Trust Agreements in South Carolina: Why Should Consider Oner For Your Estate Plan from John Kuhn A testamentary trust is one that does not take effect until the death of the maker Trusts offer a wide range of benefits to the average person as part of his or her estate plan, including. Learn more about Trust Agreements in South Carolina in this presentation. … [Read more...] about Trust Agreements in South Carolina: Why Should Consider Oner For Your Estate Plan
I Was Just Informed I Am the Trustee of a Testamentary Trust My Deceased Aunt Made. What Do I Do Now?
When a family member dies it is a difficult time for the entire family. Along with the grieving, there are a number of practical and legal issues that must be addressed following a death. Ideally, the deceased left behind a thorough estate plan that was discussed with the family ahead of time so there are no major surprises. Sometimes, however, things don’t work that way. Imagine, for example, that you were just informed that you are the Trustee of a testamentary trust your aunt made prior to … [Read more...] about I Was Just Informed I Am the Trustee of a Testamentary Trust My Deceased Aunt Made. What Do I Do Now?
When Do I Need a Guardianship?
For an adult child, one of the most difficult decisions to make is the decision to pursue a guardianship over a parent. As you parents age, however, if may become painfully obvious that one, or both, of them are no longer able to live independently. While it may seem as though you are taking away a parent’s freedom and independence by pursuing guardianship, failing to intervene could lead to serious physical injuries or financial victimization by those who prey on the elderly and disabled. If … [Read more...] about When Do I Need a Guardianship?
Is Probate Always Required?
When someone dies, they almost always leave behind assets of one type or another. Sometimes a large and valuable estate is left behind while in other cases only personal property is left behind. In most cases, the legal process known as probate is required in order to ensure that the decedent’s estate assets are properly handled after death and passed down to the intended beneficiaries or heirs of the estate. Is probate always required though? The answer is “no”, probate is not always … [Read more...] about Is Probate Always Required?
Can We Change the Terms of a Pre-Marital Agreement?
Once upon a time, mentioning a pre-marital agreement was a sure way to create marital discord before the wedding even took place. Today, however, pre-marital agreements are relatively common, due in large part to the number of second (and subsequent) marriages in the U.S. that involve children from a previous marriage. If you entered into a pre-marital agreement with your spouse and circumstances have changed since entering into the agreement you may be wondering “ Can we change the terms of a … [Read more...] about Can We Change the Terms of a Pre-Marital Agreement?
What Are the Advantages of a Durable Power of Attorney for Property?
Incapacity planning is one of the most common secondary goals of a comprehensive estate plan, as well it should be. Protecting your assets and your loved ones in the event of your death is certainly an important goal; however, the same basic reasoning should also encourage you to want to protect both from the possibility of your incapacity. Deciding how your property will be handled in the event of your incapacity is a primary focus of most incapacity plans. Toward that end, you may consider … [Read more...] about What Are the Advantages of a Durable Power of Attorney for Property?
Why It Is Important to Decide Who Gets the Sentimental Assets in Your Estate Plan
Like most people, when you think about estate planning you think about deciding who will receive the most valuable assets you own – your home, a retirement account, an investment account, or maybe a family business. Without a doubt, it is important to plan for the disposition of those assets; however, it is often just as important to decide who gets the sentimental assets in your estate plan. To understand why, consider the fate of a single tuxedo that was part of the estate of actor and … [Read more...] about Why It Is Important to Decide Who Gets the Sentimental Assets in Your Estate Plan
What Is the Marital Deduction?
Estate planning typically requires a consideration of a number of factors that will ultimately impact the plan, including the tax implications of a proposed estate plan. Federal gift and estate taxes, for example, can diminish the value of an estate considerably if tax avoidance strategies were not incorporated into the individual’s estate plan. What is the marital deduction though? Can that resolve the tax issue? Although the marital deduction does dodge the gift and estate tax bullet, it only … [Read more...] about What Is the Marital Deduction?
Can Someone Contest a Trust Like They Do a Will?
Ideally, when you die your estate plan will kick in and provide a roadmap for the disposition of all your estate assets during the probate process that follows your death. Sometimes, however, the probate process does not run as smoothly as anticipated. A Will contest, for example, can significantly slow down the probate of your estate. Like many people, you may have elected to incorporate a trust into your estate plan and then transferred the majority of your assets into the trust. Can someone … [Read more...] about Can Someone Contest a Trust Like They Do a Will?
How Long Does the Probate Process Take in South Carolina?
At some point in your life you will likely be involved in the probate process in some capacity. You may be appointed as the executor in someone’s Last Will and Testament, named as a beneficiary by a decedent, or be a creditor of an estate. If you have never been through the probate process you will likely have a number of questions about the process, starting with “ How long does the probate process take in South Carolina? ” Because no two estates are the same there is no way to answer that … [Read more...] about How Long Does the Probate Process Take in South Carolina?
