WebNov 13, 2024 · What about states where community property isn’t the norm? In some of these other states, spouses may use special trusts to affirmatively designate community property. South Dakotans may use spousal trusts for this, as may Alaskans. The Tennessee community property trust allows community property designation for a … WebA Tennessee Community Property Trust allows for equal ownership of property by husband and wife, including a sharing in the appreciation and income from the property.
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WebNov 16, 2010 · The Community Property Trust Act is an elegant addition to the tools of Tennessee estate planners. With it and many other modernizations, Tennessee … WebJul 9, 2024 · Community property trusts in Tennessee are a savvy addition to your estate plan. Your estate planning attorney can help you save thousands of dollars in taxes in just a few easy steps. Call Patton Pittman if you think a community property trust would fit your financial and estate planning. Call us today at (931) 361-4477 to schedule a ... ofs dcf
Tennessee Approves Tenants by the Entirety Trusts
WebNov 23, 2024 · A Tennessee Community Property Trust offers clients the benefits of living in a community property state without having to move. As an example: In 1998, John and Sue Smith purchased an office building for $500,000. Over the next 20 years, they received income, the building appreciated in value, and they took depreciation on their annual tax … WebAlaska allows spouses to create community property by entering into a community property agreement or by creating a community property trust. In 2010, Tennessee adopted a law similar to Alaska's and allows residents and non-residents to opt into community property through a community property trust. More recently, Kentucky … Webcommunity property trust. § 35-17-103. An arrangement is a community property trust if one (1) or both spouses transfer property to a trust, that: (1) Expressly declares that the trust is a Tennessee community property trust; (2) Has at least one (1) trustee who is a qualified trustee whose powers ofs dealer