Carpenter & Lewis PLLC is a firm that wants to bring their clients the best we have to offer, so that their needs are met. We don’t try to split our focus from estate planning and transactional law, that way you know we’re focused on you and your needs. Whether you’re a business or an individual, we’re here to help you.
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Carpenter & Lewis PLLC has four lawyers, with varying educations and memberships. You can find an estate planning lawyer Knoxville, TN that you like that suits you and your case.
What Is Estate Planning?
Estate planning is the process of involving professional counsel and advisors who are familiar with your goals, the concerns you have regarding your assets, your assets in general, and your familial structure. These are people who have legal knowledge and are prepared to help you and your family look at your estate and how the properties and assets can be transferred upon your death.
Not all estate planners deal with people who are dying or dead, though, sometimes property and assets change hands for other reasons too, and your estate planning lawyer in Knoxville, TN may even take a look at your taxes to see how those books are lined up in regards to your debts and other assets and properties.
Some Important Terms To Know In Estate Planning
Understanding commonly used phrases and terms while working with an estate planning lawyer can really make it easier for you to understand what is going on.
You may encounter the phrase “A-B trust planning”, and this is a common arrangement in a will when the married testator has an estate with a value that exceeds their remaining estate tax exemption amount. The testator will then create a “marital trust” or “A Trust” that is for the sole surviving spouse to have access too. This may also be called a “QTIP Trust”. The “B Trust” is also called a bypass trust. So essentially, when you’ve used all of your exemption amounts, you can set up an A-B Trust and have the trust go into two separate trusts, to utilize both exemptions.
And connected to A-B trust, you may hear the term bypass trust used. This type of trust is sheltered from the federal estate tax by the decedent’s estate tax exemption amount. This trust “bypasses” estate tax, in the decedent’s estate and at the surviving spouse’s death as well.
A charitable lead trust is a trust that is created during a lifetime or at death that gives annuity (or unitrust amounts) to a named charity for life, or a set term of years with the remaining trust assets passing to the non-charitable beneficiaries when the trust is terminated.
A codicil is a formally executed document that amends the terms of a will so that a complete rewrite is not necessary.
Now that you know some terms that are involved in estate planning, we hope that you will consider reaching out to Carpenter & Lewis PLLC about your estate planning lawyer needs in Knoxville, TN.
For a consultation with one of the probate attorneys at Carpenter & Lewis, please call (865) 690-4997 or you may prefer to send an e-mail to: firstname.lastname@example.org. Consultations are by appointment only.