One of the reasons why it is important to consult with a good South Carolina estate planning lawyer when you are making preparations for the future is because each case is unique. Depending on your line of work and your specific financial situation any number of approaches may be appropriate, and as a layperson you are probably going to need professional guidance if you are serious about making the right choices. Consider the case of the entertainer and composer Ray Charles. As a songwriter he … [Read more...] about Rights To Ray Charles Compositions Challenged
Early Winehouse Estate Reports Prove To Be False
It is always especially sad to hear about someone passing away at a young age, and this was the case with the singer Amy Winehouse. The British songstress died last July at the age of 27, joining the ranks of music stars like Jimi Hendrix, Jim Morrison, and Kurt Cobain who passed on at the same age. At the time the British tabloids were reporting that Amy Winehouse had a last will in place that excluded her ex-husband Blake Fielder-Civil, an individual who is serving prison time. She was said … [Read more...] about Early Winehouse Estate Reports Prove To Be False
As Year Progresses Clouds Of Uncertainty Gather
Back in 2010 there was a lot of uncertainty within the estate planning community. During that year the estate tax was repealed because of a provision contained within the Bush era tax cuts. But the tax relief act that provided this repeal was scheduled to sunset at the end of 2010. At that time the estate tax was going to return according to existing laws. The maximum rate of the tax was set at 55% and the exclusion amount was to be $1 million. These figures represented a step backward from … [Read more...] about As Year Progresses Clouds Of Uncertainty Gather
Forbes: Zuckerberg & Moskovitz Used Zeroed-Out GRATs
If you want be optimally prepared for the future it is important to have a savvy South Carolina estate planning lawyer carefully evaluate the nature of your assets. All resources are not created equal; the exact form of certain assets are going to dictate the optimal course of action when you are developing a long-term financial plan with the well-being of your loved ones in mind. Along these lines, if you have highly appreciable securities you may want to consider implementing the zeroed out … [Read more...] about Forbes: Zuckerberg & Moskovitz Used Zeroed-Out GRATs
Don’t Let Misconceptions Lead To Asset Erosion
You have to be careful about believing everything that you hear, and this is especially true when it comes to matters of estate and financial planning. There are some urban myths circulating out there, and if you buy into them you could wind up failing to take the appropriate actions. This could ultimately lead to asset erosion as your resources are being passed along to your loved ones someday. The misguided notion that we would like to highlight here is the assertion that the federal estate … [Read more...] about Don’t Let Misconceptions Lead To Asset Erosion
Devising A Comprehensive Strategy For Giving
If you go forward without professional guidance you can wind up making some costly decisions. Making assumptions without the appropriate background information can often lead to negative outcomes, and this is something to keep in mind when you decide that you would like to give gifts to your loved ones. Some of these assumptions may be based on totally logical grounds, but logic doesn't always hold sway when it comes to the powers that be. For example, let's say that you win a lottery or … [Read more...] about Devising A Comprehensive Strategy For Giving
Asset Erosion During Probate
If you want to get the maximum amount of money into the hands of your loved ones after you pass away, you need to consider the asset erosion that can take place during the probate process. Your estate is going to have to be probated if you use a last will to direct the distribution of your resources to your heirs. Probate provides an opportunity for disgruntled parties to challenge your wishes, and it is also set up to allow for creditors and claimants to step forward seeking satisfaction. In … [Read more...] about Asset Erosion During Probate
Acting With Your Legacy In Mind
Your legacy will be left behind when you are no longer around, and there are those who don't give it a whole lot of thought. They simply go about their business without much concern about what they will be leaving behind after they pass away. You may have seen bumper stickers that say something to the effect of "We are spending our children's inheritances." This is the type of attitude that we are referring to and if this is your strategy it is certainly your right to spend your money as you … [Read more...] about Acting With Your Legacy In Mind
Why Should Dying Be A Tax Trigger?
The federal estate tax is much maligned in some quarters because when you go looking for logic to support the tax you tend to come up empty. As a result, many people feel as though they are being asked to part with hard-earned money that would otherwise have gone to their loved ones unfairly. Some individuals call the estate tax the death tax, and though proponents of the tax feel as though this is a sarcastic and dismissive distortion of the levy there is literal truth in this … [Read more...] about Why Should Dying Be A Tax Trigger?
Protecting The Financially Challenged
Different people have their own respective strengths and weaknesses and the truth is that not everyone is especially adept at handling their finances. This can be something that enters your mind when you are engaged in inheritance planning. It is possible that you have someone on your list who could be considered to be a spendthrift. You may be concerned about the possibility of this individual spending his or her inheritance too quickly. One course of action that you could take should you … [Read more...] about Protecting The Financially Challenged
