Securing Your Legacy in South
Carolina
Did you know that one in two U.S. citizens have yet to create a plan for their estate? Just about everyone knows they need to get their affairs in order, but most people procrastinate when it comes to estate planning. It's an uncomfortable subject to think about. After all, nobody wants to ponder their death and what happens to their assets when they pass. However, working with an estate planning lawyer in Charleston, SC, protects you, your loved ones, and your assets, both while you're alive and after you have died. There isn't a perfect time to plan your estate, but there is a right time and that time is now.
We understand that there is no "one-size-fits-all" solution to your estate planning needs. That's why, at Cobb Hammett Law Firm, we make a concerted effort to speak with our clients personally so that we can create an estate plan that is as unique as they are. Our estate plans are comprehensive, cost-effective, and catered to you. That way, your family is provided if you are incapacitated or pass away.
At the end of the day, our goal is to make sure that every one of our clients leaves our office feeling less stressed and more informed. Peace of mind is valuable currency these days. Why worry about the future of your loved ones when you can use South Carolina law to ensure their stability?
Many of the clients in Charleston that walk through our doors have significant questions that require serious answers. They're filled with doubt, stress, and worry. They're worried about their children, their spouse, their relatives, or all the above. They ask questions like:
- How much does estate planning cost?
- What kind of results can I expect?
- How long will this process take?
If these questions sound familiar, know that you are not alone. At Cobb Hammett Law Firm, we have worked with hundreds of clients just like you. Sometimes, these clients are unsatisfied with their current estate planning attorney in Charleston. Other times, they have been served with confusing papers or documents that leave them feeling overwhelmed. In either case, clients come to our office knowing they need to manage what is often a sudden, foreign situation.
The good news? We sit down with all new clients for an hour at no extra cost. We do so to get a basic sense of their situation and help steer them in the right direction. That way, they can leave our office feeling a little wiser and a lot better about the future.
Service Areas
Our firm specializes in several areas of estate planning and family law, including:
- Estate Planning
- Last Will and Testament
- Living Wills
- Heath Care Power of Attorney
- Living Wills
- Irrevocable Trusts
- Revocable Trusts
- Retirement Trusts
- Special Needs Trusts
The Cobb Hammett
Difference
At Cobb Hammett, LLC, estate planning is like second nature to us. Having worked hundreds upon hundreds of cases, we have the knowledge and experience to assist with all the estate planning needs that you or your family have.
As our client, you will always work directly with your attorney. We do not pass cases off to paralegals or junior associates. Because your concerns and questions don't end when our office closes, we encourage our clients to contact us at any time.
Because we limit the number of cases we accept, we have the time and resources to truly dedicate ourselves to each of our clients. Unlike some competitors, we care about the outcome of every case because we know that our clients' future depends on it.
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Corporate and Banking for Jie Zheng
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What is Estate Planning in
Charleston, SC?
The word "estate" might make you think of a sprawling mansion in the French countryside. The truth is, you don't have to be rich to have an estate. In fact, most people already have an estate. An estate comprises the assets that a person owns like cars, bank accounts, real estate, businesses, and other possessions. Everyone's estate is different, but we all have one thing in common: none of us can take our estates with us when we die. When that does eventually happen, you will need legal instructions that state who gets what from your estate in plain terms.That, in a nutshell, is estate planning building a framework in advance that names the organizations or people that should receive your assets after you die. Planning your estate now helps make life much easier for your family down the line.
A good estate plan covers more than fiscal assets, however. A comprehensive
estate plan should include the following:
- If you have children who are minors, instructions as to who will be their guardian when you die.
- Long-term care insurance if you suffer from an extended injury or illness.
- Instructions that dictate what happens to you and your financial affairs if you become incapacitated before death.
- Instructions on the transfer of your business after retirement, incapacity, disability, or death.
- Instructions on how to provide for loved ones who might need help managing money or who need protection from creditors.
- Probate and tax avoidance that help minimize court fees, taxes, and legal fees.
- Planning Medicaid payments.
- Instructions that help complete or update beneficiary designations.
- Assist family members who have special needs without disqualifying them from government benefits.
