Music City Estate Law is owned by Justin Glibert, a Tennessee native. He relocated to California for law school and to clerk for a Trust and Estate law firm in San Jose. At the end of 2011, Justin started his own practice in Sacramento. In 2017, the Gilbert family returned to Tennessee resulting in Justin running dual practices across the country. Justin and his wife, a therapist, work in Franklin and send their four
children to Williamson County schools. Justin’s focus is removing the guess work from estate planning; ensuring that needs are met while
protecting assets. An easy way to accomplish this is to create a revocable living trust.
1. Make it as easy as possible.
The key is to incur as few fees as possible. One benefit of a trust is that you can “plan to save every dollar possible;” not to rack up attorney fees or court costs. In very basic terms, you want to make it easy for your beneficiary to get your money.
2. Trust vs. will.
Simply put, a will is a declaration of intent - who makes the decisions and who receives your property. Courts must validate a will before it can be put into effect. A will can only provide for your family after you have died. If you become incapacitated, a trust can protect you during
your lifetime and make things easier on your family once you have passed.
3. Avoid the courts.
Having courts involved can invite disputes, allow opportunity for creditors to collect on debts and, if there is land in multiples states, your estate could end up in multiple courts. A request for an allowance by your family may be denied; leaving your money to simply sit when its needed.
4. Consider taxes and time.
Federal taxes are paid when the trust exceeds the current “exemption” amount, and there are provisions for dual exemptions for spouses. While it does take time to set up a trust, it removes a burden from your executor, avoids probate and brings all your assets together in one place.
Now is the time to plan. Congress is strongly considering proposals that will increase the tax rate on moderate sized estates, reduce current exemptions from gift and estate tax, severely limit the annual gift tax exemption amount and take away many of the tax tools estate attorneys have relied on for years. MusicCityEstateLaw.com
Article by Ashley Hutcheson
Photography by Lisa Linn Manley
Originally published in Franklin Lifestyle