Financial advisors and CPAs are often the first professionals to sense that something more is needed. They may not be able to provide the legal structure themselves, but they are frequently the ones who open the door to the right conversation at the right time. That coordination role is one of the most valuable things a trusted advisor can offer.
This article is intended as a resource — something advisors can reference themselves or share with clients who are beginning to ask the right questions.

When the Need Is There But Not Always Named

Families rarely arrive at a planning meeting and announce that a loved one has a disability. More often, the signals are indirect — patterns in the financial picture or passing comments in conversation that point toward something more complex underneath.

Advisors who serve families in communities like Midland and Saginaw, Michigan, or across Rutherford County and Middle Tennessee know how common it is for these arrangements to operate informally for years before anyone raises the question of structure. By then, significant planning opportunities may have already passed.

It is worth staying attuned to indicators such as:

• Ongoing financial support for an adult family member that appears open-ended rather than temporary
• References to Supplemental Security Income (SSI), Medicaid, or other means-tested programs
• A family member acting as an informal caregiver without formal legal authority
• Hesitation around beneficiary designations or inheritance decisions
• Adult children who have never lived independently
• Vague but telling language — “We take care of things for him” or “She needs extra help”

When these signals appear, a few thoughtful follow-up questions can confirm whether specialized planning is warranted — and can help the family understand that there are tools designed exactly for their situation.

The Conversation Worth Having Early

The most common obstacle is not awareness — it is timing. Families often understand, in a general sense, that they need a plan. What they underestimate is how quickly a well-intentioned but uncoordinated decision can create lasting complications.

A direct inheritance left to a child receiving SSI can disqualify them from benefits. An asset transferred without proper structure can create gift and tax consequences while simultaneously defeating the purpose it was meant to serve. These are not edge cases. They are among the most common problems we help families untangle — and they are almost always avoidable with planning done in advance.

The advisor’s role here is not to provide legal guidance — it is to recognize that the family needs coordinated professional support and to initiate the connection before a decision is made that forecloses better options.

Framing the conversation around continuity and risk — rather than disability itself — often makes the subject more approachable: “What happens to this arrangement if something changes for you?” is a question that opens doors without requiring clinical language.

Key planning concepts advisors can introduce at a high level include:

Special Needs Trusts (SNTs)

A properly drafted special needs trust allows a family to provide financial support to a loved one with a disability without disqualifying them from government benefit programs. Assets held in a compliant SNT can supplement — rather than replace — public benefits, preserving access to Medicaid, housing assistance, and other essential programs. Implementation requires an attorney with specific experience in this area; the trust must be carefully structured to satisfy both federal and state requirements.

ABLE Accounts

For qualifying individuals, ABLE accounts offer a tax-advantaged savings vehicle that does not count against SSI or Medicaid asset limits up to certain thresholds. They can be a useful complement to trust planning, particularly for day-to-day expenses and smaller financial goals, though contribution limits and eligibility rules require careful attention.

Benefit-Preserving Funding Strategies

Any financial support directed toward a person receiving means-tested benefits must be structured thoughtfully. Direct asset transfers — even well-meaning ones — can trigger disqualification periods or create tax complications. The goal is to route resources through structures that preserve eligibility while still giving the family meaningful flexibility.

Keeping the Plan Current

Special needs planning is not a one-time exercise. Benefit rules change. Family circumstances evolve. A child who was a minor when the plan was designed is eventually an adult with different needs and a different legal status. A parent who was the primary caregiver becomes less able to serve in that role.

The families we serve — whether in Nashville, Franklin, or Murfreesboro, or in Saginaw and Midland — often find that the original plan they put in place was a starting point, not a finish line. Regular check-ins across the advisory team help ensure that the plan in place still matches the reality on the ground.

Advisors who maintain this kind of ongoing coordination — connecting families with legal, care management, and financial resources as circumstances change — are providing something that goes well beyond technical service. They are holding the plan together over time.

When to Bring in an Estate Planning Attorney

Not every situation requires the same level of legal intervention, but any family with a member who receives or may receive means-tested government benefits should have their estate plan reviewed by an attorney with genuine expertise in special needs law. This is not a standard estate planning matter — the interplay between trust design, benefit eligibility, and family dynamics requires specific knowledge and careful drafting.

Common situations that warrant immediate attention:

• A family member with a disability is named as a direct beneficiary in a will or trust that has not been reviewed
• A parent or grandparent is considering a gift or inheritance that has not been structured with benefits preservation in mind
• A primary caregiver is aging or in declining health, and no succession plan is in place
• The family is navigating a probate matter involving a beneficiary with a disability
• A beneficiary is approaching the age of majority and informal caregiving arrangements need formal legal footing

In probate matters involving beneficiaries with disabilities, the need for careful, discreet administration is especially acute. Courts may need to be involved in approving distributions; guardianship or conservatorship questions may arise. When these situations cannot be avoided, handling them efficiently — and quietly — is essential to keeping the family stable and the transition smooth.

A Resource for Advisors When These Questions Arise

Frazier Law works alongside CPAs, financial advisors, and attorneys across Middle Tennessee — including Murfreesboro, Nashville, and Franklin — and in Midland and Saginaw, Michigan. When a client’s situation involves a loved one with a disability, we’re glad to think through the planning questions together, help identify what is missing, and handle the legal structure with the care these families deserve.

If you have a client situation you’d like to discuss — or simply want to understand the planning landscape better — we welcome the conversation.

Schedule a Strategy Session

After her father’s death, her brother—appointed as executor—sued her for breach of fiduciary duty. A court ordered her to repay more than $15,000 to the estate, along with $35,000 in attorney’s fees.

There was no allegation of abuse or bad intent. By all accounts, the father was well cared for. The issue was process: incomplete records and a failure to strictly separate funds created legal exposure.

This was not a theoretical example. It was drawn from a case discussed by the American Bar Association.

