Business Wellness Check!
How Attorney Leigh Cowden Can Support Your Business Wellness in 2023 January is when we turn the calendar ahead to a new year that is full of hope and fresh opportunities. Recognized as Financial Wellness Month, January is an ideal time to set business goals for the...
Are Transfer on Death (TOD) Deeds Valid in Tennessee?
In short, no. But that doesn't mean a person has to go through the full probate process in order to inherit real property in Tennessee. If someone dies and the only thing they own is real estate and some personal possessions, meaning they have no bank accounts, stocks...
How Real Estate Investors in Tennessee Avoid Franchise and Excise Taxes: The FONCE Exemption
Your first thought when reading that headline might have been, "Why do I want to avoid Franchise and Excise Taxes?" For more information on these sometimes very expensive taxes, read our article HERE. Anyone who owns an LLC in Tennessee is liable for Franchise and...
The Difference Between an LLC and a PLLC (and Whether a REALTOR® Should Ever Have a PLLC)
LLC is an acronym for a business entity otherwise known as a Limited Liability Company, and the acronym PLLC is short for Professional Limited Liability Company. Both of these entity types are creatures of state law, originally created by the legislature of the state...
How to Protect Assets from a Medicaid-Required Spend-Down
Many people rightly worry about what happens if they have to go into a nursing home and they don't have long-term care insurance. They've heard stories about people who had to spend down their entire nest egg before they could qualify for any government benefits. The...
The 2023 Estate Tax Threshold Announced by the IRS
Federal Estate Tax is owed on a person's gross estate over and above the exempted amount. I remember back in the day, in the early 2000s, when that limit was only $675.000. Over the years it has gone up, and then in 2010 or so, it jumped up quite a bit and then again...
How a Community Property Trust Works in Florida & Tennessee
This article applies to Florida and Tennessee law, but note that ANYONE in ANY STATE can create and fund (put assets into) a Tennessee or Florida Community Property Trust (including real property, brokerage accounts, etc.), even when that property is located in...
Businesses Operating in Tennessee: Beware the Tennessee Franchise & Excise Taxes
If you are a corporation, limited partnership (LP), limited liability company (LLC), or business trust. . .chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes. This sometimes...
Do I Have to Get a Tennessee LLC if I Do Business in Tennessee and Have an LLC in Another State?
Anyone conducting or transacting business in the State of Tennessee, who has their business registered in another state (for example, someone who has a Wyoming LLC but who runs their business out of a Tennessee location), must register with the State of Tennessee for...
Should I Use a Will or a Trust For My Estate Planning?
This is a question estate planning attorneys hear almost every day. The answer to this question is pretty typical of lawyers: "It depends." What's the Difference Between a Will and a Trust? Both are legal documents that let people know how you want your assets handled...