WHAT ARE THE ADVANTAGES OF A TENNESSEE TRUST?
There are few states that can compete with Tennessee when it comes to our trust laws. Traditionally, the most favorable trust states were Alaska, Nevada, Delaware, and of course, South Dakota. While those are great states to charter a trust company and form a trust, Tennessee should not be overlooked. For starters, Tennessee Statute can allow liberal decisions to be made regarding investment decisions. Let’s face it, investing in strictly conservative investments is not always the best decision for the beneficiaries.
Another great advantage having a Tennessee Trust is that there is zero state income tax on trusts formed in Tennessee…even if the beneficiaries are out of state. The benefits are great, but the last item this blog will cover is the Tennessee Asset Protection Trust, which is also known as the Tennessee Investment Services Trusts. This allows individuals to shield their assets from creditors. The grantor of these trusts must sign an affidavit that they are not doing this to avoid a legitimate creditor and/or they do not have a claim pending against them when the trust is formed. Furthermore, if forming a Tennessee Investment Services Trust it is important to know that a third party must serve as trustee.
Whether you have questions about forming a trust in Tennessee or want to know more advantages of the same, please feel free to contact us at any time. Contact Adam Bullock and Bullock Law Firm at (423) 566-6001, or by email at email@example.com