For families in Midland and Saginaw, Michigan, and in Murfreesboro, Nashville, Franklin, and across Rutherford County, Tennessee, the lesson is straightforward: fiduciary roles are not ceremonial. They carry real legal standards and personal risk. Part of responsible estate planning is not only choosing the right people—but preparing and supporting them so avoidable problems never arise

These Roles Carry Real Legal Weight

Most professionals understand what it means to be a fiduciary. Attorneys, CPAs, and financial advisors operate under a legal duty to act in another’s best interest.

What is often overlooked is that the same standard applies to the individuals named in an estate plan.

Executors (personal representatives), trustees, and agents under powers of attorney are fiduciaries. If they make mistakes, maintain inadequate records, or blur financial boundaries—even unintentionally—they may face personal liability, court proceedings, and family conflict.

In our experience working alongside advisors in Middle Tennessee and Mid-Michigan, the majority of fiduciary disputes do not arise from misconduct. They arise from inexperience, lack of structure, and unclear expectations.

“I didn’t know” is rarely a sufficient defense.

Thoughtful planning can clear the path in advance—reducing administrative friction, preventing unnecessary probate trouble, and quietly handling what would otherwise become problems.

Understanding the Roles—and the Risk

Agent Under a Power of Attorney

The Role


Manages financial affairs during lifetime incapacity. This may include banking, investments, bill payment, and real estate transactions.

Where Problems Arise


Informal reimbursements. Commingled funds. Incomplete documentation. Family disagreements that surface later—often after death.

Potential Consequences


Repayment demands, legal fees, court involvement, and fractured family relationships.
Even in well-intentioned families, the absence of clear accounting standards can create suspicion after the fact.

Executor (Personal Representative)

The Role


Administers the estate after death: gathering assets, paying debts and taxes, and distributing property under the will and applicable law.

Where Problems Arise

Delays, communication breakdowns, perceived favoritism, missed deadlines, or procedural missteps in probate court.

Potential Consequences


Removal by the court, personal liability, prolonged probate administration, and diminished estate value.
When probate cannot be avoided, efficient and discreet administration becomes critical. The goal is not merely to “get through court,” but to reduce strain on the family and protect the integrity of the estate.

Trustee

The Role


Manages and distributes trust assets according to the trust terms—sometimes for many years.

Where Problems Arise


Misinterpretation of distribution standards. Inconsistent decision-making. Inadequate reporting. Beneficiary distrust.

Potential Consequences


Surcharge claims, removal proceedings, litigation costs, and erosion of trust assets.
Trust planning is designed to smooth transitions and prevent court involvement. But without competent administration, even well-drafted trusts can become sources of conflict.

The Overlooked Cost

Legal exposure is only part of the burden.

Fiduciaries frequently devote hundreds of hours to administration—often during periods of grief. Emotional stress can cloud judgment. Administrative complexity increases the likelihood of error.

Professional fiduciaries commonly charge between 1–2% of managed assets. In many cases, that cost is modest compared to the financial and relational damage caused by delay or litigation.

Another practical option is to compensate family fiduciaries at a comparable rate. The role is substantial. Treating it as such often improves accountability and reduces resentment.

For advisors counseling clients with growing estates, blended families, business interests, or strained dynamics, the question is not whether the fiduciary is trustworthy. It is whether they are equipped.

Preparation Is as Important as Selection

Selecting a fiduciary is not simply a matter of loyalty. It requires consideration of:

• Time and organizational capacity
• Emotional steadiness under stress
• Willingness to follow formal processes
• Ability to work collaboratively with professional advisors

Clients should also ask:

• Does this person know they have been named?
• Do they understand what the role entails?
• Have expectations been clearly communicated?
• Are key documents and contacts organized and accessible?
• Is there a backup plan?

Effective estate planning is not document creation alone. It is risk reduction. It is clearing the path so that family members are not left navigating uncertainty.

In our work with families across Michigan and Tennessee, we have found that modest preparation—such as organized records, written guidance, and pre-appointment conversations—often prevents significant conflict later.

For trusted advisors, these conversations are an opportunity to serve clients at a deeper level. A well-prepared fiduciary reduces probate complications, preserves family relationships, and protects the broader planning strategy.

A Collaborative Approach

There are situations where appointing a professional fiduciary—or naming one to serve alongside a family member—makes practical sense. In other cases, family members can serve effectively with appropriate legal, tax, and administrative support.

Our role is not to replace trusted advisors. It is to work alongside them—ensuring that estate planning truly eliminates problems rather than deferring them.

For advisors in Midland, Saginaw, Murfreesboro, Nashville, Franklin, and throughout Rutherford County, we welcome the opportunity to collaborate when these questions arise. We are happy to help think through fiduciary structure, probate avoidance strategies, and practical steps that reduce risk before it becomes conflict.

As trusted advisors know, wealth transfer is rarely just about dollars. It is about control, timing, protection, and – most often – about avoiding unnecessary problems for the people left behind. Even well-intentioned plans can create confusion, court involvement, or family friction if the structure does not match the family’s realities.

At Frazier Law, we often work alongside attorneys, CPAs, and financial advisors who see this tension firsthand: responsible families who have done many things right, yet still feel uncertain about whether their estate plan truly clears the path forward.

Is an Outright Inheritance Always the Right Answer?

Americans are living longer, spending more years in retirement, and transferring wealth later in life. Even so, many parents – particularly mass-affluent families – remain focused on leaving a meaningful inheritance. Whether modest or substantial, those assets can be a powerful foundation for the next generation if they are transferred thoughtfully.

What is often missing is not intent, but alignment. Families frequently underestimate how an outright inheritance will interact with a beneficiary’s financial maturity, creditor exposure, or life circumstances. Without guidance, what was meant to be supportive can unintentionally become burdensome.

From a planning perspective, the decision to distribute assets outright versus through a more controlled structure is one of the most consequential choices in the estate plan.

The Appeal – and Risk – of Outright Distributions

An outright inheritance is straightforward. Assets pass directly to beneficiaries, free of restrictions or oversight. Administration is typically faster, less expensive, and uncomplicated. For certain beneficiaries – particularly financially disciplined adults with stable circumstances – this approach may be entirely appropriate.

