Page 93 - Cityview Magazine - July/August 2017
P. 93

Legacy Planning
by Stephen L. Carpenter
AT CARPENTER AND LEWIS, we outright one-time inheritance, especially take more time and develop a plan that
if the heirs may not be good with money (or may suffer from addictions) where the inheritance could be quickly lost.
Estate planning has two main goals: to look after people and to look after assets. A basic will can look after assets, but only to a certain extent. Individuals with even moderate assets—and all families with minor children—should consider creating a more complete estate plan containing several legal instruments to protect your financial assets, yourself, and your family.
Similarly, some business owners feel that “asset protection” only applies to huge companies. However, Tennes-
see stands out as one of the best states for asset protection planning. Every business needs to be aware of how their business structure can be optimized to anticipate the possibility of a lawsuit, as well as some basic education about income tax reduction.
Legacy planning for individuals and businesses is all we do. We’re not a big firm; we’re a small firm that has chosen to narrow our focus. Therefore, we can
help families and businesses
control their legacy and protect their assets. We do this by using legal “tools” that are available to everyone, but that very few people actually know how to use to their advantage. This understanding of legal strategies allows us to work together with our clients
to identify their goals and to create customized “legacy plans” designed just for them. We consider it an honor and a privilege to help our clients make sound legal decisions that will contribute toward a secure future for those who come behind them.
Even though “estate planning” is often perceived to be only for the very wealthy, our attorneys use legal tools that create value even for our clients with small estates. Recently, we have seen big changes in laws for estate tax purposes. Today, people need less planning aimed at death taxes, but they are increasingly concerned about protection for their children against divorce or lawsuits. They want to take care of the next generation in a different way than just an
works well for our clients. We want to be personable, approachable, and relaxed. Our clients appreciate that about us.
We recommend that people take a look at their will every three to five years because not only does the law change
We want to be personable, approachable, and relaxed. Our clients appreciate that about us.
frequently, but also family circumstances may change due to marriage, divorce, age, and other situations. Each and every client is special to us, and we make sure to go the extra mile to understand the whole picture and to create a long-last- ing relationship with you.
For more information and a free report titled, “7 Things You Need to Know About Tennessee Legacy Planning,” please visit us at

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