Call Today 843-548-0157
The Nelson Law Firm
South Carolina Tax Law Attorney

Posts tagged "Trust"

Informing a child about their trust

When parents or grandparents in South Carolina create a trust for a child, they often wonder if they should tell them about it. Many of these children won't see the benefits of the trust for many years, but even the knowledge of the benefits may affect their behavior. The creator of the trust may have concerns that the beneficiary will lose ambition or feel entitled. Conversely, they don't want the child to be worried about their financial future.

Using multiple trusts in estate planning

When people in South Carolina think about planning for the future, they may wonder about the opportunities provided by instruments like trusts, which can be flexible and offer additional control. In addition to a will, many people opt to create trusts, especially if they want to pass property to minor relatives or otherwise direct a more complex distribution that may be possible in a will. After a trust has been established, people may wonder if they can make a second or additional trust.

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 still offer significant benefits to people who want to exert control over the distribution of funds and keep wealth within a family.

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 distributions although the distributions were supposed to be made at certain ages.

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 steps are taken to make that they are addressed properly in the estate plan.

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 identify a beneficiary. Instead, these trusts are established for the public good.

Funding trusts

South Carolina residents can use an estate plan to ensure that their assets are managed according to their wishes and that their beneficiaries are not overly burdened with handling the estate. The inclusion of a trust is an important part of having a complete and efficient estate plan.

About revocable living trusts

People in South Carolina may consider using a revocable living trust as part of their estate plan to address issues that cannot be rectified with a will. A living trust is one that is created during an individual's lifetime and is useful in helping them with asset management and with ensuring that their wishes are carried out if they become incapacitated.

Popularity of pet trusts growing

If you ever wanted a great trivia question to break out at cocktail parties, just ask what Gail Posner, Alexander McQueen, and Leona Helmsley all had in common. After getting past the quizzical looks you’ll probably receive, you can reveal that all of them (who were wealthy individuals) all created trusts for their pets. After they passed away, the trio left an average of $13 million for the care of their dogs.

Contact The Firm - Or Email Me at [email protected]

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy