We all hear about "risk/reward" equations. Ask yourself this: What is the reward when you go through life without an estate plan as the parent of a young child or children? And, what exactly is the risk? It's hard to find any type of reward that goes along with failing to plan ahead for the well-being of your children. When you hear about a very challenging situation that could have been easily avoided with some simple advance planning it is quite sad to say the least. On the other side of … [Read more...] about Have You Taken Action to Protect Your Young Children?
Many South Carolina residents decide to invest in a college savings plan in order to help fund their child’s future college expenses. The state of South Carolina offers different plans to make the savings process easier on you. If you’re thinking about taking advantage of a college savings plan, take a look at the information below to learn more. If you have any questions about choosing the best college savings plan for your individual needs, meet with an estate planning attorney. This blog … [Read more...] about South Carolina College Savings Plan Options (part 1 of 2)
Parents with young children need to take extra care to make sure that they have an effective estate plan in place. This will ensure that their children are always protected. Our previous blog entry discussed some important planning tips for parents. We’ve taken the time to compile additional tips. If you have any questions about the below information, or if you’d like to begin your planning, meet with an estate planning attorney. Discuss your planning with your loved ones. It’s a good idea … [Read more...] about Estate Planning Tips for Parents with Young Children (Part 2 of 2)
Many parents with young children don’t understand the full importance of estate planning. An estate plan not only protects you and your assets, but it can also serve as a way to protect your children. There are certain estate planning steps to follow in order to make your plan effective and allow you to make sure that your children are always cared for. Take a look at some of the tips below. If you have any questions, meet with an attorney. Cerate a will and designate a guardian. While … [Read more...] about Estate Planning Tips for Parents with Young Children (Part 1 of 2)
The “I love you” will is NOT a good way to leave assets to your spouse. An “I love you” will is as simple will that provides all assets to go directly to the spouse. If the spouse is not then living, the assets go to the children. Why you shouldn’t leave your assets to your spouse: Outright assets often never reach children. Children are often unintentionally disinherited by their parent and intentionally disinherited by a step-parent. Instead, pass the assets to your surviving spouse in … [Read more...] about Why You Shouldn’t Leave Your Assets to Your Spouse
If you’re like most people, you think of social security as retirement benefits. And, it is. However, the social security program has survivorship benefits as well. Surviving spouse The surviving spouse (or children who are eligible for benefits, if there is no surviving spouse) is entitled to a lump sum payment of $255. The social security administration provides benefits for a surviving spouse once she attains a certain age. The surviving spouse can receive 100% of the deceased spouse’s … [Read more...] about Social Security Survivorship Benefits in a Nutshell