Estate Planning Attorneys in Knoxville
Trusts established to protect your assets
Estate planning covers various strategies for securing wealth in anticipation of your retirement or a bequest to your heirs. The assets you’ve worked hard to accumulate are vulnerable to taxation whenever you earn, hold or transfer them. However, by establishing different types of trusts — legal entities set up to hold and manage assets — you can minimize your tax burden while using, enjoying and eventually bestowing your property. Law Offices of LaFevor & Slaughter has vast experience setting up trusts to benefit our clients and their heirs. We provide personalized services to meet your unique situation, with a variety of trust instruments, including:
Trusts attorneys working closely with you to discover and meet your needs
At LaFevor & Slaughter we understand that each client’s financial and family situation is unique. In order for us to design an asset protection program for you, we have to understand your goals and challenges. We take the time to educate you about trust law and power of attorney, but we also listen so you can educate us about your aspirations, obligations and preferences. Together, we craft an estate plan that reflects your vision for your future and your legacy to your loved ones.
Trusts in lieu of a will for transferring inheritances
Wills attorney Jim LaFevor drafts precise and durable last testaments but understands that some clients benefit greatly by establishing an irrevocable life insurance trust to transfer an inheritance. Assets transferred via wills must go through probate and are subject to estate tax and income tax. Life insurance benefits are not taxable income. If you are young and healthy enough to qualify for life insurance, this trust may be a better way to ensure that your heirs keep more of the legacy you’ve provided for them.
Protection from creditors in a trust-friendly state
An asset protection trust is a legal entity that you as a grantor establish to protect your own assets from your creditors. Tennessee is the only state in the southeastern United States in which asset protection trusts are permitted. The state offers several advantages including heightened privacy provisions. Asset protection trusts have tax implications and are irrevocable, so no one should establish one without serious consideration. But for an estate seeking a higher level of protection from creditors, an asset protection trust might be a viable solution.
Contact a reliable estate planning attorney about trusts to protect your assets
LaFevor & Slaughter can craft an estate plan to meet your needs. To schedule an appointment, call us at 865-637-6258 or contact our Knoxville office online.