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Tennessee Probate

Tennessee Probate. Executor Over 18 and resident of TN If non-resident a TN representative is required Intestate-(Dying without a Will) No children 100 percent to spouse Children Greater of 1/3 to spouse or equal child share Spouse receives $5,000 for living expenses.

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Tennessee Probate

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  1. Tennessee Probate • Executor • Over 18 and resident of TN • If non-resident a TN representative is required • Intestate-(Dying without a Will) • No children • 100 percent to spouse • Children • Greater of 1/3 to spouse or equal child share • Spouse receives $5,000 for living expenses

  2. Tennessee Probate Continued • Creditors • Notify within 30 days • Notice of death for 2 weeks in local newspaper • Executor Responsibilities • Appraise estate after probate begins (60 days) • Prepare inventory • File inventory with local court

  3. Tennessee Probate Continued • Executor compensation • A “reasonable” amount • Usually 5 percent or less • Creditors • Present claims • Six months if notice • Within 1 year after the deceased’s death if no notice.

  4. Tennessee Probate Continued What is Paid First? • Administrative Expenses • Federal and State Taxes • Funeral Expenses • Debts • Bequests

  5. Tennessee Inheritance Tax • TN Estate Tax Exemption • $1,000,000 • Federal Estate Tax Exemption • $1,000,000 • $1,000,000 • GAP

  6. Estate & Gift Tax Rates • * Rate = 35% or Highest income tax rate

  7. Retirement Planning

  8. Life Expectancy: You’ll Be Around Longer Than You Think

  9. Retirement Accounts • 401(k) • $15,500 maximum contribution • Age 50 Catch-up ($5,000) • Public corporations • 403(b) • $15,500 maximum contribution • Age 50 Catch-up ($5,000) • Tax-exempt organizations • IRA • $5,000 maximum contribution • Age 50 Catch-up ($1,000) • Anyone with earned income or spouse without income

  10. The Roth vs. Traditional IRA • Similarities between Roth & Traditional • Annual Contributions limited to $5,000 • Investments grow tax-deferred • Roth IRA Differences • Contributions are never tax deductible • Distributions from the account are tax-free • Income limits on participants • No minimum distribution rules

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