What sets Stephen H. Byrd apart from other attorneys? What makes him the right choice?
Stephen H. Byrd has the ability to provide clients with innovative and cost-effective solutions to their problems. He understands the policies behind the law, but more importantly, he understands people. In addition, Stephen H. Byrd has extensive experience and educational background in estate planning, accounting, and taxation that he utilizes to find a solution.
Ready to talk to someone about estate planning?
Call us at 865.250.1968 or complete the contact form at the bottom of the page.
What is Estate Planning?
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example, cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual’s heirs.
Wills and Trusts
Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.
Generally, a trust is a right in property (real or personal) which is held in a fiduciary relationship by one party for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust.
Many trusts are created as an alternative to or in conjunction with a will and other elements of estate planning. Tennessee state law establishes the framework for determining the validity and limits for both.
Durable Power of Attorney for Health Care
The “durable power of attorney for health care” is a legal tool that grants a named individual the power to make health care and end-of-life decisions on behalf of the person initiating the agreement. The designated person, often a close relative, uses this legal instrument to communicate with doctors and hospital staff should you become incapacitated and thus unable to consent to treatment.
Someone with a durable power of attorney for healthcare decisions will typically have:
- The power to offer or deny consent for medical treatments so long as it doesn’t disagree with anything in your living will.
- The power to decide what medical facilities you should go to.
- The power to decide which doctors and medical personnel you should see.
- The power to go to court over whether to receive or withhold medical treatment.
- The power to decide how your body will be handled after death, often including organ donation. If you have specific feelings on these matters, write them into your living will. Living wills always trump the decisions of your power of attorney designee concerning your healthcare.
- Access to your medical records.
- Visitation rights.
You can give a person complete authority to make all decisions, or limit them significantly to make only specific decisions.
A Durable Power of Attorney
Tennessee law created a “Durable Power of Attorney” that remains effective (“durable”) even if a person becomes incapacitated. The only thing that distinguishes a Durable Power of Attorney from a regular Power of Attorney is special wording that states that the power survives the Principal’s incapacity. Even a Durable Power of Attorney, however, may be terminated under certain circumstances if court proceedings are filed. Most Powers of Attorney done today are durable.
Advance Care Plan (“Living Will”)
Living Will is the term used in an old Tennessee law. In 2004, Tennessee law changed the name of the form from Living Will to Advance Care Plan. An Advance Care Plan is a document that tells your doctor how you want to be treated if you have an irreversible condition (it will not improve). You can use an Advance Care Plan to tell your doctor you want to avoid life-prolonging interventions such as cardiopulmonary resuscitation (CPR), kidney dialysis, or breathing machines. You can use an Advance Care Plan to tell your doctor you just want to be pain-free and comfortable at the end of life. You may also add other special instructions or limitations in your form.
Ready to talk to someone about estate planning?
Call us at 865.250.1968 or complete the contact form below.