Safeguarding your wealth is a prudent and responsible measure. Asset protection involves legal strategies to shield your assets from potential creditors, lawsuits, and other financial threats. Below, we will explore key concepts, strategies, and legal tools to help you navigate the complex asset protection landscape.
We are here to help you understand TN Community Property Trusts (CPTs). These are valuable estate planning tools offering unique benefits for married couples in Tennessee. While not as common as traditional revocable living trusts, CPTs can manage and protect assets while taking advantage of Tennessee’s community property laws. Below, we’ll explain the critical aspects of Tennessee Community Property Trusts and why they may be advantageous for couples.
When it comes to safeguarding your wealth, the Tennessee Investment Services Trust (TIST) is a powerful tool in the area of asset protection. This legal structure may offer you a unique and effective means of shielding your assets from potential creditors. In addition, TIST can help you retain control over your investments. Below, we’ll explore the key aspects of TIST and how it can bolster your financial security.
In estate planning, two standard legal documents frequently discussed are Wills and Trusts. Both serve as crucial tools for distributing assets and ensuring the well-being of your loved ones. However, they both have distinct characteristics and functions. Below, we will explore the key differences between Wills and Trusts and how they impact your family’s future.
There may be many reasons that you do not want one of your children to receive any part of your Estate upon your death. You may not have a good relationship with that child, or maybe you feel like that child is better off than the rest of your children, so they do not need any part of your Estate. Whatever the reason, you are certainly able to disinherit a child in your Last Will & Testament. It is important that you have a Will drawn up if you want to disinherit a child, because you will not be able to disinherit them if you do not have one.
I find that many clients have heard that the probate process can be time consuming and very expensive. In other states and counties it often can be. In
You have to know what you are doing, however, to navigate this system.
Often, you can’t sell property you have inherited if the estate hasn’t been properly handled. You need Tax Clearance letters and Tenn Care waivers. You also have to insure the proper notices to creditors have run in the paper and have been mailed out.
As a Probate Attorney, I handle all this for you. The Executor of the Estate is required to bring us the Last Will & Testament and from there they help me notify the creditors. A quick Court appearance is required with myself and the Executor. After that, unless there are problems with the estate, all other Court appearances are handled without the Executor present.
If there isn’t a Will, we still probate the Estate. We appoint an administrator to serve in the same capacity as an Executor would have served.
If you can’t find the Original Will, then we have a process for proving that the copy is the Last Will & Testament.
Losing a loved one is one of the worst experiences that we all go through. And the last thing anyone wants to handle right after that, is a complicated legal system. We understand our job is to make your life as easy as possible during this process.
Yes, complications may arise.
Someone might contest the Will or a spouse may have been written out and may now need to assert her rights. Children from prior marriages often need to be dealt with. And sometimes, there is more debt than assets and we need to do all we can to protect those assets.
All this can be accomplished through the probate of the Estate.