Tennessee “Uniform” Trust Code Desk Reference

As a trust nerd, I love the Tennessee Uniform Trust Code. I like keep an up to date version of it as a desk reference for myself. I created it during law school for Judge Robert S. Benham at the Probate Court of Shelby County, Tennessee in 2010. I have kept it current ever since. The desk reference includes statutory commentary and is current through the most recent legislative session. I have also included my Tennessee trust and estate legislative update which includes comments on the 110th and 111th legislative sessions. The things I do for love. If you’d like to have a copy, CLICK HERE to download a .pdf.

Stay Tuned,

Rob Malin

Tennessee Trust and Estate Law Legislative Update (April 2019)

Update:

HB0675/SB0542 (Re Trusts and Guardianships) enacted as pc0197

HB0676/SB0699 (Re Trusts and Disclaimers) enacted as pc0340

HB0190/SB0174 (Re Executor’s Oath) enacted as pc0332

What follows is my summary of the Tennessee trust and estate bills from the current legislative session and the laws from the previous legislative session as presented to the Trust and Estate section of the Memphis Bar Association on April 24, 2019.

The copies of the two most significant bills that have passed both houses with my annotations can be found here (my summary is below):  SA0339  SB0542 Continue reading Tennessee Trust and Estate Law Legislative Update (April 2019)

What happens when your child with special needs turns 18?

While your child with special needs is under eighteen, there is no question that you, the parent, are the decision maker. Upon attaining the age of eighteen, your child becomes an adult in the eyes of the law and is presumed to be able to handle their own affairs. This presents a problem for parents of children with special needs.  Once your child attains eighteen, you are no longer legally eligible to make decisions for your now adult child.  Continue reading What happens when your child with special needs turns 18?

Tax Reform: Congressional Republicans Release Proposed Tax Bill

Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.

On a quick perusal of the 425 page bill, the thrust of the bill is as follows:

  • Increase standard deduction
  • Fewer income tax brackets
  • Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
  • Reduced corporate tax rate to 20%
  • Reduced non-corporate business tax rate to 25%
  • Elimination of the Alternative Minimum Tax
  • Estate and Gift Tax exemption increased to $10,000,000 per person
  • Phase out of Estate and Generation Skipping Taxes to repeal after 2023
  • Retention of step-up income tax basis upon death

Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill

Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.

mixture-69523_640If 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.

New Tennessee Limited Partnership bill headed to Haslam’s desk

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.

Stay Tuned.

Protecting your family from life.

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