As our parents age, we want to make their lives are as comfortable as possible as health conditions associated with old age begin to progressively affect their quality of life. Although the focus of estate planning for residents of Tennessee and elsewhere is often on...
Estate Planning
I’ve been named executor for a small estate: what do I do?
When a loved one passes away, they often leave a will detailing how they would like their assets and property to be handled. In the will, they may name an executor – usually a family member or close friend – someone they trust to see that their last wishes are carried...
How do JOAs interact with POAs?
If there is one positive thing that has happened over the past two years, it is that many of us have finally decided to get our estate plan together. Recent high school graduates are ensuring that their bank and student accounts are joint ownership accounts. Parents...
Important power of attorney clauses
A power of attorney helps assure that a family member, friend, or other trusted advisor can act on your behalf, handle your assets, and manage your affairs if you ever become incapacitated. There are certain issues you should carefully consider before signing this...
Understanding the mechanics of a special needs trust
Caring for a disabled person can be a difficult estate planning issue. Both the federal and Tennessee governments provide significant financial aid or individuals who meet the Social Security Administrations definition of “disability,” but most, if not all, of these...
How can one create effective retirement assets?
Estate planning can become complicated, especially for high net-worth individuals. But, a question that often comes up during the estate planning process is whether one can create retirement assets. These are assets that are specifically designed to be passed down,...
Estate plans for adult children being supported by their parents
These days, many children in the Jackson area are not fully self-sufficient adults the minute they reach age 18. Parents may continue supporting their adult children while their child is in school or working their first job. The adult child may live with the parent...
Estate administration in Tennessee and an alternative
Losing a loved one is a distressing experience. Many in Tennessee who are going through the grieving process will simultaneously be going through the probate process whether their loved one left a will or died intestate. This means a person will be selected to...
What happens if a Tennessee resident dies without a will?
An estate plan is more than just a will, but wills serve important roles in the identification of beneficiaries and assets when a person dies. Through a will a person may name who they want their minor children to live with if the parent dies, and to whom the will...
Three estate planning steps for new parents
The birth of a child is one of the most special times in a parent’s life. And, in addition to readying the nursery and going to doctor’s appointments, the birth of a child is a good time to consider both your future and your child’s future through estate planning. The...