When I die who or what process will be used to pay my debts? When we die a new legal entity emerges, called a “Decedent’s Estate”. Sometimes all assets are held jointly with a spouse and the spouse voluntarily takes care of any outstanding hospital or medical bills, the funeral home and other debts, including…
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I have an IRA and depend on it for retirement income
But as my largest asset I want to be sure I can leave it to my three children and avoid probate. What should I do? Individual retirement accounts or IRAs were often overlooked or disregarded when estate planning was undertaken, but as a result of 401k and pension plan rollovers IRAs hold approximately 27% of…
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Are pet trusts allowed in South Carolina? If so, what can you tell me about them.
Actually 46 states now allow pet trusts, including South Carolina, but you can’t leave monies and assets directly to the pet. A decade ago only 4 states allowed pet trusts. In December of 2011, 94-year-old Italian heiress Maria Assunta, who had no living relatives, left her entire estate valued at over $13,000,000 to “Tomasso”, a…
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I’m putting together my New Year Resolutions and wondered what you thought I should include about disability, elder law and estate planning.
Here is my list of favorites: 1. Be kind to someone daily.It’s incredibly good for your soul and as part of this resolution you need to see your estate plan as a gift you leave for those you love. You can include endearing words and thoughts into your will or trust documents, or even write…
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