Pitfalls to avoid in Estate Planning
- July 13th, 2023
- David Greene
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Everyone should review her Estate Plan every two or three years. The beginning of the new year is a good tinme to do that. Here are some pitfalls to avoid. (1) Check your beneficiaries on your trust, will and financial…
How is real property owned by a deceased person transferred if no probate estate was ever opened?
- April 1st, 2023
- David Greene
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The only way to transfer real property owned by a deceased person who died less than ten years ago is to open or reopen a probate estate and obtain a Deed of Distribution. If the deceased died more than ten…
Is a Personal Representative responsible for estate tax debts?
- March 28th, 2023
- David Greene
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Before I answer this question, I want to remind everyone that spammers are sending out emails saying they are the IRS and asking for your Social Security number. The IRS never communicates with taxpayers by email. Throw these emails in…
What type of documents should I be considering for my Estate Plan?
- February 28th, 2023
- David Greene
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When people typically think of estate planning, the first thing that comes to mind is how they can control their assets after death. When considering this, most individuals come in to see us wanting to create some type of will…
How can one avoid a will contest?
- November 2nd, 2021
- David Greene
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It is very hard to be successful in a will or trust contest. However, many disappointed heirs file such contests every year. Here are some planning tips to hopefully avoid that headache and heartache for your heirs. (1) If you…
Does a trust protect one’s assets against judgment?
- October 20th, 2021
- David Greene
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Whether or not assets in a trust are protected from judgment creditors depends on the kind of trust. The most popular trust is the Revocable Living Trust. Usually, the maker of the trust is also the trustee, so he retains…
How Are Taxes Handled In Probate?
- September 9th, 2021
- David Greene
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Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…
How are income taxes filed for a deceased person?
- July 16th, 2020
- David Greene
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When a spouse dies, assuming the couple filed as Married Filing Joint, the surviving spouse will still file a joint return for the year in which the spouse died. A death certificate must be attached to the return. For this…
What is a spouse’s rights to a deceased spouse’s estate if not named in the will?
- July 2nd, 2020
- David Greene
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A spouse not named in the deceased spouse’s will is called an omitted spouse. In South Carolina our Probate Code provides for an omitted spouse. He is entitled to a spousal share of the estate by law. That share is…
Is a Trust only for the very rich – Part 2?
- August 7th, 2019
- David Greene
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I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate, (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your…