Month: July 2020
Choosing the right type of trust for your goals
South Carolina residents have a variety of trust options for estate planning purposes. Trusts offer several benefits, such as asset protection, tax savings, and control over how and when assets are distributed. However, selecting the right trust depends on your...
What should you prioritize in South Carolina estate planning?
Estate planning allows you to make decisions about the transference of assets. These assets typically go to your loved ones after you die, and proper estate planning makes your wishes known. You can also include plans for your estate if you become incapacitated. While...
What is the probate process in South Carolina?
Probate refers to the procedure in which a South Carolina court oversees the closing of an estate. The court verifies the will's validity and ensures that the executor pays the estate's debts before they follow the decedent's directives for distributing the remaining...
Talking to your parents about their estate plan in South Carolina
Watching your parents grow older can be a difficult reality to accept. There's a shift of roles, from them parenting you to your new role as their guardian and protector. One of the most important things you can do to care for your parents is to help them address...
Differences between a revocable trust and an irrevocable trust
Are you a South Carolina resident concerned about the specifics of estate planning? If so, you might want to consider forming a trust. This is something you’ll want to do during estate planning. Depending on your assets, a revocable trust or an irrevocable trust is...
What should you know about probate sales in South Carolina?
Probate sales occur in order to liquidate a deceased homeowner's assets. These sales happen during the probate process, and the probate courts oversee the sale. In some cases, proper estate planning can eliminate the need for an estate sale after your death. Reasons...
Avoid estate tax with a dynasty trust
Dynasty trusts provide grantors in South Carolina a way to avoid the various transfer taxes that your estate may otherwise incur. But for it to work, you have to make sure you set everything up correctly on the first try. What are dynasty trusts good for? The big...
Keep your property in the family with a life estate
Legal joint property ownership commonly comes in the form of a life estate. Life estates themselves come in many different kinds, and you may want to find out which one is right for your estate if you want to ensure that the family property in South Carolina stays in...
What if a beneficiary dies before probate is done?
Probate in South Carolina can be an involved, complicated process. It is made all the more complex when one of the beneficiaries dies during the pendency of the probate action. This circumstance is more common than you might think, as probate can take months or even...
Three reasons why it’s best to avoid the probate process
After someone passes away, there are often many tasks to accomplish involving this person's estate. South Carolina has probate courts to verify residents' wills and manage any of their remaining liabilities. There's nothing inherently wrong with the probate process,...