By Olivia Wann
Introduction:
This article examines the benefits and legal framework for establishing a pet trust under Tennessee law. Pet trusts provide a legally recognized mechanism for ensuring the continued care of beloved animals after their owner’s death or incapacity. Tennessee’s comprehensive statutory framework offers pet owners significant advantages and protections when establishing these specialized trusts.
by Gracie Hogue
Being a caregiver can be utterly daunting. This role requires you to constantly be thinking of the other person and trying to stay one step ahead of the next need, possibility of accident, or a potential incident. Caretaking taxes a person in every respect: physically, emotionally, mentally, and spiritually. So it is extremely important to take steps toward avoiding burnout.
Here are seven ways to relieve or avoid caregiver burnout.
by Olivia Wann
A life estate deed is a form of estate planning in Tennessee. An attorney would prepare a quit claim deed to transfer your real estate to your children and you retain a life estate. This means that you, as the life tenant, retain the right to live on the property until your death. You pay the taxes, the insurance and the maintenance. If you rent the property, you keep the proceeds.
On death, the real estate automatically transfers to the remainder interest holder, in this case your children without probate.
What are the pros of a life estate deed?
by Olivia Wann
Perhaps you know an elder orphan. The term elder orphan describes senior individuals living alone with little to no support system.[1] Maybe I’m a future “elder orphan” having not had children. This message resonates with my heart because I serve a population of elderly clients locally who are basically elder orphans, whether they have children or not.
By Olivia Wann
First let’s establish the difference between IRS rules and Medicaid eligibility rules.
The IRS sets limits on the amount you can give to another person without having to pay tax. In the year 2025, the annual gift tax exclusion is $19,000 per person or entity. This means you can give up to $19,000[1] to a person without paying a gift tax. Note that gift tax rates range from 18% – 40% and the donor—you—would pay the tax.
by Olivia Wann, JD
As discussed in prior videos, Medicare only pays a maximum of 100 days for nursing home care costs. The remainder of long-term care would be an out-of-pocket expense or covered by Medicaid if you qualify. The state’s Medicaid program would seek reimbursement for funds paid for long term care meaning your home could be recovered by the state to satisfy any monies owed for your nursing home stay. The state can force a sale through a public auction.
As estate planners, we work closely with clients to provide a plan to protect their assets and ensure that personal and real property flows to the intended recipients. Protecting Your Pets in Emergencies is also a priority. We emphasize the importance of having a General Durable Power of Attorney, which includes provisions for pet care.
The Law Office of Olivia Wann & Associates, located in Dover, Tennessee, focuses on estate planning and elder law. This blog explores life estates, their pros and cons, and how they compare to irrevocable trusts. It also highlights the benefits of irrevocable trusts, especially when a Trust Protector is involved.
Are you aware that in the year 2016, Stewart County, Tennessee, was rated number one in the top 20 most armed counties in the country? Yes- indeed! Stewart County, which includes the towns of Dover, Indian Mound, Bumpus Mills, and Cumberland City, has the highest percentage of residents who keep firearms around their homes.
Recently, a Tennessee parts supplier for John Deere and Yamaha was fined $296,951 after the Wage and Hour Division confirmed that as many as ten children as young as 14 years old were working in the factory, illegally employing children. According to Jessica Looman in a press release, she indicated that even one child working in a dangerous environment is too many. Evidently, there has been an alarming increase in child labor violations where children are in danger. One child was operating a power-driven hoisting apparatus like a forklift. Workers under 18 years old are not permitted to operate dangerous machinery.