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Charleston Estate Planning & Asset Protection Blog

Monday, June 3, 2019

Preparing for Incapacity

What Is a Healthcare Power of Attorney and Why Do I Need One?

Accidents and illnesses can strike even the healthiest among us.  While none of us wish to dwell on the possibility that we could become incapacitated, failing to prepare for this change could leave you vulnerable.  In the event you become incapacitated, you will be deemed unable to manage your finances and make medical decisions. By

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Wednesday, May 15, 2019

4 Trusts You May Not Know About

Many people are familiar with basic trust agreements such as the Revocable Living Trust or the Testamentary Trust. However, there are a few types of trust agreements that you may not be aware of that could be very useful as part of your estate plan. Working with a South Carolina wills and trusts lawyer is the first step in determining if a trust would benefit you and, if so, what type of trust offers the most benefits based on your goals and financial situation.
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Monday, May 13, 2019

What Are the Responsibilities and Duties of a Trustee of a Testamentary Trust?

If an individual wants to leave money or property to an heir but wants to limit the use of or access to those funds, you may want to consider a trust. A trust allows the grantor to protect property and funds from the grantor’s creditors while also protecting the assets from the beneficiary’s creditors. If you want to create a trust without drafting a long trust agreement, you may want to talk to a South Carolina wills and trusts lawyer about a testamentary trust.
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Thursday, May 9, 2019

Tips for Forming an LLC

What are the requirements for naming my new LLC?

A Limited Liability Company or LLC is a legal entity often selected by business owners due to its many advantages over other types of entities and ease of formation.  New business owners considering forming an LLC will want to first be sure that an LLC represents the best business entity for their unique business needs. Next, with your type of entity selected, you will need to understand the steps required to form a new LLC in South Carolina.
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Monday, May 6, 2019

Estate Planning for the Millennial Generation

Why is it important for younger Americans to have an estate plan?

Americans born between the years 1981 and 1996 comprise what is known as the Millennial generation.  Today’s Millennials are starting their own families and building careers across all job sectors. The Millennial generation is said to be a financially conservative one, likely the result of watching the economy collapse during the 2007 recession.  It is critical that Millennials take the steps now to Read more . . .

Sunday, April 14, 2019

How Do I Contest a Will?

Contesting a will is a common form of probate and estate litigation. Families may disagree about the final wishes of a loved one or disagree about how property should be distributed from an estate. In some cases, family members disagree about the terms of a testamentary trust or guardianship for a minor child. If you believe that you have grounds to contest a will, you may want to contact a Read more . . .

Thursday, April 11, 2019

6 Tips for Choosing a Personal Representative

A Personal Representative is someone who administers your probate estate after your death. Another term to describe this person is an executor. In South Carolina, you name your personal representative or personal representative in your will. If you do not name someone in your will or you do not have a will, someone must petition for court approval to serve as the personal representative of the estate. Your personal representative serves an important role.
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Monday, April 8, 2019

Consider a Gift Trust to Save in Taxes and Provide for Your Loved Ones

What are the benefits of a gift trust as opposed to traditional gifting?

You work hard to provide for your family and likely will pay a hefty amount in taxes over your lifetime. To allow families to provide for their loved ones without the tax penalty, the Internal Revenue Code offers a gift tax exclusion. Per the exclusion, each person is permitted to give an unlimited number of people $15,000 per year, or $30,000 for a married couple, without paying taxes. While gifting annually is a wonderful part of many estate plans, a less utilized option involves Read more . . .

Friday, March 29, 2019

Protecting Your Pet with a Trust

For many of us, pets are a beloved part of the family.  Nearly 40 percent of all American households own a dog, and 30 percent of families have at least one cat.  With so many pet lovers nationwide, it is no surprise that more and more states have started to develop laws to aid pet owners in protecting their pets after their death.  Pets have traditionally been viewed as property, so simply leaving funds to a pet in your will is not effective. Today, every state has some form of law in place allowing for the creation of a pet trust.
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Friday, February 15, 2019

Digital Asset Preservation

One of the basics goals of estate planning is protecting your assets. In the past, assets were categorized in two ways: real property, meaning land, and personal property, including furniture, vehicles, jewelry, and cash. Now that we have entered the age of technology, however, another category has been added to your cumulative worth: digital assets. Digital assets are defined as assets owned by an individual and stored on a digital device, in an online account, or in cyberspace. At Wiles Law Firm, LLC, an estate planning law firm in Charleston, South Carolina, our skilled attorneys are well-schooled in protecting these less tangible, but often equally valuable, assets.

Examples of Digital Assets

If you are like most people in this country, you use a computer at home and/or at your place of employment. As technology advances more and more rapidly, you accumulate more and more digital assets. These assets include:

  • Accounts on Google, Twitter, Facebook, Instagram, eBay and email
  • PayPal as a way of paying for goods and services
  • Online banking and investment accounts
  • Online trading and wealth management accounts
  • Websites you own
  • Photos, art, music, videos, text
  • Medical records and legal documents
  • Any data stored electronically, whether online, in the cloud, or on a physical device
  • Blogs you manage
  • Domain names and other intellectual property you own

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Friday, February 8, 2019

Contesting a Will

In addition to the grief and sense of profound loss that accompany the loss of a loved one, some individuals and families experience the added stress of being involved in a contested will. If you are dealing with such complications in Charleston County, South Carolina, you fortunately have access to the outstanding estate attorneys of Wiles Law Firm. Located in Mt. Pleasant, we pride ourselves on being knowledgeable, resourceful, and responsive to our clients’ needs.

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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.

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