Anti-Lapse and Trust Termination

Does Tennessee’s anti-lapse statute apply when the remainder beneficiary of a trust dies before the trust terminates? No.

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Savings Statute for Interested Trustees

Some easy to overlook statutes in the Tennessee Trust Code can┬ásave a poorly drafted trust with an interested trustee from inadvertent taxation and creditor exposure. An interested trustee is a trustee who is also a beneficiary of the trust. If the trust instrument gives an interested trustee the power to make distributions to himself, that power should be limited to an “ascertainable standard,” typically health, support, maintenance, and education. Otherwise, the trustee will possess a general power of appointment. Likewise, an interested trustee will be deemed to have a general power of appointment if he can make distributions for the purpose of discharging a legal obligation. This is a problem because assets subject to a general power of appointment are […]

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New Associate Joins the Team

Mahogany Paulino Jenkins has joined Gentry, Tipton & McLemore, P.C. as an associate. Her primary practice areas will be corporate and business law and real estate. Prior to joining the firm, Ms. Jenkins worked as an estate planning and trust administration associate at the California law firm Horton & Roberts, LLP. She earned her law degree from the University of Southern California Gould School of Law and her LL.M. from Golden Gate School of Law. More information about Ms. Jenkins may be found here.

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