Informational materials to help you plan your estate in South Carolina

The American College of Trust and Estate Counsel produces videos to help educate the public about estate planning issues. Newsome Law is pleased to share this information with our clients and our community.

Estate Planning for a college student or young adult

Your child becomes a legal adult when they turn 18-years old. Understand what legal documents such as a Power of Attorney and an Advanced Medical Directive or Health Care proxy, you should have them sign before heading off to college and into the world. ACTEC Fellows discuss legal and financial information to help guide the way for your emerging adult.

Five Reasons to Update your ESTATE PLAn

Learn when to update a Will or Trust, such as after a move or divorce, when your children grow up or if you have a business. ACTEC Fellows, experts in trusts and estates, discuss 5 reasons why you may want to update your Will and Estate Plan.

WHAT TO CONSIDER WHEN SETTING UP TRUSTS FOR CHILDREN

What’s the best way to leave assets to minor children? Should children receive equal assets? What’s a Pot Trust? What should be considered if my child is married? These and other questions are answered by trusted estate planning advisors.

UNDERSTANDING POWERS OF ATTORNEY

Understanding your Power of Attorney, POA, is critical to estate planning.

ADVANCE MEDICAL DIRECTIVES: LIVING WILL, MEDICAL ORDERS (MOLST & POLST), DNR

Advance directives are documents that express an individual’s healthcare wishes. Estate planning attorneys define and discuss end-of-life advance medical directives including a Living Will, Health Care Proxy or medical orders such as MOLST, POLST and Do Not Resuscitate (DNR) Orders.

UNDERSTANDING IRAS AND IRA BENEFICIARIES

IRA beneficiary designations can be confusing. Learn the essentials of naming IRA beneficiaries from trust and estate experts. Managing an IRA and designating the inheritance can be confusing. Discover the differences of naming a spouse, children, a trust, unborn children and charities as beneficiaries in this short video.

GIFT TAX, THE ANNUAL EXCLUSION AND ESTATE PLANNING

Understand when gift tax comes into play, how the age of the recipient impacts gift tax, efficient ways to transfer property, split gifts, the annual exclusion and more from estate planning experts. Learn more about paying for college or medical expenses of an adult child, the lifetime gift tax exemption, when to file a gift tax return and more.

DIRECT PAYMENT OF MEDICAL EXPENSES AND TUITION AS AN EXCEPTION TO THE GIFT TAX

Paying for someone else’s tuition or medical bill is an exception to the gift tax if you do it correctly. Learn what is considered a “gift” by the IRS, the do’s and don’ts of paying another person’s education or medical bills, what qualifies as tuition and medical expenses, and practical examples.

UNDERSTANDING LIFE INSURANCE POLICY OWNERSHIP

Estate planning experts offer an overview of life insurance policy ownership, insurance options, an explanation of irrevocable life insurance trust and more in this video.

The American College of Trust and Estate Counsel, ACTEC, is a national association of approximately 2,400 peer-elected lawyers and law professors from across the United States and abroad with expertise in estate planning, probate and trust administration. Contact Newsome Law to see how they can help you with all your Estate Planning needs.