Representing Individuals and Corporations
Our Clients Are an Integral Part of the Stable Growth and Vitality of East Tennessee
Frantz, McConnell & Seymour is a medium size law firm representing clients throughout East Tennessee. Our attorneys regularly appear in state and federal courts and administrative agencies. Visit the Attorneys section of this website to learn more about their individual expertise and practice areas.
Our litigation and transactional skills enable us to maintain exemplary standards to provide our legal expertise and work with our clients to meet their goals. Visit the Practice Areas section of the website for a detailed listing of services offered by our attorneys.
On Thursday, October 16th, Sharon Potter conducted a two-hour class at Pellissippi State Community College [PSTCC] on “The Importance and Flexibility of Trusts”. The two-hour presentation included a discussion on the many types of trusts and the legal requirements for creating them, with a focus on the most frequently used “Revocable Living Trust”. Students learned that for individuals and families owning property in another state, for instance a cabin, a beach house, or a timeshare week in one or more locations, a revocable trust can be an important estate planning tool that would allow such property owners to avoid the costly and unnecessary expense of multiple probate proceedings in order to transfer that property at death. In addition, certain key provisions to be included in trust agreements to address particular beneficiary issues were covered, such as children in a blended family, special needs beneficiaries, and spouses of children or grandchildren who could be unintended beneficiaries. Additional topics such as Trustee duties and responsibilities and “No Contest” clauses were covered, with sample language provided for review and discussion. Irrevocable trusts and the asset protection and tax-planning benefit they provide were also discussed. The class is a non-credit class offered as part of the Business & Community Services division of PSTCC and is one of two offered by Ms. Potter, the other being a two-night class on “Tennessee Estate Planning: Its’ Not Just Having a Will”.
This is an interesting article highlighting the fact that “relators” may be current employees of your organization or do business with your organization while secretly taping meetings and copying documents. The importance of having a system to ensure compliance and auditing that system cannot be overemphasized.