Contrary to popular belief, estate planning isn't just for adults who are approaching retirement age. Estate planning is for everyone. After all, we're all getting older, and none of us know exactly when it will be our time to go.
The Basics of Estate Planning
in Charleston, SC
Although estate planning can be complicated, a well-rounded plan makes a huge difference in what is left to your beneficiaries. Before you start planning your estate, it's important to know a few common topics that may arise as you detail your needs.
Working with a Tax Advisor and Estate Planning
Attorney in Charleston, SC
Working with a veteran estate planning lawyer is a no-brainer, but you should consider working with a tax advisor too. Your attorney's role is to help guide you through the creation of your estate planning documents. Common documents include your will, health care directives, and power of attorney. Your tax advisor will help guide you through tax issues associated with your estate planning needs.
In this relationship, you make the decisions while your attorney and tax advisor help you understand and think through the options you're considering. As a team, they will help you state your wishes clearly while minimizing mistakes and adjusting your plans as they change. Because significant savings can result from thorough, informed planning, you should seriously consider working with a tax advisor in addition to your estate planning attorney.
Maximizing
Your Estate
If there were one overriding theme of estate planning, it would be maximizing what you plan to leave behind. Thinking through how each of your assets will be distributed is crucial to your estate. Your decisions may change depending on the type of asset, its size, how old you are, and several other factors. With an attorney on your side, you will gain a thorough understanding of what actions you should take to care for your family while minimizing expenses like taxes and court fees.
Inheritance, Estate,
and Gift Taxes
One of the biggest parts of maximizing what you're leaving behind is to minimize taxes. Federal taxes on estates and gifts are incredibly high. Both forms of taxes usually have exemption limits, which means you can give up to a specific amount without being taxed. Your lawyer can achieve that by using the gift tax exemption to move assets while you are still alive. This strategy maximizes how much your beneficiaries will receive.
Inheritance taxes are often based on the value of your estate and paid prior to asset distribution to your beneficiaries.
Choosing the
Executor of Your Will
The executor of your estate plays a key role in your affairs. Their responsibilities include carrying out the terms of your will and seeing the estate settlement process through until the end. Obviously, such a role demands a qualified person. Choosing your executor isn't an easy decision. The person you select should be great at managing money, be savvy financially, and show an ability to be patient. That's because the executor is tasked with:
- Collecting Your Assets
- Paying Outstanding Bills
- Submitting Tax Returns
- Petitioning the Court for Documents
- Distributing Assets to Your Beneficiaries
If the person that you choose as executor is inexperienced with the estate settlement process, it is recommended that they lean on an estate planning attorney in Charleston, SC for guidance. It should be noted that you may appoint more than a single executor to your estate. This is common when two individuals have complementary personalities or skill sets.
The Benefits of Estate Planning
in Charleston, SC
One of the biggest benefits of planning your estate is the peace of mind it brings to you and your family. With the help of our expert estate planning attorneys, you have the power to protect your assets, privacy, and children's welfare. You can also potentially save money on taxes or even avoid probate. By having your wishes legally documented before death or incapacity, you can minimize any impact on your beneficiaries and take control of your legacy. Without a comprehensive estate plan, you're leaving the future of your loved ones in the hands of the South Carolina court system.
With an estate plan in place, you can plan for incapacity by using a power of attorney or advanced medical directives. Doing so relieves your loved ones of the burden of asking the court for the authority to fulfill your wishes.
At Cobb Hammett Law Firm, we are committed to helping you prepare for both the expected and unexpected through years of experience and a fierce dedication to our clients. From establishing trusts to designing business succession plans, we are here to fight for you.
At Cobb Hammett we offer a "Will Package" that includes 4 necessary documents.
If a husband and wife each purchase reciprocating will packages we give a discount. Reciprocating just means the husband names the wife and the wife names the husband. Those four documents are:
- Last will and testament
- Healthcare power of attorney
- Durable power of attorney
- living will
Common Documents Included
in Your Estate Plan
As mentioned above, everyone's estate planning needs will be different. However, most plans include one or more of the following documents:
Will
Your will is an essential piece of documentation and is often considered the cornerstone of a proper estate plan. Generally speaking, your will is a document that dictates the distribution of your assets after your death. Having an iron-clad will is one of the best ways to make sure that your wishes are communicated clearly. As is the case with most estate planning, it is highly recommended that you work with an estate planning attorney in Charleston, SC, to create and update your will.
