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Probate has almost become a scary or intimidating word to so many. You may have heard some horror story as it relates to the probate process. However, it’s important to know that the probate process can be much easier with the help of a good attorney. You can rest easy knowing that the Tennessee probate attorneys at The Higgins Firm will be helping you on your case. Our goal is to make the probate process simple, efficient, and stress-free for you. We understand that you have been through a difficult time. For that reason we try to make it as easy as possible on our clients.

To make it easier on our clients, we offer a flat fee structure, so that you know exactly how much you’ll be charged up front. Our clients don’t have to worry about hourly fees piling up creating a huge bill. Also at The Higgins Firm, we offer specialized probate attorneys. Their main focus is to help you with your probate matters. Recently, attorney Jim Higgins was interviewed about the probate process in Tennessee. You can learn more about the probate process and how The Higgins Firm can help you below.

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It seems like taxes are everywhere these days. You get taxed for your income, food, or anything else that you buy. You can even get taxed after you die. Most of these taxes are a way of the government to increase its dwindling revenue. However, there has been a push in Tennessee to remove some of these taxes in an attempt to lure new residents and businesses.

You may have heard about a gift tax. A gift tax is a tax excised on any gifts worth above a certain amount of money. Tennessee was one of only two states that still had a gift tax. However, the Tennessee General Assembly repealed the gift tax last year. Before the tax was repealed, any gift in the amount of $13,000 or under was exempted from the tax if the gift was made to a spouse, sibling, child, or other lineal descendent. The amount exempted to all other people was any gift valued at $3,000 or under. The tax rate ranged from 5.5% to 16% for any gift over the exempted amount.

It is important to note that any gift made before January 1, 2012 may still be subject to the Tennessee gift tax. However, any gift made after January 1, 2012 are free of any gift tax. Although Tennessee has repealed its gift tax, there is still a federal tax on any gifts over $14,000 given in a year. When completing your estate plan, you should recognize what taxes are required and what taxes may be avoided. If you have any questions about your estate plan in Tennessee, contact The Higgins Firm. Our Tennessee estate planning attorneys would be happy to answer any questions regarding your estate plan.

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While many states choose to levy taxes on its residents through a number of taxes after they die, many states are beginning to rethink this common practice. There are a number of states that are competing for wealthy retirees through incentives like certain estate tax breaks. Although a state can bring in large amounts of tax revenue through estate or inheritance taxes, states are beginning to recognize that more benefits can be had from cutting them rather than increasing them.

Last year, the Tennessee state legislature chose to cut taxes in an attempt to hold onto some of its wealthy retirees and in hopes of bringing in more from elsewhere. Lawmakers chose to phase out the state’s inheritance tax over a period of four years. Tennessee currently allows property inherited from the estate to be exempt from paying the tax if it is valued under a certain amount. If the value of the estate is over the exempted allowance, the tax rate ranges from 5.5% at the lower end to 9.5% at its highest end. The tax exemption increases incrementally each year until being completely eliminated in 2016. The tax exemption schedule is as follows:

  • 2012 – $1,000,000
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There is good news for those who may be worried about having to go through the probate process in Tennessee. Certain types of probate cases in Davidson County just got their own fast track as a means to speed up the probate process in the courts. Davidson County Trial Courts recently approved the establishment of an expedited probate docket. The courts also established Special Probate Masters to preside over the newly established expedited dockets. This expedited probate docket started earlier this month on August 16.

Many people may have negative thoughts whenever the word “probate” is merely mentioned. Probate has notoriously been thought of as a long and slow process by many. While there are not any typical timelines with probate cases, some cases can end up lasting years. Because of that fact, an expedited probate docket is welcome to many who may have to utilize the probate court system.

You may be wondering what types of probate cases will be using the expedited docket. The appointed Special Probate Masters will hear uncontested probate matters which include any name change petitions, small estate administrative proceedings, petitions to administer intestate estates, petition to probate wills, codicils, or other testamentary instruments. Davidson County Probate Court handles more uncontested probate matters than any other court in Tennessee.

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Former “Sopranos” star James Gandolfini died suddenly in June of this year shocking many of the actor’s biggest fans. Many people may be equally as surprised to learn that as much as $70 million of Gandolfini’s estate will go to pay taxes that could have easily been avoided. Gandolfini could have avoided the huge tax burden by merely utilizing better estate planning. There are a number of lessons that can be learned from some other famous figures.

