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Estate Planning Attorney inReidville, SC
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 Reidville, 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 Reidville, 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:
- 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 Reidville, 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:
- 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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What is Estate Planning in
Reidville, 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 Reidville, 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 Reidville, 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 Reidville, 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 Reidville, 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 Reidville, 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 Reidville, 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 Reidville, SC
Spartanburg County's penny sales tax would repave Reidville Road, East Main Street
Bob Montgomeryhttps://www.goupstate.com/story/news/local/2023/06/15/proposed-penny-tax-funds-these-road-projects-in-spartanburg-county/70265050007/
Reidville Road, Moore-Duncan Highway and East Main Street in Spartanburg are among several major roads that would be repaved with funding from a new six-year penny sales tax if voters approve in November.In all, 34 major asphalt pavement projects would be completed by the sixth year the tax is collected, according to a list the Spartanburg County Council forwarded to a six-member commission. The commission will draft the language of a referendum to appear on the November ballot.In addition, there are numerous countywide stormwa...
Reidville Road, Moore-Duncan Highway and East Main Street in Spartanburg are among several major roads that would be repaved with funding from a new six-year penny sales tax if voters approve in November.
In all, 34 major asphalt pavement projects would be completed by the sixth year the tax is collected, according to a list the Spartanburg County Council forwarded to a six-member commission. The commission will draft the language of a referendum to appear on the November ballot.
In addition, there are numerous countywide stormwater and intersection improvement projects and hundreds of neighborhood street repaving projects that would be paid for by the penny tax, which is estimated to generate $478 million over six years.
If approved, the sales tax would continue to be applied to items purchased in the county when the current penny tax – which was raised from 6 cents to 7 cents in 2018 – expires April 30, 2024.
"It is imperative that we fix our roads and intersections now because every day that goes by without them being repaired they fall further into a state of disrepair. The cost then goes up exponentially," County Councilman David Britt said.
The county maintains more than 1,700 miles of roads and 150 bridges. An estimated 45% of them are classified as in poor condition, and the S.C. Department of Transportation estimates that 60% of the state's secondary roads in the county are also in poor condition.
Spartanburg County Council: 'How are we going to pay to fix the roads?'
Britt said many roads were built more than 50 years ago and not designed to handle the weight of vehicles of today, such as SUVs and large trucks that deliver goods to distribution centers and grocery stores.
All County Council and several City Council members have stated support for a new penny tax, saying it is the least painful way to fix what is the number one local issue for many residents.
"I think its the best thing to do," said County Councilman Bob Walker. "It's the fairest way and the best way, and it's spread out. I'm elected by the citizens, and that's who I work for. If they want to discuss the penny tax with me, I'm available."
County Councilman Justin McCorkle said the penny tax is "the best option … to get the best bang for the buck, so to speak.
"This option provides the least burden on citizens and the greatest impact on roadway improvements," McCorkle said.
Britt said he was recently asked why the county doesn't simply use tax revenues from new companies coming to Spartanburg County to pay for road improvements.
"I told the resident it would take over 125 years to just generate the money that the penny sales tax will generate in six years," Britt said. "Today the question is how are we going to pay to fix the roads?
"Either have an astronomical property tax increase that no one wants or use the penny sales," Britt said. "Thirty-five percent or more of the revenues generated by the penny sales tax will be paid for by people who do not live in Spartanburg that use our roads. Why not let them help us pave our roads."
County Councilman Jack Mabry said, "As long as we wait till the current penny sales tax for the courthouse is sunset and we put it to a vote, I feel the penny sales tax is the best way to address our roads. I am not a big fan of back-to-back penny tax, but if we want better roads this is the bet way to address it."
Public Works Director Travis Brown estimated a backlog of $500 million in roads that are in need of repair.
Brown, who compiled the list of road projects spread over six years, told council members the projects will be "concentrated in areas of higher growth" and take into account pavement condition, traffic counts, crash data and functionality.
Spartanburg County road, bridge projects spread out over six years
The project list is divided into six tiers, with the first tier being the highest priority to start in the first year, and the sixth tier the lowest priority in the final year of the penny tax.
Planned Spartanburg area projects
Here is a look at major projects planned under Tier 1 if the penny tax referendum commission approves the list to appear on the November ballot:
Tier 1, asphalt pavement improvement:
Moore-Duncan Highway (SC 290), from Reidville Road to Rogers Bridge Road, 2.75 miles, $6.6 million; Moore-Duncan Highway (SC 290) from Meauly Road to N. Danzler Road, 1.4 miles, $3.6 million; Reidville Road (SC 296), from SC 290 to SC 295, 5.5 miles, $14 million; E. Main Street in Spartanburg, from US 29 to Converse Street, 2.9 miles, $1.4 million.
Tier 1, intersection improvement:
Zion Hill Road at Sloan's Grove Road, a roundabout, $3 million.
