If you are a in the US on an H-1B visa and have more than $60,000 in assets here, keep reading. The United States Federal Estate Tax applies to you. The tax will apply differently to you based on whether you intend to return to your home country or already consider the US home and you plan to stay. Either way, the tax is very likely more a significant issue than you realize. Planning is appropriate. Continue reading Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.
On May 9, the Tennessee House passed the Senate’s bill to add a new chapter to Title 61 of the Tennessee Code governing limited partnerships. The bill as has passed both houses can be read here: SB0438. It is now headed to Governor Haslam’s desk for his signature. Once signed by the Governor, the act will take effect January 1, 2018.
Last week, Governor Haslam signed several new bills into law. I previously blogged about a bill which updated a number of areas of Trust and Probate law here which has been signed by the Governor.
Three other bills have been signed by the Governor which update several other areas of probate law. Two of these change the amount from $10,000 to $15,000 that may be paid out without probate by a credit union and bank, respectively.
The third act updates accounting procedures in Tennessee probate estates. My reading of third act is to eliminate a court’s discretion to require an accounting if the Will waives it. Instead, a status report detailing issues to be completed before the estate can be closed will be due within fifteen months from the opening of the estate. I also read a new TCA 30-2-601(b)(2) to allow the personal representative to be able to close an estate without an accounting even if all receipts have not been received. In such event, the personal representative would give notice to the beneficiary who has failed to give a receipt. If the beneficiary no-shows at the hearing to close the estate (or appears, but does not participate), the “[f]ailure of a non-compliant distributee to appear and or participate in the hearing shall result in a final order closing the estate.” [emphasis added].
There are also new statutory forms for the receipt and waiver.
A copy of the bill as signed by the Governor can be viewed here: Pub. Ch. 0280.
It should be noted that this bill updating probate accounting procedures became law as soon as it was signed by the Governor last week (as opposed to July 1 when most new laws become effective).
Many people who are highly educated citizens of foreign nations come to work in the United States on a temporary basis on H-1B visas. The H-1B visa allows an individual from another country with at least a bachelor’s degree (or significant experience) to come to work here in the United States in a “specialty occupation.”
The question has come up as to the citizenship of a child born here while the parents are technically only present here temporarily for work. Continue reading Estate Planning for H-1B Workers: Part 1 – If my child is born here, is he a US Citizen?
SA0426 which revises a number of areas of the Wills, Trusts and Probate statutes has cleared the Tennessee Senate and is headed to the Governor’s desk. This bill updates law in the following areas:
- The Slayer Statute; Continue reading Probate and Trust Bill Headed for Haslam’s Desk
There is much discussion these days about income tax reform. The tax code has historically been completely reformed about every thirty years and the last reform was about thirty years ago.
There has also been significant speculation as to whether the Federal Estate (a/k/a the Death Tax) is on the chopping block. Will repeal happen? When will repeal happen?
Given the dysfunction that is Washington these days, all anyone can do is speculate. So let me speculate…
Replace? The short version is that Donald Trump Continue reading Death Tax: Repeal or Replace?
Probate… Ugh! Am I right? When discussing probate with clients, I sometimes feel like I’m talking about Memphis to someone back home (I’m from Knoxville). It’s not that bad! I go there on purpose! I like it there! You shouldn’t be afraid of it!
Why Avoid Probate? Although probate is not as bad as you probably think it is, there are still some very good reasons to avoid it:
- Unnecessary Cost. Why pay unnecessarily to accomplish your wishes?
- No Privacy. Your nosey neighbors will know you cut out one of the kids.
- Delays. It simply takes longer to get your stuff to your family.
How to Avoid Probate? So, how do you avoid probate? Methods include: Continue reading How would you like to avoid probate?