A group known as Tennesseans Against Death Taxes is lobbying the Tennessee government to repeal Tennessee gift and inheritance taxes. Tennessee is one of only two states that charge gift taxes. Our state gift tax roadblocks a lot of good estate planning that could otherwise be done, with the result that families pay significantly more federal estate

Bloomberg has published an article which concludes that Tennessee has the third lowest taxes of any state in the country. It is somewhat surprising to me that the two states that are ahead of Tennessee both have a state income tax. Mississippi has a 5% income tax, and South Carolina has a 7% income tax.

A lot

A total of 19 states and the District of Columbia assess estate and/or inheritance taxes. The enclosed map shows that virtually all of the states in the Northeastern sector of the country impose taxes.

Tennessee is the only southern state with death taxes. Even if you consider consider Kentucky a southern state, Kentucky’s tax is

A lot of my clients recently received a Franchise and Excise Tax Annual Exemption Renewal Form from the Tennessee Department of Revenue. This form applies to Limited Liability Companies and Limited Partnerships that claim an exemption from Tennessee Franchise and Excise Taxes.

The three most common exemptions that apply to my clients are the obligated

Tennessee imposes Franchise and Excise Tax on limited partnerships and limited liability companies unless they qualify for an exemption. Due to a law change enacted earlier this year, numerous entities converted from the family owned non-corporate entity (“FONCE”) exemption to the obligated member entity (“OME”) exemption.

The OME exemption requires the entity’s owners to assume personal

The estates of a lot of Tennessee decedents pay Tennessee inheritance taxes but do not pay federal estate taxes. The federal estate tax exemption is currently $3.5 million. As of the date of this article, various members of Congress favor extending this exemption amount indefinitely into the future. The Tennessee inheritance tax exemption is currently