Tennessee

The information given on this page is for educational and informational purposes only, and does not constitute any legal or tax advice or opinion. This page is meant to give a quick start to research by other professionals, but it should absolutely not be relied upon for any purposes whatsoever. Additionally, this page is kept current only as our time allows, and the information given here may not be current. We make NO GUARANTEES as to the accuracy of the information herein and you should not rely on it. Even professionals who use this information must independently verify whether it is correct and current.

Nothing in the information given below should imply that the drafters of this webpage are admitted to practice law in the referenced state or have any special expertise in the areas listed. Nothing herein should be construed as a solicitation by the drafters of this website to practice law in the referenced state. Persons desiring planning should contact a licensed attorney or other appropriate planning professional in this state. Certainly, nothing herein is any substitute for the services, advice, or counsel of a properly licensed attorney in the relevant state!

Tennessee Asset Protection Overview

Tennessee debtors may only choose from the state bankruptcy exemptions.

Tennessee has opted out of the federal bankruptcy exemption structure. A Tennessee debtor must choose the state bankruptcy exemptions. The homestead protection that is afforded is nominal, but life insurance and annuities are exempted in some cases.

In an attempt to compete for trust and financial business, Tennessee has adopted a "domestic asset protection trust" statute that allows self-settled spendthrift trusts. Like other states that have passed DAPT legislation, it is probably great for debtor planning within the state but worthless for people not resident in Tennessee. Caution also the 10-year clawback in federal bankruptcy for self-settled trusts, which Tennessee law cannot override.

Tennessee Statutory Creditor Exemptions

For additional detailed information on the use of life insurance, annuities, pension plans, and employee benefit plans for wealth preservation and asset protection, see advanced life insurance

Tennessee Homestead

• The Tennessee homestead exemption is $5,000 for a single person and $7,500 for a couple. [26-2-301]

Statute

• The homestead exemption applies to property held in a life estate. [26-2-302]

Statute

• The homestead exemption applies to property held in a 2-15 year lease. [26-2-303]

Statute

• The homestead exemption applies to the spouse and children of the deceased. [26-2-301]

Statute

• Property held in tenancy by the entirety is exempt from the debts owed by one spouse.

See In re Arango, 992 F.2d 611 (6th Cir. 1993).

Tennessee Annuities

• Life insurance annuities are exempt. [56-7-201]

Statute

• Disability proceeds are exempt. [26-2-110]

Statute

Tennessee IRAs & Pension Plans

• IRAs are exempt. 26-2-105(b), 26-2-111]

Statute [26-2-105(b)]

Statute [26-2-111]

• Public employee pension plans are exempt. [8-36-111]

Statute

Tennessee Fraudulent Transfers

For additional detailed information relating to fraudulent transfers, including the text of the Uniform Fraudulent Transfers Act, see fraudulent transfers

Tennessee Fraudulent Transfer Act

• Tennessee Fraudulent Transfers Act

Tennessee Fraudulent Transfer Cases

State Appellate Court

• Guy G. Bigger, Jr. et al. v. Anthony I. Fields et al.,
  No. M2004-01489-COA-R3-CV (Tenn.App. 08/24/2005)

• Beverly Healthcare Brandywod v. Betty L. Gammon et al.,
  No. M2003-03117-COA-R3-CV (Tenn.App. 08/18/2005)

• Brooks v. Creech,
  2003.TN.0000104 (Tenn.App. 01/28/2003) Civil Conspiracy

• Orlando Residence, Ltd. v. Nashville Lodging Co.,
  2002.TN.0000808 (Tenn.App. 05/21/2002)

• Nelson v. Metric Realty,
  2002.TN.0001477 (Tenn.App. 09/26/2002) Civil Conspiracy

• Burton v. Hardwood Pallets, Inc.,
  2001.TN.0002071 (Tenn.App. 12/13/2001) Civil Conspiracy

• Farley v. Ellis,
  2000.TN.0044060 (Tenn.App. 12/27/2000)

• Bush v. Carrick,
  2000.TN.0043286 (Tenn.App. 08/09/2000)

• Holt v. Holt,
  995 S.W.2d 68 (Tenn. 04/19/1999)

• Remington Investments Inc v. Obenauf,
  1999.TN.42527 (Tenn.App. 04/07/1999)

• Stafford v. Stafford,
  1999.TN.42256 (Tenn.App. 02/19/1999)

• Orlando Residence v. Nashville Lodging Company,
  1999.TN.0043843 (Tenn.App. 11/17/1999)

• Branum v. Akins,
  978 S.W.2d 554 (Tenn.App. 04/27/1998)

