How much does a will cost?
This is a very similar question to “How much does a car cost?” It is nearly impossible to “estimate” how much a will may cost until the conclusion of our first meeting. There are issues to be addressed in our initial meeting that will affect the disposition of your assets and therefore the complexity and cost of your estate plan.
Can the IRS take my assets?
The IRS and South Carolina Department of Revenue have extensive collection powers, including the ability to place liens on your assets and to levy certain of your assets. However, their power is not without limits. There are certain procedures they have to follow and notices they are required to give in order to do so. See our page on Collection Matters for additional information.
Do I need a revocable (or living) trust?
There are many reasons that make a revocable trust desirable. The two primary reasons are probate and privacy. I tend to dissuade clients of their need for revocable trusts more than I persuade them. Often times, they are not as beneficial as they are marketed to be. See the page on Revocable (or Living) Trusts for a more in-depth discussion of revocable trusts.
Should I form a limited liability company or a corporation?
The decision to form a limited liability company or a corporation is a complicated one that involves the type of business you will be doing, the types of assets your business will hold and the size of your business. As an overgeneralization, smaller businesses are usually formed as limited liability companies, and larger businesses as corporations; however, there are always exceptions to this general rule.
I just need a will. Do I really need all of these other documents?
Only on very rare occasions have I prepared only a will for an individual. I prefer to provide clients with more complete representation. This will include the preparation of a durable (or financial) power of attorney, a health care power of attorney and a living will.
Will my will dispose of my retirement accounts?
There are two types of property: probate and nonprobate. Your will disposes of only your probate assets. Therefore, nonprobate assets, including IRAs, 401(k)s and life insurance are typically not disposed of by your will. See my content page regarding probate and nonprobate assets for a more in-depth discussion of this topic.