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<title>DJC Latest News</title>
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    <title><![CDATA[Estate Planning Checklist for January ]]></title>
    <link>http://djclawsc.com/news.php?id=31</link>
    <guid>http://djclawsc.com/news.php?id=31</guid>
    <pubDate>Mon, 29 Apr 2013 20:49:57 -0400</pubDate>
    <description><![CDATA[   If you&rsquo;ve already met with your Charleston estate planning attorney to put together your wills, trusts, powers of attorney, and other long-term plans, then congratulations!&nbsp; You&rsquo;ve taken a really important step toward being prepared for the future and making things easier on your family and friends should you pass away or become unable to make decisions for yourself.&nbsp;  In order to ensure that your estate plans still fit your needs, you should review them at the beginning of every year.&nbsp; There are certain life changes that can have a huge overall effect on your estate planning, so taking the time to accommodate those changes now will save a significant amount of difficulty later.&nbsp; Have you experienced any of the following in the last year (or longer, if you haven&rsquo;t updated your plans in a while)?&nbsp; If so, you&rsquo;ll want to set up a time to chat with your Charleston wills and trusts attorney right away. 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Did you experience a change in marital status?&nbsp; If you were married, divorced, or widowed in the previous year, then you will need to update your estate plans to reflect this.&nbsp; It may be necessary to change beneficiaries.&nbsp; Most people who go through a divorce will want to change their wills, trusts, and other important documents to remove the former spouse&rsquo;s name.&nbsp; In the case of a new marriage, the new spouse will likely be added.&nbsp; If you have been widowed, this may change how your inheritance will be dispersed. 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Did you become a parent?&nbsp; Whether you gave birth to a child, adopted, or became a step parent in the last year, it makes sense to change your estate plans to reflect this change.&nbsp; Remember that you may want to change the beneficiaries listed on insurance policies and bank accounts, as well as to name guardians and possibly set up trusts to care for your child&rsquo;s future should you be unable to do so personally. 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Have you changed jobs or retired?&nbsp; Your retirement plans and 401Ks may be affected by the change in employment status.&nbsp; Your Charleston estate planning attorney can offer you advice on whether to roll over an existing plan or to start a new one, as well as how to deal with dispersal if it is time for your to start drawing on your retirement or pension plan. 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Have you sold or purchased property?&nbsp; There are specific laws that pertain to the inheritance of property, as well as the taxes involved.&nbsp; Adding or removing property from your existing estate plan can help to avoid unnecessary taxes and to protect your heirs&rsquo; interests in the property. There are a number of changes which can impact your estate plan.&nbsp; By working with a qualified Charleston attorney, you can help to clarify what needs to be done to keep yourself on track and on target for your estate planning goals.]]></description>
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    <title><![CDATA[How to Plan When You Live In 2 States]]></title>
    <link>http://djclawsc.com/news.php?id=36</link>
    <guid>http://djclawsc.com/news.php?id=36</guid>
    <pubDate>Mon, 29 Apr 2013 20:47:35 -0400</pubDate>
    <description><![CDATA[   Being able to split your time between two or more places you love is a much-desired retirement dream for many people.&nbsp; A great example are those folks referred to as &ldquo;snowbirds&rdquo; who live farther north in the US during the summer and then head back to the warmer southern states for the winter.&nbsp; That allows folks to enjoy our gorgeous South Carolina summers while still keeping warm all winter long. Many people living this lifestyle completely overlook the fact that it can have a major impact on what happens to their assets when they die.&nbsp; If you were to pass away in South Carolina, the laws governing your estate may be totally different than those in Florida, Arizona, or whatever warmer state you&rsquo;ve chosen for the cooler seasons. Some Laws Differ from State to State Basically, you need to make a decision about which state is your true legal residence.&nbsp; This may be affected by the amount of time you spend in each or some other factor.&nbsp; If you&rsquo;re in a situation where you truly can choose, then you really want to work with a Charleston estate planning lawyer to figure out which state&rsquo;s laws are going to be the most advantageous to you and your estate.&nbsp; There are all kinds of factors which can influence this decision, such as the property laws of each, your marital status, and even tax rates.