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 McClellanville, 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 McClellanville, SC 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:
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 McClellanville, SC. 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.
Our firm specializes in several areas of estate planning and family law, including:
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.
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.
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.
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 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.
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.
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.
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:
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 McClellanville, 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.
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.
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:
As mentioned above, everyone's estate planning needs will be different. However, most plans include one or more of the following documents:
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 McClellanville, SC, to create and update your will.
The contents of a will typically include:
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.
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.
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.
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.
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 McClellanville, SC, your trust can also:
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.
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.
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.
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 USMCCLELLANVILLE, S.C. (WCBD) – Hurricane Hugo struck the South Carolina coast in the dark of night on Sept. 21, 1989. It was a powerful Category 4 storm with sustained winds near 140 mph.One of the hardest-hit communities was McClellanville, a small fishing town north of Charleston that was inundated by a storm surge estimated at nearly 20 feet. Homes and businesses were destroyed, and shrimp boats were tossed ashore like toys.More than three decades later, Hugo remains the benchmark for hurricane devastation in the Lowcou...
MCCLELLANVILLE, S.C. (WCBD) – Hurricane Hugo struck the South Carolina coast in the dark of night on Sept. 21, 1989. It was a powerful Category 4 storm with sustained winds near 140 mph.
One of the hardest-hit communities was McClellanville, a small fishing town north of Charleston that was inundated by a storm surge estimated at nearly 20 feet. Homes and businesses were destroyed, and shrimp boats were tossed ashore like toys.
More than three decades later, Hugo remains the benchmark for hurricane devastation in the Lowcountry. For those who lived through it, the storm is still remembered not only for its destruction, but also for the fear and uncertainty that unfolded hour by hour.
One of those survivors is Gary White, who has lived in the McClellanville area since he was a teenager.
“They have a saying up here: before the storm and after the storm,” White said. “That’s how you describe events. In the 70s and 80s, we had not had very many hurricanes at all, and we were very ignorant of what a hurricane could do.”
Like many residents, White said he did not initially grasp the magnitude of the threat. He spent the morning surfing on Folly Beach and did not realize the storm’s potential until later in the day.
As Hugo barreled toward the coast, local officials urged residents to leave immediately.
Charleston County Council Chair Linda Lombard issued an urgent evacuation message from the county’s Emergency Operations Center.
“I can still remember her exact words. If you’re still here, get out now. I felt my first little bit of fear,” he said. “So, we were watching Rob Fowler that day for a few hours.”
Despite the warnings, White’s family decided to remain in McClellanville.
White said they decided to stay on his father’s boat. “We had my sister, my wife, and my two-month-old son, and my parents. Everybody else had left,” he said.
“We were on the boat, and the tide was just getting so high we thought maybe it wasn’t safe.”
As conditions worsened, they returned to the house. Soon, Hugo’s sounds made it clear they were facing something unlike anything they had experienced before.
“The noises the wind made. I had never heard sounds like that before. I actually use the word supernatural to describe it.”
White said the situation deteriorated rapidly during the night.
“Sometime in the middle of the night, I heard my mother scream, and she closed the door because water was coming in. And as soon as she did, it started pouring in the window.”
McClellanville and neighboring Awendaw experienced some of the highest storm surge levels recorded during Hugo. As floodwaters rose, White’s concern shifted from his own safety to his family’s.
“I wasn’t scared I would drown. I was a very good swimmer. I was a surfer. I thought, I’ll be okay, but I was very worried for the people around me and especially the baby. That was my biggest worry. You know, if the water kept coming up and we were all floating in the water, how were we going to keep him above water the entire time?”
As water filled the home, the family was forced to escape through a window and climb to higher ground.
White demonstrated how they climbed to the home’s roof using a pump house as the floodwaters surged around them.
“The pump house we got on, got up on the roof. We were up there for about three or four hours. I can remember that I could get on the edge right here and sit and dangle my feet in the water. That’s how high the water was,” he recalled.
A short distance away, hundreds of residents were enduring their own fight for survival.
Lincoln High School had been designated as a hurricane shelter. Maps incorrectly listed the school’s elevation at 20 feet above sea level when its actual elevation was closer to 10 feet. Several feet of water entered the building, forcing evacuees onto tables and into the rafters to escape the rising water.
“Lincoln High School is right through those woods,” Gary showed us as he retraced his steps that night. “There were 1,500 people there, and during the height of the storm, we could hear those people screaming.”
When daylight finally arrived, White and his father ventured into the floodwaters to assess what remained of their town.
The destruction was unlike anything they had ever seen.
McClellanville was so heavily damaged that the U.S. Marines restricted access to the town while troops cleared roads, removed downed power lines, and searched for victims.
“There’s a picture of my father’s boat leaning against Gedney Howe’s; he’s a local lawyer; there’s a picture of my father’s boat leaning against his house,” he said, demonstrating the power of the water that night.
For many residents who evacuated, the devastation came as a shock when they returned. But White said those who experienced Hugo firsthand carried a different understanding of what happened that night.
“It’s just something that if you don’t go through it – you don’t know what it’s like; you can’t describe it.”