Shelton Chambers and Nicholas Nester, of Chambliss, Bahner & Stophel, P.C., has made available for download their article, “Tennessee Further Solidifies Itself as a Top State for Trusts,” published in JDSUPRA. The abstract is as follows:
For years, we have known that Tennessee has one of the most robust trust codes in the country. While this is surprisingly not one of the main topics at dinner tables nationwide, more than just Tennessee residents can share these incredible attributes. Due to new legislation Gov. Bill Lee signed into law on May 12, 2021, Tennessee has recently gotten even better!
For the readers that do not spend their weekends and vacations perusing the trust code, some of the best parts are: ease and flexibility of self-settled asset protection trusts, length of time trusts can exist, and state income tax provisions. And with the new legislation, it is even easier for preexisting trusts to be governed under Tennessee’s Trust Code, even when the trust agreement provides for administration in a different state.
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.