Revocable Trusts (or Living Trusts) are a great way to organize your estate and ensure your assets are passed on per your specifications. In South Carolina, they are also a great tool for avoiding probate and the mandatory creditor claims period (generally, one year from date of death). However, if your assets are not in …
So, you have made the choice to visit an estate planning attorney and after meeting with the attorney you have determined that a trust is the right estate planning tool for you. All the hard choices are over, right? You may be thinking the estate attorney can handle the rest and make all the tough …
The end of year rush to use your 2022 annual gift exclusion of $16,000 (per individual) is over. But there’s good news, we are now in 2023 and the annual gift tax exclusion has increased to $17,000 (or $34,000 for a married couple). More good news, you do not have to wait until December to …
The term “Probate” is a broad term that can often elicit confusion and is misunderstood by individuals when reviewing their estate plan or administering an estate. Simply put, Probate is the process whereby a person’s estate is settled, and it is overseen by the Probate Court in the county where the person was domiciled at …
What is Probate: A Discussion of Fact v. Fiction Read More »
Mediation is now required in the majority of courts in South Carolina, which have adopted South Carolina’s Rules for Alternative Dispute Resolution (“ADR”). Probate Courts do not fall within the ADR rules, but the Probate Court has adopted its own rules on mediation that are implemented in most courts throughout the State. When litigating a …
In many instances, a married individual will more than adequately provide for their spouse in their estate planning documents. However, there are circumstances in which wills and trust materials do not adequately provide for a spouse. For instance, what if a married individual completely omits a spouse from inheriting his or her assets after death? …
What Rights Does a Surviving Spouse Have to Inherit? Read More »
Oftentimes, there are estate planning tools (such as trusts, wills, and powers of attorney) that an individual can develop with the help of a Wills and Trusts attorney in order to plan for the future. Most individuals are able to contemplate what to do with their assets once they are gone, or what end of …
The Basics of Guardianships and Conservatorships in South Carolina Read More »
An Estate Plan consists of legal documents that govern distribution of your assets at death andmemorialize your wishes regarding healthcare and financial decisions if you are incapacitated. Creating an estate plan is a necessary step to ensure the money and property you own at the timeof your death passes to your loved ones in the …
Will vs. Trust? How to Choose the Right Estate Plan Read More »
Just five years ago, South Carolina adopted a new Act governing all Powers of Attorney executed on or after January 1, 2017. While South Carolina attorneys have been drafting Powers of Attorney for decades, these news laws, collectively termed the South Carolina Uniform Power of Attorney Act (SCUPOAA), give attorneys and their clients more guidance …
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