As we have discussed in a prior blog post, the applicable credit against the estate and gift tax(also known as the “Unified Credit”) for 2022 is $12.06 million. This generally means that amarried couple can transfer $24.12 million of its wealth during the lifetime or at the time ofdeath of
In a previous blog post, we discussed how a Health Care Power of Attorney (“HCPOA”) can be used to give someone the power to make medical decisions on your behalf if you are unable to make such decisions for yourself. One of the benefits offered by a HCPOA is that
What is Probate? To understand the difference between probate and non-probate property, it is necessary to first understand the basics of the probate process itself. Generally, in South Carolina, probate is the process by which a person’s estate is administered after the death of the person (the “Decedent”). Essentially, this
January 29, 2021 MEMORANDUM TO: Clients of Thomas, Fisher & Edwards, P.A. RE: Consolidated Appropriations Act, 2021 (Second COVID Relief Legislation) On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”)—reportedly the longest bill ever passed by Congress—into law. The Act notably contained the Coronavirus Response
In a previous blog post, we discussed how a Health Care Power of Attorney can be used to give someone the power to make medical decisions on your behalf if you are unable to make such decisions for yourself. However, an incapacity would affect aspects of your life beyond just
Have you ever been asked by a doctor, nurse, or the staff of a medical facility if you have a “health care power of attorney?” Have you ever wondered why you were being asked that question? Think, for a moment, about any medical procedure where the patient is under general
The U.S. generation-skipping transfer tax (“GSTT”) imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren.
Testacy vs. Intestacy At its most basic, a Last Will and Testament (“Will”) is a legal document that provides for the distribution of your assets (often referred to as your “probate estate”) upon your death. Generally, your Will does not control the disposition of non-probate assets on your death. Common
Updated August 17, 2022 In general, when one individual transfers money or property to another and does not receive an adequate return (i.e., makes a gift), the transfer is a potentially taxable event for the transferor. Such transfers made during life are inter vivos transfers subject to the federal gift tax, while
On Friday, March 27, 2020, President Trump signed into law what is generally referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”). While the most publicized aspect of the CARES Act provides for direct payments of up to $1,200 for eligible individual