Securing Your Legacy And Peace Of Mind

Estate Planning

Trusts
Revocable Trusts
Irrevocable Trusts
Powers Of Attorney
Probate & Trust Settlement
Asset Protection
Succession Planning
The Dangers Of
Do-It-Yourself Planning
Charity
Trusts

Establishing Trusts As Part Of An Estate Plan

Are you and your family prepared for the future? If something were to happen to you, do you know what will happen to your estate? I am Memphis-based attorney Mike Parham, and I can help answer these questions and more as part of my estate planning practice at Parham Estate Law.

Creating Trusts: Exploring Your Options

A trust is a useful tool for ensuring that your estate passes onto your intended heirs in a fiscally responsible fashion. A trustee, named by you, will be responsible for distributing your assets, avoiding the often lengthy probate process.

There are many different types of trusts designed to fit a wide variety of situations. A trust may be made either revocable or irrevocable, depending on your desires and goals. When a trust is administered, the process is a private matter, unlike the probate process which is public.

There are significant differences between a trust and a will. Both are often established as part of a comprehensive estate plan in order to help parties clearly establish their wishes. When you meet with me, I will begin by listening to what it is you hope to achieve. From there, we can explore your options and begin to craft a plan that is tailored to your unique situation. I believe that it is never too early to begin thinking about the future and I am here to help guide you through the estate planning process.

Contact A Lawyer To Learn More About How A Trust Can Benefit Your Family

To learn more about revocable trusts and irrevocable trusts, as well as other important estate planning tools, talk with me. To schedule an initial consultation at my office in Tennessee, please call 901-755-0199 or contact me online.

Revocable Trusts

Revocable Trusts: An Important Part Of Any Estate Plan

A revocable trust, also called a living trust, is an effective estate planning tool. Because it is revocable, you have the power to revise the terms or revoke the trust entirely at any time. This type of trust is also useful for transferring your assets to your desired beneficiaries after death.
I am Memphis-based attorney Mike Parham. I established my legal practice to help meet the unique estate planning needs of individuals and families throughout Tennessee. To learn more about the benefits of establishing a trust, call 901-755-0199 to schedule an initial consultation.

A Trust Can Help Avoid Probate And Ensure Your Wishes Are Honored

The proper creation of a revocable trust can help ensure that your estate is settled without going through the time-consuming probate process. It also ensures that the administration of your estate is kept private, unlike probate proceedings which are public.

A revocable trust can also benefit yourself during your lifetime. You can help establish what should be done if you should ever become incapacitated. You may name a trustee who will be empowered to make financial and/or health care decisions on your behalf.

When you meet with me, we can discuss your estate planning goals and whether a trust should be part of your comprehensive estate plan. I can inform you of the benefits and potential pitfalls of different types of trusts so that you are able to make a fully informed decision about the best way to move forward.

Contact A Lawyer To Learn More About Living Trusts

Living trusts are useful to help carry out many of the same functions as a will. To speak with me about planning for the future, please call 901-755-0199 or contact me online to schedule an initial consultation.

Irrevocable Trusts

Preserving Your Assets With The Help Of Irrevocable Trusts

The creation of an irrevocable trust can help protect your family from estate taxes and preserve your assets so that they will be distributed as you see fit. This is accomplished by removing assets from your estate and placing them into the trust.
I am Memphis-based attorney Mike Parham. I understand the complexities of Tennessee estate law and can help guide you through the trust creation process. To learn more about the benefits of establishing an irrevocable trust, call 901-755-0199 to schedule an initial consultation.

What Does An Irrevocable Trust Look Like?

Unlike a revocable trust, an irrevocable trust is permanent and cannot be changed. In effect, you will be locking up certain assets that will no longer be in your name. However, you will have control over how the funds in the trust are to be distributed in the future.

Some of the benefits of this type of trust are that interest and investment earnings help increase the value of the trust, rather than your personal assets. An irrevocable trust also serves to place assets out of the reach of creditors and legal judgments. This can help ensure that your wishes will be carried out as you see fit, and enable you to provide support to your loved ones and organizations that are important to you.

Contact A Lawyer For Help With Your Estate Planning Needs

Irrevocable trusts can be complicated, especially when it comes to tax issues. It is essential that these trusts are prepared and drafted carefully with the help of skilled legal counsel. To speak with me about your estate planning options, please call 901-755-0199 or contact me online to schedule an initial consultation.

