes. But an important and often overlooked element of a proper estate plan is identifying those assets in the first place. When it comes to intellectual property –…
Clients with a Last Will and Testament have often specified that their assets are to be distributed equally between their heirs, only to learn after a thorough estate planning review, that their even-handed intentions would not be carried out as they wish. Your Will may claim that property is to be divided equally, but if a…
Family estate plans are changing because families are changing. While many estate plans remain focused on providing for a spouse and children after passing away, more and more address complex considerations because of a blended family. What if you have one child of your own from a previous marriage, and two children with your spouse, while your spouse…
I often hear from clients serious concerns about what to do with their home in their estate plan. Often at the top of their list is the desire to preserve a residence for one or more of their adult children. Part One of this 2-part series addressed ways to handle your…
The family of former U.S. Senator and film/television star Fred Thompson, who passed away in November, 2015, are embroiled in a very public dispute over his estate plan. His two adult sons from a previous marriage have filed a lawsuit claiming his widow, Jeri Thompson, improperly made changes to the…
I often hear from clients serious concerns about what to do with their home in their estate plan. Often at the top of their list is the desire to preserve a residence for one or more of their adult children. In Tennessee, if you leave your home in your will to…
If you reside in Tennessee and die without a will, the distribution of your estate is governed by state law. Tennessee Code (T.C.A. 31-2-104) sets out the rules for which family members would receive your property. Here’s the problem: those rules may or may not reflect what you would have wanted.…
June 15 was World Elder Abuse and Awareness Day, a yearly recognition begun in 2006 to call attention to the growing problem of fraud, abuse, neglect, and exploitation directed at elders. An estimated 5 million older Americans every year are victims, according to the Department of Health and Human Service’s…
I probably hear some variation of this concern more than any other in consulting with estate planning clients: the desire to avoid probate. Whether they have heard horror stories about probate or have been through a rough experience themselves, many folks see avoiding probate as an important way to ease…
Most everyone should have a Last Will and Testament. Wills not only allow you (and not the state legislature) to determine how your assets will be distributed after your death, they also can help avoid costly and divisive family squabbles. For families with minor children, however, a will is especially…