But experienced advisors also know the other side of the ledger.

A sudden transfer of wealth can expose beneficiaries to risks they never anticipated: impulsive decisions, poor investment timing, outside influence, or creditor claims. In Michigan and Tennessee alike, outright inheritances may be reachable by creditors, divorcing spouses, or litigation – sometimes before the beneficiary ever experiences the benefit.

There are also practical constraints. Minor children and incapacitated adults cannot legally manage inherited assets, often triggering court involvement, conservatorships, and ongoing reporting obligations. What could have been a smooth transition instead becomes a public, time-consuming probate matter.

When Planning Is About Prevention, Not Complexity

Outright inheritances are not inherently flawed. They are simply one tool – appropriate for some beneficiaries and problematic for others, sometimes within the same family.

This is where proactive estate planning becomes less about documents and more about preventing unnecessary probate trouble, smoothing transitions, and keeping families out of court whenever possible. Trust-based planning can provide structure without rigidity, protection without overcontrol, and clarity without complexity.

For families in Rutherford County, Midland, Saginaw, and surrounding areas, we often help advisors and clients think through questions such as:

• How do we preserve flexibility while reducing the likelihood of probate court involvement?
• How can assets be distributed in a way that supports beneficiaries without exposing them to avoidable risks?
• How do we minimize administrative delays and family stress if probate cannot be avoided?

When trusts are used thoughtfully, they can remove uncertainty, reduce conflict, and quietly handle what would otherwise become open-ended problems for surviving family members.

A Collaborative Approach for Trusted Advisors

We view estate planning as a team effort. Our role is to support trusted advisors by helping families navigate the legal architecture of wealth transfer – anticipating friction points before they arise and designing plans that hold up under real-world conditions.

Whether the goal is probate avoidance, efficient and discreet probate administration, or trust planning that reflects a family’s values, our focus is always the same: clear the path, reduce risk, and allow advisors and families to move forward with confidence.

We welcome the opportunity to collaborate with professionals serving families in Middle Tennessee and Mid-Michigan, and to help think through inheritance structures that align legal strategy with financial and human realities.

The right plan rarely calls attention to itself. It simply works – quietly, efficiently, and exactly when it is needed. The estate planning professionals at Frazier stand ready to assist with creating the right plan for our clients.

Summer brings families together—cookouts, reunions, and long weekends are filled with laughter, storytelling, and memories. But it can also be the perfect setting to open a thoughtful conversation about the future.

Talking about estate planning isn’t always easy, but doing it when everyone is present and relaxed can make all the difference.

Pick the Right Moment

Timing is everything. Don’t open with heavy topics at the dinner table. Look for quiet moments—a walk, a one-on-one chat, or a casual group discussion when the mood is open and reflective.

Frame It as a Gift, Not a Burden

Estate planning isn’t about money—it’s about clarity and care. Let your family know that having these conversations now prevents confusion and stress later. It’s one of the most loving things you can do for the people you care about.

Share, Don’t Lecture

If you’ve already created your estate plan, share why it gave you peace of mind. If you’re encouraging older family members to plan, ask questions and listen. For adult children, talk about how they can prepare for their own families.

Offer to Help

Often, estate planning feels overwhelming. Offer to help your loved ones find a qualified attorney, gather documents, or simply get started with the basics—like a will or trust, healthcare directive, or powers of attorney for finance and healthcare.

We’re Here to Support Your Family’s Planning

At Frazier Law, we guide families through estate planning with sensitivity and care. If your family is gathering this summer and you’re ready to start the conversation, we’re here to help.Contact us at 615-510-4000 or visit our Contact Page to schedule a consultation.

June 2, 2025

Summer is a popular time for travel—whether you’re heading to the beach, flying across the country, or taking a road trip with the family. Before you pack your bags, it’s worth asking: Is your estate plan in order?

While no one likes to think about emergencies while planning a getaway, preparing key legal documents ahead of your trip can offer peace of mind and protection for your loved ones.

Medical Directives

When you’re off enjoying a vacation, the last thing you want is someone else making tough decisions about how you should leave this world. That’s where a medical directive, or living will, comes into play! If death is imminent, this handy document provides clear instructions for your end-of-life care, ensuring medical professionals and your loved ones know exactly what you want. So relax and enjoy your trip, knowing your wishes are documented—you deserve to have a say in how your journey wraps up!

Durable Power of Attorney

A durable power of attorney allows someone you trust to manage your financial affairs if you’re unable to do so. This can include paying bills, managing investments, or handling property transactions while you’re away or recovering.

Healthcare Power of Attorney

A healthcare power of attorney appoints someone to make medical decisions on your behalf if you’re unable to speak for yourself. Without it, your loved ones could face delays or legal challenges in getting care decisions made quickly.

Updated Will or Trust

Traveling often highlights what truly matters—our family and future. Before you head off on your next adventure, consider updating your estate plan with a will or trust. While a will requires your family to navigate probate (think of it as a detour), a trust can avoid that, delivering a smoother journey for your assets.

Don’t forget about the little ones! Nominating guardians for minor children ensures the right people will care for them and their inheritance. So, as you pack your bags, take a moment to ensure your estate plan is ready. You can’t predict every twist in life, but you can certainly plan for your loved ones’ future. Safe travels and happy planning!

Travel Smart, Plan Ahead

Estate planning may not be on your vacation checklist—but it should be. Taking time before your trip to review these documents is a responsible and loving step toward protecting your family’s future.If you’re preparing to travel and need help updating or creating estate planning documents, contact Frazier Law at 615-510-4000 or visit our Contact Page.

The Law Offices of Charles R. Frazier helps its clients to employ legal strategies that help them avoid a lengthy, expensive, public and time-consuming probate process by proactively establishing estate plans. While a last will and testament can ensure that an individual’s estate assets (a deceased person’s money and property) are distributed according to his or her wishes, it is also likely that probated estates become a matter of public record because wills are filed at the courthouse.

