Estate Planning Attorney in Tennessee

Are you prepared to protect your family’s future and ensure your wishes are honored? An estate planning attorney in East Tennessee can navigate complex legal and financial requirements, ensuring your last wishes are clearly articulated and your legacy is well protected. The team at Johnson, Murrell & Associates offers expert guidance as experienced estate planning attorneys serving Tennessee residents.

The Benefits of Estate Planning

Simply put, estate planning is a legal process that gives you control and clarity over what happens to your financial dependents and material assets after you pass away. While some people think of estate planning as only for the wealthy or elderly, anyone can make an estate plan. The process is especially recommended if you own a home or have loved ones who are financially dependent on you. An estate plan:

 Without an estate plan, Tennessee state laws will dictate asset distribution, often causing stress and financial burdens for families.

Comprehensive Estate Planning

While there are many possible components to an estate plan, these are some of the most common.

Last Will and Testament
A will outlines how you want your assets distributed after your death. A will also nominates an executor for the estate and specifies preferences for the guardianships of dependents. When there’s no will for an estate, this is legally called intestacy, meaning state laws determine asset distribution.

Trusts

Trusts offer flexibility in asset management and distribution. Revocable living trusts let you maintain control while alive and avoid probate court after your death. Irrevocable trusts provide tax benefits and asset protection.

Living Wills

Also known as advance directives, living wills specify your healthcare wishes if you become incapacitated, ensuring your medical preferences are respected.

Powers of Attorney

Medical and financial powers of attorney designate trusted individuals to make decisions on your behalf if you’re unable to do so, providing crucial protection during incapacity.

Trust Adminstration

Trustees play a vital role in managing and distributing trust assets. Our firm offers comprehensive services to guide trustees through this complex process.
Estate Tax Planning
While Tennessee has no estate tax, federal estate taxes may apply. We can help implement strategies to minimize tax burdens on your estate.

Business Succession Planning

For business owners, a well-defined succession plan ensures smooth transitions, preserves company value, and provides for your family’s future.

Why Work with an Estate Planning Attorney
in Tennessee

Working with a local estate planning attorney in Tennessee ensures your plan complies with state laws and regulations. We offer personalized guidance, helping you avoid the pitfalls of generic online forms that are unfamiliar with Tennessee statutes.

Professional expertise addresses common concerns like cost and complexity, ultimately saving time and money by preventing costly errors and legal disputes. This tailored approach provides peace of mind and protects your legacy effectively.

FAQ

Is a will sufficient for all my estate planning needs?

While a will is important, it’s often not sufficient for comprehensive estate planning. Trusts, powers of attorney, and healthcare directives are also common components.
Assets included in a will generally do not avoid probate. A will serves as instructions for the probate court but doesn’t bypass the process.
Use trusts, gifting strategies, and charitable donations to reduce the taxable estate. Executors must file necessary tax returns, including the decedent’s final income tax return and, potentially, estate tax returns.
Estate plans should be reviewed every 3-5 years and after significant life events such as marriage, divorce, births, deaths, or major financial changes.

Choose Johnson, Murrell & Associates for East Tennessee Estate Planning

Johnson, Murrell & Associates offers over fifty years of experience in estate planning, making us your top choice in East Tennessee. Our client-centered approach and commitment to clear communication make complex legal matters accessible, providing peace of mind for families and individuals.

We provide personalized, comprehensive services, including wills, trusts, and tax planning. With a proven track record of success, our team's expertise in local laws ensures tailored solutions.

Call today at (865) 453-1091 to set up a consultation or contact us online to determine your next steps.