Properly addressing assets during the estate planning process

It's important for Tennessee adults of all ages and income levels to consider how they can protect their future interests and the interests of their loved ones. One smart way to do this is through specific estate planning steps, such as drafting a will or forming a trust. However, it's also smart to think carefully about how certain assets included in the estate are labeled and categorized as this can affect how the estate plan is executed in the future. 

Begin your succession planning as early as possible

When you started your Tennessee business, you likely had hopes for what would happen to it beyond your years at the helm. Maybe you imagined your children taking over and carrying your success well into the future, handing it over to your grandchildren for generations to come. As optimistic as those dreams may be, they are only dreams until you make a plan.

Estate planning mistakes can be costly in the future

No matter how old a person is or his or her income level, it is important to think about the future and make plans for contingencies. Through estate planning, a person can decide what will happen to his or her estate, leave specific things for beneficiaries, and even plan for health care needs in the future. However, certain common misunderstandings about estate planning can leave a person without the protection he or she needs.

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