&nbsp; For example, Florida has been known for not having estate taxes at all.&nbsp; This is great, but it does have other taxes that could come into play. When you pass away, your estate can end up going through probate in both states.&nbsp; This can be time consuming and expensive, and you may be able to avoid it by working with a Charleston lawyer to set up some trusts and other protections.&nbsp; There are some documents, however, that you might want to consider creating in both states where you reside.&nbsp; For example, it may be helpful to have medical and financial powers of attorney drawn up in both South Carolina and the other state in order to avoid problems and delays should they be needed. What Do You Do When You Live In Two States? Even if you &ldquo;live&rdquo; in both states, you can only officially reside in one.&nbsp; You are considered a visitor in the other state.&nbsp; A South Carolina attorney will be able to help get you up to speed on the laws of our state and can help you compare them to similar laws in the other state where you reside.&nbsp; Just as you&rsquo;ve chosen to live in two states for the advantages to your life, there are also advantages to what happens after! &nbsp;                                                            ]]></description>
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    <title><![CDATA[Charleston Probate 101: The Basics ]]></title>
    <link>http://djclawsc.com/news.php?id=37</link>
    <guid>http://djclawsc.com/news.php?id=37</guid>
    <pubDate>Mon, 29 Apr 2013 20:45:52 -0400</pubDate>
    <description><![CDATA[

Probate is a process that can differ from state to state.&nbsp; This means that the laws which apply here in South Carolina might not be the same as other places.&nbsp; With such variance in what applies, it&rsquo;s just good sense to work with an estate planning attorney in Charleston who will be up-to-date on all of the most recent information.&nbsp; That said, there are some probate basics that everyone should understand.
The Will
Probate in Charleston is a court process to legally administer and close out an estate.&nbsp; Unless you have specific trusts in place, your estate will likely go through this process, even if you have a will.&nbsp; This is surprising news to some folks who thought that having a will would take care of everything and avoid the probate process in South Carolina.&nbsp; Really, though, probate is used to ensure that the will is valid, as well as to distribute your assets according to the will.
Debts
If you have outstanding debts, the probate process is also a time for them to be paid.&nbsp; The court will take a look at your assets and debts and determine how those debts are to be paid.&nbsp; These debts are typically paid before your heirs receive their share of what is left.&nbsp; In some cases, an Charleston probate attorney can help you to reduce the number of assets that are vulnerable to being used for this purpose through the use of trusts.
Executor of the Estate
The person named as the executor (which may also be chosen by the courts, especially if you don&rsquo;t have a will) is charged with gathering together all of your information to present during probate in Charleston.&nbsp; This means that all of your accounts, assets, and debts need to be listed and submitted to the court in a timely manner.&nbsp; The executor will also be responsible for overseeing the distribution of your estate and for making sure that the court&rsquo;s decisions are carried out.
Probate Lawyer
Probate lawyers in Charleston take on a number of roles in the process, one of which is acting as the executor of the will.&nbsp; Some families prefer to have a professional take on these responsibilities, although there is a cost for the service.&nbsp; Even if there is an executor, however, hiring a probate lawyer in Charleston is a good idea, as he or she will be familiar with the process and can therefore save the heirs considerable time, frustration, and money for the estate.
The Process
Again, the probate process can vary, but in Charleston County it will generally include the following:
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papers will be filed by the executor or lawyer to start probate
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The will (if there is one) is presented along with a list of assets and debts
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notification of the death is made to relatives and creditors
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The executor manages the assets for the estate for the duration of the probate process
Speak to a Charleston Probate Attorney
If you are facing the probate process after the loss of a loved one, we encourage you to contact our Charleston probate attorneys to begin the process of closing out his or her estate.&nbsp; Through compassionate guidance and hands-on legal help, we will ensure that your loved one&rsquo;s affairs are properly taken care of so you can focus on your family and the healing process.&nbsp; To schedule a complimentary consultation, simply call our Charleston probate attorneys at (843) 971-1199.
