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When should I update an estate plan?
Knowing when to update an estate plan is an important part of the estate planning process. Estate planners should keep in mind to regularly review their estate plan, however, they should also be familiar with certain situations, circumstances and times when they...
Don’t overlook your digital assets in estate planning
Our lives are becoming more digitized everyday. While that fact has provided a significant amount of convenience, it has also created a fair number of problems. This is especially true when it comes to estate planning. Some people think that only rare assets like...
How can I talk to my parents about estate planning?
A lot of people put off estate planning, but they do so to the detriment of their loved ones. If you’re afraid that your parents aren’t taking estate planning as seriously as they should, then you might wondering what you can do to help spur them into action. It’s an...
What is Trust Decanting?
Decanting is a new statute in South Carolina that was effective January 1, 2014. The concept of decanting is codified at S.C. Code Section 62-7-816A. Technically speaking, decanting is the ability of a trustee to make a distribution from one trust to...
LLC vs. S Corporation
In order to truly understand the difference between limited liability companies ("LLCs") and corporations taxed pursuant to Subchapter S of the Internal Revenue Code ("S Corporations" or "S Corps"), it is important to realize that businesses exist within two different...
How long does the probate process take?
The probate process is the process by which an estate is administered and property is transferred to the beneficiaries of the estate. If there is a will, the person who has died (often called the "decedent") is said to have died testate, and if there is no will, the...
Member-Managed LLC vs. Manager-Managed LLC
One way limited liability companies ("LLCs") are classified, for state law purposes, is either member-managed or manager-managed. This classification clarifies who may legally bind the LLC. The easiest way to explain these concepts is to discuss what an LLC is not and...
What is a Durable Power of Attorney?
A power of attorney is a document whereby one individual, referred to as a "principal," authorizes another individual, referred to as an "agent" or "attorney in fact," to act on behalf of the principal. In most cases, the agent must act in the best interest of the...
Do I need a revocable trust?
Revocable trusts are marketed by financial planners, accountants, and estate planning attorneys as being the solution to the burdens of probate. While revocable trusts are beneficial, depending on the size and composition of the estate, they may not be right in every...