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Tennessee Estate Planning: Tax Exemption Changes in 2012, 2013 and After

Posted on: December 21st, 2012
Almost halfway through 2012, the State of Tennessee approved a retroactive repeal of gift tax. The appeal affects all gifts made on or after January 1, 2012 (Senate Bill 2777/House Bill 2840). Residents of Tennessee no longer have the liability of a state gift tax; however federal obligations are still active and required.
 
With the new legislation changes, here are three Tennessee estate planning tips and opportunities:
 
  1. Create a trust – Since there is no longer a TN gift tax, a carefully prepared trust will go even further to ensure your wealth is passed on according to your wishes and that you take full advantage of federal gift tax exemptions. Gifts made to a trust are protected from future estate and inheritance taxes, from creditors’ claims, and they keep assets in the family line.
  2. Update your estate plan – Now is the perfect time to review your estate plan, or create one if necessary, with the assistance of a Tennessee estate planning attorney. 
  3. Asset protection plans – With your estate planning lawyer, discuss the benefits of trusts and LLCs to protect your hard-earned assets from the whims of juries and the courts.
 
The above is an excerpt. Read this entire post "Tennessee Estate Planning: Tax Exemption Changes in 2012, 2013 & After" on the North Carolina Estate Planning Blog.
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