Google+

LAWYERLISA

Real Estate Law. Estate Planning. Simplified.

LawyerLisa, LLC focuses on Real Estate Closings, Estate Planning, Probate Litigation, and Elder Law.  Our firm is here to provide clients with comprehensive solutions in a comfortable environment.  Let our experience lead you to the solutions you seek.

Filtering by Tag: Estate Planning

Prince Died Without a Will. It made the news. Don't let this happen to you.

According to news sources, Prince's sister filed probate documents stating that Prince died without a will.  Prince passed away on Thursday at the age of 57.  Under the law, a person who dies without a will, dies intestate.  This means that state law determines who their assets belong to.  In this case, Prince had a sister and 5 half-siblings who stand to inherit his legacy.

Do you know who will inherit from you when you pass away?

Call LawyerLisa today if you want to make this important decision for yourself, instead of leaving it up to the government.

The dangers of fill-in-the-blank wills

A will came across my desk to review after someone passed away.  It was a fill-in-the-blank will printed off the internet.  Better than nothing?  Maybe.  Did it distribute assets to the family members this person wanted?  No.  Did it avoid the need for additional court involvement (and costs)? No.

Filling in the blanks seems easy enough, but if you aren't familiar with drafting wills, it is extremely easy to miss something or not include something that is necessary.  If you didn't spend years reading and translating Latin in law school, you might not know the significance of seemingly extraneous terms.

You can pay to do it right or your family can pay to have it fixed later.  Paying to deal with mistakes after death is generally much more time consuming, difficult and costs more than if it were done correctly to begin with.

Do you have a will you're unsure about?  Call us today to make sure your estate plan and will are right.

Should I use an online will? Why it's like getting a cancer diagnosis from WebDoctor

If you want a quick answer to a simple health question, you might search online.  But, if you want customized care, tailored to your exact health situation and patient history, you'll go see a doctor.  And if your head hurts, you won't make an appointment with the podiatrist.

The same applies to Estate Planning, and the consequences of poor planning can have a lasting detrimental effect on your loved ones after your passing.

If you want a customized plan made specifically for you, your financial situation, your family, marital status, health wishes, and anything else that is important to you, you'll need an attorney who focuses on comprehensive estate planning.  Online forms and fill in the blanks are not a substitute for competent legal advice.

A website can generate a will; an attorney can give you advice; but the right attorney will be able to provide tailored advice and the right legal documents to ensure your wishes are carried out after your passing.

 

Why set up a QTIP Trust?

What is a QTIP Trust?

As you embark on your estate planning journey, there are many different strategies to consider. One of them is the Qualified Terminable Interest Property (QTIP) Trust.  A QTIP Trust provides limited access to trust assets for a surviving spouse.  The spouse receives income from the trust, but cannot decide on who ultimately receives the remaining balance.  It can be set up to allow the spouse to withdraw the greater of $5,000 or 5% of the trust assets, or not.  No other principal withdrawls are allowed by the spouse.

So why set up a QTIP Trust?

You can limit the ownership of your assets by a spouse, yet still provide for your spouse during their lifetime.  This type of trust may be used in a second marriage to ensure that the assets are ultimately distributed to children of a former marriage.

If estate taxes are a concern, your personal representative can claim a deduction for amounts transferred to the trust.

If you have a spouse that is or may receive Medicaid long term care, you would not want to leave assets to him or her at your death.  However, in South Carolina, you can not "cut out" your spouse and failure by your spouse to claim an elective share may result in Medicaid disqualification.  A QTIP trust can be used to leave your spouse only a stream of income from the trust, thus eliminating a transfer of assets to them at your death.  

Estate planning Betty White style.

It is common for me to talk to someone about updating their will or getting a health care power of attorney in place, and then not hear from them for months or even years.  Most people don't want to deal with the subject of their own mortality.  They don't want to think about not being able to take care of themselves.  It's understandable.  

We'd all like to think we'll grow old like Betty White.  Fabulous and functioning well beyond the norm.

While this is a great attitude to have and an even better goal, no one knows exactly what is in store.  After helping someone with their estate plan, the common response is....wait for it...relief.  All the pressure is gone.  All the wondering and concern is just gone.  It is such a weight lifted off their minds.  Think about it.  How many times a month, or a week, or a day, do you consider needing to get your affairs in order.  Do you have loose ends that you could forget about if you just took care of them?  This is your sign to do something about it.

So just do it.  And live your wonderful, fabulous Betty White life.

LawyerLisa, LLC 3202 Fernandina Road Columbia, SC 29210 Phone: 803.563.5163

LawyerLisa, LLC 5175 Sunset Boulevard Ste 1 Lexington, SC 29072 Phone: 803.832.1068

LawyerLisa, LLC 100 Williams Street Greenville, SC 29601 Phone: 864.990.0347

Serving: Anderson | Clemson | Columbia | Ballentine | Bamberg | Blythewood | Cayce | Chapin | Elgin |  Forest Acres | Fort Jackson | Gadsden | Gaston | Gilbert | Greenville | Hopkins | Irmo | Lake Carolina | Lake Murray | Lancaster |Laurens | Lexington | Mauldin | Pelion | Rock Hill | Red Bank | Seven Oaks | South Congaree | Springdale | St Andrews | Simpsonville | Spartanburg | Sumter | Swansea | West Columbia | White Rock