Keeping Real Estate Purchases Private

For reasons of privacy and asset protection, clients sometimes seek to conceal or obscure their ownership of real property. Tennessee law, however, does not make it easy to do so.

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Grantor as Chief Manager of Family LLC

Retaining control of a family limited partnership or family limited liability may create trigger estate tax consequences.

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March 2018 7520 Rate Announced

The 7520 rate continues to tick up. For March 2018, the 7520 rate will be 3.0%. A chart showing historical rates since 2008 is here. Some estate planning techniques benefit from rising rates. These include Qualified Personal Residence Trusts (QPRTs) and Charitable Remainder Annuity Trusts (CRATs). On the other hand, Grantor Retained Annuity Trusts (GRATs), sales to grantor trusts, and Charitable Lead Annuity Trusts (CLATs) perform worse when interest rates are higher. Source: Rev. Rul. 2018-06 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Is a Trust Protector a Fiduciary under Tennessee Law?

Yes, generally, but it does not have to be. 

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Trust Protectors in Tennessee: The Basics

Trust protectors (also known as trust advisors) are becoming a common feature of irrevocable trusts. But what is a trust protector? 

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New IRS FAQs Address 2017 Roth Conversion Concerns

The IRS has issued new guidance on recharacterization of Roth conversions, and it is good news for taxpayers who converted in 2017.

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February 7520 Rate: Another Increase

The 7520 rate for February 2018 will be 2.8%. A chart showing historical rates since 2008 is here. Some estate planning techniques benefit from rising rates. These include Qualified Personal Residence Trusts (QPRTs) and Charitable Remainder Annuity Trusts (CRATs). On the other hand, Grantor Retained Annuity Trusts (GRATs), sales to grantor trusts, and Charitable Lead Annuity Trusts (CLATs) perform worse when interest rates are higher. Source: Rev. Rul. 2018-5 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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529 Plans: Not Just for College Anymore

Starting in 2018, 529 plans can be used to pay tuition expenses for elementary and secondary schools, thanks to the Tax Cuts and Jobs Act.

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“Repeal” of the Individual Mandate

Under the tax bill formerly known as the Tax Cuts and Jobs Act, the individual mandate has not been repealed, it has just been told to stand quietly in the corner in 2019.

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Charitable Giving Under the Tax Bill

The Tax Cuts and Jobs Act includes three provisions related to charitable giving.

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501(c)(3) Electioneering Prohibition Alive and Well

Despite efforts by the House, the Tax Cuts and Jobs Act does NOT scale back the Johnson Amendment.

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No Change in Jan. 2018 7520 Rate

The 7520 rate for January 2018 will be 2.6%. A chart showing historical rates since 2008 is here. Source: Rev. Rul. 2018-1 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Estate Tax under the Tax Bill

If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily.

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Prepaying State and Local Taxes in 2017

Don’t bother. 

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Last Chance for Risk-Free Roth Conversions

The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes.

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Contract Wills

Is a contract to make a will enforceable under Tennessee law?

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Charitable Solicitation in Tennessee

Charities that intend to solicit donations in Tennessee should not overlook the Solicitation of Charitable Funds Act.

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7520 Rate Will Rise Slightly in December

The 7520 rate for December 2017 will rise to 2.6%. A table showing historical 7520 rates since 2008 is here. Source: Rev. Rul. 2017-24 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Handwritten Modifications to Revocable Trust Deemed Invalid

In a recent case, the Tennessee Court of Appeals found that a settlor failed in her do-it-yourself approach to estate planning.

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Distribution from Donor Advised Fund to Private Foundation

Technically, it is possible, but there would be some significant strings attached.

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Estate and Gift Tax Exemptions Will Rise in 2018

The IRS recently announced inflation adjustments to various estate and gift tax items for 2018.

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2018 Retirement Plan Contribution Limits

The IRS recently announced the 2018 contribution limits for retirement plans.

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7520 Rate for Nov. 2017

The 7520 rate for November 2017 will be 2.4%. A table showing historical 7520 rates since 2008 is here. Source: Rev. Rul. 2017-21 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Odd Probate Case Poses Question No One is Asking

Specifically, whether Tennessee’s probate claim statute requires a creditor to provide the executor with proof of a claim before the executor must mail the creditor a copy of the published Notice to Creditors.

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Churches and 501(c)(3) Status

Must a church file an exemption application in order to be recognized as tax-exempt under I.R.C. § 501(c)(3)?

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