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<title>Michael L Smith Law</title>
<link>http://www.michaellsmithlaw.com/feed/blog</link>
<description><![CDATA[Legal Counsel to East Tennessee Entrepreneurs and Families]]></description>
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<pubDate>Sun, 20 May 2012 13:17:45 -0400</pubDate>
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<title>Estate Planning Attorney News: Governor Haslam Wants to Lessen the Tennessee Inheritance Tax Burden</title>
<link>http://www.michaellsmithlaw.com/blog/2012/02/estate-planning-attorney-news-governor-haslam-wants-to-lessen-the-tennessee-inheritance-tax-burden</link>
<pubDate>Thu, 23 Feb 2012 00:00:00 -0500</pubDate>
<description><![CDATA[As an Estate Planning Attorney, I have witnessed many a client’s disgust when they first learn about the dreaded Tennessee inheritance tax. Currently, Tennessee taxes estate over $1 million. With proper planning, a married couple can utilize both of their $1 million inheritance tax exemptions so that a combined $2 million passes inheritance tax free to their children. The top tax rate is currently 9.5%, which can place a great burden on the average sized estate. Thankfully, there may be some relief on the way. A recent Chattanooga Times Free press article reported that Governor Bill Haslam is in favor of raising the inheritance tax exemption to $1.25 million (or $2.5 million for a married couple with proper tax planning included in their Will or Revocable Trust) . Although this is a far cry from unifying the inheritance exemption with the federal estate tax exemption (currently $5 million), Governor Haslam believes this is the “first step” to unified exemptions. If passed, the i...]]></description>
<author>derek@climbthepage.com (Michael Smith)</author>
<guid>http://www.michaellsmithlaw.com/blog/2012/02/estate-planning-attorney-news-governor-haslam-wants-to-lessen-the-tennessee-inheritance-tax-burden</guid>
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<title>Wills Attorney Michael L. Smith Explains the Possibility of Accidentally Disinheriting Your Spouse</title>
<link>http://www.michaellsmithlaw.com/blog/2012/02/wills-attorney-michael-l-smith-explains-the-possibility-of-accidentally-disinheriting-your-spouse</link>
<pubDate>Fri, 10 Feb 2012 00:00:00 -0500</pubDate>
<description><![CDATA[



My last article about estate planning warned readers of the dangers associated
with passing away without a valid Will drafted by a Wills Attorney, which is
called intestacy. For young couples, especially young couples with children,
intestacy can be devastating. Consider the following example. John and Jill are
happily married high school sweethearts with 2 young kids. They have heard from
friends or maybe their financial advisor that they need a Will, but they have
never taken any steps to create one because they are just starting to build
their financial portfolio and they incorrectly believe that only rich people or
elderly folks need a Will. So, they don't give it another thought and they put
it off for a later day. Now, let's assume that John passes away unexpectedly.
If John had a Will, he would have left everything to Jill. But, without a Will,
Jill is only entitled to one-third (33.33%) of the estate (remember, in an
intestate estate where a spouse and children are left be...]]></description>
<author>derek@climbthepage.com (Michael Smith)</author>
<guid>http://www.michaellsmithlaw.com/blog/2012/02/wills-attorney-michael-l-smith-explains-the-possibility-of-accidentally-disinheriting-your-spouse</guid>
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<item>
<title>Knoxville Wills Lawyer answers- What Happens If I Die Without A Will?</title>
<link>http://www.michaellsmithlaw.com/blog/2011/12/knoxville-wills-lawyer-answers-what-happens-if-i-die-without-a-will</link>
<pubDate>Mon, 12 Dec 2011 00:00:00 -0500</pubDate>
<description><![CDATA[

It is often said that we all have a will. We either choose
to create one or the Tennessee
laws of intestate succession apply to our estate.  Intestate succession is the statutory method
of distributing an estate’s assets that are not disposed of by a will.  Property may pass by intestate succession
where: the decedent dies without a will, the decedent’s will is denied probate
due to improper execution, or the decedent’s will does not dispose of all of
his property resulting in a partial intestacy (usually because the will
contains no residuary clause).  If a
person dies without a valid will their survivors will face a complicated,
time-consuming, and expensive legal process. 
With an intestate estate, the probate court must step in to divide up
the estate using legal defaults that give property to surviving relatives.
Therefore, intestacy may mean that people who would never have been chosen to
receive property will in fact be entitled to a portion of the estate.
Additiona...]]></description>
<author>michael@michaellsmithlaw.com (Michael L. Smith)</author>
<guid>http://www.michaellsmithlaw.com/blog/2011/12/knoxville-wills-lawyer-answers-what-happens-if-i-die-without-a-will</guid>
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