Tier 2, asphalt pavement improvement:
Main St./E. St. John St./W. St. John St., from SC 296 to Cherokee County line, 11 miles, $22 million; Cherry Hill Road, from US 29 to River Street, 3.2 miles, $2 million; Foster Street, from Cannons Campground Road to US 29, 2.8 miles, $1.1 million.
Tier 2, bridge replacement:
Alverson Road bridge, Campobello, $4.5 million; Freys Drive bridge, Spartanburg westside, $2.75 million.
Tier 2, intersection improvement:
US 176 at Dogwood Club Road, $2.5 million; Floyd Road at Cannons Campground Road, $1.5 million.
Tier 3, asphalt pavement improvement:
Rutherford Street, from I-26 to US 176, 2 miles, $2.8 million; Redland Road, from SC 14 to Red Hill Lane, 1.3 miles, $1.1 million; Brockman/McClimon Road, from I-85 to SC 101, 1.5 miles, $3.4 million; Abner Creek Road, from SC 101 to Westmoreland Road, 4.6 miles, $3.9 million; Cavins Road, from E. Hayne St. to E. Georgia Road, 1.6 miles, $1.4 million; Peanut Road, from East Georgia Road to US 221, 1.8 miles, 1.5 million; Edwards Road, from Fountain Inn Road to SC 101, 2.5 miles, $2.1 million; Fernwood/Glendale Road, from SC 29 to Clifton/Glendale Road, 3.1 miles, $6.6 million.
Tier 3, bridge replacement:
Grand Canyon Road bridge, Inman, $1.75 million; Calvary Road bridge, Inman, $1.75 million.
Tier 3, intersection improvement:
Gossett Road at Cannons Campground Road, $3 million; SC 129 at Carver/Bobo, $3 million; SC 292 at Bishop Road, $3 million.
Tier 4, asphalt pavement improvement:
Southport Road from SC 215 to US 176, 12.6 miles, $24.6 million; Old Canaan Road, from SC 295 to Canaan Road, 2.9 miles, $2.5 million.
Tier 4, bridge replacement:
Settle Road bridge, Inman, $2 million; Landrum Mill Road bridge, Landrum, $2 million.
Tier 4, intersection improvement:
SC 357 at SC 358, $3.5 million; Old Converse Road at Cannons Campground Road, $2 million; Double Bridge Road at Hanging Rock Road, $3 million; Hammett Store Road at SC 357, $3 million.
Tier 5, asphalt pavement improvement:
Reidville Road from SC 295 to W. Main St., 2.4 miles, $4.5 million; US 221, from Southport Road to Barnwell Road, 6.2 miles, $29.5 million; Camelot Drive from US 29 to SC 296, 1 mile, $2 million; N. Daniel Morgan Ave., from US 29 to N. Church St., 0.4 miles, $722,975; Powell Mill Road, from SC 29 to Front St., 1.3 miles, $1.1 million; Powell Mill/Textile Road, from Front St. to Vanderbilt Road, 1 mile, $851,840; Powell Mill Road, from Powell Mill to Textile St., 0.6 miles, $477,030; Oak Grove Road, from S. Blackstock Road to Reidville Road, 0.67 miles, $856,099; Oak Grove Road, Reidville Road to South Blackstock Road, 1.1 miles, $1.4 million.
Tier 5, bridge replacement:
Stewart Road bridge, Pauline, $2.5 million; Rock Hill Church Road bridge, Inman, $2.5 million.
Tier 5, intersection improvement:
Battleground Road at US 29, $4.5 million; Old Furnace Road at Sugar Ridge Road, $3.5 million; Mt. Zion Road at John Dodd Road, $3 million; W. Henry St. at S. Forest St., $3.5 million.
Tier 5, county road corridor reconstruction:
Plainview Drive, from US 29 to Cannons Campground Road, 1.1 miles, $3.5 million; Blalock Road, from SC 9 to Old Furnace Road, 0.9 miles, $3.5 million.
Tier 6, asphalt pavement improvement:
SC 101, from Arnold Road to Rogers Bridge Road, 11.3 miles, $27 million.
Tier 6, bridge replacement:
RC Thompson Road bridge, Chesnee, $1.75 million; Bearden Road bridge, Roebuck, $2.25 million.
Tier 6, county road corridor reconstruction:
Upper Valley Falls Road from Valley Falls Road to US 176, 1.2 miles, $4.75 million; Hammett Store Road, from Hampton Road to SC 357, 2.2 miles, $6 million; Floyd Road, from Cannons Campground Road to US 221, 1.7 miles, $4.75 million; Genoble Road, from Victor Hill Road to Robinson Road, 0.9 miles,, $3.75 million; Foster Road, from SC 11 to Compton Bridge Road, 4.1 miles, $14 million.
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