For some people, estate planning can be more complicated than simply drafting or revising a will. At Patton | Pittman, our attorneys are experienced in creating trusts and family limited partnerships for families throughout the Middle Tennessee area. Please contact us to schedule a free initial consultationto discuss your estate planning needs.
What Is a Trust?
If you have a taxable estate, then a trust can be an excellent estate planning tool to reduce the size of your estate and in some instances to avoid the probate process altogether. There are many types of trusts that can be used to meet specific needs or purposes, including:
Trusts for tax planning: Minimize the tax impact on the gifts to your beneficiaries with the help of living trusts, revocable trusts, or irrevocable trusts.
Special needs trust: This is a special trust available to benefit those who have special needs, including disabled adults, children and the elderly.
Protect Your Assets with a Trust
Are you looking for a way to protect your assets and ensure they are distributed according to your wishes? A trust can provide you with the peace of mind you need. At Patton & Pittman Attorneys, our Clarksville trust and estate planning attorneys have extensive experience in helping individuals and families create and manage trusts.
A trust is a legal arrangement that allows you to transfer your assets to a trustee, who will manage and distribute them to your beneficiaries according to your instructions.
By creating a trust, you can:
Protect your assets from creditors and lawsuits
Minimize estate taxes
Avoid probate
Ensure privacy
Provide for loved ones with special needs
Control how your assets are used and distributed
Our team of knowledgeable trust and estate planning attorneys will work closely with you to understand your unique goals and develop a customized trust that meets your needs.
Clarksville Conservatorship Attorneys
If an adult is incompetent and does not have a durable power of attorney, then a conservatorship may be necessary. A conservatorship will allow someone (usually a family member) to make both financial and health care decisions on behalf of the disabled person.
What Is a Conservatorship?
Conservatorships are generally for the person and for the estate (money, property, and other assets) of the disabled individual. A petition is filed and the judge appoints an attorney to serve as a guardian ad litem, who investigates whether or not the proposed ward is really in need of a conservator. Conservatorship petitions are generally granted with a family member being appointed, who is required to make an annual accounting with the court and prepare a status report to advise the court of the ward's condition. If the conservatorship is for the estate of the ward, the conservator must also prepare a property management plan, which is submitted to the judge for approval. A conservatorship of the person allows the conservator to determine the living arrangements of the ward and to make health care decisions on behalf of the ward.
Contact Our Tennessee Trust and Conservatorship Lawyers
Call (931) 361-4477 or contact usonline to arrange a free initial consultation with our Clarksville trust and conservatorship lawyers.
At Patton | Pittman, we will help you choose the most appropriate trust to meet your goals. If you have been appointed as a trustee, we will also advise you of your obligations to ensure you properly perform your duties as trustee.
Commonly Asked Questions
What is the purpose of a trust?
A trust is a legal arrangement where a person, known as the grantor, transfers their assets to a trustee who manages and distributes the assets to the beneficiaries according to the terms of the trust agreement. The purpose of a trust is to protect and manage assets, provide for the financial needs of beneficiaries, and minimize estate taxes.
How does a trust help with estate planning?
A trust can be an effective tool for estate planning as it allows for the transfer of assets outside of the probate process. This means that the assets held in a trust can be distributed to beneficiaries without the need for court involvement, which can save time and expenses. Additionally, a trust can provide privacy and control over the distribution of assets, ensuring that they are managed and used according to the grantor's wishes.
What are the different types of trusts?
There are several types of trusts that can be used for different purposes. Some common types of trusts include revocable living trusts, irrevocable trusts, special needs trusts, charitable trusts, and testamentary trusts. Each type of trust has its own advantages and considerations, and it's important to consult with an attorney to determine which type of trust is best suited for your specific needs and goals.
When is a conservatorship necessary?
A conservatorship may be necessary when an individual is unable to manage their own financial affairs or make decisions about their healthcare. This could be due to a mental or physical incapacity, advanced age, or other circumstances that render the person unable to handle their own affairs. In such cases, a conservatorship can be established to appoint a responsible person to act on behalf of the incapacitated individual and make decisions in their best interests.
How can I choose the right trust for my estate planning needs?
Choosing the right trust for your estate planning needs depends on various factors, including your specific goals, financial situation, and the needs of your beneficiaries. It's important to consult with an experienced attorney who specializes in estate planning and trusts to assess your unique circumstances and provide guidance on the most suitable trust structure for your needs. They can explain the benefits and limitations of different types of trusts and help you make an informed decision.
