- 640 N. Dixie Ave. Cookeville, TN 38501
- 41 Peabody St. Nashville, TN 37211
Menu
Estate planning is the primary focus at Lannom Law LLC. While based in Cookeville, we serve clients across the State of Tennessee. Lannom Law LLC provides a variety of Estate Planning services and plans ranging from foundation planning to advanced planning.
Every Tennessean currently has an Estate Plan, some just do not know it. Without an intentional plan put into action, the State of Tennessee will decide your planning for you. This is probably not what you want. At Lannom Law LLC, we believe Tennesseans are in the best position to decide the outcome of their estates.
Our Estate Planning Services include:
Our Estate Planning attorneys can assist you further with a conference to determine what types of services would be beneficial for you and your family. Contact us today and let us help you Establish Your Legacy and enable financial security and prosperity to pass on to your next generation.
A Last Will and Testament is just one part of your overall foundational planning that we believe every Tennessean should incorporate into his or her Estate Plan. At Lannom Law LLC, we believe every adult who either has children or owns a home should have a Will executed.
A Last Will and Testament directs the payments of valid debts and expenses, passes ownership of the probate assets to the persons named in the Will, and designates a personal representative to oversee the administration of an estate. A Will is also where an individual will nominate a guardian for their minor children if something should happen to them.
We recommend every new resident of Tennessee to have their Will reviewed or updated because Tennessee laws may impact issues related to beneficiaries and property. We also recommend those with major life changes such as a marriage, divorce, or the birth of a child or grandchild to update their Will. Finally, significant changes in real property such as the sale or purchase of a home could mean that an Estate Plan should be revisited.
At Lannom Law LLC, we make sure prospective Clients understand that a Will has no legal capacity until after death. In other words, a Last Will and Testament does not control an individual’s affairs during their lifetime, such as when they may become incapacitated. Also, it is important for prospective clients to understand that a Last Will and Testament must be admitted to a probate court to open an estate for the distribution of the estate assets. A Last Will and Testament guides and controls the probate process.
Every Tennessean currently has an Estate Plan, some just do not know it. Without an intentional plan put into action, the State of Tennessee will decide your planning for you. This is probably not what you want. At Lannom Law LLC, we believe Tennesseans are in the best position to decide the outcome of their estates.
There are a variety of trusts that the attorneys at Lannom Law LLC can assist you with, depending on your needs. Trusts can be foundational or complex depending on the needs of an individual. Trusts can accomplish a variety of legal and tax planning goals. Trusts can allow an individual’s estate assets to pass outside of probate, minimize estate or gift taxes, protect property from future creditors, or provide and invest property for a third party.
At times, trusts can create significant tax and monetary advantages for the beneficiary of the trust. Importantly, trusts can continue to operate long after the trustor has passed away to continue to achieve a variety of goals for the benefit of an individual’s family or loved ones.
At Lannom Law LLC, it is our intent and desire to accomplish a foundational estate plan for every Client. Once the foundational planning of an individual’s estate has been accomplished, our estate planning attorneys will then implement specific solutions geared to our client’s personal goals or advance estate planning needs.
We utilize a variety of trusts and legal entities to achieve these planning needs. Some of these entities include creating a Limited Liability Company (LLC) formed under state law for tax purposes and asset protection, a Qualified Personal Residence Trust (QPRT) that moves your primary residence out of your taxable estate while giving you complete use and possession of the home during your lifetime, a Dynasty Trust which protects assets from estate and gift taxes and will provide for your children and grandchildren until they reach a predetermined age or an Irrevocable Life Insurance Trust (ILIT) which is funded with life insurance to avoid and minimize a variety of taxes and ensures the payout to beneficiaries is taxfree.
There are other additional trusts and planning entities that are used on a case-by-case basis. With the current economic environment, it is important to choose attorneys who stay abreast of changes in estate and tax law.
During this part of the Estate Planning process, you will complete our initial intake packet to provide us with basic contact information, a snap shot of your current assets and an idea of your Estate Planning goals and objectives.
We will discuss in detail your background and family, goals and concerns, and any issues identified in your initial intake packet that require further consideration. At the end of this meeting, a fee range will be quoted based on a preliminary plan design.
During this meeting, your proposed Estate Plan design will be presented to you. Together, we will create a customized Estate Plan strategy that meets your goals and objectives while addressing your concerns and anxieties.
We review your Estate Planning Documents with you to ensure that you understand your Estate Plan and that it meets your goals and objectives. Your changes are then implemented to your Estate Plan prior to the Signing Ceremony.
At this point, your final Estate Planning documents are finalized and ready for you to sign. You will sign your documents in front of one of our notaries and two disinterested witnesses. After you sign the finalized documents, your Estate Plan will be in effect and you can celebrate completing this milestone.
Once your documents have been executed, we are available to assist you with beneficiary designation changes and other funding issues to ensure your planning is effective and works as designed. Some Clients request assistance with funding, while others prefer to complete it themselves. We will discuss your wishes at the Signing Ceremony.
A Last Will and Testament is is a living document, and can be revisited as needed. Upon your request, after your Estate Plan has been established, our Attorneys are available to educate your family members, executors, trustees, agents and beneficiaries about your Estate Plan, their roles in the plan, and why the plan is designed as it is.
We take confidentiality very seriously. Subject to certain limitations, nothing about a Client’s estate plan will be revealed unless our client specifically requests or authorizes us to release it.
Your use of the content on this website or your communication with us via any medium does not establish an attorney-client relationship between you and our firm. Any information sent to our firm through email or through our website is not secure and is done so on a non-confidential basis. To ensure confidentiality and to secure the privilege of any communication, please do not send sensitive or confidential information electronically until you speak with one of our team members and get authorization to send that information.