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    <title><![CDATA[Advice on Safe Deposit Boxes]]></title>
    <link>http://djclawsc.com/news.php?id=30</link>
    <guid>http://djclawsc.com/news.php?id=30</guid>
    <pubDate>Mon, 29 Apr 2013 20:44:50 -0400</pubDate>
    <description><![CDATA[   Once you&rsquo;ve gone through your estate planning in Charleston, you&rsquo;ve likely become aware of just what valuables you have.&nbsp; In many cases, such as jewelry, you may want to keep them in your home so you can have access to them whenever you would like.&nbsp; In other cases, though, it makes sense to secure them in a safe deposit box at a bank. The types of items one chooses to keep in a safety deposit box can vary, but here are some common ones: &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birth certificates &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriage certificates &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Security card &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copy of your will &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copies of degrees and professional licenses &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copies of divorce or separation papers &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Military records &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deeds, titles, and insurance for real estate &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deeds, title, and insurance for vehicles &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuable assets you don&rsquo;t need to access (jewelry, coins, guns, etc.) &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock certificates and bonds &middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business documents The safe deposit box is intended to keep your important items somewhere secure, but there are some that you need to access more easily than through a trip to the bank.&nbsp; When you talk with your estate planning attorney, he or she will help you understand when you should have copies of certain documents available to you at home, as well as in your safe deposit box. Access to Your Safe Deposit Box For obvious reasons, access to your safe deposit is strictly limited.&nbsp; If you want to make it accessible to another person, you&rsquo;ll have to have them accompany you to the bank so that the proper ID can be shown and they can sign a signature card.&nbsp; This usually means that he or she now has access to your safe deposit box at any time.&nbsp;  You may be able to limit the access by foregoing the trip to the bank and naming the person as an executor of your trust.&nbsp; When the time comes, he or she can take the appropriate documentation to the bank and be granted access.&nbsp; This may require a certified copy of your death certificate along with the individual&rsquo;s own identification. As you can imagine, there are some documents that need to be accessed immediately if you should become incapacitated or deceased.&nbsp; It is typically of utmost importance for medical directives and guardianships of minor children to be produced, for example.&nbsp; Because it can take a fair amount of time to obtain these things from a safe deposit box, an alternate plan needs to be in place.&nbsp;  Your probate attorney in Charleston will be able to offer insight into how best to make these documents accessible at the right times and by the appropriate people.&nbsp; Keeping copies in your safe deposit box is still a good idea, however, to ensure that they are protected in case some sort of catastrophic event (like a house fire) were to damage other copies or originals.&nbsp; You will also benefit from talking directly to the employees at your bank to fully understand their policies. &nbsp;]]></description>
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    <title><![CDATA[Estate Planning for Single People]]></title>
    <link>http://djclawsc.com/news.php?id=33</link>
    <guid>http://djclawsc.com/news.php?id=33</guid>
    <pubDate>Mon, 29 Apr 2013 20:44:08 -0400</pubDate>
    <description><![CDATA[   Do single people need a will or trust attorney?&nbsp; Yes! Really, &ldquo;yes&rdquo; is the only answer that&rsquo;s really needed, but we&rsquo;ll go ahead and create a whole blog post to offer some insight as to why estate planning is important for singles and not just for families. One of the most important reasons for a single person to work with a will and trust attorney in Charleston is best understood when you think about the consequences of not planning.&nbsp; Should you have a medical emergency or pass away, what becomes of you and your estate will be entirely up to the state of South Carolina.&nbsp; This means that if you are unable to communicate your wishes, the state will step in and impose its own plan on your body and your assets. Imagine that for a moment.&nbsp; If you were to have a medical emergency and be unable to speak up, who would be able to tell the doctors what you would want?&nbsp; Hopefully, that person would be one of your parents or siblings, because it&rsquo;s pretty likely that they are who the courts would appoint on your behalf.