Year: 2018
Trusts serve many purposes but require competent management
Current federal tax laws have eliminated most of the need to use trusts to transfer assets because inheritance tax exemptions currently stand at $11,180,000. Although wealthy families in South Carolina might have few concerns about federal taxes at this point, trusts...
Common estate planning errors to avoid
South Carolina residents who are creating estate plans should watch out for several common errors. For example, some estate owners forget to leave information where it can be easily found by executors or beneficiaries. It is best to make a complete list of all assets...
What to do when trustees do not cooperate
Some trust beneficiaries in South Carolina may find themselves dealing with trustees who seem to be uncooperative. For example, one person who was left money in a trust by grandparents to be received at certain ages could not get any information about the trust or...
Estate planning and hard assets
South Carolina residents can create an estate plan to ensure that their assets are managed according to their wishes after they have died. This can apply to cash, real estate and other assets such as heirlooms and art. For the hard assets, it is important that certain...
How charitable trusts can be useful
When it comes to estate planning in South Carolina, charitable trusts can be very useful. However, it's important to understand that charitable trusts differ from other types of trusts. One of the main differences is that it is not necessary for a charitable trust to...
The advantages of estate planning for young people
Although older people in South Carolina might realize at some point that they need to make final arrangements for their estates, young people could also prevent many difficulties by completing an estate plan. They might consider death far off or their estates...
A business owner needs an estate plan more than most
When people die without executing a legal will or trust, control over what happens to their estate is relinquished. South Carolina has its own laws, as do all of the states, for what is known as intestate succession. Distribution of assets of the estate follows the...
How to make a better estate plan
Estate owners in South Carolina have many options when it comes to wills and trusts. In some cases, they will choose to leave a portion of their assets to charity and a portion to their children. If a person chooses to structure their estate plan in such a fashion, it...
Why it is important to have an estate plan
South Carolina fans of the musician Prince might know that he did not have a will, and as a result, his estate has been tied up in probate. Aretha Franklin has also died without an estate plan. According to one of her attorneys, he urged her to make one but she simply...
A quick guide to micro estate planning
Financially concerned people in South Carolina are well aware of the long-term benefits that come with careful estate planning. Taxes can be lowered, assets can be protected and families can get some peace of mind. However, many estate owners forget about the...