• In Re Perry,
  1998.TN.30232 (Tenn.App. 09/24/1998)

• City Of Milan Hospital v. Ferrell,
  1998.TN.241 (Tenn.App. 02/09/1998)

• Edwin H. Bush and William F. Gibson v. Tony Wesley Carrick,
  1997.TN.19485 (Tenn.App. 04/30/1997)

• Jewell Maness v. Estate Acie Lee Maness,
  1997.TN.17943 (Tenn.App. 11/12/1997)

• Orlando Residence v. Nashville Lodging,
  1996.TN.19913 (Tenn.App. 12/18/1996)

• United Physicians Insurance Risk Retention
  v. United American Bank of Memphis,
  1996.TN.19585 (Tenn.App. 02/07/1996)

• United National Real Estate v. C. F. Thompson,
  941 S.W.2d 58 (Tenn.App. 10/04/1996)

• Beverly Fern Bagwell Brooks v. Mildred Beatrice Brooks,
  1994.TN.18660 (Tenn.App. 03/03/1994)

• Keep Fresh Filters v. Connie Reguli and Iona Senecal,
  888 S.W.2d 437 (Tenn.App. 09/02/1994)

• Richard George Schwartz v. Jacqueline Raelene Vaneman Schwartz,
  1990.TN.861 (Tenn.App. 05/11/1990)

• Thomas G. Brown v. C. Michael Conroy,
  1990.TN.261 (Tenn.App. 02/12/1990)

• William H. Young v. Linda M. Hudgens,
  1989.TN.1205 (Tenn.App. 06/30/1989)

• Ruth McClure v. R. C. Stegall and Barbara Stegall,
  729 S.W.2d 263 (Tenn.App. 03/06/1987)

• T. J. Weaver v. Paul E. Nelms,
  750 S.W.2d 158 (Tenn.App. 12/14/1987)

• Marrell Wright Edwards v. Janie Lee,
  713 S.W.2d 642 (Tenn. 06/16/1986)

• Martha L. Thomas v. Joseph C. Thomas,
  1985.TN.1128 (Tenn.App. 08/01/1985)

• Callie Hixson v. A. W. Potter,
  1984.TN.1052 (Tenn.App. 07/31/1984)

• Marie Krantz Warren v. Opalyne Compton,
  626 S.W.2d 12 (Tenn.App. 09/01/1981)

• Norma Frances Raoul Clark v. American National Bank,
  531 S.W.2d 563 (Tenn. 08/30/1974)

• K. T. Mcconnico, Jr. v. Third National Bank,
  1973.TN.216 (Tenn. 10/15/1973)

• K. T. Mcconnico, Jr. v. Third National Bank,
  499 S.W.2d 874 (Tenn. 07/16/1973)

• K. T. Mcconnico, Jr. v. Commerce Union Bank,
  1972.TN.99 (Tenn.App. 04/28/1972)

• K. T. Mcconnico, Jr. v. Third National Bank,
  1972.TN.98 (Tenn.App. 04/28/1972)

• Susan Tracy Fillmore v. Leland A. Fillmore,
  470 S.W.2d 11 (Tenn. 08/16/1971)

• Harry Berke v. Chattanooga Bar,
  436 S.W.2d 296 (Tenn.App. 01/05/1968)

• James A. Hamilton, Jr. v. Richard Gleaves et al.,
  316 S.W.2d 335 (Tenn.App. 04/25/1958)

• Johnny S. Terrell et al. v. Lucy Terrell,
  1956.TN.126 (Tenn. 06/08/1956)

Tennessee Trusts

For additional detailed information relating to the use of trusts for asset protection, including foreign and domestic asset protection trusts, see trusts.

Tennessee Trust Act (Non Self-Settled)

• Tennessee Trust Act

Tennessee Business Entities

Tennessee Acts

• Tennessee Corporation Act
• Tennessee Limited Partnership Act
• Tennessee Limited Liability Company Act

Tennessee Charging Order Cases

• Cases to come

Tennessee Alter Ego & Corporate Veil Cases

• Nadler v. Mountain Valley Chapel Business Trust,
  2004.TN.0000948 (Tenn.App. 06/30/2004)

• Oceanics Schools, Inc. v. Barbour,
  2003.TN.0000380 (Tenn.App. 03/14/2003)

• Muroll Gesellschaft M.B.H. v. Tennessee Tape, Inc.,
  908 S.W.2d 211 (Tenn.App. 05/17/1995)

Useful Tennessee Links

For additional detailed information relating to financial frauds and tax scams, see http://www.quatloos.com

• Tennessee Secretary of State
• Tennessee Attorney General
• Tennessee Bar Association

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