On behalf of Law Offices of Harold H. Parker posted in Wills on Thursday, June 20, 2013
It can be hard for some people in Tennessee to consider the need to create an estate plan. This is sometimes because they are young and strong and don't plan to die soon. In other instances estate planning can seem confusing and to difficult for an older person to even attempt. In both cases a lack of planning can lead to issues for those left behind as they try to decide how to divide assets.
Readers in Tennessee may be interested to learn about the cases of several celebrities who did not complete estate plans that before their deaths. Of particular interest may be the estate planning of Steve McNair, the Tennessee quarterback who died at a young age after being shot by his girlfriend. At the time of his death, McNair had no will or trust in pace, thus leaving it to the courts to decide how to pay his debts and distribute assets. This may have led to results such as the removal of McNair's mother from the home that he had purchased for her prior to his death.
On behalf of Law Offices of Harold H. Parker posted in Wills on Friday, June 14, 2013
People in Tennessee typically know that they should create estate planning documents that detail how they wish to have their assets distributed when they die. What they may have not considered is how to deal with their online presence. A digital life is another aspect of a person's life that can be added to documents such as a will and that can be administered at the time of an individual's death.
In fact, a recent report that may be of interest to our readers in Tennessee says that the digital accounts can be as important to people left behind as the physical estate. This is because some of what is online may be financially valuable, including PayPal accounts. Other information may be emotionally important. This type of information includes photo storing websites, gaming accounts and Facebook.
On behalf of Law Offices of Harold H. Parker posted in Wills on Friday, June 7, 2013
People in Tennessee may be surprised to learn that it is important to make plans for the distribution of assets regardless of the size of a person's estate. In fact, by using common tolls such as a will or a living trust, a person can ensure that they are able to make their wishes known as to who should get the money and assets that they leave behind. In addition, some estate planning efforts allow beneficiaries to avoid the sometimes-complicated probate process.
By using a will, people in Tennessee are able to detail specific bequests to their heirs. In addition, a will allows for assets to be 'poured over' into a living trust. This action can make the probate process easier for those left behind as only assets outside of the will be subject to probate.
On behalf of Law Offices of Harold H. Parker posted in Estate Administration & Probate on Tuesday, May 28, 2013
A man who was once the star witness for the defense in a criminal case is now seeking to make a creditor's claim against the estate of the person he once defended. The claim is being made in the probate court. At issue, as would be the case here in Tennessee, is if the claim is too late because the time for filing it against the estate is passed.
The probate matter at the center of this new claim is the one for the late singer Michael Jackson. Jackson gained fame as a child star, but continued to build his fame as the 'King of Pop' until his death in 2009. After his death, his will was probated in the singer's home state.
On behalf of Law Offices of Harold H. Parker posted in Wills on Tuesday, May 21, 2013
The last thing that people in Tennessee are thinking of when planning to send a child off to college is often planning for their eventual demise. This is because those leaving for college or just graduating from high school are in the prime of life, ready to take on the world. This, one recent report indicates, is the proper time for them to begin estate planning.
Estate planning is often on the minds of the elderly or those with high value assets in Tennessee. However, even young adults need to make a will or a healthcare directive to plan in case of accident or illness. Such estate planning can help to alleviate the need for state law to apply to distribute assets or make medical decisions for if a person becomes unable to do so.
On behalf of Law Offices of Harold H. Parker posted in Wills on Monday, May 13, 2013
Tennessee has no shortage of people that were born during the baby boomer years, as is the case for all other states in the nation. For those who fit this description, it may be necessary to consider estate planning for the benefit of their kids and other relatives. This is why one recent article may be of interest to our readers.
The article notes that the need for baby boomers to begin estate planning includes the desire to limit frustration and confusion for their children. Such emotional problems can be alleviated through the creation of documents that not only divide assets at the time of a parent's death, but also offer some explanation for the division. This is especially important, the author asserts, in cases where children are set to inherit varying amounts from their parents.
On behalf of Law Offices of Harold H. Parker posted in Wills on Tuesday, May 7, 2013
There are many tools that can be used when a person seeks to plan for the distribution of their estate after their death. Commonly, people choose to use trusts and wills to leave specific gifts or to take advantage of possible tax benefits. Some people in Tennessee may also be aware that one of the reasons that trusts are chosen over a will in estate planning is the ability to avoid probate.
One issue that may be of interest to people in Tennessee is the jurisdiction for decisions relating to trust assets in a probate dispute. This was the main issue in a recent dispute considered by the highest court of the land. In the case, a beneficiary of a trust claimed that the trustees of her parents' estate had breached their fiduciary duty by wasting the assets of the estate planning tool.
On behalf of Law Offices of Harold H. Parker posted in Wills on Monday, April 29, 2013
Estate planning in Tennessee includes many considerations for people beginning the process. Among those is how to alert executors and potential heirs about where to find your estate planning documents when you die. In addition, it is important to ensure that a plan is up to date and complete so that when a person dies their heirs are well covered and informed.
To ensure that their estate planning documents are followed, one author notes that a person in Tennessee may wish to place their completed documents in a file labeled 'Estate Planning Documents.' The location of this file should be given to their executors or heirs. After this step, it may be helpful to make copies of the completed documents and place them in a bank safe deposit box, the author suggests, in the event that the file is lost due to situations such as a house fire.
On behalf of Law Offices of Harold H. Parker posted in Long Term Care Planning on Friday, April 26, 2013
Readers in Tennessee know that, as parents age, there comes a time when adult children must help them consider their future needs. Some find that this is made easier if the estate planning process has been completed and parents have made long-term care planning decisions. If not, children and their senior parents have a wide range of options to consider.
Estate planning in Tennessee includes more than the traditional wills and trusts that many people imagine. Long-term care planning is an important part of the process. This is because of the sometimes high cost of senior living communities and medical care for a person who is no longer able to care for themselves.
On behalf of Law Offices of Harold H. Parker posted in Wills on Wednesday, April 17, 2013
The on-going national debate over the budget and tax laws has caused concern for some in Tennessee. In addition, Congress and the President have debated rules changes that could affect those confronting estate planning issues. Some of the proposed changes may, if enacted, end the benefits of some trust documents.
Though at this time there has been no agreement in the national government as to how to change estate planning laws, some of the proposed changes could affect which tools are chosen by people in Tennessee and elsewhere. The proposals include changing the way that some trusts are taxed. In some cases, this could mean that assets that were once thought to be protected from the estate tax could now be subject to it.
