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August 2016 Archives

The (often overlooked) importance of naming one's heirs

When it comes to estate planning, many Tennessee families put a great deal of time and effort into crafting a comprehensive plan that will serve to pass down hard-earned assets to the next generation. However, unless the proper precautions are taken, the provisions laid out within an estate plan could be subject to attack in probate litigation. The best way to protect against such a loss is by clearly outlining one's chosen heirs.

Family members may soon need new estate planning options

One of the most powerful tools available to Tennessee families involves the ability to transfer interests in a family-controlled business from one family member to the next using value discounts. These discounts serve to lower estate taxes and gift taxes, allowing a family to transfer wealth from one generation to the next with minimal tax ramifications to either side. However, the IRS recently released proposed regulations that would severely limit the use of those discounts. Should that come to pass, many families would need to go back to the drawing board to seek new estate planning techniques.

Parents should not keep children in the dark on estate plan

A married couple in Tennessee may have a difficult time discussing their end-of-life plans with their children. This is a necessary thing to do, however, in the interest of preventing much greater strife later on. Where there are several children, it is highly advisable for the parents to meet with the children and explain the highlights of their estate plan.

Before travel, consider a minor's power of attorney

Many Tennessee parents open their hearts and their homes to their children's friends. On occasion, friends are even invited along on family vacations or other trips. Planning for these trips involves shuffling schedules, contacting parents, and making sure that everyone is on track to have a great time. However, it is also important to consider adding a minor's power of attorney to the planning process.

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