One in every two Americans has yet to create an estate plan. A variety of reasons are given for why people have put off estate planning, including failing to understand what a comprehensive estate plan can accomplish. Even a relatively simple estate plan provides for the management of your wealth while you are alive and the distribution of your assets upon death. A well thought out, comprehensive estate plan, however, can accomplish far more. Your estate plan can protect you, your assets, and your loved ones while you are alive as well as after your death.
At the Charleston, South Carolina law firm of Kuhn & Kuhn we believe that estate planning should be a highly personal process which is why we are dedicated to working closely with our clients to create an individualized estate plan that addresses the client’s unique needs and goals. Contact the estate planning attorneys at the South Carolina law firm of Kuhn & Kuhn by calling 843-577-3700 or by using our online contact form today so that we can get started protecting you, your assets, and your loved ones. We offer free consultations and three convenient office locations in Charleston, Summerville, and Beaufort.
Why Is Estate Planning So Important?
The primary goal of any estate plan is to provide the framework for the distribution of estate assets after your death. In the absence of an estate plan, the intestate succession laws of the State of South Carolina will determine what happens to your assets when you die. Those laws will not likely distribute your assets in the same manner you would; however, failing to leave behind an estate plan effectively waives your right to determine what happens to your assets when you die.
What Can My Estate Plan Accomplish?
Although your estate plan does provide a roadmap for the distribution of estate assets upon death, the focus of a comprehensive estate plan will be to protect and grow your estate assets while you are alive. Without a plan to protect and grow your assets there may not be any assets left to distribute when you die. Toward that end, your estate plan may include a variety of component, such as:
- Incapacity planning
- Retirement planning
- Business succession planning
- Tax and probate avoidance
- LGBT planning
- Special needs planning
- Medicaid planning
Each of these components is designed to work independently and collectively to protect your estate assets while you are alive as well as provide for your loved ones after your death.
If you have yet to sit down with an experienced estate planning attorney to create your estate plan now is the time to do so. Once your plan has been created, be sure to review and revise the plan on a regular basis and when events warrant an update. The South Carolina estate planning attorneys at the law firm of Kuhn & Kuhn would like to help you create your estate plan to ensure that you, your assets, and your loved ones are protected both now and in the future. Contact the law firm of Kuhn & Kuhn by calling 843-577-3700 or by using our online contact form today to schedule your consultation so that we can get started on your plan.