With a quality drafted estate plan, you can accomplish many differing goals from protecting your assets to providing for special needs at the end of life.
Our process for developing your personalized estate plan is designed to be efficient and streamlined. Our planning begins with an initial appointment to discuss your needs and goals. We will make recommendations and give you options that fit your needs and goals and describe how each component of your plan will work together to ensure that your plans are carried out.
Trust planning is a tool that can meet many estate planning goals. Trusts also have a wide array of uses in business and wealth management. A custom trust agreement is an essential part of trust planning and our attorneys are experienced in tailoring such agreements to your individual needs. Tennessee is arguably the most favorable jurisdiction for trust planning because of our advanced and detailed trust laws. Tennessee Code Annotated § — sets forth various laws that influence how our Courts in Tennessee interpret and enforce trust agreements.
In uncertain financial circumstances, and especially for individuals that perform financially high-risk transactions or for professionals who retain liability for their performance, protecting personal assets can be the difference between meeting your financial goals on time and needing to continue work-life beyond retirement age.
Asset protection trusts are irrevocable trusts that shield assets from creditors and provide peace of mind that an accident will not cause permanent financial damage. Generally if done in advance according to the law, these trusts provide excellent protection from creditors and are seldom overturned or disqualified. While the assets in such a trust are protected from creditors, individuals may use the trust income or principal and direct the investments of the trust. Trust agreements can last in duration for years to protect your family for generations. Self settled asset protection trusts are created by you, the settlor, and managed by another individual. You as the creator/settlor can be the beneficiary of the trust. Asset protection trusts can also pass assets through to a beneficiary upon your death effectively avoiding probate.
Special needs trusts are an essential element of caring for loved ones who need some additional care and support.
A power of attorney is a necessary tool as part of a comprehensive estate plan to ensure that if you are ever not able to make decisions because of disability or incapacitation, your designated trusted loved ones may keep your personal and financial matters from becoming delinquent.