That means financial predators, will challengers and other curious people can simply go online or visit the courthouse to access information about your probate. You may be surprised at the number of people who come out of the woodwork if they believe there is money “up for grabs.”

Trusts, however, are never filed with a court, either before or after death, and probate courts are not involved in supervising your trust administration. So, you can avoid intrusions by busy bodies and predators by creating trust. While some state laws require a total or partial disclosure of information regarding the trust to beneficiaries, it is still the best way to keep your legal affairs private.

The Law Offices of Charles R. Frazier has extensive experience with helping our clients with both the probate process and with designing estate plans that provide more privacy. Our estate planning attorney is available to discuss your specific circumstances and help you determine to decide the most fitting actions to take for you and your family. Contact our office today for a low-cost consultation.

• What does “estate planning” mean? Isn’t that just for rich people?
• What is the difference between a will and a trust?
• At what age should I start planning for my death or other occurrences that may leave me incapacitated?
• What is “probate administration?”

This workshop is useful for all Tennessee residents as remote (virtual) will-signing is being allowed throughout the state due to the current health emergency our entire nation is battling.

Charles will be conducting the webinar virtually and attendees will have an opportunity to ask questions. Two time slots are available for the webinars. Please follow the links below to register for the time that best fits your schedule. We look forward to hosting you on October 20! Feel free to share this information with family, friends, or any other contact that can benefit from planning for the future.

11 a.m. to 12 p.m., Tuesday, October 20, 2020

6 p.m. to 7 p.m., Tuesday, October 20, 2020

It’s wedding season, and many couples look forward to celebrating their love with their family and friends. Weddings are meant to symbolize the commitment you have to one another “until death do us part.”

However, the reality is that not all marriages last forever. According to the American Psychological Association, about 40 to 50 percent of married couples in the United States end up getting divorced.

How Divorce Impacts Your Estate Planning

Divorce is not only a personal and emotional matter, but also a legal and financial one. It can significantly impact your estate plan, or the documents and arrangements that determine how your assets and affairs will be handled after your death or incapacity. Your estate plan may include a will, a trust, a power of attorney, a health care proxy, a living will, and beneficiary designations for your retirement accounts and life insurance policies.

If you get divorced, you may need to update your estate plan to reflect your new situation and wishes.

7 Steps to Updating Your Estate Plan After Divorce

1. Your will and trust

Your will and trust are the documents that specify who will inherit your property and who will manage your estate after your death. If you have named your ex-spouse as a beneficiary or an executor/trustee, you may want to choose someone else. In some states, divorce automatically revokes any provisions in your will or trust that favor your ex-spouse, but in other states, you have to make the changes yourself. You may also want to update your will and trust to include any new beneficiaries, such as your children, relatives, or friends.

2. Your power of attorney and health care proxy

Your power of attorney and health care proxy are the documents that authorize someone to act on your behalf in financial and medical matters if you become incapacitated. If you have appointed your ex-spouse as your agent, you may want to revoke it and appoint someone else. You may also want to update your living will, which is the document that expresses your wishes regarding end-of-life care.

3. Your beneficiary designations

Your beneficiary designations are the forms you fill out to name who will receive the proceeds of your retirement accounts and life insurance policies when you die. These forms override your will and trust, so you must make sure they are consistent with your estate plan. You may want to name someone else if you have designated your ex-spouse as a beneficiary. You may also want to review your beneficiary designations if you have to pay or receive alimony or child support, as these obligations may affect your retirement and insurance planning.

4. Your joint accounts and property

If you have any joint accounts or property with your ex-spouse, such as bank accounts, credit cards, mortgages, or deeds, you may want to close or transfer them to your name. This will prevent your ex-spouse from accessing your funds or assets or being liable for your debts. You may also want to update your title and registration for your vehicles, and your homeowner’s or renter’s insurance for your residence.

5. Your tax situation

Divorce can affect your taxes in several ways. For example, you may have to file your taxes as single or head of household, instead of married filing jointly or separately. You may also have to claim or pay alimony or child support, which are taxable or deductible depending on the circumstances. You may also have to deal with the tax consequences of dividing your property, retirement accounts, or selling your home. You may want to consult a tax professional to help you understand and plan for your tax situation after divorce.

6. Your estate planning goals and strategies

Divorce can change your estate planning goals and strategies depending on your new circumstances and wishes. For example, you may want to increase or decrease your estate tax exemption or create or modify a trust for your children or other beneficiaries. You may also want to consider how divorce affects your long-term care planning, charitable giving, or business succession planning.

7. Regularly review your estate plan

Your estate plan is not a one-time document, but a living and evolving one. You should review your estate plan regularly, especially after any major life events, such as marriage, divorce, birth, death, or disability. You should also review your estate plan if there are any changes in the law, the economy, or your personal or financial situation. By reviewing your estate plan regularly, you can ensure that it reflects your current needs and wishes and protects your interests and loved ones.

Contact Frazier Law for Estate Planning After Divorce

If you are going through or have gone through a divorce, you may need to update your estate plan to avoid any unwanted or unintended consequences. We can help you navigate the complex and sensitive issue of estate planning after divorce.

At Frazier Law, we are prepared to help you create or modify your estate plan to suit your new situation and goals, and to ensure that your assets and affairs are handled according to your wishes. Contact us today at (615) 267-0125 to schedule a consultation.

“Swearing the legal oath of practice before the highest court in our nation is an achievement for which I am very grateful and humbled,” Frazier said. “I don’t take for granted the responsibility I have to my clients throughout the country, and I will continue to do my best to represent them with professionalism and proficiency in tax and estate planning law.”

The swearing in ceremony allows for Frazier to become a part of a limited number of Tennessee attorneys who are given the ability to practice in front of the Supreme Court of the United States. In a letter from United States Representative Scott DesJarlais, he commended Frazier saying, “this act, like many others throughout your life, exhibit the respect, love and natural interest you have in our Nation’s legal system.”

