Tax Relief for Victims of Hurricane Debby The IRS has granted certain tax filing relief because of Hurricane Debby, and you may be affected.  South Carolinians whose tax returns are due on or after August 4, 2024, and before February 3, 2025, now have until February 3, 2025, to file.  The Internal Revenue Code authorizes […]

The 2026 Sunset of Increased Estate and Gift Tax Exemption At midnight on December 31, 2025, the increased federal estate and gift tax exemption under the Tax Cuts and Jobs Act of 2017 (TCJA) is scheduled to “sunset,” and in the absence of new legislation, the federal estate and gift tax exemption will drop by […]

The Corporate Transparency Act In January 2021, Congress enacted the Corporate Transparency Act (the “CTA”) by overriding President Trump’s veto.  The CTA becomes effective January 1, 2024, and will significantly increase reporting requirements for many existing corporations, limited liability companies (“LLCs”), and other entities.  Businesses failing to comply with the CTA will incur significant civil […]

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 either spouse without paying any […]

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 a person can direct his […]

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 involves the Probate Court determining […]