by Joel Roettger | Sep 14, 2021 | Estate Planning, Tax, Trusts
UPDATE 2 (11/4/2021) The House Committee on Rules published a new version of the reconciliation bill, H.R. 5376. The latest draft is 2,135 pages. As with the October 28 draft, provisions related to the estate, gift, and generation-skipping transfer taxes are...
by Joel Roettger | Dec 26, 2019 | Estate Planning, Retirement Assets, Tax, Trusts
Estate planning for retirement assets just got more interesting. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20. It was passed as part of H.R. 1865, Further Consolidated Appropriations Act, 2020. The...
by Joel Roettger | Sep 25, 2019 | Estate Planning, Trusts
Section 5 of the most recent Probate Omnibus Bill, Public Chapter No. 340, adds a new section to Tennessee Code § 31-1-104. Section (d) provides: In a proceeding to determine letters of guardianship or conservatorship, the court shall be vested with the authority to...
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 | 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 | 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...