&nbsp; If the best choice would really be a good friend, other family member, or possibly a significant other to whom you&rsquo;re not legally married, the courts won&rsquo;t care.&nbsp; They will stick to the predetermined law, and that law will look at bloodline relatives first. This is also the case with your finances.&nbsp; If you are unable to take care of your own finances for any reason, the courts will likely appoint the closest blood relative to step in.&nbsp; It doesn&rsquo;t matter if you don&rsquo;t want your family in your private financial affairs or not.&nbsp; They will have access to your money and will be put in charge of managing it, paying your bills, etc.&nbsp; Think about how your oldest sibling manages his or her money.&nbsp; Would you be comfortable with that person being in responsible for yours? Along the same lines, should you pass away without an estate plan, your assets will automatically go through the Charleston County probate process.&nbsp; Again, the courts will step in and determine who is to inherit your property and money; and you will have absolutely no say in the matter.&nbsp; How excited would you be for Mom and Dad to inherit your laptop or for your siblings to be given the jewelry which, by all accounts, should go to your best friend? None of these scenarios is even a little bit exaggerated.&nbsp; This is exactly what happens when a single person in Charleston County chooses not to work with an estate planning attorney.&nbsp; Remember, it&rsquo;s not just about having a lot of assets to leave behind; it&rsquo;s about making your own decisions regarding your medical care, your possessions, and your finances.&nbsp; Having a small estate now simply means that the planning process will be less complicated!]]></description>
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    <title><![CDATA[Considerations - Special Needs Planning]]></title>
    <link>http://djclawsc.com/news.php?id=34</link>
    <guid>http://djclawsc.com/news.php?id=34</guid>
    <pubDate>Mon, 29 Apr 2013 20:43:17 -0400</pubDate>
    <description><![CDATA[   Families who have members with special needs have a variety of concerns that most of the population doesn&rsquo;t deal with on a regular basis.&nbsp; Whether you&rsquo;re traveling to occupational therapy appointments, choosing the most effective medical devices, or contemplating whether to &ldquo;mainstream&rdquo; your special needs child, there are so many parts and pieces to keep in mind.&nbsp; For that very reason, you may not have even considered the need to meet with a special needs planning lawyer in Charleston. You spend a lot of your time and energy helping your family members with special needs to get the most out of life.&nbsp; How are you going to keep that up if you become incapacitated or deceased?&nbsp; Working with an experienced special needs lawyer is a really important step in making that a reality.&nbsp; The attorney will help you get your affairs in order and will be able to advise you on areas that you might not even realize need attention.&nbsp; Taking care of these issues now means that things are in place and ready to go should you suddenly become unable to care for your family member. Charleston Special Needs Consideration #1 &ndash; Creating a Guardianship You likely have very strong feelings about who you would and would not like to be responsible for your family member in your absence.&nbsp; For example, you may feel that one of your adult children would be an excellent care taker while also being sure that you would not want your parents to be given guardianship.&nbsp; If you don&rsquo;t specify this clearly and legally, then the decision would be up to the courts, and your opinion on the matter will have no weight at all.&nbsp;  Charleston County Special Needs Consideration #2 &ndash; Inheriting Assets Many special needs attorneys in South Carolina will recommend that you not leave assets to your family member with special needs.&nbsp; This doesn&rsquo;t mean you don&rsquo;t care for the person or want to recognize them in your will.&nbsp; The point is, if the individual inherits assets, they can cause him or her to suddenly be disqualified from various types of assistance programs.&nbsp; In fact, Medicaid could even view the acquisition of assets as a reason to go back and try to get payment for benefits paid out in the past. Charleston County Special Needs Consideration #3 &ndash; Setting Up a Special Needs Trust Depending on your situation, your special needs planning attorney in Charleston may recommend that you set up a specific trust for the family member.&nbsp; You will also need to determine how the trust will be funded, with life insurance being a common choice.&nbsp; Again, this action is intended as a way to protect the individual&rsquo;s ability to qualify for certain types of benefits and public programs.&nbsp; In addition to possibly providing assets and funding for the family member with special needs, this kind of trust can also name someone you trust as the legal manager of those funds. It&rsquo;s hard to overstate the importance of preparing for your loved one&rsquo;s future, especially when it is apparent that he or she will be dependent upon others for a lifetime.&nbsp; Working with a special needs planning attorney in Charleston County will allow you to create some peace of mind while ensuring you are in compliance with all local and state laws.]]></description>