Following the swearing in ceremony, Frazier team members stayed to observe oral arguments in the case of Charles G. Moore et al. v. United States, which centers on the constitutionality of the federal mandatory repatriation tax.

“We are extremely proud of Charles for this accomplishment,” said Rick Miller, Frazier Tax Matters-Advisory Team Lead. “Even more, the Law Offices of Charles R. Frazier can now take a client from filing a tax return to defending a position before the high court.”

Learn more by visiting the Tennessee Bar Association online.

When families show up in my office after a loved one has passed away or become incapacitated, it is usually a tough time for everyone involved. However, if they haven’t planned for this moment, then there’s a chance that I can do little to help them. After death or incapacitation, it’s too late for individuals to make their wishes known. As one of less than 30 certified estate planning law specialists in Tennessee, I, unfortunately, witness this circumstance far too often.

It compels me to address the question, as more and more Americans are amassing wealth, why do so many people neglect to protect their assets, health, and legacy with proper estate planning? There are a few reasons that seem to emerge time and time again as perceived obstacles to taking these critical steps. I believe lack of knowledge, contemplation of a daunting process, and confronting the concept of mortality are the biggest hindrances most people face. But I’d like to encourage those hesitant to start the process; a thoughtful estate plan can yield invaluable peace of mind for individuals and their families.

Get the knowledge

Estate planning may sound like a fancy phrase only meant for “rich” people. That’s not the case. It’s for anyone over 18 (people with multiple marriages, single adults, people with children, the whole gamut). Tennessee already has default rules for everyone, regardless of social status or income level. However, the State’s laws may not align with an individual’s desires. That’s when planning becomes a tool to ensure your wishes are met and hopefully helps avoid the horror stories of families fighting or being burdened with unnecessary drama during an already stressful time.

I encourage my clients to look at estate planning in two categories: Life documents and death documents. Life documents include powers of attorney for finance, healthcare, and healthcare directives. These documents empower clients to pick who will step in when incapacitated to handle their finances and oversee their care on their terms. Death documents are wills and trusts that allow people to direct who, when, and how their assets are allocated amongst their loved ones after their passing.

Understand the Value of Your “Things”

Many people believe they “don’t have a lot,” but often are surprised when they take a complete inventory of the number of assets they possess. Valuables like houses or bank accounts are not the only assets an individual’s passing impacts. A person’s tangible personal property carries sentimental value because those belongings remind surviving family and friends of the lost loved one. Even small gifts can have a massive impact on grieving friends or family members.

Confront Your Mortality

We all know we won’t live forever, but planning for issues surrounding illness and death forces us to think about our mortality. Most of us don’t like doing that. But the probability of it happening is 100 percent! So, I would like to appeal to everyone to handle this critical matter without delay. Don’t be intimidated by the process. Hiring an attorney can seem daunting or unaffordable. However, a professional can provide the needed expertise and make the process less stressful. If necessary, explore other alternatives; there are also “do-it-yourself” options available. I firmly believe that doing something to prepare for the inevitable is always better than doing nothing.

For many people, a lifetime is spent accumulating wealth to find happiness. But does the mere accumulation of wealth guarantee happiness? It depends on whom you ask, of course. But most people will agree that happiness can be found from a variety of sources beyond total dollars reflected on a balance sheet.

When it comes to your clients finding happiness for themselves and their loved ones, consider how their estate planning might play a role in that process. The following steps can help ensure that the effort your clients put into their estate planning will contribute to their happiness and their family’s happiness rather than potentially diminish it.

Step 1: Ask your client to identify and prioritize the experiences and activities that bring them the most happiness.

Rather than simply assuming that property or cash will bring continuing happiness to your client and then their family when they are gone, it is important to think about how their money and property can be used to generate happiness. Here are some examples:

Is there a hobby that they and their families enjoy that they could more easily engage in as a result of the availability of money? Perhaps they have enjoyed hunting or fishing trips with their loved ones over the years. Maybe they have a love of live theater or musical performances that has brought them joy over the years as they have shared such experiences with their family.

Did they have international travel experiences that they look back on fondly and would like to repeat or extend to younger generations?

Was education a source of particular joy and satisfaction over the years that your clients would like their loved ones to be able to experience?

Is there a special vacation location or property that has many happy memories associated with it?

Whatever experiences or activities have brought your client and their loved ones happiness throughout their lives, the first step is to identify them and determine whether your client wants to make such experiences or activities a priority in their estate planning.

Step 2: Review the client’s important documents to see if they reflect those priorities.

Once you have identified your client’s priorities, you should help them review their important estate documents, such as life insurance and retirement account beneficiary designations, wills, trusts, pay-on-death designations on accounts, and the deeds and titles on their property. Does your client understand how their accounts and property will be transferred or paid out when they die?

If so, will the resulting payments and transfers realistically support the client’s priorities that you have helped them identify in Step 1? Or does their current estate plan risk allowing their accounts and property to be used or spent on things other than your client’s priorities? If so, is your client comfortable with that potential result?

Step 3: Encourage your client to contact us to make necessary changes or additions to their estate planning.

If your client is not comfortable with the way their current plan meets their priorities, then they mustn’t delay in addressing these issues with their entire professional advisor team, including an attorney, CPA, and financial planner. As your client’s attorney, we can help them craft provisions in their will or living trust that will set aside a sum of money to fund education for successive generations, travel, hunting trips, family reunions, or other experiences that create happy memories the client would like to pass on.

Further, for your client to protect their property from being squandered on material possessions or expenses that bring little happiness to their loved ones, your client may need to change beneficiary designations on life insurance, retirement accounts, or cash accounts to be payable to a trust, or make other protective arrangements that can help them achieve their priorities.

It is only with careful planning that your clients can turn something as mundane and inanimate as money and property into experiences and opportunities that can bring true and lasting happiness to them and their loved ones for generations. With proper planning using the tools at our disposal, a team of professional advisors can help your clients effectively meet this worthwhile goal. Such efforts will undoubtedly increase the likelihood that your clients and their loved ones will find the happiness and satisfaction in life that are readily available to those who diligently seek it.

