Tennessee Estate Planning: Tax Exemption Changes in 2012, 2013 and After
Although this is the North Carolina Estate Planning Blog, much of what I blog about applies to folks all over the country. Since I am licensed in Tennessee and have clients there, I thought it was appropriate to report on these important changes in Tennessee transfer tax.
- Create a trust – Since there is no longer a TN gift tax, a carefully prepared trust will go even further to ensure your wealth is passed on according to your wishes and that you take full advantage of federal gift tax exemptions. Gifts made to a trust are protected from future estate and inheritance taxes, from creditors’ claims, and they keep assets in the family line.
- Update your estate plan – Now is the perfect time to review your estate plan, or create one if necessary, with the assistance of a Tennessee estate planning attorney.
- Asset protection plans – With your estate planning lawyer, discuss the benefits of trusts and LLCs to protect your hard-earned assets from the whims of juries and the courts.