Estate Planning

Strategies to suit your specific needs

We recognize our clients have two common goals:

• To ensure that their beneficiaries receive their assets in as simple a manner as possible and at a time when those beneficiaries are mature enough to manage the assets properly
• To ensure that federal and state governments receive as little of those assets as possible

Often, people delay estate planning, because they think it will be too expensive or just plain overwhelming. With the help of our comprehensive Estate Planning Strategies Guide, you will find possibilities for a much simpler and affordable process.

Our guide—

• Introduces you to the estate planning process
• Assists you in identifying and capturing the information we need so we can tailor a plan for you
• Provides you with a resource you can reference if you have questions about your plan

Whether your estate is large or small, we work with you to develop a tailored plan that is right for you.

Understanding the tax implications

If your estate exceeds $3,500,000 in value, it may be taxable under federal estate tax law. Assets over $3,500,000 will be taxed at a 45 percent rate. If your estate exceeds $1,000,000 in value, it may be taxable under Tennessee inheritance tax law. Assets over $1,000,000 will be taxed at a rate between 5 ½ percent and 9 ½ percent. You need to be concerned with and plan for these death taxes.

Even with a smaller estate that is not taxable, we have found that in most instances, the laws of intestacy—the laws that govern the disposition of your assets if you die without a will—in Tennessee do not coincide with your wishes.

Patrick B. Mason is a former certified public accountant and regularly assists clients with tax issues.

Questions to consider

To help build the foundation for your estate planning, it is best you spend some time considering your answers to the following questions:

1. If you are married, how much of and which assets do you want to leave for your spouse?
2. If you have children and you want to leave assets to them, are they mature enough to manage the inheritance properly?
3. If your children are not mature enough to manage their inheritance, at what age or ages do you believe they will be mature enough?
4. Do any of your children have special needs, e.g., disabilities, which would require special planning?
5. Do you wish to include grandchildren or others as beneficiaries?
6. Do you wish to leave any of your assets to a charity?
7. If you are an owner, or a part owner, of a small business, do you want to make special plans for how the business ownership should pass upon your death?
8. Do you have any other assets that need to be specifically allocated to a beneficiary or beneficiaries?

Estate planning tools at your disposal

We can prepare and establish for you any of the estate planning tools below: 

Avoid probate or allow your assets to go through probate

We can explain the relative benefits of choosing a living trust that avoids the probate process versus a will that allows assets to pass through probate. Many of our clients have shared horror stories about a friend or relative who has had a bad experience with the probate process. While we believe probate is not nearly as onerous in Tennessee as it may be in other states, some clients prefer to sidestep probate. We have found that the legal cost of administering an estate and winding up someone’s financial affairs is cut in half if you can avoid the probate process.

Let the Mason Law Firm shepherd you to greater peace of mind

Contact us today to tell us about your estate planning issue. We serve clients throughout the Mid-South region, Memphis, Shelby County, Jackson and Nashville, Tennessee.