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A sudden health crisis could cause a leader to step away from a management role. Or the success of the business could encourage a partner to retire early. With the right business succession plan, your company can continue to function without missing a beat.

What is Business Succession Planning?

Business succession planning involves creating a contingency or business continuity plan that identifies key employees or advisors to keep the business going when one or more leaders are no longer willing or able to continue in their roles.

With a well-prepared succession plan, the business can not only survive the loss of an owner but the owner’s family or other partners will be prepared to continue growing the enterprise or harvest its value.

As part of the plan, business owners often use key employee insurance. Key employee disability and life policies pay the business when the owner or key leader is disabled or passes away. The insurance funds are used to fill the gap created by the owner’s absence, whether to hire a capable business manager to run the business or to buy out a deceased owner’s interest in the business.

Other components of a business succession plan often specify how interests will be valued and transferred if one partner or family member wants to buy out the interests of others. We create business succession plans that fit the unique needs of the business and its owners.

The point is to protect the business as an asset. Unfortunately, too many overlook the vital role a business owner plays in ensuring that a business survives. The owner typically functions in a business the way our hearts function in our bodies. Generally speaking, those that protect their hearts live longer than those that don’t.

Why You Need to Make Business Succession Planning a Priority

With business owners bogged down with the day-to-day work required to succeed with core operations, they generally give little or no consideration to an “exit strategy” for leadership. This failure to plan can result in a missed opportunity for transferring the business at maximum value with minimum transfer tax costs.

Family businesses–which typically hold most of a family’s wealth and legacy–encounter this issue quite often. Sometimes owners avoid planning because they want to retain control of their business for life, or they want to avoid family conflict that might occur if family members do not receive what they feel entitled to. All of this can be taken into account when we create a business succession plan tailored to your goals.

Learn More About How Business Succession Planning Could Secure the Future of Your Business

In the Law Offices of Charles R. Frazier, we help business owners and their families protect the value of their business assets in numerous ways. Without a plan for business succession, however, many other protection efforts can be useless. Talk to us today to find out how we can coordinate plans to protect your business now and in the future.

We invite you to join a free webinar with Charles Frazier on July 20th.

Frazier will be presenting on Estate Planning at the Financial Planning webinar hosted by the Black Employee Network.

Join the meeting here:

https://chime.aws/6435194297

Meeting ID: 6435 19 4297

How Car Accidents Can Impact a Client’s Estate Plan

Healthcare Decision-Making

In the event of an accident where a client becomes unable to speak or make decisions for themselves due to an injury, they will need to have someone who can speak to doctors and medical providers on their behalf. If a client has planned in advance, a validly executed medical power of attorney will allow someone the client has chosen previously (a healthcare agent) to speak with doctors and arrange for treatment until the client regains consciousness. If a client does not have a medical power of attorney in place, decision-making authority could be unclear and might delay them from receiving certain types of medical treatment. Thus, it is important that your clients not only have a medical power of attorney in place and signed, but also that they inform those closest to them about where to obtain a copy of it should they need to be rushed to a hospital in the event of an accident.

Adequate Insurance Coverage

Many people do not realize that carrying adequate insurance coverage is one of the most effective ways to protect themselves from lawsuits that would place their savings and property at risk of loss. Ensuring that your client carries adequate car insurance is one of the simplest ways you can help them ward off a lawsuit. Beyond increasing their car insurance limits, you may also want to discuss whether it would make sense for them to purchase an umbrella insurance policy. Umbrella policies act as a form of backup insurance to other types of primary casualty insurance policies. Essentially, if a client is involved in a car accident where the damages they caused exceed the limits of their car insurance policy, an umbrella insurance policy can step in and cover such excess liability. With both policies in place, there will be a large enough pool of insurance money that the insurance companies will have a much greater ability to settle any lawsuit against your client as a result of the car accident before it ends up in court where the plaintiff could seek payment from the client directly.

As part of your client’s estate planning review, you should discuss the limits of their car insurance policy and any umbrella policy that they may already have (or that they intend to purchase), and the types of protections that those policies provide. Adequate insurance can go a long way toward protecting their accounts and property from loss to a lawsuit as a result of a car accident.

Disability Insurance

Clients should be reminded that in addition to the risks of being inadequately insured from a liability perspective, a car accident that results in their own injury could have both short- and long-term financial consequences from a disability perspective. Without the ability to engage in gainful employment, a family can suffer significant financial hardships in a very short period of time. Being unable to pay a mortgage, rent, car payments, utility bills, or healthcare expenses because of lost income can be devastating. Short-term and long-term disability insurance can therefore offer incredibly important protection against loss of income from such an accident. If your clients have not yet considered purchasing disability insurance to protect against this kind of risk, you may want to raise the topic with them sooner rather than later.

Personal Injury Settlements

In some cases, a personal injury settlement may be paid to your client in a lump sum. If your client has received such a settlement, it is important that you work with them to suggest prudent investment options that will protect the settlement funds from both the risk of major market losses as well as unnecessary diminishment from inflation. These funds should be protected and invested in a manner that will ensure that they are available to your client to provide for their needs, particularly when the client’s needs have increased as a result of the injuries sustained in the accident.

Be Careful of Fraudulent Transfers

After a car accident where there are significant property damages and medical injuries, a client can be tempted to take steps to protect what they own if they fear that a lawsuit may result from the accident. But it is important to help your clients resist the temptation to begin transferring or retitling their property and accounts to friends or family in an effort to hide what they own to protect it from their creditors. In many states, taking such steps after an accident has occurred in which a client is liable is considered to be a fraudulent or voidable transfer that can be ignored by the courts.[1] In other words, even though a client may have made an otherwise legal gift or transfer of their accounts and property to someone else, the courts are likely to allow the party in a successful lawsuit against the client to seize the property that your client has transferred to someone else in an effort to avoid having it used to pay the judgment against them.

