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Estate Planning Myrtle Beach

Preserving Your Legacy in the Grand Strand

Helping Preserve Your Legacy with Estate Planning in Myrtle Beach

Are you a resident of Myrtle Beach looking for ways to help safeguard your assets and take care of your loved ones after you’re gone?

Our knowledgeable estate professionals are here to guide you through the complex process of creating a comprehensive estate plan tailored to your unique needs and goals.

Estate planning solutions by Riverbend Wealth management

The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

Schedule a No Obligation Complimentary Assessment Today

Professional estate planning services

Your Estate Planning Partner in Myrtle Beach

Our team understands the importance of making informed decisions when it comes to managing and distributing your estate.

We will work closely with you to explore effective strategies, such as property tilting, to help identify potential gaps in your estate plan. Additionally, if necessary, we will refer you to an experienced estate planning attorney who can assist in solidifying your plan and addressing any other legal considerations.

Core Areas of Riverbend Estate Planning in Myrtle Beach

Joint Ownership: Sharing the Wealth

“Have you planned for joint ownership?”

This is a crucial part of estate planning, especially for married couples or business partners. We will help you, along with your tax and legal professionals, to understand the possible benefits and drawbacks of joint ownership.

Beneficiary Designation: Who Inherits What?

“Have you designated beneficiaries for all your assets?”

This question is vital, as it determines where your wealth goes after you pass. We’ll guide you through this process, helping you ensure your assets are distributed as you desire.

Trusts: Managing Your Estate

“Have you considered establishing a trust?”

This is another key aspect of estate planning. A trust can help manage your estate during your lifetime and distribute it after your death. We’ll discuss if this option is right for you.

Power of Attorney: Preparing for the Unexpected

“Have you completed a financial durable power of attorney form?”

This document allows someone you trust to manage your financial affairs if you become unable to do so.

Transferring Wealth: Passing on Your Assets

“How do you envision passing on any remaining assets at the end of your life?”

There are different ways to pass on your assets, such as simple bequests, complex trusts, direct gifts to heirs, or contributions to cherished causes. We’ll explore these options to align with your unique situation and goals.

Comprehensive Services for
Strategic Estate Planning in Myrtle Beach

As part of our estate planning guidance in Myrtle Beach, we will help you navigate the complexities of gift and estate taxes, identify possible sources of estate liquidity, and help you understand the impact of trusts on your overall plan. Our team will also provide guidance on material deductions, intra-family and business transfer possibilities, and leveraging estate planning strategies to help manage tax liability and the valuation of your estate.

Along with your tax and legal professionals, we can assist you with the following services. We are not attorneys or CPAs, therefore, we can only provide guidance on these estate planning solutions with the exception of estate tax planning and charitable giving, which we are certified to provide.

Will Creation

Crafting or knowing when to update a will is essential for Myrtle Beach residents who want their assets distributed according to their wishes.

Trust Establishement

Establishing trusts can help Myrtle Beach families manage and protect their assets, offering control over how their estate is distributed.

Healthcare Directives

Healthcare directives communicate your medical care preferences to Myrtle Beach healthcare providers.

Power of Attorney

If you’re unable to manage your Myrtle Beach investments and financial affairs, assign financial power of attorney to allow someone else to do so on your behalf.

Guardianship Designations

Selecting guardians so your loved ones are cared for by someone who aligns with your parenting values and beliefs.

Estate Tax Planning

Strategic planning can help minimize potential estate taxes in Myrtle Beach, with the goal of maximizing the value of your estate for your beneficiaries.

Charitable Giving

Incorporating charitable giving into your estate plan can help fulfill local philanthropic goals, contributing to your legacy.

Succession Planning

A clear succession plan helps for smooth transition of ownership and to minimize disruption to your Myrtle Beach business.

Estate Planning for Myrtle Beach Legacies

We understand that each Myrtle Beach legacy is as unique as the individual behind it. Our estate planning solutions are backed by tailored strategies that not only aim to achieve your specific goals but also adapt to the evolving landscape of your life and the Grand Strand community. Whether you’re building a strong business presence along the coast, transitioning to a sun-soaked retirement, or securing a legacy for generations to come, our knowledge is at your service to help you achieve your Myrtle Beach dreams.

Professional Estate Planning Services

Estate Planning for Business Owners

For Myrtle Beach entrepreneurs, your estate planning strategy is critical to the future of your business. We provide assistance in helping you navigate your coastal enterprise’s future and aligning your personal estate objectives, so you can continue to make waves in the Grand Strand business community.