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    <title><![CDATA[Estate Planning for College Graduates ]]></title>
    <link>http://djclawsc.com/news.php?id=35</link>
    <guid>http://djclawsc.com/news.php?id=35</guid>
    <pubDate>Mon, 29 Apr 2013 20:42:35 -0400</pubDate>
    <description><![CDATA[   By the time you earn your college degree, you may not feel like you have anything to &ldquo;protect&rdquo; through estate planning.&nbsp; After all, the stereotype of the &ldquo;starving college student&rdquo; got started for a reason!&nbsp; But, even if you leave college with a load of student loans and an entry-level job (or hopes of one), you will do yourself a favor by spending just a little time doing some basic estate planning here in Charleston. Charleston Estate Planning for Your Physical Self There are tons of reasons to do your estate planning, and it seems like those most often talked about are passing on your possessions and avoiding taxes.&nbsp; It can be argued, however, that there is a far more important reason, and it&rsquo;s one that even young college graduates shouldn&rsquo;t overlook: your medical decisions. What happens if you become injured or otherwise capacitated and can&rsquo;t tell the doctors what you want?&nbsp; Who makes decisions for you about what kind of life-sustaining measures should be taken or whether or not you consent to surgery?&nbsp; In most states, an individual&rsquo;s parents are given this responsibility (although that is not always the case).&nbsp; Whether you want your parents in that role or someone else, the way to make sure you have a say is to have an estate planning lawyer in Charleston draw up a legally binding &ldquo;medical power of attorney.&rdquo; Charleston Estate Planning for Your Finances It may not seem like you have much of anything to look after when it comes to finances and the recent college grad.&nbsp; In reality, though, you likely do have some things to consider.&nbsp; For example, do you have any debt, and if so, do you know what happens to it if you become incapacitated or pass away?&nbsp; The answer has a lot of variables such as the kind of debt, whether or not you have other authorized users on your account, and more. One of the reasons you worked so hard for your degree was likely so you could move out into the workforce, and with that comes options such as retirement accounts and insurance.&nbsp; Each of these includes naming a beneficiary for benefits, and you&rsquo;ll want to make sure you are up to speed on what it means and have the appropriate people named.&nbsp; Some accounts don&rsquo;t have specific beneficiaries, so setting up even a simple will can help make the transfer of those funds much easier and less expensive when the time comes. Charleston Estate Planning for Your Partner Many college graduates are moving forward with their lives as couples, both married and unmarried.&nbsp; Either way, estate planning in Charleston is an important part of making sure that your partner is cared for and receives the appropriate benefits upon your death. As mentioned above, you want to make sure you have the correct information filled out when it comes to beneficiaries on accounts, but you will probably want to go a step further to ensure that your assets pass in the way you want.&nbsp; Typically, an unmarried partner is not entitled to the same benefits as spouses, so if you don&rsquo;t set up the situation appropriately through well-reasoned estate planning, your significant other might be entitled to absolutely nothing! Estate Planning Matters For College Grads, Too! Contrary to what you may have heard, estate planning is just for the ultra-wealthy or the elderly.&nbsp; Estate planning is just as important for the college grad and savvy young adult, too.&nbsp; &nbsp;Celebrate your recent graduation and your success by getting a complimentary review of your situation. Schedule a Life Planning Consultation session with the mention of this article and let us help you layout a road map for lasting protection and peace of mind in the future.&nbsp;]]></description>
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    <title><![CDATA[The Proper Approach to Trust Administrat]]></title>
    <link>http://djclawsc.com/news.php?id=32</link>
    <guid>http://djclawsc.com/news.php?id=32</guid>
    <pubDate>Fri, 15 Mar 2013 19:12:39 -0400</pubDate>
    <description><![CDATA[

There is a certain amount of responsibility that goes along with wills or trust administration in Charleston County.&nbsp; For this reason, it is vital to choose someone very trustworthy to take on this important role.&nbsp; While some individuals will likely see it as an honor to be chosen, it can also be quite a burden, so it is highly recommended that the potential trustee be contacted in advance and asked if he or she is willing and able to take on the role.
