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Johns Island Estate Planning Attorney

Johns Island, in Charleston County, is the largest island in South Carolina. A delightful location for residents and visitors alike, Johns Island has the grace and hospitality of the Old South coupled with all the joys of being close to the water. Enthused guests can go fishing, sailing, dolphin watching, water-skiing, kayaking, paddle-boating, or take a fabulous harbor cruise to enjoy all the natural wonders the island has to offer. Landlubbers can take a charming horse and carriage tour of the island, play golf, visit historic Revolutionary and Civil War sites, go horseback riding, or simply relax while taking in the beauty of the oldest tree on Johns Island (estimated to be 400 to 500 years old)-- Angel Oak Tree, a true wonder -- over 50 feet tall with an amazingly wide span of curved branches.

Of course, even if you live amidst lovely surroundings, you have all the same issues to deal with as the rest of us: keeping yourself and your family healthy, happy and financially supported, and planning your future to (as far as possible) continue the process.

Wiles Law Firm, LLC 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 Firm, LLC 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 Firm 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 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 Firm 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 is sued after an accident, the gift trust is off-limits to creditors or plaintiffs.

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 is never too early to start planning for your future and the future of your loved ones. If you live in Johns Island or in another part of Charleston County, Wiles Law Firm, LLC 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 accomplishment. We can be reached by phone or by filling out one of the contact forms on our website.

Wiles Law Firm, LLC helps clients with their estate planning needs in Charleston, South Carolina and the surrounding areas such as West Ashley, Summerville, North Charleston, Mount Pleasant, and John's Island.

Information on this website is not legal advice. Further, viewing of the enclosed information does not create an attorney-client relationship with Wiles Law Firm, LLC. Matters will be handled by attorneys who primarily practice out of our office in Charleston County located at 852 Lowcountry Blvd., Ste. 101, Mt. Pleasant, SC 29464. M. Emerson Wiles, III is the attorney responsible for this advertisement.

Any result Wiles Law Firm, LLC may achieve on behalf of one client in one particular matter does not necessarily indicate similar results can be obtained for other clients. Please contact a South Carolina estate planning attorney or one of our attorneys with Wiles Law Firm, LLC for a consultation regarding your unique estate plan.

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852 Lowcountry Blvd., Suite 101, Mount Pleasant, SC 29464
| Phone: 843-718-0232

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