Powers Of Attorney

Powers Of Attorney: Ensuring Your Wishes Are Respected

If you are incapacitated by an injury or illness and are unable to make decisions regarding your finances, what will happen? A court may appoint a conservator, which can be time-consuming and provides no guarantees that your wishes will be honored. However, establishing powers of attorney as part of your estate plan will enable you to name a trusted individual to help make decisions on your behalf should the unthinkable ever occur.
I am Mike Parham, an attorney based in Memphis who provides comprehensive estate planning services to people throughout Tennessee. To learn more about powers of attorney, call me at 901-755-0199 to schedule an initial consultation.

A Type Of Insurance Plan

There are more pleasant things to think about than possibly becoming incapacitated in the future. However, establishing powers of attorney can help provide you with the peace of mind that comes with knowing a person you trust will be put in charge of your affairs. We do not purchase home or auto insurance and then presume an accident is inevitable, but it is nice knowing that we will be taken care of if something should ever arise. Powers of attorney are in many ways similar to an insurance policy.

Naming a person as power of attorney means that your loved ones will not have to endure the stress of who should be in charge of your assets, which can lead to disputes and result in your financial affairs not being carried out as you see fit. I can help create a comprehensive, personalized estate plan that is tailored to fit your unique goals.

Contact A Lawyer For Help Planning For The future

It is never too early to begin thinking about the future. To learn more about how estate planning can benefit you and your family, please call 901-755-0199 or contact me online to schedule an initial consultation.

Probate & Trust Settlement

Your Guide To Probate And Trust Settlement

I am Mike Parham, an attorney in Memphis and founder of Parham Estate Law. Many times when people are signing wills and/or trusts they ask me, "Will my family be able to call on you when this goes into effect?". The answer, of course, is yes. When it comes to probate and trust settlement, I will want to meet with you to gather all of the important information, get a grasp on your family's needs and desires, and discuss the preliminary aspects of this process. To schedule a consultation at my law office in Tennessee, call 901-755-0199.

Settling Living Trusts

If drafted and funded properly, a living or revocable trust can help minimize the need for probate. A living trust will allow for the transfer from any person, entity or trust to any other person, entity or trust. However, some administrative processes, such as the filing of tax returns, will still be required. I can help guide you through this process step by step.

The Probate Process

If a loved one passes on without having a comprehensive estate plan in place, the estate will have to pass through probate. I understand that probate administration often takes place during a time of grief and mourning, and that the executor is tasked with a heavy burden at a difficult time. I do my best to help make this process as painless as possible, which I do by always making myself available to answer your questions and provide you with the experienced guidance you need.

Contact A Lawyer For All Of Your Estate Administration Needs

You do not have to work through the estate administration process on your own. To learn more about how I can help you and your family, please call 901-755-0199 or contact me online to schedule an initial consultation.

Asset Protection

Asset Protection And Planning For The Future

I am attorney Mike Parham, founder of Parham Estate Law in Memphis. As part of my comprehensive estate planning services, I work with individuals and families who wish to lawfully protect their assets. I can help develop a plan that will help shelter your assets from future creditor claims using a wide range of legal tools. I can also help safeguard your heirs' inheritance from creditors, divorce proceedings and bankruptcy filings. To schedule an initial consultation to discuss your situation, please call me at 901-755-0199.

Tennessee Investment Services Trusts (TISTs)

In 2007, Tennessee enacted the Investment Services Trust Act, which allows you to place assets into an irrevocable trust, which will protect your assets from future creditors, lawsuits and divorce settlements. A TIST can also be used to protect doctors from potential medical malpractice suits. The trustee of the TIST must not be the creator of the TIST and he or she must live in the state of Tennessee.

Asset Protection And Heirs

A common concern for many people is the danger of their heirs losing their inheritance as the result of a divorce action. This threat can be avoided by setting up trusts in your will to help protect your assets should your marriage come to an end.

Contact A Lawyer For Help With All Of Your Estate Planning Needs

When you meet with me, I will listen to your goals and desires, and help you create a comprehensive estate plan that also protects your valuable assets. To speak with me about planning for the future, please call 901-755-0199 or contact me online to schedule an initial consultation.