The contents of a will typically include:
- Designation of the executor, who is responsible for adhering to the provisions of your will.
- Designation of beneficiaries the people who will be inheriting your assets
- Instructions that dictate how and when your beneficiaries will receive assets.
- Instructions that assign guardianship for any minor children.
Without a will in place, the State of South Carolina will decide how to distribute assets to your beneficiaries. Allowing the state to distribute your assets is often an unfavorable route to take, since the settlement process may not include what you had in mind for your survivors. Having a will drafted that reflects your wishes will prevent such a situation from happening.
Living Will
Despite its name, a living will does not instruct your survivors on what assets go where. Also called an advanced directive, your living will allows you to state your end-of-life medical wishes if you have become unable to communicate. This important document provides guidance to family members and doctors and solidifies certain issues like whether you should be resuscitated after an accident.
For example, it's common to direct that palliative care (care to decrease pain and suffering) always be administered if needed. Conversely, you may state that certain measures are not allowed, like CPR.
Trusts
Traditionally, a trust is used to minimize estate taxes and maximize other benefits as part of a well-rounded estate plan. This fiduciary agreement lets a trustee hold your assets on behalf of your beneficiaries. There are many ways to arrange a trust to specify when and how your assets are distributed.
With a trust in place, your beneficiaries can avoid going to probate. That means they may be able to gain access to your assets quicker than when they are transferred with a standard will. Assets placed in a trust can pass outside of probate, which will save you and your family time, money, and stress.
There are two distinct trust categories that you should be aware of: revocable and irrevocable.
Revocable Trust:
Also called a living trust, a revocable trust helps assets circumvent probate. With this trust, you can control your assets while you are still alive. These trusts are flexible and may be dissolved at any point in time. This type of trust becomes irrevocable upon your death. Revocable trusts can help you avoid the pitfalls of probate but be aware that they are usually still taxable.
Irrevocable Trust:
This kind of trust transfers assets out of your estate so that they are not taxed and do not have to go through probate. However, once an irrevocable trust has been executed, it may not be altered. That means that once you establish this kind of trust, you lose control of its assets and cannot dissolve the trust. If your primary goal is to avoid taxes on your estate, setting up an irrevocable could be a wise choice.
When drafted with the help of an estate planning lawyer in Charleston, SC, your trust can also:
Protect Your Legacy:
When constructed properly, a trust can protect your estate from your heirs' creditors. This can be a huge relief for beneficiaries who might need to brush up on money management skills.
Privacy and Probate:
Probate records are made available for public consumption. With a trust, you may have the choice of having your assets pass outside of probate court so that they remain private. In the process, you may also save money that you would lose to taxes and court fees.
Control Wealth:
Because you can specify the exact terms of a trust, you have more control over who receives your assets and when they receive them. As an example, you can set up a revocable trust so that your assets are attainable while you're alive. When you pass, remaining assets are distributed, even in complex situations involving children from multiple marriages.
The Top Estate Planning Law Firm in the Lowcountry
If you know that you need to provide for your family and loved ones after your death, it's time to develop your estate plan. With Cobb Hammett Law Firm by your side, planning your estate doesn't have to be difficult. However, it does need to be accurate and executed exactly to your wishes something that we have been helping clients achieve for years. Don't leave your legacy up to chance contact our office today and secure your future generations.
CONTACT USLatest News in Charleston, SC
‘We should play every year:’ After hiatus, USC and CoC play entertaining exhibition
Jordan Kayehttps://www.thestate.com/sports/college/university-of-south-carolina/usc-baseball/article295228654.html
CHARLESTONSouth Carolina played a baseball game against the College of Charleston on Thursday. And really, it shouldn’t be a big deal. But time transforms small things into big things.It’s why a few months ago, Charleston coach Chad Holbrook sat in his office and looked like a man who had just been told a great-great uncle he never met left him a hefty inheritance. In shock, he told everyone that new South Carolina co...