Choose appropriate guardians for any minor children

Before dying, Michael Jackson chose his aging mother to act as a guardian for his children. Jackson also chose legendary singer Diana Ross to act as a guardian in case his mother was unable to. Some wonder whether Jackson should have chosen another person to act as a guardian or backup guardian. While there is no doubt that Jackson’s mother loves her grandchildren, questions would arise if she was no longer able to serve as guardian in her aging condition before the children reached the age of majority. If this did occur, it is possible that the children would have to move across the country to where Diana Ross lives. There seems to be too much room for potential error.

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As a Tennessee Probate Lawyer I have learned over the years that some simple planning can really save families from a lot of unnecessary stress and costs.  I will admit, having a Last Will and Testament or a Power of Attorney drafted doesn’t sound like a ton of fun but it really is easy and relatively inexpensive.  It is just one of those things that we all tend to put off.  Well don’t!  Get it done and your family will thank you.  Recently, I gave an interview about the importance of some simple estate planning.  You can watch the interview below.

 

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Celebrities may feel that their lives are always being scrutinized by the public eye. That scrutiny can even carry over when a celebrity passes away. Despite having access to some of the best estate-planning advice, a few wealthy celebrities left behind huge legal fees and taxes, bitter court fights, and other issues. Below you can see how drafting a will and keeping it updated can avoid any potential problems that may arise for your loved ones.

Gary Coleman

Gary Coleman, former child actor and star of the television show Diff’rent Strokes, died unexpectedly in 2010 at the age of 42 after sustaining a fall.

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Every week there seems to be something that comes up in the news regarding the latest antics of some Hollywood star. Whether it involves a brush with the law, some type of dangerous behavior, or any other bizarre act, some stars seem to go looking for trouble. However, when this behavior becomes constant, many people close to the individual become concerned and look into potential options to help.

Actress Amanda Bynes has had her name in the headlines continuously over the past few months due to a series of bizarre behaviors including multiple arrests. However, her latest incident may have been the final tipping point for her to get the help that she needs. Several news outlets reported that Bynes soaked her dog in gasoline and set her pants on fire in the driveway of an elderly woman. The actress then reportedly fled the scene, attempted to wash her dog at a nearby store, and then ran off again. The police then picked her up and had the 27-year-old committed to a psychiatric facility for mental health treatment.

As a result of the latest incident, her parents have filed for conservatorship over her. While many people think that this should have occurred long ago, filing for conservatorship is something that is never taken lightly. A conservatorship is a legal proceeding that seeks to protect an adult by granting legal authority to another person, the conservator, to manage his or her affairs. The conservator is granted the right to make even some of the most basic decisions of the individual in his or her care like where they may live, what they can spend money on, or who they may spend time with.

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You probably know what a will is and what it does. However, what you may not know is that there are different kinds of wills. Under Tennessee law, there are three different types of wills. Each one has its own requirements and restrictions. It is important to know what are the positives and negatives of each type of will. If you need help or advice drafting your will, be sure to contact an experienced Tennessee wills attorney.

The first type of will that we will discuss is known as a nuncupative will. This is the least common type of will because of the restrictions under the law. Nuncupative wills are entirely oral and are given when the person making the will is in imminent peril and dies of that peril. In other words, for this type of will to be valid, the person must speak his or her wishes from the deathbed and must die shortly thereafter. Imminent peril can include sickness or trauma. In addition, the deathbed declaration must be heard (or witnessed) by two disinterested people, must be documented within 30 days after the declaration, and be submitted to probate within six months after the death. The value of the property cannot exceed $1,000 for a civilian and $10,000 for an active duty military member.

Obviously, there are a number of restrictions with this type of will. It would only apply in a limited set of circumstances. However, it can be an easy alternative for those without any other means in a time of dire circumstances.

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Life is full of change. Whether you move to a new state, have a baby, or get married, situations are always changing. Some of life’s biggest changes can have a lasting impact on other areas that you would not realize. Although you learn how to adapt or compensate for any changes, there will always be an impact in your life from any major change. Changes should also be reflected in your Will. Although many people have a Will, it is important to update it whenever you have any life changes.

So we have provided a list of major life changes that should prompt you to update your Will accordingly:

Changes in your family

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