The Law Office of Olivia Wann & Associates, located in Dover, Tennessee, focuses on estate planning and elder law. This blog explores life estates, their pros and cons, and how they compare to irrevocable trusts. It also highlights the benefits of irrevocable trusts, especially when a Trust Protector is involved.
Are you aware that in the year 2016, Stewart County, Tennessee, was rated number one in the top 20 most armed counties in the country? Yes- indeed! Stewart County, which includes the towns of Dover, Indian Mound, Bumpus Mills, and Cumberland City, has the highest percentage of residents who keep firearms around their homes.
Recently, a Tennessee parts supplier for John Deere and Yamaha was fined $296,951 after the Wage and Hour Division confirmed that as many as ten children as young as 14 years old were working in the factory, illegally employing children. According to Jessica Looman in a press release, she indicated that even one child working in a dangerous environment is too many. Evidently, there has been an alarming increase in child labor violations where children are in danger. One child was operating a power-driven hoisting apparatus like a forklift. Workers under 18 years old are not permitted to operate dangerous machinery.
Are you an LLC, a PLLC, or a corporate entity? Be aware that Congress passed the Corporate Transparency Act in 2021. The new federal reporting requirement for beneficial ownership information (BOI) goes into effect beginning January 1, 2024. The goal of this new law is to prevent money laundering and other financial crimes, including terrorist financing.
After having practiced law in Tennessee for the last 12 years and having drafted hundreds and hundreds of wills, I’ve come to fully appreciate the value of a Personal Property Memorandum in ensuring clarity within a Last Will and Testament.
Deciding whether to sell a parent’s home when they enter a nursing home is a complex legal and financial matter. Understanding how this decision affects Medicaid (TennCare) eligibility is crucial to protecting assets and securing long-term care. It is best to consult an attorney when considering selling a parent’s home.
Understanding Tennessee’s eviction laws is essential for landlords dealing with evicting a tenant who is not paying rent. The eviction process varies based on county population and follows specific legal guidelines to ensure compliance.
Who inherits if you die without a will? If there is no will in place, Tennessee allows intestate succession. The court follows legal guidelines to distribute assets.
Understanding conservatorships is important, as they essentially acts as a guardianship for an incapacitated adult. Therefore, allowing a conservator to actively manage the affairs of an individual who cannot do so themselves. Understanding conservatorships is crucial to planning for your future.
A general durable power of attorneys (POA) is one of the most important legal documents you can have. It empowers you to appoint a trusted individual, known as an agent, to manage your legal and financial matters. This document is designed to ensure that your affairs are handled smoothly, even when you are unable to do so yourself.