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).
Update: Read Public Chapter No. 290 here.
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 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.
According to the Tennessean, a number of groups have set their sights on the repeal of Tennessee’s Hall Income Tax—even enlisting more than 90 legislators by having them sign pledges. These groups include the Tennessee Chapter of Americans for Prosperity, Americans for Tax Reform and the Tax Foundation.
Whoa, wait—Tennessee income tax? That’s right, Tennessee does have an income tax. The Hall income tax is a tax that Tennesseans pay on dividends and interest.
Although many legislators have signed on to repeal, unless and until Tennessee solves its revenue problem, it seems unlikely that the tax is going anywhere. That being said, many professionals said the same thing about the Tennessee Gift and Inheritance Taxes. The Tennessee Gift Tax was repealed in 2012 and the Tennessee Inheritance Tax has been gradually repealed through 2016.
Thank you to Justin Carter, CPA of the Marston Group for bringing this to my attention.
Update: According to the Commercial Appeal, a court is contemplating removing Sherra Wright as Trustee of the Insurance Proceeds Trust (the article does not relate which, but I expect that it is the Circuit Court). Click here to read more.
In an opinion dated March 27, 2014, the Tennessee Court of Appeals ruled that a Probate Court Judge exceeded his authority when he appointed an attorney (known as a Guardian ad litem) to investigate how Sherra Wright spent the nearly $1 million dollars that she was in charge of for the benefit of Lorenzen Wright’s children.
This particular proceeding was the latest in a series of cases involving the children and their inheritance from their father, Lorenzen Wright.
In this proceeding, Sherra Wright (the mother of Lorenzen Wright’s children) and Herbert Wright (Lorenzen Wright’s father, and the grandfather of the children) fought Continue reading Wrong Ruling in Lorenzen Wright Case? Appeals Court Rules that Lower Court had no Authority to Investigate Ex-Wife’s $1 Million Apparent Misappropriation