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July 2017 Archives

Are your heirs financially irresponsible?

You spent your entire life working hard and managing your income responsibly to amass a sizeable estate. You don't want your heirs to mismanage these assets -- or spend them frivolously -- especially when you spent so much effort to accrue them. The problem is that it's not enough to simply leave a note in your will that says, "Don't spend it all in one place."

Worried about your pet parrot? A pet trust can help

Pet trusts have become more and more popular as Tennessee estate planners wish to leave financial assets behind to care for their beloved animals. In most states, however, a pet trust will only remain valid for 21 years after the death of the pet owner. Some pets could live much longer than 21 years, though -- like birds and turtles. Fortunately, Tennessee pet trust law accounts for the possibility of a pet with this kind of longevity.

Estate tax laws for 2017

If you have a sizeable estate and plan to leave a multi-million dollar inheritance for your heirs, you need to ask yourself whether federal estate taxes will apply to your situation. If your estate is likely to be taxed, any amount above the federal estate tax exemption will be hit docked by 40 percent; therefore, you will probably want to take swift action to protect your estate from this exorbitant tax burden.

How to prevent family infighting after you're gone

Davidson families are tight, and there are usually one or two members of the family who serve as the "glue" that keeps everyone together and getting along. If you are the "glue" for your family, you might be wondering what will happen to them after you're gone. Will they still get along and spend lots of time together? Or, will they start to bicker and fight, or simply drift apart?

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