There are a lot of myths about estate planning…many people assume that estate planning is only for the wealthy; or that it is only for the elderly. Others assume that it is cumbersome and expensive. Because of these and other myths, it is estimated that between 30 and 50 percent of all people in South Carolina do not have a will. Often, the families of such people are left paying unnecessary legal fees and other expenses as they navigate the probate system on the death or incapacity of a loved one.
The Bostic Law Firm offers affordable estate planning services for clients in all stages of life. If you are a young family needing to make sure that your children are properly provided for, we can help with a simple will. For established clients wanting to avoid the probate process and pass on assets to their children without the hassle of unnecessary legal proceedings, we can help with preparation of a living trust. For wealthy clients concerned with estate taxes or asset protection, we can provide guidance regarding sophisticated trusts, private foundations, or other advanced estate planning techniques.
For clients involved in small or family owned businesses, we can help put proper documents and procedures in place to ensure the proper transition of business interests in the event of a death of a partner or member. For higher net worth clients and larger businesses, it is important to keep in mind the implications of estate taxes (the “death tax”) and have a plan in place to transition assets to the next generation.
Finally, for all clients, it is helpful to understand the potential benefits of documents such as a Power of Attorney, Medical Power of Attorney, or Advanced Directives. Often times planning ahead can result in the savings of thousands of dollars—far more than the cost of the initial planning.
Our friendly and knowledgeable estate planning attorneys can help provide guidance so that each client can narrowly tailor his or her own estate plan according to their needs. We do hundreds of wills and trusts each year and can develop a plan to fit your family, your financial situation, and your budget whether it is a simple will, revocable trust, or living will.