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The Floyd Law Firm: What is Simple Estate Planning?

The Floyd Law Firm PC > Information > The Floyd Law Firm: What is Simple Estate Planning?

Estate Planning is often thought of in respect to large estates which are subject to estate tax liability. However, it has been our experience that regardless of the size of the estate, a certain amount of planning is necessary in order to preserve and maintain the estate.

An effective estate plan most often includes a Will, trusts, durable powers of attorney for healthcare and property decisions, and advance health directives such as living wills and healthcare proxy.

Simple Estate Planning at The Floyd Law Firm also offers the client consultation in the following areas:

Life Insurance

Life Insurance, of course, is not a substitute for a Will. However, as counselors, we strongly recommend a proper life insurance program depending upon the particular facts and circumstances of the individual case. By reviewing your life insurance program, we can give you our opinion as to whether or not you have too little insurance, too much insurance, or the wrong kind of insurance. Often a review of life insurance programs will indicate areas in which a client can actually save money without losing the protection necessary for his or her family.

Funeral Plans

Those who wish to leave behind personal and financial affairs that are in good order when they die may sometimes not realize that Funeral Planning is part of a sound estate plan. While they may otherwise have provided careful allocation of their resources, assets, and protection of their families – many fail to prepare clear instructions concerning funeral arrangements. The consequences, especially if resources are limited, can cause needless anguish and expense for surviving loved ones. Making funeral plans in advance is prudent because it allows for individuals to plan the type of service they prefer and decisions can be made in advance regarding choices and costs. This means that family members are spared the difficult process of making arrangements during a crisis or while in mourning.

The logical time to make funeral plans is at the same time that a Will is being prepared. At The Floyd Law Firm PC, we assist clients in developing simple estate plans that are specifically tailored to their individual needs, and we can discuss funeral arrangements while offering appropriate information to those who indicate an interest in such planning.

Joint Ownership of Property

Another area which is covered during Simple Estate Planning concerns the ownership of property. A commonly asked question is whether it is wiser to own property jointly or in the name of just one individual. There is not a simple ‘yes’ or ‘no’ answer to that question because it depends on the circumstances. This will be discussed with each client as far as including the benefits – or any drawbacks – of joint property ownership.

Gifts to Minors

When appropriate, we will consult with you and discuss the possibilities involved in making gifts to minor children as part of planning for the future and assigning assets in the present. Gifts of things such as income property or savings accounts can mean that considerable income tax savings may be realized and helpful to you.

Property Tax

We are often called upon to complete Simple Estate Planning for individuals or couples who have recently purchased property, those that have moved to South Carolina not long ago, and older individuals or couples who wish to put their affairs in order. Frequently asked questions are often geared towards the system of taxation in the state of South Carolina – and in Horry and Georgetown counties in particular. During your estate planning with us, we will explain further the laws and any possible beneficial exemptions as applicable.

Floyd Law is here to help you with professional legal guidance for Estate Planning, Wills and Trusts. You deserve the peace of mind that comes from knowing that your affairs are in order and that those you love will not have to work through the difficulty of resolving the issues of an unplanned estate.

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