If you find yourself in charge of trust administration or are in the process of trying to choose an appropriate trustee for your own estate, here are some very important aspects of the job which should be at the top of your list of responsibilities.
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The person in charge of trust administration must be able to be impartial.&nbsp; This means that family feuds, sibling rivalries, and other real or imagined slights cannot be allowed to interfere with the fair and honest administration of the trust.
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The trust assets should be insured, and if they are lost or destroyed due to the trustees&rsquo; negligence, he or she can be held liable.&nbsp; It is also the trustee&rsquo;s responsibility to file and pay taxes for the trust and take care of other trust-related expenses.
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; He or she is responsible for ensuring that the trust produces income.&nbsp; This means the money can&rsquo;t just sit in a checking account, rather it needs to be invested wisely so it generates income for the beneficiaries.&nbsp; The trustee also distributes this income to the beneficiaries.
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speaking of investments, many states require the trustee to make prudent choices when it comes to those investments.&nbsp; It is usually helpful to speak with an attorney or financial advisor in order to make wise decisions and to find out what specific regulations apply here in Charleston County.&nbsp; In fact, it is the trustee&rsquo;s responsibility to use his or her best judgment to choose an investment agent to handle the delegation of investments if the trustee isn&rsquo;t qualified to choose them on his or her own.
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The beneficiaries of the trust must be informed of the activity of the trust.&nbsp; This includes informing them of the trust and the trustee&rsquo;s role in the trust, supplying required documentation when requested, and providing all beneficiaries with an annual statement of the accounts.
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The person in charge of trust administration must be able to avoid conflicts of interest and cannot make decisions which favor the trustee over other beneficiaries.&nbsp; 
Proper trust administration in Charleston County requires a combination of personal integrity, business savvy and interpersonal skills.&nbsp; When choosing a trustee or accepting the position, it is a good idea to speak with a Charleston trust lawyer to ensure that you fully understand the responsibilities that accompany the position.
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    <title><![CDATA[Planning for the Future with a 529 Plan]]></title>
    <link>http://djclawsc.com/news.php?id=29</link>
    <guid>http://djclawsc.com/news.php?id=29</guid>
    <pubDate>Sun, 25 Nov 2012 23:49:49 -0500</pubDate>
    <description><![CDATA[If you already have children or are making plans to grow your family, it makes sense to consider a 529 plan.  These are plans which are set up before your kids even head out to college, allowing you to put money aside for tuition so it will be there when you need it. There are a number of benefits to using this type of program, not the least of which is the possibility of locking in today's tuition prices.  With the ongoing increase in tuition, paying 2012 prices for a plan which might not be cashed in until 2025 makes good financial sense.
There are also some really attractive tax benefits available to those who take advantage of 529 plans when planning for their families' futures.  For example, the money invested grows tax-deferred, and college costs later are free from federal taxes.  Some states also offer considerable tax benefits.  A skilled local attorney can help you assess the applicable tax benefits for those residing in the Charleston area.
