When it comes to estate planning, no one wants to waste time but no one wants to get things wrong. Although the disposition of properties and assets at the end of life may not be the most important decision, it is one of the most lasting we will ever make.
- Do estate taxes apply in South Carolina?
Although federal guidelines apply to estate taxation, South Carolina is one of several states that have no estate tax. This is partially because the Palmetto State has one of the highest rates of state income tax in the United States. The government in Columbia also has no gift tax, although federal guidelines require taxes on gifts above $15,000.
- Who should write a will?
Anyone in South Carolina at the age of 18 or higher with the mental ability to understand the consequences of a will can write one. Although we often think of wills and trusts as things older people complete, anyone with an interest in their assets’ future may think about a will.
- What if I don’t have a will?
People who die intestate, or without a valid will, leave a confusing situation behind. South Carolina’s inheritance laws generally allow the closest relative of the deceased to collect their possession, but this process may take time and treasure.
- How can I get help with a will?
An attorney can help with the issues related to writing a valid will, creating a trust for prized assets or properties and other matters regarding the end of life. Legal representation is also often handy for probate and other issues when relatives have passed away without wills.