CHARLESTON
South Carolina played a baseball game against the College of Charleston on Thursday. And really, it shouldn’t be a big deal. But time transforms small things into big things.
It’s why a few months ago, Charleston coach Chad Holbrook sat in his office and looked like a man who had just been told a great-great uncle he never met left him a hefty inheritance. In shock, he told everyone that new South Carolina coach Paul Mainieri had not just agreed to play his squad, but USC would come to Charleston for an exhibition.
“I think there was a hesitation because I think Chad fell off his chair and he had to pick himself up. He said, ‘Are you serious?’ ” Mainieri said. “I just noticed on the schedule that the College of Charleston hadn’t been on for a couple years and I didn’t really understand why.”
The answer made even less sense after Thursday. After 3,412 folks bought tickets for a fall scrimmage at Joseph P. Riley Jr. Park, home of the Charleston RiverDogs. After CoC beat its Division I counterparts to the northwest, 12-11.
It was the first time South Carolina baseball played the College of Charleston since 2018 — a 9-0 CofC win in Holbrook’s first year as Cougars coach. The last time the Gamecocks played the Cougars in the Lowcountry was in 2013, Holbrook’s first season as the head coach at South Carolina. (USC won that game 3-1.)
Before taking over the Gamecocks program, Holbrook served on coach Ray Tanner’s staff for four seasons — including the 2010 and 2011 national championship campaigns. In that time, Holbrook said, Tanner shared a philosophy.
“Hey, you’re the head coach at South Carolina,” Holbrook said Tanner told him. “You should play all the teams in the state of South Carolina.”
“He thought it was his responsibility as the flagship university in the state,” Holbrook said. “I hope we’re back on that. I think Paul agrees with Coach Tanner in that regard: ‘We’ll play South Carolina any time we can.’ ”
Mainieri seemed to enjoy the experience, just not the final outcome. He is one for using his platform as an SEC head coach to lift up smaller programs. A few weeks ago, Air Force — where Mainieri coached from 1989-94 — came to Founders Park for a unique fall exhibition.
Though South Carolina had released its full non-conference schedule, it was announced Thursday that the Gamecocks and Cougars will meet again on Tuesday, March 18 at Segra Park in Columbia.
And just like Thursday, it won’t be a guaranteed victory for the Gamecocks. Last season, College of Charleston went 41-14 but was left out of the NCAA Tournament.
“I wanted to play as good a team as we could find,” Mainieri said. “And I thought College of Charleston was a great team. I know how much Chad appreciated that we came over here.”
Holbrook joked that he came into the scrimmage with this plan for all the pitchers he wanted to use and a real solid idea about how to use the exhibition to help his squad.
Then he got into the sixth inning. The Cougars hit two home runs, scored seven runs and led 10-5. Holbrook’s plan flew to the Charleston wind.
“Oh, the hell with that. You’re trying to win,” Holbrook said with a grin.
South Carolina provided drama in the ninth inning, with a two-run Evan Stone home run that put the Gamecocks down one with one out to spare. They couldn’t pull out the miracle.
Will Tippett grounded out. CoC second baseman Ethan Plyler snatched the ball and spiked it into the dirt, letting out a primal scream. A few Cougars sprinted out of the dugout like this was a win in May.
Don’t tell them Thursday was just an exhibition, perhaps answering a question that should have never been asked.
“Yes,” Holbrook said, “we should play every year.”
This story was originally published November 7, 2024, 10:41 PM.
Charleston maritime partners calling on community to help fill shipping container with toys for SC foster children
American Journal of Transportation On-Linehttps://www.ajot.com/news/charleston-maritime-partners-calling-on-community-to-help-fill-shipping-container-with-toys-for-sc-foster-children
| Nov 07 2024 at 11:30 AM | Ports & TerminalsSC Ports, the International Longshoreman’s Association, Coalition 18 and the Maritime Association of South Carolina are partnering again this year to fulfill the holiday wish lists of South Carolina foster children.Charleston’s maritime community is encouraging its partners, businesses and area residents to donate to the Maritime Toy Drive with the goal of filling a 40-foot...
| Nov 07 2024 at 11:30 AM | Ports & Terminals
SC Ports, the International Longshoreman’s Association, Coalition 18 and the Maritime Association of South Carolina are partnering again this year to fulfill the holiday wish lists of South Carolina foster children.
