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Though Tennessee has no estate tax, there is a federal estate tax that may apply to you if your estate is of sufficient value. There is a $12.92 million exemption for the federal estate tax in 2023, which is up from the $12.06 million exemption for 2022.

Tennessee Waiver required if decedent was a legal resident of Tennessee. BUT, no tax waiver or consent is required for property passing to the surviving spouse, tenant by entirety or joint tenant with rights of survivorship.

The inheritance tax is no longer imposed after December 31, 2015.

Experience and Knowledge. Another key consideration is whether the individual or entity is qualified to act as trustee. If the trust has substantial assets, an individual with experience managing significant assets or with a background in finance or investments may be better suited to the role of trustee.

Trust funds are managed by the trustee who must act for the benefit of the grantor and beneficiary. Trust funds can take many forms and can be established under different stipulations. They offer certain tax benefits as well as financial protections and support for those involved.

So, now you know that the Trust Maker holds the most power before the Trust is established, but the Trustee holds the most power after the Trust is established.