Tag Archives: estate planning

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.

Estate Planning for H-1B Workers: Part 1 – If my child is born here, is he a US Citizen?

baby-710360_1280Many 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?

What is a Revocable Living Trust?

Excellent question.  I’m glad you asked.

Broadly speaking, in estate planning there are two types of trusts: revocable and irrevocable.  This post will address revocable trusts.

Revocable trusts are also known as living trusts.  The short answer is that a revocable trust is a Will substitute.  For the most part, after death the same things can be done with revocable trusts as can be done with Wills.

The real difference between a revocable trust and a Will is that to function properly, a revocable trust must actually own your assets (or be named as a beneficiary).  In this sense, revocable trusts are like personal holding companies.  A good analogy is thinking of a public company such as FedEx.  FedEx owns planes and numerous other assets.  FedEx has shareholders and a CEO named Fred Smith.  During your lifetime, you are the CEO (or trustee) of your trust.  You are also the founder (known as either grantor, trustor, or settlor) and the shareholder (or beneficiary).

Continue reading What is a Revocable Living Trust?