Estate

Memphis Proposes Incentives to Keep Graceland

Memphis has proposed incentives to keep Graceland in town after news that the home might be moved to another location, Slate.com reports. Though city officials asked said there were no plans to move one of the world’s most famous properties, a Wall Street Journal article on Sunday detailed considerations by the the Presley estate and corporation that runs Graceland to move the house to Nashville, Japan, China, or wherever else has the highest bidder. To keep Graceland around, Memphis will to give it a bigger cut of city and county property and sales tax revenues for an expansion project and feature between $194 million and $269 million in reduced taxes for stakeholders. This is not the first spat between the parties, with the conglomerate suing the city three times regarding construction of an arena on the property that would be funded by taxpayers.

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Tom Petty's Estate in a Free Fall

The widow of Tom Petty and two of his daughters from a previous marriage are ensnared in a battle over the late rocker’s estate, the Los Angeles Times reports. Trustee Dana Petty claims that the daughters are making it difficult to carry out important decisions, requesting the court to appoint a manager tasked with oversight of the estate and require a consensus be made between all parties regarding consequential business. One of the daughters, Adria Petty, has filed her own petition regarding the widow’s failure to incorporate the musician’s “artistic properties” into an LLC that, according to the will, would be divided between the three women. Court documents also allude to solo music recorded by Petty 25 years ago, the release of which has been stymied because of the feud.

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Estate Planning & Probate Forum Packs the House

The TBA Estate Planning & Probate Section presented its annual forum to a packed house at the Embassy Suites in Franklin on Feb. 22. Through the dedication of the section and top-notch programming, this event has become a staple for not only estate planning and probate practitioners, but lawyers of associated practices as well. Thanks to the TBA Estate Planning & Probate Executive Council members for their time and assistance with another remarkable forum. Stay tuned for more exciting events to come from this section, including the second annual Topgolf: Estate Planning Tee-Off on June 19.
 
OFFICERS
Michael Goode, Section Chair, Lewis Thomason, Nashville
Newman Bankston, Vice-Chair, Egerton, McAfee, Armistead & Davis, Knoxville
Jennifer Exum, Immediate Past Chair, Bahner & Stophel, Chattanooga
 
MIDDLE TENNESSEE DELEGATES
David Parsons, Attorney at Law, Nashville
Jeff Carson, Diversified Trust, Nashville
J. Barry, Elder Law of Middle Tennessee, Lebanon
Paul Hayes, Howard Mobley Hayes & Gontarek, Nashville
 
WEST TENNESSEE DELEGATES
Chris Coats, Baker, Donelson, Bearman, Caldwell & Berkowitz, Memphis
 
EAST TENNESSEE DELEGATES
Angelia Nystrom, University of Tennessee Foundation, Knoxville
Donald Farinato, Hodges, Doughty & Carson, Knoxville
John Billings, TCV Wealth Management, Knoxville
Victoria Tillman, McKinney & Tillman, Knoxville
 
 
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Actor Luke Perry's Estate in Good Order

Tennessee resident and 90201 actor Luke Perry, who died on March 4 after suffering a stroke, bucked the recent trend of celebrities’ who do not leave a will, Forbes reports. Perry reportedly created a will in 2015, after doctors discovered precancerous growths in a colonoscopy, leaving everything in his estimated $10 million estate to his three children. The news magazine highlights that Perry likely had an Advance Care Directive, otherwise, the decision of his family to terminate life support would have been a public battle in probate court. Perry was laid to rest on March 11 and buried just outside of his farm in Dickson County.

