Tennessee trust and estate planning professionals have reason to celebrate the passage of several new laws that will continue to bolster the Volunteer state’s standing as one of the top jurisdictions to create and administer a trust.
State lawmakers approved a wide range of new regulations to Tennessee’s uniform trust code
that benefit grantors and beneficiaries. Some of the changes were minor (allowing multiple parties to be involved in trust decision making). Others were more noteworthy, such as improving language to make it easier to determine if Tennessee law governs a pre-existing trust that was originally registered in another state.
To learn more about recent updates to Tennessee trust law and how it may affect your trust and estate planning needs, click here to view our white paper, which provides an in-depth summary of the revisions. The white paper covers:
● Requirements for Creation of a Trust
● The Governing Trust Law Affecting Validity, Construction and Administration of the Trust
● Duty to Keep Adequate Records and Inform and Report
● Modification of Tennessee Trusts by Court Order or by Nonjudicial Settlement Agreement
● Modification of Tennessee Trusts by Trustee’s Discretion to Invade Trust Principal (Decanting)
● The Duty to Allocate Receipts and Disbursements Between Income and Principal
● The Default Rules for Receipts and Disbursements Between Income and Principal
● The Power to Adjust Between Income and Principal
● Creditor Protection Afforded a Spendthrift Trust Under the Tennessee Uniform Trust Act
● Creditor Protection Afforded Under the Tennessee Investment Services Trust Act
When it comes to creating and managing a trust, Tennessee law and tax regulations offer unique advantages you cannot find in most other states. Zero state income taxes on investment income and capital gains and favorable asset protection provisions are two key reasons why Tennessee is one of the most trust-friendly states in the country.
If you would like to know more about the benefits of establishing a trust in Tennessee, please reach out to any of our Argent Trust Company professionals at 800-375-4646. We are ready to help.
