Skilled Knoxville Estate Planning, Asset Protection and Probate Lawyers
Estate planning is a complex process. The estate planner must consider both the client's financial needs during their senior years, and the tax consequences of the estate planning options. At The Coleman Law Firm, we know how to balance these interests to arrive at the optimal estate plan for our clients.
How will you provide for yourselves during your senior years?
From our perspective, the foremost question in estate planning involves, not the future, but the present: How will you live? When we do estate planning, our first concern is that our clients have an estate that will allow them to be comfortable for as long as they live. How that estate is transferred to the heirs with the least tax consequence becomes important.
What are the tax consequences of transferring your estate to your heirs?
Any time that a person's estate exceeds the exemption amounts under federal and/or state inheritance tax laws, the estate will be required to pay an inheritance tax. This will reduce the estate available to your heirs. There are many methods of reducing, or even eliminating an estate inheritance tax. Some examples are:
- Family Limited Liability Companies and Partnerships- Discounted interests in family businesses can reduce the amount of inheritance tax chargeable against an estate.
- QTIP trust: (qualified terminable interest property) - This is the basic tool of marital estate planning. A QTIP, also known as a credit shelter trust, allows a couple to preserve their exemption credits for the benefit of beneficiaries.
- QPRT (qualified personal residence trust): This trust allows for the transfer of a marital residence with estate tax benefits.
- GRAT (or grantor retained annuity trust) - This trust allows for intra-family gifts of substantial sums, while avoiding gift tax, while paying the grantor (the person who creates the trust) a sum which is determined each year.
- GRUT (or grantor retained unified trust) - This trust is like a GRAT, but the payments which the grantor receives are fixed.
- CRAT or CRUT - These trusts are similar to GRATs and GRUTs, but the beneficiary is a charitable institution, not a family member.
- ILIT (Irrevocable Life Insurance Trust): Trust that sets aside life insurance policy outside of the estate for the benefit of the beneficiaries or to pay estate tax.
We draft wills, trusts, living wills, and durable powers of attorney, as well.
Asset Protection: Preserving your assets form frivolous attacks, identity theft, etc.
In these uncertain times your assets need greater protection than ever. Our firm will develop asset protection methods for you such as:
- Tennessee Investment Services Act Trust
- Family corporations and other business entities
- International corporations and international trusts
Probate: The Administration of Estates.
When someone dies, any property that is owned in the decedent's name must go through the process of probate. This is a legal proceeding in which the court:
- Determines the will, if any, to be valid
- Sees to the payment of all debts and estate taxes, if any
- Transfers title of any real property owned by the decedent, if required by will
- Orders distribution of the remaining assets to the beneficiaries or heirs at law
- Closes the estate
At The Coleman Law Firm, we are adept at handling all of these issues, as well as such matters as improperly executed wills.
We are available at your convenience to discuss your estate planning and probate concerns. Contact us.
Free case evaluation.
Office hours M - Th, 9:00 - 5:00. Fri., 9:00 - 1:00.
Off-site and evening or weekend appointments available.
The Coleman Law Firm
800 South Gay Street, Suite 1401
Knoxville TN 37929-9704
Phone Number: 865-546-1484
Fax: 865-546-1633
E-mail
The Coleman Law Firm represents estate planning and probate, business and tax clients in the eastern Tennessee areas of Knoxville, Maryville, Oak Ridge, Sevierville, Lenoir City, Knox County, Anderson County, Loudon County and Sevier County.
