Smith, Lehberger & Bodie - Family Law
Call Today for a Consultation
865-643-8626
Caring And Committed To Families And Children
Menu Contact

Estate Planning Archives

How to estate plan for less liquid assets

Tennessee residents who are going through the estate planning process may face a variety of challenges. One of them might be determining how to pass assets such as jewelry or artwork. These types of assets tend to be less liquid, and they also tend to be harder to value or keep track of. However, it is critical to come to a proper valuation whether an asset is to be transferred or sold.

Small businesses and estate plans

Small business owners in Tennessee should make sure that they have estate plans in place that specify how their companies are to be handled when they die. In situations where small business owners die without a will or an estate plan, what happens to the business that is left behind will be determined by the laws in which the decedent lived.

Importance of estate plans

One of the most significant mistakes Tennessee residents can make regarding an estate plan is not having one. Individuals who die without an estate plan create a situation in which their loved ones will not receive their inheritances as they intended. Family conflicts can arise, disbursements can be delayed for a long time, and the estate may be subject to additional taxes that otherwise could have been avoided.

Including immediate child care needs in an estate plan

Many Tennessee residents are well aware of the financial and practical benefits of estate planning. By preparing key documents, estate owners can help their beneficiaries to avoid unnecessary taxes, probate costs and associated delays. In addition, people who plan for the future often feel a profound sense of peace of mind knowing that their loved ones will be provided for.

How to choose the right people for roles in an estate plan

A major problem that many Tennessee residents make when planning for the future is failing to appoint the right people for various roles in their estate plans. These roles could include trustees, executors, powers of attorney and smaller roles including those appointed to manage Social Security payments.

Trusts and rising interest rates

By using trusts as part of an estate plan, a Tennessee resident can ensure that certain assets are managed and distributed according to their wishes. Those who have been uncertain about using trusts may be interested to know that due to the recent rise in interest rates, certain types of trusts, such as GRATs and CLATs, can be very beneficial to grantors.

Estate planning can help deter family conflict

When a loved one passes away, the situation can soon become complex for families in Tennessee. Issues with a person's estate and disputes over their assets within the family can breed distrust or exacerbate existing concerns over dishonesty, greed or theft. This is especially problematic when a person dies without a will or did not speak with the family about their plans for the estate. While there is no certain way to avoid future conflict, developing an estate plan can help create clear guidance for how a person's assets should be distributed after death.

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response
Smith, Lehberger & Bodie

firm location:

Smith, Lehberger & Bodie
10265 Kingston Pike
Suite C
Knoxville, TN 37922

Phone: 865-643-8626
Fax: 865-337-7363
Knoxville Law Office Map

Firm numbers

office map image