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HPS Lawyers Looking Forward to Serving Clients from New Locations

Dan Holbrook, Marshall Peterson, and Eddy Smith announce that Holbrook Peterson Smith PLLC will dissolve in early 2018 as the lawyers move to new law firms. We remain friends and part on great terms. We've simply come to the point where we have different needs and objectives in our practices. We will communicate with our clients and other friends as each of us determines where we're headed. Rest assured that we will continue to serve our clients and to accept referrals as before. We are blessed to have served East Tennessee as a firm for 21 years and look forward to serving from our new firms for many more. Thank you for your support since 1997.
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Planning for and Administering Digital Assets

Turning Virtual Impossibility into Tangible Reality By Eddy Smith on Tue, 08/01/2017 - 12:00am Ingrid, a 42-year-old, single mother of three, died unexpectedly last month, and her adult daughter Annette has hired you to help her with the intestate administration. You learn from Annette that Ingrid comfortably supported herself and her children from advertising revenue generated by her parenting and motherhood blog site, neverendingdiapers.com, an associated Twitter account, and a YouTube channel about the joys and challenges of parenting. Ingrid assembled many of her blog posts into an e-book, Ninja Potty Training, which Annette believes enjoys steady sales through the blog site. In addition, Ingrid supplemented her income by selling consigned jewelry and children’s clothing through a companion website, ingridsinspirations.com.
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RECENT TENNESSEE BAR JOURNAL ARTICLES BY ED SMITH

Check out recent installments of Ed Smith’s Tennessee Bar Journal column, “Where There’s A Will”:
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Andi Anderson presents seminar for the Town of Farragut

Attorney Andi Anderson presented a free seminar and discussion forum for the Town of Farragut on April 12 titled “Wills, Probate, and Estates, Oh My! … The Truth About Probate in Tennessee.” During the hour-long seminar, she discussed common misconceptions about inheritance and probate laws in Tennessee and why you may need a will, even if you think you don’t.
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On May 2, 2017, Legal Aid of East Tennessee (LAET) dedicated its new building (the century old “Stair Building,” adjacent to the campus of the Lincoln Memorial University (LMU) Duncan School of Law).
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In Tennessee, ‘T’ Stands for Trust

Estate planning in Tennessee has changed significantly since the beginning of the millennium. Federal estate and gift tax exemptions have grown dramatically, and Tennessee has repealed its inheritance and gift taxes. At the same time, fewer clients today are confident that their wealth will multiply several times throughout their lives. These two factors combine to make transfer tax planning a more limited need for Tennessee residents, and fewer trusts are created with a transfer tax motive. Some assume trusts will no longer have a prominent role in estate plans.
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Three Holbrook Peterson Smith lawyers have been named among the Best Lawyers in America® for 2017. Eddy R. Smith is recognized in the Litigation – Trusts and Estates category. Dan W. Holbrook, Marshall H. Peterson and Eddy R. Smith are recognized in Trusts and Estates. Lawyers across the country are chosen for inclusion among Best Lawyers in America® based solely on the vote of their peers.
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Presentation to Knoxville Symphony Foundation Guests

Marshall Peterson used themes from music and literature to present estate planning and charitable giving concepts at a March 8 breakfast seminar sponsored by the Knoxville Symphony Foundation.
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Due Date for Certain State Tax Returns

The Tennessee Department of Revenue announced that due dates for certain Tennessee franchise and excise tax returns, business tax returns, and Hall income tax returns will be April 18, 2017, instead of April 15, 2017, to be consistent with the Internal Revenue Service federal income tax filing deadline. For more information, please see important notice #17-03, posed to the Department's website.
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Report for Duty: Protecting Against Fiduciary Liability

Serving as a fiduciary is not for the faint of heart. The recent Meyers case,[1] interpreting the statute of limitations for claims of breach of duty under the Tennessee trust code, shows how trustees can fulfill their obligations to beneficiaries and reduce the likelihood of a lawsuit.
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