Charleston’s maritime community is encouraging its partners, businesses and area residents to donate to the Maritime Toy Drive with the goal of filling a 40-foot ONE shipping container with toys by Dec. 13. Donations will be distributed to foster children in South Carolina by the S.C. Department of Social Services.
This is the maritime community’s third annual toy drive in Charleston. These efforts have collected thousands of toys for foster children in South Carolina.
“SC Ports is dedicated year-round to connecting with local communities and giving back to our citizens,” SC Ports President and CEO Barbara Melvin said. “South Carolina’s maritime community is teaming up again to make the holidays brighter for foster children in our state. We encourage people and businesses to join us in supporting such a wonderful cause.”
“The International Longshoremen’s Association Local 1422, Local 1422-A and Local 1771 believe in service and giving back to our community,” said Yvette Flowers, Secretary Treasurer of ILA Local 1422. “We hope others in the Lowcountry will join our maritime community and support South Carolina children this holiday season.”
“The trucking community delivers goods to homes and businesses every day, and we are proud to participate in the Maritime Toy Drive to give back to children who are so deserving of happy holidays,” said Juan Gordon, president of trucking organization Coalition 18. “We want to inspire the community to go even bigger this year. Every little bit counts.”
"Collaboration and community service are at the heart of the maritime industry," said Taylor Jackson, President and CEO of the Maritime Association of South Carolina. "We're honored to support this meaningful initiative and invite others to join us in making a lasting impact on the lives of South Carolina children during this season of generosity."
How to donate:
Please bring unwrapped toys to SC Ports headquarters (200 Ports Authority Drive, Mount Pleasant, SC), or purchase toys online through the wish lists below. When checking out, please make sure to select the gift registry shipping address.
• Amazon Gift Wish List
• Target Gift Wish List
• Walmart Gift Wish List
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South Carolina Stingrays Partner with Mercedes-Benz Vans Charleston to Launch "Sprinting Forward, Winning for Stem" Initiative
South Carolina Stingrayshttps://www.oursportscentral.com/services/releases/south-carolina-stingrays-partner-with-mercedes-benz-vans-charleston-to-launch-sprinting-forward-winning-for-stem-initiative/n-6162973
November 7, 2024 - ECHL (ECHL)NORTH CHARLESTON, S.C. - The South Carolina Stingrays are proud to announce a new partnership with Mercedes-Benz Vans Charleston for the 2024-25 hockey season. Together, they are launching the "Sprinting Forward, Winning for STEM" initiative to support STEM (Science, Technology, Engineering, and Mathematics) education in the Lowcountry.For every Stingrays victory this season, Mercedes-Benz Vans...
November 7, 2024 - ECHL (ECHL)
NORTH CHARLESTON, S.C. - The South Carolina Stingrays are proud to announce a new partnership with Mercedes-Benz Vans Charleston for the 2024-25 hockey season. Together, they are launching the "Sprinting Forward, Winning for STEM" initiative to support STEM (Science, Technology, Engineering, and Mathematics) education in the Lowcountry.
For every Stingrays victory this season, Mercedes-Benz Vans Charleston will pledge $100 towards a scholarship fund that will be awarded to a local teacher or school. This scholarship will help provide essential equipment and materials for STEM education in the classroom, furthering the community's commitment to empowering the next generation of innovators.
The initiative will be celebrated as part of the Stingrays' annual STEM Night, which engages students and families in hands-on learning activities. This year's STEM Night will take place on March 21, 2025. By tying each Stingrays win to a positive impact on education, the "Sprinting Forward, Winning for STEM" program will bring added excitement to every game while making a lasting difference in local classrooms.