No, Revocable Trusts Do Not Protect a Client’s Property from Personal Lawsuits

A very common misconception is that if your client creates a revocable living trust for estate planning purposes, they have thereby protected their assets from lawsuits and creditors. Unfortunately, this is simply not the case. While it is possible to design a revocable living trust that will protect a client’s assets after they have died from the creditors and lawsuits of the named beneficiaries of their trust (usually their loved ones), revocable trusts in general offer no protection against the client’s own creditors or lawsuits filed against them. This is because the client has complete control over the property placed in their revocable trust. And because they retain the power to revoke the trust, a judge can order them to revoke the trust and use the trust property to pay their creditors and lawsuit judgments.

That being said, there are certain types of irrevocable trusts and other asset protection strategies that, if designed properly, can greatly enhance the level of protection a client can obtain for their property. However, these should be explored with the assistance of an experienced asset protection and estate planning attorney to ensure proper creation and implementation.

When it comes to protecting a client’s accounts and property, the time for taking the necessary steps is well before an accident ever occurs. Doing so will help your clients maximize the amount of asset protection that is available to them through purchasing insurance or designing estate planning features that have a much better chance of warding off potential lawsuits in the event of an accident.

We hope that we have given you some things to consider along with your clients that will help you encourage them to revisit their estate planning. Protecting a client’s hard-earned accounts and property is a worthwhile investment of time and effort. If you or your clients are not sure where to start, give us a call. We would be happy to help them take the next step in preparing for the perils that winter can bring.

[1] To date, twenty-four states have enacted or introduced model legislation referred to as the Uniform Voidable Transactions Act (Formerly Uniform Fraudulent Transfer Act). The full text is available on the website of the Uniform Law Commission.

What Is a Special Needs Trust?

Special needs trusts, also known as supplemental needs trusts, allow you to create a legal structure that controls financial assets for the benefit of a loved one with special needs. Many special needs trusts exist, but typically you will appoint a trustee who has control over the assets and administers them as needed.

Creating a special needs trust allows the beneficiary to qualify for public benefits such as Medicaid and Supplemental Security Income (SSI). These benefits have a low-income requirement, meaning that leaving an inheritance to your loved one can disqualify them from financial aid.

When Do I Need a Special Needs Trust?

You should consider the following factors when deciding whether a special needs trust is right for you and your loved one:

• The number of financial assets
• The individual’s ability to manage assets
• Their vulnerability to financial exploitation
• Eligibility for public benefits

Types of Special Needs Trusts in Tennessee

Special needs trusts can be complicated and come in various forms, but three common variations exist.

First-Party Special Needs Trust

A first-party special needs trust controls assets that belong to the beneficiary. These assets could be inheritance or a settlement payout. Since the money belongs to the beneficiary, the trust’s contents will revert to the government after the beneficiary’s death.

Third-Party Special Needs Trust

The person who creates a third-party special needs trust is usually the beneficiary’s parent, grandparent, or another family member. The appointed trustee has full discretion over how to use the funds on behalf of the beneficiary.

The money does not belong to the beneficiary, so the assets from the trust will not need to go toward government benefits upon their death and can pass on to another individual or organization.

Pooled Special Needs Trust

Pooled trusts are a unique case where a nonprofit controls the trust and designates an appointee from their organization. This type of trust is useful for pooling funds from multiple sources to grow investments.
Features of a Pooled Special Needs Trust include:

• Managed by a nonprofit organization
• Nonprofit assigns the trustee
• Can be first-party or third-party
• Can support multiple beneficiaries
• Funds come from multiple individuals

A Trusted Attorney Can Help You With Special Needs Planning

If you want to ensure your loved one is protected upon your death, a special needs trust provides a safe solution for responsibly controlled finances and maintaining eligibility for government benefits.

The Law Offices of Charles R. Frazier can assist you with your estate planning needs. Click on the button below to schedule a confidential appointment.

It is essential to ensure that you account for these assets as part of your estate plan. Otherwise, your loved ones may be left confused and frustrated, and some of your most valuable property could be lost forever. Your estate planning attorney can help ensure that your plan allows legal access to digital assets, but there are also many important steps you can take on your own.

What Digital Assets Do You Have?

To determine the digital assets you need to plan for, think of all the data you have stored on digital devices or online in cloud services. Be sure to include your phone, laptop, flash drives, cameras, and tablets. Remember that you may have several accounts that you access online.

Your digital assets may have monetary value, such as Venmo or Paypal accounts with a balance available. Or your digital assets may be valuable for their personal meaning to you, such as photographs, videos, and email messages. Even if your online accounts do not have any cash value remaining, someone needs to be able to access and close the account after you pass away to avoid the potential for identity theft or fraudulent activity.

Planning for Digital Assets

When you meet with your estate planning attorney, be sure to address digital assets. For instance, your financial power of attorney should specifically allow your agent access to appropriate digital accounts. You might want to mention certain digital assets in trust documents and your will so that your trustee and executor have access to them and to ensure that these assets are not overlooked.

Think about what you have and who you would like to have access to these digital accounts and assets. You may want many family members to have access to family photos but may want to keep access to your digital correspondence and financial accounts much more limited.

Assets to plan for include:

• Online bank accounts with no physical bank branches
• Cryptocurrency
• Payment services (Zelle, Paypal, Venmo, etc.)
• Frequent flier miles and loyalty points
• Photos stored on your devices as well as those stored with cloud services
• Websites, blogs, digital documents, and correspondence
• Social media accounts

Make sure to compile a list of assets along with user names, passwords, and answers to security questions. Keep this list with your estate planning documents so it won’t be overlooked.

Beneficiary Clauses and Digital Executors

Many online accounts and digital enterprises have made provisions for the transfer of assets or access to others when you pass away. For instance, Apple has created the Legacy Contact feature which allows you to designate someone as a sort of account successor when you pass away.

When you sign up someone as your Legacy Contact, they receive an Access Keycode. After you pass away, your contact person can gain access to your accounts by showing the code and your death certificate.

