Tennessee Trust Bill Takes Effect and Makes Important Changes to the State’s Trust Laws
Overview
Tennessee enacted a new trust bill effective July 1, 2024 that made several key changes to Tennessee’s trust laws as well as an important change to the Tennessee general partnership statute. Another highlight includes changes to the Tennessee Revised Uniform Partnership Act, which may enable interests in a family-owned general partnership to qualify for applicable valuation discounts under federal estate and gift tax rules. This Holland & Knight alert takes a closer look at the new law’s impact on family wealth and business planning.