Estate Planning WW 2016_9

How do I simplify your estate ? clients often don’t consider the fact that once a person dies, the dededent is not available to transfer property to his family. So often the family must go to the Probate Court to handle the estate. I can show you many ways to simplify or eliminate the Probate process, You don’t have to spend hours of your time and sign hundreds of pages of documents that you don’t understand.
I can show you many ways to simplify or eliminate the Probate process. You don’t have to spend hours of your time making your estate plan, and you don’t have to sign hundreds of pages of documents that you don’t understand. Just a few ways to avoid these problems include a revocable living trust, certain types of ownership that pass the assets by contract to a family member, naming the right beneficiaries for certain accounts and affidavits of heirship for real estate
However, with my guidance, if your desires are not too complicated, you can use other ways to transfer property at your death:
1. A revocable living trust offers one of the best ways to handle property and solves so many other goals.

2. Owning a property jointly with right of survivorship (JTWROS) passes ownership to the joint owner and can be set up before  you die with real estate, bank accounts, and brokerage accounts.
3. Payable on death accounts pay to a named beneficiary and can be used with bank accounts and brokerage accounts.
4. Retirement accounts will transfer ownership to a named beneficiary and secondary beneficiaries. 

There are ways to pass real estate without the full Probate Process. For example, a valid will can transfer real estate if filed properly with the Probate Court. Without a will, I can file Affidavits of Heirship filed with the Shelby County Register can establish that a real property has passed to the decedent’s heirs. 

Beware transfers of retirement accounts in trust for kids. Parents with minor children will want to protect those plans while the kids are young. But watch out! Using a trust without specialized language will trigger a 5-year payout of the plan taxable when paid! 

My advice: Make the spouse the first beneficiary of a retirement account followed by adult children. If it must go to minor children I can prepare a special “conduit trust” to manage the retirement account for the kids.
Do you still have questions? You are smart! Email Wis for a *FREE ½ hour Consultation*.
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About Wis Laughlin

I help clients with tax preparation and IRS representation, estate planning, and complex contracts, including LLC's. As a former IRS tax attorney in their National Office. picked Wis in 2017 and several prior years as one of the Top Tax and Estate Lawyers in Tennessee. I am your advocate, not your accountant. I don't tell you what you can't do. I show you how to do it.
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