At Tune, Entrekin & White, our attorneys have vast experience in helping individuals and families with Wills, Trusts and Estates to transfer wealth to the next generation, in a tax efficient manner. In addition, we represent Trustees, Executors and Conservators with managing and settling estates and trusts, and providing fiduciaries with legal and tax advice.
Everyone needs an Estate Plan to specify how their property will be distributed at death. From the most basic Last Will and Testament, to the most complicated Revocable Living Trust, our attorneys can provide as little or as much planning as a client needs. A basic estate plan includes a Will, a Durable Power of Attorney (over finances) and a Health Care Power of Attorney (over medical issues) and a Living Will. Some clients choose a Revocable Living Trust as part of their estate plan as well. Clients with significant wealth may need even more planning, to minimize estate and income taxes, if they have significant life insurance, or retirement accounts, or need planning to pass on a family farm or family business or real estate holdings to the next generation. We can also help clients establish trusts, charitable foundations, scholarship funds and tax exempt organizations for educational and charitable beneficiaries.
Probate and Estate Administration
We represent Executors (sometimes called “Personal Representatives”), Trustees, and Conservators and Guardians in all aspects of estate and trust settlement and administration. The services we provide include:
- Court filings and hearings
- Compliance with state and federal legal requirements
- Federal and state tax returns
- Debtor and creditor claims against estates or trusts
- Advice regarding fiduciary duties to beneficiaries
- Preparing and filing accountings with the court
Most individuals need legal assistance in carrying out these responsibilities. Our attorneys have the experience and expertise to assist clients through this difficult process.
Tax Returns and Audits
Our attorneys are experienced in tax compliance and audits, and can assist Executors, Trustees and Conservators with their tax filing obligations and with audits in connection with estate or trust administrations. Our attorneys prepare Estate Tax Returns, Gift Tax Returns, Income Tax Returns, Inheritance Tax Returns and Individual Income Returns for estates, trusts and decedents, and handle all types of federal and state tax audits.
Conservatorships and Guardianships
When an adult becomes incapacitated, either physically or mentally, it is sometimes necessary for a Conservator to be appointed to manage their personal, legal and financial matters. Our attorneys can assist families with representation in the probate court for these matters. When a minor child inherits money, or is awarded a settlement in court, a guardianship is sometimes necessary, and our attorneys can assist clients with these processes as well.
Our attorneys are experienced in handling all forms of probate litigation, such as Will contests, beneficiary litigation, accounting disputes and fiduciary lawsuits. We defend and represent individual fiduciaries as well as corporate fiduciaries, such as bank and trust company fiduciaries.
There are many types of trusts available to clients for a variety of reasons, such as tax minimization, wealth preservation to descendants, and asset protection from creditors or concerns of youth or inexperience with managing money. The most popular ones we assist clients with are:
- Revocable Living Trusts
- Life Insurance Trusts
- Trusts for Minor Children
- Special Needs Trusts for Disabled Persons
- Asset Protection Trusts
- Credit Shelter Trusts
- Retirement Account Trusts
- Charitable Trusts
- Dynasty Trusts
- Generation Skipping Trusts
Tennessee has recently approved even more trusts, such as Community Property Trusts, Joint Tenancy Trusts, and Tennessee Investment Services Trusts. Our attorneys can assist you with planning for the type of trust you or your family may benefit from. Irrevocable Trusts may now be modified under new legislation under certain circumstances, and we can advise and assist trustees with those decisions.