Many people want to know how to avoid paying federal estate taxes upon the death of a spouse. The “DSUE” is one of the means by which we can either completely eliminate or at least lessen a person’s federal estate tax liability.

In short, no. But that doesn’t mean a person has to go through the full probate process in order to inherit real property in Tennessee.

If someone dies and the only thing they own is real estate and some personal possessions, meaning they have no bank accounts, stocks or bonds, retirement accounts, or other similar assets, a beneficiary can claim title to the real estate in a very simple proceeding versus a full probate process.

Many people rightly worry about what happens if they have to go into a nursing home and they don’t have long-term care insurance. They’ve heard stories about people who had to spend down their entire nest egg before they could qualify for any government benefits. The stories are true, and it happens all the time, but it’s not your only option.

Federal Estate Tax is owed on a person’s gross estate over and above the exempted amount. I remember back in the day, in the early 2000s, when that limit was only $675.000. Over the years it has gone up, and then in 2010 or so, it jumped up quite a bit and then again in 2018. In 2022, it stands at $12.06 per person or $24.12 for a married couple.

This article applies to Florida and Tennessee law, but note that ANYONE in ANY STATE can create and fund (put assets into) a Tennessee or Florida Community Property Trust (including real property, brokerage accounts, etc.), even when that property is located in another state and even when the person is not a resident of either state. Some restrictions apply, but they are fairly easy to accommodate for most people. Read on to learn more about Community Property Trusts and how they might be a valuable part of your comprehensive estate plan.

This is a question estate planning attorneys hear almost every day. The answer to this question is pretty typical of lawyers: “It depends.” In this post, we’ll give you some things to think about before you meet with a lawyer.