Tennessee abolished its inheritance tax effective July 1, 2016, and its gift tax was repealed effective January 1, 2012. Under federal law, federal death or estate taxes do not apply between spouses based on an unlimited marital deduction; or for non-spousal transfers until your gross estate (plus adjusted taxable gifts and specific exemption) is more than $5,490,000.00 for 2017. Traditionally, many people believe that the avoidance of death taxes is all that is involved with estate planning, which is a misunderstanding. Estate planning is so much more. In short, it is the ability to manage your property during your life and after your death. If you do not make a Will, the government makes one for you with often unfair and unintended results. For the couple or single parent, estate planning to protect your child or children should be a primary concern. Asset protection for you and your family estate can be a vital part of your estate plan. With more second marriages of each spouse, estate planning is crucial to striking the balance you want to protect both your spouse and your children. We can help.
- The Importance of Having a Will
- Parental Planning for Children
- Single Parent Planning for Children
- Planning for Incompetent Loved Ones
- Planning for Aging Parents
- Effects on Planning for Multiple Marriages
- Federal Estate Tax and Related Tax Issues