"The partnership was a natural integration for our STEM Night," said Kerri White, Stingrays Vice President of Corporate Partnerships. "The initiative provides an opportunity to further connect our fans with Mercedes-Benz Vans Charleston and showcase their impact in the community."
This partnership aligns with Mercedes-Benz Vans Charleston's broader corporate responsibility platform, Sprinting Forward, Giving Back, which focuses on supporting the communities in which they operate.
"At Mercedes-Benz Vans Charleston, we are proud to strengthen our commitment to the communities we serve through this exciting partnership with the South Carolina Stingrays. The 'Sprinting Forward, Winning for STEM' initiative is more than just a sponsorship; it's a tangible investment in the future of our children and the industries that will shape tomorrow. By supporting STEM education in the Lowcountry, we are fostering the next generation of innovators, problem-solvers, and leaders. Together with the Stingrays, we are not only cheering for victories on the ice but also empowering educators and students with the tools they need to succeed in a rapidly evolving world," said Axel Bense, President & CEO of Mercedes-Benz Vans Charleston.
Check out the South Carolina Stingrays Statistics
• Discuss this story on the ECHL message board...
The opinions expressed in this release are those of the organization issuing it, and do not necessarily reflect the thoughts or opinions of OurSports Central or its staff.
Charleston County residents make voices heard on half-cent sales tax vote
Hollie Moorehttps://charlestonbusiness.com/charleston-county-residents-make-voices-heard-on-half-cent-sales-tax-vote/
Listen to this articleAfter months of ‘Vote Yes’ and ‘Vote No’ throughout Charleston County, residents overwhelmingly voted against passing a third transportation sales tax with about 60% voting no.As the 2004 half-cent sales tax reaches the end of its timeframe,...
Listen to this article
After months of ‘Vote Yes’ and ‘Vote No’ throughout Charleston County, residents overwhelmingly voted against passing a third transportation sales tax with about 60% voting no.
As the 2004 half-cent sales tax reaches the end of its timeframe, this tax was proposed to replace it, leaving people paying no more than they were previously. The sales tax would have generated funds for over a dozen infrastructure projects including the long-debated Interstate 526 extension — deemed a priority by the Charleston County Council and Charleston Mayor William Cogswell.
The extension, also known as the Mark Clark extension, has been in planning for nearly 40 years and was planned to receive the most funding from the tax. Other projects the tax was intended to fund included:
Related: Got questions on the half-cent sales tax in Charleston County? Here’s a primer
Related: Groups clash over half-cent sales tax vote in Charleston County
Hesitation for the approval of the sales tax focused primarily on environmental concerns for marine life and various bodies of water, as well as impacts on small businesses along its path. Faith River James, executive director of the Coastal Conservation League, said there are other ways to solve the traffic issues in the area.
“We are so proud of Charleston County voters standing up for the environment in our community,” James said. “One of our opportunities now is to move forward with traffic solutions that will enhance the way of life for folks who are living on Johns and James islands.”
James said that the CCL intends to focus their efforts on more small-scale solutions to better traffic flow as well as safety measures. Additionally, they plan to contribute to completing the 2016 referendum project list such as the Main Road Corridor in Johns Island.
In July, the CCL filed a lawsuit with the Southern Environmental Law Center against the county regarding the language of the options on the ballots about the tax. The lawsuit was dismissed after the election and James said the legal team will look back into it soon.
“It was definitely a team effort, it was a successful grassroots campaign, and I think the people of Charleston spoke very loudly,” James said. “We hope council will hear their concerns and give us an opportunity to come back to the table to work on traffic and safety solutions.”
Charleston County Councilwoman Jenny Honeycutt said that since the tax wasn’t approved, the projects it was intended to fund will not go through at this time. She said Charleston does have a contract with the state to complete the Mark Clark extension so how to do it will be further discussed.
Honeycutt said the state views Charleston as self-sustaining, so it doesn’t typically send as much funding for projects such as these.
“This does not mean that the problems we were trying to solve don’t exist anymore,” Honeycutt said. “We will continue to look for solutions to solving those problems, mainly the impact that rapid growth has had on our region and keeping pace with infrastructure to address those needs.”
This story has been updated.
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