There are many ways to plan an estate. Most involve the use of Wills, trusts, beneficiary designations and asset titling. Whether you use a Last Will and Testament or a trust for your estate planning, you can avoid paying unnecessary estate tax and inheritance tax.
Tennessee Wills and Trusts
The most important part of your plan is getting your property to your loved ones, either outright or in trust. A trust can be a useful mechanism to avoid unnecessary estate taxes and to preserve assets for the future.
Your estate planning lawyer may recommend a Revocable Trust, sometimes called a Living Trust, or a Last Will and Testament as the best way to meet your family’s needs. In some situations, a Minor’s Trust or an Irrevocable Insurance Trust is indicated. In some situations a Special Needs Trust is required.