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Several Organizations Fight Tennessee Family Over Estate

A Tennessee family‘s estate that has been passed down through six generations has become part of a heated battle between the family and several non-profit organizations, the Tennessean reports. The last heir, Barry Blackburn Sr., died unexpectedly in 2014, with his will specifying that properties be held in a lifetime trust for his son, then passed along to that son’s children. The will also includes a provision that should Blackburn Sr.’s son die before him, the trust would pass to his sister's three children. A failure of beneficiary clause was included stating that if there were no surviving beneficiaries, the estate would be equally divided among Nashville Christian School, Harpeth Presbyterian Church, the University of Mississippi law school and Boykin Spaniel Rescue. Blackburn Sr.’s son, Christopher Blackburn, died the following year at 21, having no children. The nonprofits now argue that the will, read literally, bequeaths property to them since the son died after the father. A Mississippi judge last year sided with nieces and nephew involved, calling the matter a "scrivener's error," however, the organizations have appealed that decision. The properties, including working farms in Mississippi and Alabama and acres of property along Pickwick Lake, are worth millions and were given to the family by President Andrew Jackson.

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Estate Planning & Probate Executive Council Seeks Your Input

The TBA Estate Planning Forum 2019 is just around the corner and the Estate Planning & Probate Section Executive Council would like your input. Along with the top-notch presenters and timely topics, this program features a Clerk and Master’s panel where the clerks interact with lawyers practicing in their respective counties, and the panel answers questions from attendees. The council would like your help in predetermining topics that may be beneficial to address, or specific questions that you might have as a forum attendee. Please submit comments or ideas to Estate Planning & Probate Section Coordinator Jarod Word by Friday. All questions and comments are confidential unless otherwise specified by the author. 

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Michael Jackson Estate Blasts HBO Over New Documentary

Lawyers for Michael Jackson's estate have admonished HBO over the network’s decision to proceed in airing its documentary "Leaving Neverland," Rolling Stone reports. An attorney for the estate, Howard Weitzman, sent a 10-page letter to HBO CEO Richard Plepler calling the film a “one-sided, sensationalist program,” and questioned the credibility of the two accusers, Wade Robson and James Safechuck, who are the focus of the documentary. “The Estate spent years litigating with Robson and Safechuck, and had four different lawsuits by these two men dismissed with prejudice,” the letter said. “Today, Robson owes the estate almost $70,000 in court costs, and Safechuck owes the estate several thousand dollars as well.” HBO responded to the letter saying that its plans remain unchanged, and that the documentary will air March 3 and 4.

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Senate Republicans Move to Kill 'Death Tax'

Three Republican Senators on Monday proposed a plan to repeal the federal estate tax, The Washington Post reports. Senate Majority Leader Mitch McConnell (R-Ky.), Sen. Charles E. Grassley (R-Iowa) and Sen. John Thune (R-SD) introduced the bill that aims to kill the already weakened “death tax,” of which the American College of Trust and Estate Counsel estimates only 5,000 taxpayers are expected to claim. The Tax Cuts and Jobs Act of 2017 currently allows married couples to gift up to $22,360,000 exempt from federal estate and gift taxes. According to the Joint Committee on Taxation, the estate tax is projected to account for about 0.6 percent of the federal budget in 2018, down from more than 1 percent in the 2000s. 

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Sears Closures Add Millions of Square Feet to Commercial Real Estate Market

Beleaguered retail behemoth Sears is considering liquidation, which would add an estimated millions more square feet of unused commercial space nationwide, Forbes reports. Since it announced bankruptcy last October, Sears has either closed or plans to close 260 of its 700 retail locations. In 2015, Sears Chairman and former CEO Eddie Lampert created the real estate investment trust Seritage Growth Properties, seeking to capitalize on the real estate value of Sears’ holdings; however, there is no indication if this was done in light of bankruptcy considerations. 

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Metro Council Approves Infrastructure Funding for Nashville Yards Development

The Metro Nashville Council recently voted to grant preliminary approval for $15.2 million earmarked towards road, sewer and other infrastructure needs around the Nashville Yards project which will be home to Amazon’s HQ2, The Tennessean reports. The move also approves participation, easement and license agreements between Metro and Uptown Property Holdings, the building group in charge of development. Council member Kathleen Murphy — one of only three detractors — denounced the city’s interest in the infrastructure plan, saying that it was just "another incentive" for Amazon and that the money would be better spent on other projects throughout the city. The council will make its final decision regarding the infrastructure reimbursement on Feb. 5.

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