Cityview Magazine Recognizes Several GTM Lawyers as “Top Attorneys”

The July/August 2017 edition of Cityview Magazine is out. It includes a list of Knoxville’s “Top Attorneys” in various categories as voted on by their peers. Gentry, Tipton & McLemore, PC is well-represented on the list:

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Slight Decrease in October 2017 7520 Rate

The 7520 rate for October 2017 will drop to 2.2%, down from 2.4% in September. A table showing historical 7520 rates since 2008 is here.

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Trustee’s Consideration of Other Resources

Consider the following scenario. A trust instrument provides that the trustee is authorized, but not required, to distribute income and principal for a beneficiary’s health, support, maintenance, and education. The beneficiary, who has significant assets of her own, requests a distribution to pay for elective surgery. The trust agreement, as is commonly the case, says nothing about a beneficiary’s other resources (i.e., assets outside of the trust). In deciding whether to approve the trust distribution, must the trustee nonetheless consider whether the beneficiary has the means to pay for the surgery on her own? 

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Other Insurance and Creditor Claims

The previous post discusses the inability of a decedent’s creditors to reach the proceeds of life insurance under Tennessee law. But what about the proceeds from other types of insurance? Are they exempt from creditors as well? 

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Life Insurance Proceeds and Creditor Claims

Are life insurance proceeds subject to the claims of the decedent’s creditors under Tennessee law? Consider two scenarios.

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Getting the Decedent’s Final Paycheck Without Opening Probate

Tennessee has a statute for it:

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Considering Serving as Executor of an Estate Subject to a Tax Lien?

A recent case from the Southern District of Indiana might make you think twice.

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September 7520 Rate Remains the Same

The 7520 rate for September 2017 will stay at 2.4%. A table showing historical 7520 rates since 2008 is here.

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Contracts to Recover Unclaimed Property

Fee agreements with third parties for the recovery of property held by the Tennessee Division of Unclaimed Property are not uncommon. Such arrangements are now governed by statute:

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When Unclaimed Property is Presumed Abandoned

The following table summarizes when unclaimed property is presumed abandoned for purposes of the Tennessee Uniform Unclaimed Property Act:

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Year’s Support and Death of Surviving Spouse

As noted in the previous post, the death of the surviving spouse prior to filing for an elective share does not necessarily mean that she forfeits the right. But what about a year’s support?  Is it also available if the surviving spouse dies before filing?

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Elective Share and Death of Surviving Spouse

If the surviving spouse dies before filing for an elective share, does her right to dissent die with her?

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Anti-Lapse Statute Trumps Testator’s Intent

A recent Tennessee court of appeals case is a reminder that there are limits to how far the law on testator’s intent will take you.

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“Property” Under the New Unclaimed Property Act

What constitutes “property” for purposes of the Revised Uniform Unclaimed Property Act?

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Tennessee Enacts New Rules on Unclaimed Property

Tennessee has adopted the Revised Uniform Unclaimed Property Act (RUUPA). It became effective on July 1, and is codified at T.C.A. § 66-29-101, et seq. It replaces the Uniform Disposition of Unclaimed (Personal) Property Act.

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August 7520 Rate Announced

The 7520 rate for August 2017 will go back to 2.4%. A table showing historical 7520 rates since 2008 is here.

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Tennessee Quietly Makes More Probate Changes

While much attention has been given to the 2017 Probate Omnibus Bill (SB0769, now codified as Public Chapter 290), a little-known bill that also became effective on July 1 makes several important probate changes that should not be overlooked.

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Concealing or Destroying a Will

It’s a crime under Tennessee law: Any person who destroys or conceals the last will and testament of a testator, or any codicil thereto, with intent to prevent the probate thereof or defraud any devisee or legatee, commits a Class E felony. A Class E felony is punishable by not less than one (1) year nor more than six (6) years. In addition, the jury may assess a fine not to exceed three thousand dollars ($3,000), unless otherwise provided by statute. Relying on an earlier version of this statute, the Tennessee Court of Appeals has indicated that a person in possession of a will has a duty to bring it forward, absent knowledge of any defect in its execution. Sources: T.C.A. […]

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For a Limited Time Only: IRS Grants Extension to Elect Portability

Executors who discovered too late that they should have made a portability election have gotten a reprieve. 

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More on the Primacy of Beneficiary Designations

Beneficiary designations trump a will. Tennessee has a statute on it:

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Spousal Rollover When RLT is Beneficiary

Is a spousal rollover available when the beneficiary of an IRA is a revocable trust? Surprisingly, in some cases, the IRS says yes.

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Rushed Prenup Invalidated by Court

How much time must pass between the execution of a prenuptial agreement and the wedding of the parties in order for the agreement to be enforceable?

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Sales of Personal Property by Executors

How much leeway does an executor have when it comes to selling the personal property of an estate?

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Joint Revocable Trust: Gift on Creation?

Not if the non-contributing spouse has the unilateral power to revoke:

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July 7520 Rate Announced

The 7520 rate for July 2017 will drop to 2.2%. This is the lowest rate so far for the year. A table showing historical 7520 rates since 2008 is here. The effectiveness of various estate planning and charitable planning techniques is measured in terms of the 7520 rate. These techniques include Grantor Retained Annuity Trusts (GRATs), Qualified Personal Residence Trusts (QPRTs), Charitable Remainder Trusts (CRTs), and Charitable Lead Trusts (CLTs). If the assets transferred to these trusts appreciate faster than the 7520 rate in effect at the time of transfer, a plan would normally be considered successful in shifting value outside of a taxpayer’s estate for estate tax purposes.  Fortunately, the 7520 tends to be low relative to market rates of […]

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