What Is South Carolina’s Elective Share And Will It Protect My Spouse Should I Die?

The electtive share is designed to protect an omitted spouse when one spouse creates a will and completely leaves out the other spouse. In that case, the omitted spouse can file for an elective share of the spouse’s estate and that is one-third of the estate. He or she must file this request within nine months after the death.

What Is A QTIP Trust And How Does This Differ From The Elective Share?

A QTIP Trust and the elective share are two completely different things. A QTIP trust is a Qualified Terminable Interest Property Trust. This trust is designed to provide income to a spouse after the first spouse dies, while also permitting the spouse who died to bequeath specific property to others. It is a tax advantage to the spouse who died because what he leaves for his wife as income is not taxed in his estate. It will not be taxed until the second spouse dies.

Does South Carolina Have A Marital Deduction In An Estate Tax?

South Carolina does not have inheritance tax, so the marital deduction would have no meaning. Of course, the federal government does have an estate tax, but unless the deceased’s estate is worth more than $11.5 million, there is no federal estate tax to worry about.

For more information on Estate Planning In South Carolina, a free case evaluation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

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