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April 2016 Archives

Michael Jackson's estate administration at odds with IRS

When a celebrity passes away, the value of his or her estate is subject to federal (and sometimes state) estate tax laws. While savvy estate planning can greatly reduce the estate tax that a Tennessee resident owes, it is not uncommon for sizable estates to pay a significant estate tax. In the case of Michael Jackson's estate, the IRS is not satisfied with part of the valuation that the estate administration has calculated.

Estate planning tips for spouses entering second marriages

When a Tennessee resident enters a second or subsequent marriage, his or her estate plan need to shift to accommodate this significant life event. Every time an individual goes through a major life change, the landscape of his or her interpersonal connections and asset distribution will be altered, and the need to make estate planning shifts will arise. When it comes to a second marriage, spouses often want to ensure that both their current spouses and their children from prior marriages are protected, without creating conflict between loved ones.

Using a power of attorney to protect long-term care insurance

One aspect of estate planning that is often overlooked involves setting aside provisions to ensure that an individual is properly cared for as he or she ages. Many people will require some form of assisted living care as they move through the later stages of life. Having long-term care insurance in place can help ensure that such coverage can be obtained if and when the need should arise. Many Tennessee residents do not think about including a power of attorney authorization in conjunction with long-term care insurance, but doing so is a savvy planning choice.

Easing tensions after the death of a loved one

Many Tennessee families will construct an estate plan that distributes wealth among surviving children. For some families, the division of assets will not be equal, for a variety of reasons. This can lead to a great deal of infighting among siblings, up to and including a legal challenge that follows the death of a loved one. It is important for families to take a proactive approach in reducing the chance of such an outcome.

Probate litigation requires a skilled touch

When an individual requires the services of a probate attorney, it can be difficult to know where to begin. Some people will choose the same attorney who assisted them in drafting a will or structuring a trust. This approach, however, ignores the fact that probate litigation is a different animal than estate planning. Just because a Tennessee attorney handles one does not mean that he or she is skilled at both.

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