Advanced Estate Planning
At Lannom Law, it is our intent and desire to accomplish a foundational estate plan for every Tennessean. Once the foundational planning of your estate has been accomplished, our estate planning attorneys will then implement specific solutions geared to our client’s personal goals or planning needs.
We utilize a variety of trusts and legal entities to achieve these planning needs. Some of these entities include creating a Limited Liability Company (LLC) formed under state law for tax purposes and asset protection, an IRA Inheritance Trust (IRAIT) that will allow you to pass on your retirement account in a specific timeline for your beneficiaries to carry on your legacy, a Qualified Personal Residence Trust (QPRT) that moves your primary residence out of your taxable estate while giving you complete use and possession of the home during your lifetime, a Dynasty Trust which protects assets from estate and gift taxes and will provide for your children and grandchildren until they reach a predetermined age, or an Irrevocable Life Insurance Trust (ILIT) which is funded with life insurance to avoid and minimize a variety of taxes and ensures the payout to beneficiaries not estate taxable.
There are other additional trusts and planning entities that are used on a case-by-case basis. With the current economic environment, you need attorneys who stay abreast of changes in estate and tax law. Give our estate planning attorneys a call to conduct a free deep-dive and analysis of your net estate to see what specific planning needs you may have.