Attorneys in Tennessee for Community Property Trusts and Other Advanced Tools
For those with closely-held businesses, unique family concerns, and valuable or complicated financial assets, a basic will may not be enough to ensure your hard-earned assets are preserved and passed on to the people you choose. Fortunately, there are many advanced estate planning strategies that can help families and individuals with complex estates accomplish their goals.
At the offices of Douglass & Runger, Attorneys at Law, we assist clients with all types of estate planning, from basic wills and trusts to complex estate plans and estate administration. We have an in-depth knowledge of complex estate planning strategies and how these strategies can work together to form a comprehensive plan that effectively accounts for your finances, your family, and your objectives goals. We put our depth of experience to work to provide the skilled guidance and estate planning representation you deserve.
Advanced Estate Planning Strategies
If you have complicated holdings, a complex family situation, or substantial wealth, a simple will or a living trust might not be sufficient to accomplish your estate planning goals. There is a good chance that more advanced strategies and instruments may be necessary, including but not limited to:
- Business Succession Planning: If you own a family business or a closely-held business, you will probably need more than basic estate planning. You might consider protecting your holdings through a Family Limited Partnership or Limited Liability Company. Our attorneys can help you determine the best option for your situation.
- Community Property Trusts: Tennessee law gives married couples the option of using a Community Property Trust to decrease their estate tax liability. A Community Property Trust allows couples to take full advantage of death tax exemptions and to avoid additional capital gains taxes on property that has increased in value over the years.
- Gifting Strategies: With the help of a qualified attorney, you can structure a strategy for reducing the value of your estate—and your estate tax liability—through gifting. For example, you can give certain amounts to your children each year without being subject to the gift tax. You can also transfer money tax-free to certain trusts and charitable organizations.
- Generation-Skipping Trusts: If you would like to preserve your assets for future generations, you can do so while minimizing your federal and state tax liabilities. Certain instruments, such as generation-skipping trusts, can allow you to provide for your grandchildren while maximizing the amount you are leaving them by reducing your tax exposure.
Foundations and Charitable Trusts: One of the best things you can do for your legacy is to set up a charitable trust that can provide support to organizations that matter to you for many years to come. You could also establish a private foundation to support philanthropic activities under your family’s name for the ongoing future.
