Do you have an estate plan? Are you considering creating one? Do you have a plan and want to update it after a significant life event? If so, Daniel, Daniel, & Newman is here to help.
Grainger County and Eastern Tennessee residents have relied on the Daniel name for over 80 years for their legal needs. Evan M. Newman is committed to the same high-quality legal representation that his great-uncle Creed Daniel and his son, the late Dirk Daniel, built their legacy on.
Our firm is a Christ-centered business that understands the values, culture, and ideals that the Grainger County community holds dear. We consistently strive to meet clients when and where they need us, with understanding, compassion, empathy, and personal attention.
Find out for yourself why our firm has a high rate of satisfaction among clients who have trusted us with their estate planning matters. Contact us today for a free consultation with Evan to discuss your estate planning needs.
Why Is Estate Planning So Important?
Estate planning is essential for protecting your assets and ensuring they go to your chosen beneficiaries after your death. A comprehensive estate plan can also account for expected and unexpected complications as you age. These include planning for long-term care or granting trusted family members the legal authority to make decisions on your behalf if you are unable to.
Without an estate plan, state laws may determine where your assets go, your heirs may have to pay substantial taxes on the assets they receive, and disputes over inheritance could lead to unnecessary legal battles. An estate plan seeks to minimize or eliminate these potential issues.
When Should I Start on an Estate Plan?
The best time to start planning your estate is right now. While many people believe estate planning is something that only applies to older or wealthier individuals, this is not the case. Estate planning can benefit anyone, and the earlier you begin, the better.
Did you recently experience a major life event, such as getting married, having children, purchasing a home, or starting a business? If so, it’s time to seriously consider contacting Evan. As an experienced Grainger County estate planning lawyer, he can discuss the most effective strategies for protecting yourself and your loved ones.
How a Grainger County Estate Planning Attorney Can Help You
As an experienced Tennessee estate planning attorney, Evan can assist you in various ways to make sure your plan accounts for your future needs and provides for your beneficiaries after your death. He can also help manage your estate effectively and resolve disputes between heirs.
Evan can do the following for your estate needs:
Explain How State and Federal Laws Can Affect Your Plans
Both state and federal laws can affect your estate plan, and understanding how can inform your decisions. For example, depending on your circumstances and assets, you may need to consider the federal estate tax or Tennessee’s intestacy laws. An estate planning lawyer in Grainger County can explain the applicable laws and help you develop a plan that complies with legal requirements while maximizing the assets left to your beneficiaries.
Advise You on Estate Planning Strategies
Your attorney can provide advice on estate planning strategies tailored to your unique circumstances and goals. These strategies can include minimizing tax liabilities, protecting assets from creditors, and more. Some estate planning strategies and matters your attorney can advise you on include the following:
- Advance directives
- Powers of attorney
- Payable-on-death accounts
- Charitable donations
Draft Plans and Wills Based on Your Needs
Your estate plan and will should reflect your desires regarding end-of-life matters and what happens to your assets after your death. A properly drafted plan can make sure your wishes are met regarding healthcare decisions and asset distribution.
Set Up Proxies, Including Health Care Proxies
Through advance directives, you can designate proxies to make decisions on your behalf, including medical decisions via a health care proxy. These proxies can help enforce your wishes regarding care if you become incapacitated.
Designate a Power of Attorney
A power of attorney can grant a trusted individual the authority to manage your finances and legal affairs if you are not able to. Your attorney can help you choose the right type of power of attorney for your situation and make sure it is legally binding.
Evaluate Tax Impacts of Different Estate Plans
Taxes can significantly impact the value of the assets your heirs receive. While Tennessee doesn’t have a state estate tax, the federal estate tax may apply if you have significant assets. Additionally, your beneficiaries may have differing tax liabilities depending on how they receive assets from your estate.
Create Trusts to Help Protect Your Assets
Trusts are a valuable tool for protecting and distributing your assets. Your attorney can help you establish trusts that align with your goals, including revocable living trusts, irrevocable trusts, and special needs trusts.
Handle Probate Administration
Suppose part of your estate must go through probate. In that case, an experienced estate planning lawyer can serve as your estate’s executor or assist the individual you name as executor in your will. Because executors have a duty to settle your estate efficiently and in compliance with Tennessee law, having a neutral third party with legal experience take on that role can be beneficial.
Revise Your Estate Plan to Meet Future Changes
If you need to revise your estate after a significant life event or simply wish to review your estate plan to make sure it still meets your current needs and goals, an attorney can help. They can adjust your plan to reflect your new financial situation, family dynamic, or other changes.
Do I Need a Lawyer for a Will in Tennessee?
While Tennessee law does not require you to retain a lawyer to create a will, it is highly recommended that you have professional and legal assistance. Wills are only valid if they meet specific legal requirements. An invalid will may result in legal disputes between your heirs and beneficiaries or the courts ignoring the will entirely.
Let Evan, a Grainger County estate planning lawyer at Daniel, Daniel, & Newman, help you avoid common mistakes and make sure your will is legally valid.
