by Tawnya Gilreath

Financial Planning. Tax Planning. Legacy Planning. Estate Planning – How many plans do I need?!

Estate and Business

Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being and protection of your assets and family. All of these plans are closely linked, affecting one another but also serving different purposes.

Contrary to popular belief, in order to get to where you want to go in life you need multiple plans, each intended for a specific area of your life. Read More

by Tawnya Gilreath

3 Examples of When an Irrevocable Trust Can – and Should – Be Modified

The Law Office of Tawnya Gilreath

If you didn’t know that irrevocable trusts can be modified, you’re not alone. However, the truth is that changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Or, sometimes, an error in the trust document itself is identified. When this happens, it’s wise to consider trust modification, even if that trust is irrevocable. Read More

by Tawnya Gilreath

3 Tips for Overwhelmed Executors

The Law Office of Tawnya Gilreath

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. If you’ve found yourself in the position of “overwhelmed executor,” here are some tips to lighten the load. Read More

by Tawnya Gilreath

Joint Property Perils

Estate and Business

People often set up bank accounts and real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other automatically inherits the property by right of survivorship, without the property having to go through probate. Joint ownership of property is perceived to be easy because bank accounts can be opened as joint accounts and when buying real estate, title can simply be taken as joint tenants. Read More

by Tawnya Gilreath

3 Reasons an Irrevocable Trust Should be Modified

Estate and Business

Many people believe that an irrevocable trust cannot be modified. However, changes in the law, family, trustees, and finances sometimes frustrate the trust maker’s original intent. Sometimes an error in the trust document itself is identified. When this happens, it makes sense to consider trust modifications, even when the trust is irrevocable. Here are three examples of when an irrevocable trust can, and should, be modified or terminated. Read More