Talk to Your Estate Planning Attorney About Digital Assets

It will take considerable time to list all your assets and associated information, and then even more time to name successors where each account allows. However, when you think of the alternative—losing all digital assets for good—then you can see it is a worthwhile task.

Your estate planning lawyer can ensure that all legal authority is in place to allow loved ones access to digital assets when you pass away. To schedule a consultation with the Law Offices of Charles R. Frazier to review your estate plan, contact us today.

With offices in La Vergne, Tenn., and Brentwood, Tenn., Frazier is a former IRS Revenue Agent and tax attorney who holds two advanced tax degrees; a Master of Taxation from The Florida Atlantic University and a Master of Laws (LL.M taxation) degree from the University of Alabama. He is also a Certified Exit Planning Advisor to business owners. Frazier’s practice is devoted to tax planning, tax controversies, estate planning, and business succession planning. He represents fiduciaries and beneficiaries in estate and trust administration, and he works with nonprofits to obtain and maintain tax-exempt status.

“I am very pleased to be able to serve the residents of Tennessee in the areas of estate planning and tax law,” Frazier said. “I hope this new certification provides another layer of confidence to our clients that the Law Offices of Charles R. Frazier are prepared to successfully guide them through the process of obtaining wills, living wills, powers of attorneys, and completing other estate planning matters. Also, our team stands ready to provide probate administration services to help clients meet the legal requirements of managing a deceased loved one’s estate.”

To become Board-certified as an Estate Planning Law Specialist (EPLS), an attorney must have devoted at least forty percent of his practice to estate planning for a minimum of five years. In addition to passing a comprehensive examination in estate planning law, the attorney must also receive recommendations from five colleagues and establish that he has at least 36 continuing legal education credits within the last three years.

About the Law Offices of Charles R. Frazier

The Law Offices of Charles R. Frazier provide legal counsel to individuals and businesses and focuses on tax law and estate planning. The firm handles tax collections and tax audit matters before the IRS or Tennessee Department of Revenue as well as tax planning and compliance. The firm’s estate planning practice helps guide clients through obtaining wills, living wills, powers of attorneys, and completing other estate planning matters. Since 2009, The Law Offices of Charles R. Frazier have saved their clients millions of dollars in taxes, given customers the peace of mind that comes with a thoughtful estate plan, and settled countless intricate probate estates.

About the Estate Law Specialist Board

For more information about the Estate Planning Law Specialist program, see the parent organization’s website at www.naepc.org.

Regardless of age or asset levels, everyone should have a few basic documents prepared. Here’s a quick list of what to consider:

Financial Power of Attorney

If you were hospitalized for an accident or illness tomorrow, what would happen with your finances? If your bills go unpaid, your credit could be ruined in a hurry. We can create a power of attorney to allow someone to access funds and pay bills while you are incapacitated, traveling, or otherwise unprepared to handle matters. A power of attorney can be set up to allow a trusted individual to “step into your shoes” at any time, or to only take effect if you become incapacitated and incapable of handling your affairs yourself.

Healthcare Power of Attorney/Healthcare Proxy

It is also wise to have a healthcare power of attorney that authorizes a family member or friend to make medical decisions on your behalf if you are not able to make or communicate decisions on your own. Your document can include instructions about the care you want to receive, making matters much easier on the family. Our office will also provide a form to give to your doctors summarizing your wishes.

HIPAA Authorization

Federal laws severely limit your family’s ability to access your medical information unless you have prepared an authorization form in advance. HIPAA authorization allows someone you trust to talk with doctors and handle medical billing and insurance issues.

Advanced Directive/Living Will

In this type of document, you can provide instructions to healthcare providers about the type of care you want to receive if you are suffering from a terminal condition and unable to communicate your wishes. This document not only puts you in control of your situation but also takes the burden of a difficult decision off a family member or loved one.

Last Will and Testament

You should have a will specifying who you want to pay bills and settle your estate when you pass and how you want proceeds distributed. If you don’t have a will, the court will choose a representative and your assets will pass according to succession laws that you may not agree with. Even if you have a trust or most of your property will pass through other means, it is always a good idea to have a will. Your will could also name guardians for minor children, set up trusts to provide care for dependents, and accomplish other purposes.

Trust

This might be the right time to talk with your estate planning attorney about setting up a revocable living trust to avoid probate or a trust that can be used to conserve assets in anticipation of long-term care needs. Contrary to popular belief, you do not have to be super rich to have a trust. In fact, the time and money saved by avoiding drawn-out probate proceedings can benefit a family of any size—and trusts can do that and more. Tennessee law provides for a wide variety of trusts that can accomplish many objectives, including protecting your children’s inheritance or reducing tax liability.

Are Your Estate Planning Documents Ready for 2022?

Even if you think your estate plan is complete, it may be time to update your documents to make sure they comply with current legal requirements and still meet your needs. Schedule an estate planning tune-up appointment with your estate planning attorney so that you’ll be ready for 2022 and beyond.

Now is a great time to consider ways in which to celebrate and protect your family’s legacy well into the future. As we are all being forced to shift and modify many of our traditions, estate planning can be used as a tool to protect your family assets, or care for yourself or your loved ones in the event of unexpected circumstances.

Individuals and families in Tennessee can create legally binding documents such as wills and trusts to ensure that their assets are distributed according to their final wishes. What better way to preserve your family’s legacy than to plan gifts ahead of time, assign beneficiaries, provide to charity, and ultimately prevent future disputes over your assets. Comprehensive estate plans can provide the peace of mind that comes from knowing the things you have worked for a lifetime to achieve can be protected and passed down in a manner that is private, avoids probate administration, potentially reduces your tax burden and ensures your wishes are respected.

The Law Offices of Charles R. Frazier understands that family traditions and values are important, and we believe they are worth securing for the future. Our firm has more than a decade of experience with walking families and individuals in Tennessee through every step of the estate planning process. We would be honored to do the same for you. Please contact our office today to see how we can help you or your family get started with a will, trust, power of attorney or other estate planning documents.