Generational Transfers – Does It Matter When You Transfer An Asset To The Next Generation? The simple answer is “yes” – but the better question is “why does it matter when you transfer an asset to the next generation?” At a basic level, there are two ways to accomplish a generational transfer. You can transfer an asset while you are …
Trust Administration 101Fidelis Law PLLC assists many individuals and families with setting up a wide variety of trusts. However, it is important to understand that establishing a trust (the drafting of the documents, signing of the documents, and funding of initial trust assets) is only the beginning. The process that follows the is what is known as “trust administration.”What is …
When to revisit your estate planningEstate planning is significant no matter your age, marital status, or socioeconomic status, so the added elements of complication that second marriages and blended families bring, only emphasize the need for a solid and thought-out estate plan. It is important to discuss and reach common goals with your second spouse with regard to those delicate areas …
The Basics of Child Support in Tennessee In Tennessee, every parent has a legal duty to support their children. Under Tenn. Code Ann. 34-1-102, both parents are equally and jointly responsible for their minor child’s “care, nurture, welfare, education and support.” The statute goes on to state that this duty to support a biological or legally adopted child continues until …
You have probably heard of a Nonprofit Corporation, but have you ever heard of a Nonprofit Limited Liability Company? Over the last several years I have seen numerous times where people intending to form a nonprofit and seek recognition from the IRS as a 501(c)(3) have mistakenly started by forming a Nonprofit Limited Liability Company (“NPLLC”). A NPLLC and a …
After decades of debate and controversy, the legal and regulatory realm of college athletics has now experienced a major shift regarding compensation for student-athletes. This shift has left many wondering exactly what this means for the future of college athletics. In June of 2021, the Supreme Court ruled on this longstanding issue in the case of National Collegiate Athletic Association …
Tennessee law defines “Adoption” as “the social and legal process of establishing by court order, other than by paternity or legitimation proceedings or by voluntary acknowledgment of paternity, the legal relationship of parent and child.”1 All adoptions share a common goal: to legally recognize a parent-child relationship. But the path to this goal is unique to each situation’s personal and …
Britney Spears was one of the most iconic popstars of the early 2000’s, and as such, most aspects of her personal life have played out in the public eye – including her placement in a conservatorship thirteen years ago. The circumstances around her conservatorship have attracted attention within the past year with the release of the documentary, Framing Britney Spears, …
When preparing a child to go off to college, it is important to make sure they have all their dorm supplies, textbooks, and the right meal plan for the upcoming academic year. However, an often overlooked but arguably more important item on the to do list should be the now 18-year old’s advance directives. Advance directives include Healthcare Power of …
Recently Bill and Melinda Gates announced that they are filing for divorce after twenty-seven years of marriage. Like another high-profile couple with substantial wealth, Jeff and MacKenzie Bezos, the Gates’ did not have a prenuptial agreement directing the division of marital assets. The Gates’ divorce poses a unique challenge in the question of ownership of the Gates’ foundation. The Gates’ …
