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?
I normally do not like to brag, but. . .
I have been selected to the 2014 Mid-South Rising Stars list! This is an exclusive list, recognizing no more than 2.5 percent of attorneys in Tennessee. Super Lawyers, a Thomson Reuters business, is a research-driven, peer influenced rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement.
If I don’t tell you this, you might not hear it. . . Not to mention, I have to justify the money I spent on this paperweight somehow. . .
Stay Tuned. . .
The spring issue of Mississippi Lawyer has a fantastic article on the Mississippi Uniform Trust Code. Click here to read more. The article begins at page 46.
Codified as Public Chapter 829 and signed by Governor Haslam into law on April 29, 2014, a new form of joint trust is available for transfers to trusts on or after July 1, 2014. Although the trust is not named by the statute, the trust substantially resembles the common law form of property known as tenancy by the entirety. Some practitioners have appropriately referred to this trust as the “marital asset protection trust.” I previously discussed this subject here and here, albeit briefly.
This statute has been codified as T.C.A. § 35-15-510.
Common law tenancy by the entirety. Before I get into the finer points of the TE Trust, a refresher on how tenancy by the entirety works in general (and its benefits) is appropriate. Continue reading This just in! Tennessee Tenancy by the Entirety Joint Revocable Trust
The election is on August 7th, but early voting in Shelby County began July 18 at the Election Commission, 157 Poplar. Early voting continues through August 2.
The satellite early vote locations opened Monday, July 21. Monday through Friday hours are 10:00 a.m. to 7:00 p.m. Saturday hours are 10:00 a.m. to 4:00 p.m. Click here to find a convenient early voting location.
Click on the link below to review a sample ballot:
Shelby County August 2014 Sample Ballot.
The ballot is lengthy. Please vote, but please do not vote uninformed.
If you are wondering who to vote for in the judicial elections, the best source for the qualifications of judicial candidates is the Memphis Bar Association Judicial Qualification Poll which is an anonymous poll of local attorneys:
2014 Memphis Bar Association Judicial Qualification Poll.
Additional Election information:
Districting maps for Shelby county (county commission, state legislators, school board and etc.): http://www.shelbyvote.com/index.aspx?nid=83
Who is your US Representative? http://www.house.gov/representatives/find/
Governor Haslam has appointed Shelby County Chancellor Kenny W. Armstrong to the Tennessee Court of Appeals, Western Section. Chancellor Armstrong will fill the vacancy created by Governor Haslam’s appointment of Justice Holly Kirby to the Tennessee Supreme Court. Armstrong has served as Chancellor for Division III of the Shelby County Chancery Court since 2006. Click here to read more.
Yesterday, Justice Sotomayor delivered the unanimous opinion of the Court that Inherited IRAs are NOT exempt in bankruptcy proceedings.
Read the full opinion here: Clark v. Rameker.
Central to the Court’s opinion was the interpretation of the phrase “retirement funds.” In bankruptcy, an individual is allowed to exempt certain of their assets from the proceedings. The code specifically sets out what can be exempt and what cannot be. One such exemption is “retirement funds to the extent those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457 or 501(a) of the Internal Revenue Code.” Clark v. Rameker, No. 13–299, at slip op. at 1-2 (June 12, 2014) (citing 11 U.S.C. § 522(b)(3)(C)(d)(12)).
Continue reading SCOTUS: Inherited IRAs are NOT exempt from Bankruptcy.