by Joel Roettger | May 8, 2019 | Probate
The Tennessee Code has a statute for that. Tennessee Code Section 35-15-110 contains a laundry list of powers that an executor possesses by default unless the will says otherwise. Among them is the following: … to permit any beneficiary or beneficiaries of the...
by Joel Roettger | May 8, 2019 | Estate Planning, Tax
The 7520 Rate Continues to Drop. The 7520 rate for May 2019 is 2.8%. The 7520 rate has consistently declined since November 2018, when it was 3.6%. A table showing historical rates since 2008 is here. Some estate planning techniques benefit from declining rates....
by Joel Roettger | Mar 11, 2019 | Estate Planning, Tax
Estate Tax Exemption ("Basic Exclusion Amount")$11,400,000 Applicable Credit Amount$4,505,800 Generation-Skipping Transfer (GST) Tax Exemption$11,400,000 Gift Tax Annual Exclusion$15,000 Taxable Income Threshold at which Highest Rate Applies for Trusts/Estates$12,750...
by Joel Roettger | Feb 13, 2019 | Probate, Trusts
What happens? Tennessee has a statute for that: The effect of a sentence of imprisonment in the penitentiary is to put an end to the right of the inmate to execute the office of executor, administrator or guardian, fiduciary or conservator, and operates as a removal...
by Joel Roettger | Feb 6, 2019 | Estate Planning, Tax
Another Drop. The 7520 rate for February 2019 is 3.2%. This is an decrease from January, when the rate was 3.4%. A chart showing historical rates since 2008 is here. Some estate planning techniques benefit from declining rates. Grantor Retained Annuity Trusts (GRATs),...
by Joel Roettger | Jan 26, 2019 | Estate Planning, Probate, Trusts, Uncategorized
Does Tennessee’s anti-lapse statute apply when the remainder beneficiary of a trust dies before the trust terminates? No. Tennessee’s anti-lapse statute is a savings clause for bequests. It states: Whenever the devisee or legatee or any member of a class...
by Joel Roettger | Jan 10, 2019 | Estate Planning, Tax
The rate drops. The 7520 rate for January 2019 is 3.4%. This is an decrease from November and December 2018, when the rate was 3.6%. This is also a return to the rate that applied for July through October 2018. A chart showing historical rates since 2008 is here. Some...
by Joel Roettger | Dec 11, 2018 | Estate Planning, Tax
Unchanged. The 7520 rate for December 2018 is 3.6%. This is the same as November. 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...
by Joel Roettger | Nov 13, 2018 | Estate Planning, Probate, Tax, Trusts
No, but you would not know that from reading the statute. The 65-day rule is a taxpayer-friendly provision involving the income taxation of trusts and estates. It allows the trustee of a trust or executor of an estate to treat certain distributions made in one tax...
by Joel Roettger | Nov 12, 2018 | Estate Planning, Trusts
Termination of a trust is like dissolution of a business organization. In both cases, there is a winding up period before the entity legally ceases to exist. Usually, this means paying any outstanding trust obligations, liquidating assets, filing final income tax...
