Comprehensive planning to protect your assets and ensure your wishes are honored for generations to come.
Estate planning is a catch-all term that encompasses the process of arranging how your assets (house, money, belongings) will be managed and distributed during your life, if you become incapacitated, and after your death. It includes planning for both your financial future and your beneficiaries' inheritances, ensuring a smooth transfer of wealth from one generation to the next when the time comes. It is important that you work with an experienced estate planning lawyer in Knoxville, TN to finalize your estate plan so that everything goes smoothly and according to your wishes.
At David A. Montgomery Law, a substantial part of our law practice is devoted to assisting individuals and families with their estate planning needs. We work with people from a variety of backgrounds, including those with the simplest estates, to blended families, and wealthy individuals with more complex needs. Our work involves creating a comprehensive estate plan that covers all eventualities. We will ensure it addresses how your property will be divided, the appointment of guardians for minor children, minimizing estate and income taxes, avoiding probate, and ensuring your family's well-being.
As an estate planning lawyer in Knoxville, TN, David A. Montgomery has also completed advanced training in estate and tax law by obtaining a Master of Law in Taxation degree, which gives him additional insight into the taxation side of estate planning. He has also published articles in professional journals and shared his estate planning expertise with other professionals via presentations on a variety of topics, including charitable giving, family limited partnerships, life insurance trusts, business succession planning, special needs planning, disability planning, and other related topics.
A Will is a legal document that sets out how your assets should be distributed after your death. In it, you can name the person to manage your estate (your Executor) and the person(s) who will serve as guardian(s) of your minor children. A Will often includes testamentary trusts for minors, retirement plan benefits, and creditor protection. For larger estates, Wills can be structured to minimize federal estate taxes.
To be effective, after your death, the person you named as Executor must file the Will with your county Probate Court and then administer your estate under the supervision of the Probate Court. An estate planning lawyer in Knoxville, TN can help ensure that your Will is prepared appropriately, making sure the process of dispersing your assets will be as smooth as possible for your loved ones when the time comes.
If you wish to avoid probate, you may wish to choose a Revocable Living Trust as an alternative to a more traditional Will. A Revocable Living Trust works by transferring to the trust either during your lifetime or at the time of your death any assets that would otherwise be required to go through probate. The trust also protects the privacy of your estate plan, since it does not have to be filed with the Probate Court after your death.
After the trust is created and assets are transferred to it, you can retain complete control of those assets by serving as the initial Trustee. If you become incapacitated prior to your death, the person you have named as successor Trustee takes over and uses the trust assets for your lifetime benefit. Following your death, the successor Trustee will distribute your assets to your beneficiaries without the need to go through probate. Being revocable, your estate planning lawyer in Knoxville, TN can help you change the terms of the trust at any time before your incapacity or death.
A Special Needs Trust is a legal tool created to support a person with a disability who receives—or may qualify for—important government benefits such as SSI, Medicaid, or Section 8 housing. The trust allows assets to be set aside for the individual's benefit without jeopardizing their eligibility for those programs.
The goal of a Special Needs Trust is simple: to enhance the beneficiary's quality of life. During their lifetime, the trust can cover their expenses that government benefits do not, including therapies, education, recreation, travel, and assistive technology. A Special Needs Trust may be funded with the disabled individual's own assets—such as an inheritance or lawsuit settlement—or with contributions from family members, like parents or grandparents.
It is important that you choose an estate planning lawyer in Knoxville, TN who has experience in this specific area, as it can get pretty complex.
For many people, one of their most valuable possessions is their pets. As part of their estate plan, it is very important for them to plan for the care and comfort of their pets after they are gone. Fortunately, Tennessee law now permits the creation of a trust to provide for the care of a person's pets after their death. The trust can continue for the lifetime of the pets.
By establishing a Pet Trust, a pet-owner can ensure that, after their death, their pets will be well-fed, well-groomed, provided with suitable housing, and provided with needed veterinary care. The Pet Trust can also detail the pets' living conditions (e.g., only indoors); include instructions regarding the pets' veterinary care, grooming, food, rehoming, and end-of life care; and authorize the Trustee to expend trust funds for purchasing pet equipment and supplies, paying for pet daycare, and making modifications in the pet caretaker's home and property.
As part of our role as an estate planning lawyer in Knoxville, TN, we can also discuss with you how to best protect your assets, your autonomy, and your loved ones in the event that you become incapacitated prior to your death through disability planning. This usually involves appointing someone to manage your financial affairs and a person to make healthcare decisions for you through Powers of Attorney.
The disability planning strategies that we can assist with as your estate planning lawyer in Knoxville, TN include:
Hear from clients who trusted us with their estate planning needs
"My wife and I needed to update our wills, but also needed estate planning. David was a blind choice, but a very fortunate one. His work for us was outstanding and thorough. His work has helped us avoid probate by setting up a revocable trust, something we would never have thought of. We are now confident our heirs will have a much easier time of settling our estate when we pass on. You may have to look long and hard before you find anyone better than David to handle your estate planning."
Let our experienced team help you create a comprehensive estate plan that protects your assets and ensures your wishes are honored.