Because 529 plans are typically run through states or institutions, there is often concern about whether or not kids growing up in the Charleston area have to attend specific schools in South Carolina.  Most plans actually allow you to choose from a variety of schools, not limiting you by geographic area.  In fact, it is common for families from one state to choose to invest in a 529 plan from another state because they prefer it for one reason or another.
There are two different types of 529 plans to consider when planning for your kids' future.  (Or your own, as you can set up a plan for yourself if you know you're interested in going back to school in the future).  "Savings plans" are similar to retirement plans, with your contributions invested into things such as mutual funds. The value of the plan depends on how these investments perform.  "Prepaid plans" simply allow you to pay the tuition in advance.  These can often be converted for use at out-of-state or private colleges.
CBS News has a good rundown on six reasons to invest in a 529 plan.  They include reasons such as the fact that tax changes in 2013 won't affect money already invested and a likelihood that investments made now will keep pace with tuition increases. Grandparents are even looking at 529 plans as a way to provide for grandchildren during the estate planning process.
If you have questions on how to set up a 529 plan and whether it's a wise option for your family, give our Charleston trusts and estates law firm a call at 843-971-1199 and schedule a complimentary consultation with the mention of this article.]]></description>
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    <title><![CDATA[Estate Planning for Same-Sex Couples ]]></title>
    <link>http://djclawsc.com/news.php?id=28</link>
    <guid>http://djclawsc.com/news.php?id=28</guid>
    <pubDate>Sun, 25 Nov 2012 23:47:40 -0500</pubDate>
    <description><![CDATA[Estate Planning for Same-Sex Couples in South Carolina
It's not unusual for legislation to affect the realm of estate planning. From tax implications to guardianship of children, an estate planning attorney has to keep up with the ever-changing legal landscape.  This is certainly true when it comes to estate planning for same-sex couples in South Carolina.
The legal aspects of a same-sex relationship often fall under the category of contract law in states where these relationships are not legal. It can be complicated, and in order to protect your property and your relationship, it is highly recommended to work with an experienced estate planning attorney.
There are several issues which need to be clearly addressed.  Keep in mind, too, that this is just an introduction, and there are many other considerations to make with your lawyer.
Powers of Attorney
If one partner was to fall ill, would the other be allowed to make medical decisions for him or her?  If a medical power of attorney has not been created, then the answer is likely "no."  The decision-making role would go to a blood relative.  The same is true of finances.  In order for one partner to have control of the other's finances during an illness or after death, a financial power of attorney needs to be in place.
Planning for Assets
While legally married couples have the protection of assets usually being passed directly to a spouse, same-sex couples do not typically enjoy these same considerations.  That's why it is important to make sure that you name your partner as your beneficiary when and where you can.  Some possibilities include:
Bank AccountsLife Insurance PoliciesMutual Funds/Stock PortfoliosRetirement Plans
Your estate planning attorney in Charleston will have a comprehensive list of assets which should be considered when naming beneficiaries.
Taxes
Estate and gift taxes are another area in which same-sex couples don't have the same protections as those who are legally married.  For example, legally-married spouses can gift their money and assets to their spouses without facing huge tax repercussions later.  Inheritance taxes have received considerable attention as of late, but the fact is those who don't have the protection of legal marriage are still going to pay more than others.
Your estate planning attorney in Charleston can help create ways to limit the amount of taxes which would be expected after the death of one partner.  This can be achieved through well-thought-out gifts, living trusts, and other means.
The fact of the matter is same-sex couples need to put time and effort into the estate planning process in order to ensure their partners receive what they are entitled to receive.  While estate planning really should be done by all kinds of couples, there are some safeguards in place to protect those who are legally married, and these options are just not yet available to same-sex couples in South Carolina.  In the meantime, it just makes good sense to set up a meeting with a reputable attorney and add some peace of mind to your relationship.
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