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I get this all the time.  Here's how the conversation goes: Me:         Are your Will and your Powers of Attorney documents up to date? Caller:      Yes, I bought them online ten (10) years ago. Me:        Was the Will typed or handwritten? Caller:     Typed. Me:          When you signed the Will, did you have two (2) witnesses? Caller:     No, just the notary. Me:          That does not sound like a valid Tennessee Will.  When would you like to come and see me? Caller:     Wait? What? But I paid the online service for it! The Tennessee statute for wills, other than handwritten, states: Tenn. Code Ann. 32-1-104: (a) The execution of a will, other than a holographic or nuncupative will, must be by the signature of the testator and of at least two (2) witnesses as follows: (1) The testator shall signify to the attesting witnesses that the instrument is the testator's will and either: (A) The testator sign; (B) Acknowledge the testator's signature already made; or (C) At the

Do you have your own business?  It's great, isn't it?  Making all those decisions.  Having to buy the staples and copier.  And your delightful relationship with your silent partner, the IRS. Once all the euphoria of the above has passed, what's your succession plan?   How's the business going to pass along to other generations?  If you drop dead or are disabled, will your family have to clean up the mess?  If you are in a business with others, what's the succession look like? Most business succession plans include some sort of buy-out .  Normally, no one really thinks about this after the initial attorney drafts it.  How would you fund the buy-out?  Are you going to sell business assets?  Are you going to run a business with someone's widow, child, or girlfriend?  Or, is their life insurance on the business owners to fund it? Have I blogged on this before?  Yes .  Does it bear repeating? Yes . If you are in a small business with others and can't answer my qu

In Estate Planning for older individuals, a key is whether or not they have the necessary capacity to enter into the documents they are signing. In Tennessee, and I'm sure many other states, the person does not have to have perfect health and mental recollection for that.  Here's a recent case where the court reiterates the standard.  It states ...all that is necessary is “that the contracting party reasonably knew and understood the nature, extent, character, and effect of the transaction ." That's it.  It's not superhuman.  It's not even the standard of the "reasonably prudent man".  It simply whether or not they reasonably know and understood the transaction, at the time of the signing.   In this case, the issue is over a Power of Attorney, which led to a skilled facility admission, then a death, and then a lawsuit.  Isn't it amazing how a domino effect can wind up in litigation?  It was all from one apparently "simple" document. May

As an attorney who assists clients with Wills, Trusts, Probate, and Powers of Attorney, I see both good ideas and bad ones.  Here are a few of the really bad ones: Misspelling Names - whether it's your Will, Trust, Power of Attorney, Beneficiary, or Payable on Death forms, get the names correct.  Those coming behind you and wrapping up your affairs do not need to be explaining why you called "William" "Bobo".  Whether it's a financial group or a Trustee, matching a name on a document to a person should not be a challenge.  The solution, take a few extra minutes to confirm the names you are listing are the actual legal names of the people you wish to bless. Donating To The Government- You have a poor relative who is receiving Medicaid Long Term Care Services (they are in a state nursing home).  You would like to bless this relative upon your passing, so you list them in your Will, Beneficiary form, etc.  When you pass they now move from being poor, to a hig

While discussing Estate Planning, the topic of investments comes up from time to time.   Did you know that there are "Kingdom-oriented" investment funds?  Most of my clients don't. These are funds that allow you to i nvest your money with groups that have matching beliefs and values. Why does this matter? Second Corinthians 6: 14-15 (AMP) says: Do not be unequally bound together with unbelievers [do not make mismatched alliances with them, inconsistent with your faith]. For what partnership can righteousness have with lawlessness? Or what fellowship can light have with darkness? What harmony can there be between Christ and Belial (Satan)? Or what does a believer have in common with an unbeliever?  The funds I'm aware of are Thrivent , Eventide , Guidestone , 2ndVote , and Timothy Plan .  I'm sure there are other similar products, but these are the ones I have found. The beauty of this approach is investing your money in funds that are consistent with your values. 

  As an Estate Planner and licensed Life and Health Insurance Agent , the topic of retirement income often comes up.  The idea of having a single dollar amount retirement "nest egg" started bothering me.  I couldn't figure out why. Then I realized, looking at retirement funding in a single dollar amount is a bit backward. We spend most of our working lives looking at our month to month and year to year streams of income.  Why do we view retirement any different?  Why do we think we need some massive amount of money out there to feel "secure" when we simply don't.  What we need are "streams of income".   Just like in our working lives, we need streams of income in our retirement years. So, stop stressing out about the overall value of your retirement account.   Figure out what streams of income suit you best.  So, here are some ideas: Rental Property - I'm a huge fan of rental property.  If you are in an area that is not dying, this will alwa

I know I'm a bit of an insurance nerd, but Long Term Care (LTC) insurance coverage simply fascinates me.  For many people, it's the bridge, in their final years, between health insurance (often Medicare) and life insurance. There are many fascinating variations of LTC, but the ones that interests me the most are those that are participating in the LTC Partnership program (Qualified State Long Term Care Partnership Program). What's that mean?  That means that the policy has met certain criteria, so that when the policyholder passes away AND Medicaid (in my case, Tenncare) has a recovery interest in their estate, then the estate gets credit, due to the LTC policy, to offset any recovery efforts by Medicaid. (This means there's a better chance of the kids getting granny's old house.) What does this benefit the policyholder? They have more control over where they spend their final years, as opposed to having Medicaid dictate where they reside. And, their estate gets a