Tennessee Estate Planning Lawyer
Are you looking for a safe way to protect your assets after death? Do you own a business that you would like to keep in the family, even in your absence?
The Law Offices of Harold H. Parker is a Murfreesboro, Tennessee law firm dedicated to helping you preserve your assets and business interests by helping you create an estate plan. We prepare and review wills, trusts, living wills, living trusts, healthcare powers of attorney, durable powers of attorney, and business succession plans.
This page is intended to provide you with a general overview of estate planning. To learn more about us, or to discuss your specific situation, contact the Law Offices of Harold H. Parker in Murfreesboro, Tennessee. It is never too early to start planning for your future…
For experienced and personable legal service, contact the Law Offices of Harold H. Parker in Murfreesboro, Tennessee. From over 20 years of legal service, we have learned that the only thing more important than offering sound advice is treating clients with dignity and respect. For your convenience, evening and weekend appointments are available by request.
The Law Offices of Harold H. Parker in Murfreesboro, Tennessee, provide legal services to clients throughout Rutherford, Bedford, Cannon, Coffee, Maury and Williamson Counties, including Murfreesboro, Columbia, Franklin, Lewisburg, Manchester, Shelbyville, Smyrna, Spring Hill, Tullahoma, and Woodbury.
Law Offices of Harold H. Parker
745 South Church Street • Unit 240
Murfreesboro, TN 37130
Tel: 615.417.0961
Fax: 615.896.2727
E-Mail: Contact Us
Estate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs), and limited liability companies (LLCs).
An estate planning lawyer can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call our firm today to schedule a consultation with an estate planning lawyer.
Estate Planning Basic Documents
Because estate planning allows an individual to ensure that his or her property will go to the people he or she wants, in the way he or she wants, and when he or she wants, it is important for everyone, even if an estate is likely to be small, to have an estate plan. An estate plan can help to reduce tax liabilities, court costs, and attorneys' fees, and it can also make it easier for families to cope with the administrative and financial issues that arise after the loss of family members.
Estate plans should typically include at least two important estate planning instruments: a durable power of attorney and a will. A durable power of attorney is a document that authorizes a person to make decisions for a person who has become incapacitated, including decisions about the incapacitated person's property. A will is a document that sets out the plan to distribute a person’s property after her or his death.
Documents relating to medical care can also be part of an estate plan. Documents to consider include a medical directive (also called an advance directive, a physician's directive, a written directive, or a durable power of attorney for healthcare) to designate a person to make healthcare decisions for a person who has become incapacitated, a healthcare proxy (also called a proxy directive) to designate a person to make healthcare decisions regardless of a person's incapacity, and a living will to express a person's desire regarding the use of extraordinary measures to extend her or his life when there is no reasonable expectation of recovery.
Estate Planning and Financial Goals
Estate planning can help to identify and plan for financial needs during life and after death. Financial needs to consider include retirement income, college funding, replacement income following an unforeseen illness or disability, and the needs of surviving family members. To meet these financial goals and to ensure appropriate utilization of assets during life and orderly and efficient distribution of assets after death, an estate plan may include making gifts to individuals and charities during life, purchasing life insurance, using revocable and irrevocable trusts, purchasing annuities, and rearranging personal and business interests. In addition to federal gift and estate taxes, state inheritance taxes, which vary from state to state, must also be considered to meet financial objectives.
Conclusion
Asset protection strategies, healthcare directives, powers of attorney, and other estate planning devices are an integral part of the services that an estate planning attorney can provide.
If you have questions about estate planning, contact our firm to schedule a consultation with an estate planning attorney.
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