Succession Planning

Succession Planning: Deciding The Future Of Your Business

Building a successful business is hard work and future decisions regarding your company should not be left to chance. Succession planning helps give you the power to decide on the future direction of your business. This may involve transitioning control to a key employee or a family member. It could also cover a sale or dissolution. Another alternative is to simply create a plan that will enable you to leave the business at a future date.
I am Mike Parham, an attorney in Memphis who provides comprehensive estate planning services. To learn more about business succession planning options in Tennessee, please call me at 901-755-0199 to schedule an initial consultation.

Buy-Sell Agreements

I can help you design a buy-sell agreement that will help deal with the complexities that can arise with shareholders of a closely held company. Events to consider when crafting a buy-sell agreement include:

  • Death or incapacitation of a shareholder
  • Divorce of a shareholder
  • Bankruptcy of a shareholder
  • Retirement of a shareholder
  • Termination of a shareholder
  • Business dispute among shareholders
  • Sale of all or part of the company to a third party

Liquidity Planning

When developing a business it is important to consider liquidity planning. Liquidity is your business' ability to meet obligations with cash or other assets that can quickly be converted into cash. Liquidity refers to how easy it is for investors to convert their securities into cash and also refers to a corporation's cash position, or whether the value of their current assets exceeds current liabilities. I can help with all liquidity planning issues.

Contact A Lawyer To Discuss Your Business's Future

I can help serve as your legal counsel to ensure that your business is left how you see fit. To speak with me about planning for the future of your company, please call 901-755-0199 or contact me online to schedule an initial consultation.

The Dangers Of
Do-It-Yourself Planning

The Dangers Of Do-It-Yourself Planning

The internet has been a boon to people who like to take on projects themselves. You can find tutorials online for everything from hammering a nail to building a home from the ground up. The legal arena has not been immune to this new age of doing things for yourself. A number of businesses provide "canned" forms that they claim will allow you to do your estate planning by yourself at a low cost. While these forms are useful for getting people to consider what they would like their estate plan to look like, they are a poor substitute for experienced legal counsel.
I am attorney Mike Parham, founder of Parham Estate Law in Memphis. I have dedicated my legal practice to help meet the needs of individuals and families throughout Tennessee. To learn more about the services I provide, please call 901-755-0199 to schedule an initial consultation.

Designing A Plan Tailored To Fit Your Unique Situation

The problem with preprinted estate planning forms is that they are of a one-size-fits-all design. By failing to recognize everyone's individual circumstances, people's estate planning needs often fall short when they rely on these types of forms. This coupled with the fact that it can be easy for laypeople to misapply the law, use the wrong documents or prepare the documents incorrectly can leave family members facing a nightmare when it comes time to administer an estate.

An estate plan is about more than filling out paperwork. Your lawyer should also serve as your trusted advisor who can counsel you on the most effective way to protect your family, and to ensure that your assets are preserved and distributed as you see fit. The peace of mind that comes with knowing your estate plan is properly in place is priceless.

Do Not Take Your Chances On A DIY Estate Plan. Contact Me Today.

When you meet with me, I will take the time to listen to your goals. Then we can work together on formulating the estate plan that is right for you and your family. To speak with me, please call 901-755-0199 or contact me online to schedule an initial consultation.

Charity

Charity And Estate Planning

Many people wish to make an impact with their inheritance that goes beyond merely distributing assets to family members and loved ones. Leaving assets to charity can help preserve your legacy and have a positive impact on the organizations that are important to you.
I am Mike Parham, an attorney in Memphis who is committed to helping individuals and families throughout Tennessee create comprehensive estate plans. To schedule an initial consultation to discuss your needs and goals, please call me at 901-755-0199.

Making Tax-Free Gifts Part Of Your Estate Plan

I have many clients who have strong connections to the community and to local charities. I work closely with people who are interested in making tax-free, charitable donations as part of their estate plans. I provide advice and consultation about how to best make charitable gifts, the creation of charitable remainder trusts and charitable lead trusts.

In addition to representing individuals who wish to make charitable giving part of their legacy, I also provide legal counsel to private foundations and charitable organizations throughout the Memphis area.

Contact A Lawyer To Learn More About Leaving Assets To Charity

I can help answer all of your questions and explore your options regarding charitable giving as part of your comprehensive estate plan. To speak with me about planning for the future, please call 901-755-0199 or contact me online to schedule an initial consultation.

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