Estate Planning

Welcome to the The Gilreath Law Firm, P.A. Estate Planning webpage. This page provides information on wills, living and charitable trusts and other estate planning strategies. While the primary purpose of estate planning is to safeguard your possessions in the event of serious health or death, many clients find that the exercise of taking inventory of their current situation helps them to better plan for the future. For over 24 years, our law firm has helped clients throughout South Carolina develop strategies that meet their unique situation and goals. Because the firm practices in diverse areas including probate, civil and criminal taxation law, corporate and business law, employee benefits, ERISA and complex commercial litigation, we bring a multi-dimensional legal perspective to each case. If you understand the importance of effective estate planning, you already recognize that will-making software is generic and cannot address the rapidly changing laws or numerous contingencies in today's estate planning environment. An attorney at The Gilreath Law Firm will discuss your objectives, explain probate and ways to streamline the process, explore ways to reduce or eliminate estate taxes, and designate someone to manage your affairs in the event of your incapacitation or death. 

Some people hesitate to begin the planning process, believing that wills and estate planning are for the very wealthy. Others are unaware that they have an "estate". However, the IRS defines an estate as "everything that you own" including your insurance, bank account, home, IRAs, and stocks and bonds. No matter how large your estate, wouldn't you want to determine the heirs of your estate and how your assets are distributed? Careful planning is the tool to legally ensure that you decide the distribution of your estate. 

Having a will is the most important first step in managing your estate. Your will is the legal document that designates the beneficiaries of your estate, and when, where and how your assets will be distributed. A will is also the vehicle whereby you name a guardian for your minor children (under 18). Your will also assigns your personal representative (Executor or Executrix) and gives them with the authority to act in accordance with your wishes. In addition to developing your will to protect your assets and provide for your survivors, we can help with contested will and trust cases, contested guardianship proceedings and other intra-family disputes. 

Estate planning itself is just one aspect of the overall financial planning process that should include risk management and insurance, as well as tax, investment, and retirement planning. Other estate planning tools include: 

Trust - A trust transfers your assets to another person or entity who will manage them. You specify the condition under which the transfer can happen - during your lifetime, or after disability or death. There are many types of trusts including Living Trusts, Revocable and Irrevocable Trusts, Special Needs Trust and others. 

Advance Health Care Directive - identifies a person who will make health care decisions for you if you become incapacitated.

Durable Power of Attorney - establishes financial directives including writing checks, filing tax returns and managing investments. 

Constantly changing laws make estate planning complex, so these matters are best handled with the help of a qualified estate planning attorney. The Gilreath Law Firm brings efficiency, effectiveness and expertise to each client experience. We can help you make the informed decisions that will respect your wishes and ensure that your assets are preserved. Contact us today 864-242-4727 or via our online contact form.