Johns Island Estate Planning Attorney
– Johns Island
Wiles Law Is the Place to Come
In order to protect your assets and your loved ones, you need the services of an experienced, knowledgeable estate planning attorney, someone to advise you about what steps you can take in the present to invest in your family’s future. If you live on Johns Island or in any other part of Charleston County, you are fortunate to have an estate planning law firm with a reputation for excellence nearby. Wiles Law in Mt. Pleasant is a practice dedicated to providing each of its clients with personalized attention.
We consider it our responsibility to assist you in meeting your present needs and helping you to prepare to meet your future goals. We are well aware that every situation is unique in terms of family constellation, income level, investments, educational expectations, special needs, and desires concerning retirement and other aspects of aging, such as preparing for possible incapacity and stating end of life wishes. You will find us compassionate as well as efficient, always ready to listen to your hopes and worries and to answer all your questions.
Wiles Law Offers Comprehensive Estate Planning
Our law firm is equally adept at handling all components of estate planning. Once we meet with you and learn the specifics of your case, we will carefully strategize how best to meet your needs. We handle all areas of the estate planning process with skill and efficiency, including wills and trusts, probate administration and trust administration, asset protection, and preparing for incapacity. If you check our testimonials on our home page and you will see that we have a reputation for giving trustworthy clarification and guidance.
The Place of Gift Trusts in Estate Planning
One of the roles Wiles Law attorneys play is that of gift trust attorneys. Gift trusts are often created as part of an inclusive estate planning strategy since gift trusts can prevent you from losing substantial portions of your assets to federal estate taxes. Although it is well-known that you are permitted to give annual gifts to beneficiaries ($15,000 to each recipient as of 2018) without paying taxes on that money, many people don’t realize that they also have the option of creating a gift trust for the same purpose. It is, however, important to remember that tax laws are complex and tax penalties are harsh, so it is always best to create a gift trust with the assistance of a gift trust attorney who is well-informed about current tax law.
How does a gift trust work?
While you are allowed to give an unlimited number of people $15,000 ($30,000 for a married couple) annually, without paying a tax on that gift, such gifts, were originally designed to be nontaxable only if they were “of present interest,” meaning the recipient must be permitted to use or control the proceeds within 30 days of their receipt. It should be noted, however, that the power to withdraw money from a gift trust, known as “Crummey Power” (so named for a landmark court decision in 1968) has been ruled to exist whether the recipient actually withdraws money soon after the trust is created or not.
Benefits of Gift Trusts in South Carolina
Gift trusts are especially useful for those with substantial assets since you can set up multiple gift trusts for those you love. Thus, it is possible to create gift trusts for all of your children, grandchildren, or even great-grandchildren. Because none of the money in these gift trusts will be taxed, you may be able to save a significant amount from taxation. At Wiles Law Firm, we look forward to helping you to experience the joy of giving without the worry of losing money to taxation. There is nothing like the satisfaction that comes from knowing that your family can inherit all that you want them to have without having to pay unnecessary taxation.
An additional benefit of creating a gift trust is that such a trust, since it is irrevocable, allows you to take the money out your control and out of the hands of your beneficiary; once the gift trust is in place, a designated trustee has control of the funds in the trust. This means that if the person to whom you give the gift trust has accumulated debt or
In a similar fashion, the money you have put into a gift trust for a specifically named beneficiary is not subject to being divided during a divorce settlement. The well-crafted gift trust we create for you will belong solely to the designated individual, not to his or her spouse. When you are gifting a child, it is also possible for our Charleston County attorneys to create a trust under the Uniform Gifts to Minors Act so that the minor’s money is placed in a custodial account managed by a responsible adult until the intended recipient reaches the age of 21.
Contact Our John’s Island Estate Planning Attorney
It’s never too early to start planning for your future and the furure of your loved ones. If you live on John’s Island or in another part of Charleston County, Wiles Law is here to help you successfully arrange to give gifts to your beneficiaries in the most effective way possible. Why not make an appointment to come in and speak with us? We will put you on a path to the future that will give you peace of mind and a feeling of accomlishment.