We focus our practice on the following areas:
- Estate Planning (includes Wills and Trusts)
- Medicaid Planning
- Estate Administration
- Conservatorships
- Prenuptial Agreements & Postnuptial Agreements
- Real Estate
- Contracts
- Business Formation
Estate Planning
There is a common misconception that estate planning is only for the wealthy. This is not true!
Estate planning is the process of deciding how you want to distribute your estate when you die and selecting the most appropriate method for achieving your desires–this could be a Will, a Trust, or even a combination of the two. Whether your estate is worth $10,000 or $10,000,000 when you die, there are still decisions to be made about how your estate will be distributed when you die and who will handle this process (known as probate).
For instance, do you want everything to go to your spouse? Or maybe to your children? Or maybe even your grandchildren? Are those who will inherit your estate responsible enough to manage their inheritance if something were to happen to you today? Do you have any adopted children or stepchildren that you want to be sure are included in your estate? Who do you want to be in charge of carrying out your wishes when you die? These are just a few simple questions that will have a huge impact on your estate plan.
When we put together an estate plan for you, there are really two parts. First, your estate plan will include a will or trust, if we believe it is appropriate for you. Second, we always recommend that you have powers of attorney in place for both financial and health care matters and a living will. While your will is effective only after your death, your powers of attorney and living will are effective during your lifetime. There are many benefits to having powers of attorney. One benefit is that your powers of attorney name the individual or individuals you desire to make financial and health care decisions for you in the event you become incapable of making these decisions for yourself. It is desirable that you choose these individuals rather than have the state of Tennessee choose them for you.
Whether you already have a will or trust which you would like us to review, or are just beginning to plan for your death, we can help you. We will review any estate plan you already have in place and will determine if it is still a good plan for you. If not, or if you do not have an estate plan in place, we will work together with you to develop a comprehensive estate plan that will accomplish your desires upon your death and minimize your estate tax exposure. With combined experience of over 30 years of estate planning experience with estates valued from $2,000 to over $11,000,000, we have the knowledge and expertise to handle your needs. Contact us today to schedule an appointment to discuss your estate plan.
Medicaid Planning
Estate Administration (“Probate”)
Has a loved one recently passed away, and you aren’t sure if there is something you need to do to handle his or her affairs? Or maybe a loved one passed away many years ago and you want to sell real estate which he or she owned at the time or his or her death? When someone dies (the “decedent”), there are certain things the state of Tennessee, and sometimes the Federal government, requires to be done.
For instance, when someone dies, whether they have a will (“testate”) or not (“intestate”), or have a living trust, his or her estate is in many cases required to be “probated,” or a trust administration is required (these processes are collectively referred to as “estate administration”). For example, if someone died with real property in his or her name, probate is required to clear title to this property to allow that person’s heirs to eventually sell the property. The process of estate administration involves gathering the decedent’s assets, paying the decedent’s creditors, and then distributing the decedent’s assets in accordance with his or her will or trust, if there is one, or pursuant to the intestacy laws of the state of Tennessee.
The process of estate administration usually begins with filing a petition to have a Personal Representative appointed to administer the estate. The Personal Representative may be a relative or friend, if the decedent died without a will, or the person named in the will as the Executor of the estate. The Personal Representative will petition the Probate Court to open the probate estate, and documentation will be issued to the Personal Representative to evidence his or her authority to administer the decedent’s estate. The Personal Representative has many specific duties, including but not limited to preserving the assets of the decedent’s estate, notifying TennCare of the decedent’s death, paying all creditors, and filing an inheritance tax return for the decedent’s estate.
If a living trust is involved, the Trustee may not be required to open a probate estate, but there are other specific duties, such as notifying TennCare of the decedent’s death, paying all creditors, and filing an inheritance tax return for the decedent’s estate, which are required of the Trustee.
While the process of estate administration may be completed without the assistance of an attorney, the process can be very difficult and confusing, and in most cases an attorney with experience in this area is hired to assist and advise the Personal Representative or Trustee during the estate administration process. For instance, if this process is not handled properly, the Personal Representative may be sued personally for his or her failure to follow the law.
With more than 30 combined years of experience in this area of the law, let us put our experience to use for you.
Conservatorships
Do you have a loved one who is unable to care for himself physically or make decisions for himself medically or financially? A Conservatorship might be an option for you to ensure that his or her well being is cared for in every way.
A Conservatorship is the process where a judge declares an individual to be disabled (called the “Ward”), meaning he or she lacks the capacity to make decisions in one or more important areas, and identifies another individual (called the “Conservator”), as being able to make those decisions for the Ward. The general duties of the Conservator include: identifying and taking into the possession the Ward’s assets, investing the Ward’s assets to produce income, preparing and filing the Ward’s income tax returns, preparing and filing inventories and accounts as required by the Court, and spending the Ward’s money only on those items which the Court has approved.
We frequently represent Conservators during this process, by preparing the necessary legal documentation to establish the Conservatorship, representing the Conservator in Court to establish that the Conservatorship is appropriate, and then advising the Conservator on his or her specific duties.
Contact us today to schedule an appointment to discuss whether a Conservatorship is right for your loved one.
Prenuptial Agreements and Postnuptial Agreements
Because of common misconceptions, Prenuptial Agreements have gotten a bad rap. Many people associate Prenuptial Agreements with divorce, but this is not always the case. Prenuptial Agreements are invaluable tools in many situations, not just in the event of divorce. A well-drafted Prenuptial Agreement addresses not only how property would be divided in the event of a divorce, but also how property would be divided upon a person’s death. A Prenuptial Agreement is not a will, but it can be used in conjunction with a will to guarantee that certain of your desires are met upon your death. In some cases, a Prenuptial Agreement coupled with a will is the only way to guarantee your desires will be met. A will, by itself, is often not sufficient to guarantee this.
For example, you may have received (or anticipate receiving) an inheritance and want to ensure your inheritance is passed on to your children (and not to your husband or wife’s future wife or husband) in the event of your death. Did you know that your spouse is entitled to a certain percentage of your estate (including your inheritance) in the event of your death, regardless of whether you left him or her anything in your will. The only way to get around this entitlement is with a Prenuptial Agreement. You may also have children from a previous relationship and want to guarantee that if you leave everything to your spouse at your death, that your spouse does later not cut your children from that previous relationship out of his will. Situations like these are exactly what Prenuptial Agreements are great for.
You may be asking what a Postnuptial Agreement is. A Prenuptial Agreement and a Postnuptial Agreement accomplish the same results, only a Prenuptial Agreement is signed before you are married, while a Postnuptial Agreement is signed after you are married. So. just because you did not have a Prenuptial Agreement before you were married does not mean that we cannot address these issues after your marriage. We often include Postnuptial Agreements as part of our estate plans.
Real Estate
Are you purchasing or selling property and need assistance drafting an agreement or with your closing? Are you thinking of starting up a business and need assistance drafting the necessary legal documents and filing those documents with the State of Tennessee? Are you a landlord and need assistance drafting a lease agreement that will protect you and your property? Please contact us today to schedule an appointment to discuss any of your contract, business, or real estate needs.
Contracts
Business Formation
In most cases, we do not charge for consultations!