LIVE WELL and BE REMEMBERED as the HERO you already are.

 Why does the proper titling of real estate matter? In my law practice, this situation has come up several times:   A couple is married.  Real estate is owned BUT only titled in one (1) of the spouse's names.  Even if they are both listed on the mortgage, only one (1) of them is on the title.  The titled owner then passes away without a Will. Who owns the real estate? Generally, for a husband and wife, the real estate is titled so that it passes entirely to the living spouse.  But, in our situation, the land was only titled in the name of the deceased spouse.  So, not all of the real estate passes to the living spouse. The Tennessee statute (31-2-103) tells us that real estate solely owned by the one (1) spouse immediately passes on death to his or her heirs.  The Tennessee statute (31-2-104) tells us who those heirs are. In this instance, if the person died with one (1) spouse and one (1) child.  According to the statute, the spouse and the child now both co-own the real estate. 

  For the sake of clarity, the term "Estate Planning" applies everything from Wills and Powers of Attorney to elaborate Trusts.  "Do's": Update your documents more than once a decade.   That's right.   I recently saw a Will that was fifty (50) years old!   Fortunately, some of the folks listed in it were still alive. If your documents pre-date cell phones, update them! Read your documents.   Even if an attorney drafted the documents, read them. Make sure you understand the documents. Recently I saw a document where  the attorney did not change the name on the document from one (1) of his/her previous clients.   That document was invalid. You need to make sure the words on the page are what they need to be.  Love yourself and your family enough to have the documents.   Those who love their families  make difficult times easier  with documents that prevent the family from having to get court orders to do things that a simple Power of Attorney or Advanced

I'm currently reading (listening to) Finish, Give Yourself the Gift of Done by Jon Acuff.  Stacey Brown Randall recommended it.  (That's Stacey with an "e".)  It is such a great book. So often, our Perfectionism is the enemy to our achieving our goals.  For example, I have been trying to blog for a while now.  Everything has gotten in the way.  So often, if I can't get it perfect, I don't even take a step toward getting it done. How often does that happen to you?  How many more goals could you finish if you just started?  How successful would you be if you just took a step? I remember the day when someone in my family said "You see, we are Perfectionists."  It was explained to me like it was a good thing.  Now I know it's simply the enemy to progress.  In that same period in my life, I can remember trying to play baseball.  I remember standing over home plate and trying to make the perfect swing at the perfect pitch.  What happened?  The perfect

  Recently I had a client pass away.  Before this happened, we did her planning.  Her relatives came to see me after her passing.  I was able to say "she had her affairs in order". She wasn't wealthy.  Too often I hear people say "Why should I care, I don't have anything anyway?"  Well, having the proper documentation in order makes it easier on those you leave behind, who have to make decisions for you.  So, do you care enough to leave a legacy of peace?  If so, get your planning in order today. 

  Let that title sink in a moment.   " Double Asset Protection" What I don't understand is why every Fraternal Insurance Company is not screaming this from all their advertising outlets. Your thinking: "The Insurance Nerd has really lost his mind this time." Well, maybe, but not on this point. Tennessee Code Annotated 56-7-203 states: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the spouse and/or children, or dependent relatives of the persons, shall be exempt from all claim s of the creditors of the person arising out of or based upon any obligation created after January 1, 1932, whether or not the right to change the named beneficiary is reserved by or permitted to that person.  Emphasis Added That's the first layer.   So, any money in any permanent life insurance or annuity contract "upon the  life of any person made for the benefit of

FREE Call-in Clinic  “Aging Well with Law & Insurance” When:    Saturday, July 10th from 10:00 am to noon Central. Where: (615) 497-0763 Who:    Tennessee residents only What: Free, one-on-one consult over the phone.   Speak with a licensed Tennessee attorney and insurance professional on: Annuities Asset Protection Charitable Giving Medicare Supplements Powers of Attorney Probate Life Insurance Trusts Long Term Care Wills Other?

I am an insurance nerd. I admit it.  My previous career was as a Property and Casualty Insurance Adjuster.  I reviewed a lot of policies and case law.  Tennessee law is quite clear when it comes to interpreting contractual insurance policy language.  Tennessee law will enforce it.   Very few policies have wording that's truly hard to understand.  So, the words on the page are pretty easy to figure out. In this recent case , the homeowner had moved out of the house and allowed someone else to move in.  IT HAPPENS ALL THE TIME.  The problem is that you have to make sure the insurer is aware and then something bad happens, like a fire.   The same goes for unoccupied residences, which often comes up in Probate cases.  Ignore the policy wording at your own peril!