Navigating Your Golden Years in the Grand Strand

As retirement approaches, strategic estate planning becomes increasingly critical for Myrtle Beach residents. We specialize in crafting estate plans that help balance asset preservation and being tax conscious in preparing you for your future where your coastal lifestyle and peace of mind coexist.

Estate Planning for Pre-Retirees
Estate Planning for Retirees

Embrace Your Retirement with Peace-of-Mind

Enjoying your retirement in Myrtle Beach should come without worries about your legacy. Our focus shifts to exploring estate planning strategies that align with your wishes for the future. We aim to provide guidance on protecting your assets, minimizing potential tax liabilities, and helping you take care of your loved ones.

Why Choose Us

Our advisors take the time to listen, to understand, and to connect with your unique story. We’re not just here to discuss tax codes and put a plan in place; we’re here to explore your dreams, your concerns, and the legacy you envision leaving behind in Myrtle Beach.

Fiduciary

We, along with all investment advisory representatives, are fiduciaries and, as such, we are required to put the interests of our clients ahead of our own.

Fee-Only

We are paid directly by you and do not receive commissions. We are required to provide objective advice.

Experienced

Our team, led by Certified Financial Planner and Certified Investment Management Analyst Jeremy Finger, has several years of experience in helping our clients work towards achieving their goals.

Customization

Every person is unique and deserves a tailored plan that matches their specific needs and objectives.

Partnership

We utilize Fidelity as our custodian and have access to some of their resources as part of that relationship. 

Build Your Myrtle Beach Legacy with Riverbend

As you consider the future of your legacy, having a knowledgeable partner by your side can make all the difference. We invite you to explore how our estate planning services may align with your vision for the future. Our team is dedicated to providing personalized guidance and support, working with you to navigate the complexities of estate planning.

Schedule a No Obligation Complimentary Assessment Today

Frequently Asked Questions

If you pass away without a will or proper estate planning in place, you are considered to have died “intestate.” The consequences of dying intestate in South Carolina can be significant and could include:

  1. State Laws Determine Asset Distribution: South Carolina’s intestate succession laws will determine how your assets are distributed among your heirs. These default rules may not align with your wishes or your family’s needs.
  2. Unintended Beneficiaries: Without a will, individuals you may not have intended to inherit your assets could receive a portion of your estate, while those you wanted to provide for may receive less or nothing at all.
  3. Increased Likelihood of Family Disputes: The lack of clear instructions in a will can lead to confusion, disagreements, and even legal battles among family members, causing emotional strain and financial burden.
  4. Prolonged Probate Process: When no will exists, the probate process can become more complicated and time-consuming, delaying the distribution of assets to your loved ones.
  5. Higher Estate Administration Costs: Intestate estates often incur higher legal fees and administrative costs, diminishing the value of the estate available for distribution to beneficiaries.
  6. Lack of Guardianship Provisions: Without a will, you lose the opportunity to designate guardians for your minor children, leaving the decision to the courts.
  7. Missed Opportunities for Tax Planning: Estate planning strategies, such as trusts, can help minimize estate taxes and ensure more of your wealth is preserved for your beneficiaries.

To help avoid or reduce these consequences, it is crucial to create a well-drafted will and comprehensive estate plan tailored to your unique circumstances. Consult with a knowledgeable Myrtle Beach estate planning attorney to help protect your legacy and provide for your loved ones. If you’d like us to refer you to a trusted attorney, we’ll happily do so.

In South Carolina, an executor typically has 10 months to a year from the date of appointment to settle an estate. This timeframe allows the executor to gather assets, pay debts and taxes, and distribute remaining assets to beneficiaries.

However, several factors can impact the timeline:

  • Will contests or disputes among beneficiaries can delay the process.
  • Estates with numerous or complex assets may require more time to settle.
  • Selling real estate or dealing with unique assets can extend the process.
  • Larger estates requiring federal estate tax returns may necessitate a longer settlement period.

If the estate cannot be settled within the initial timeframe, the executor must provide a status update to the probate court, beneficiaries, and heirs. The court may grant additional time if reasonable grounds for the delay exist.

Options for avoiding probate in South Carolina can include:

  1. Create a Living Trust: Transfer ownership of your assets to a living trust during your lifetime. Upon your passing, the assets within the trust can be distributed to beneficiaries without going through probate.
  2. Establish Joint Ownership: Jointly own property with rights of survivorship. When one owner dies, the surviving owner automatically inherits the deceased’s share of the property without the need for probate.
  3. Designate Beneficiaries: Assign beneficiaries to life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts. These assets will be transferred directly to the designated beneficiaries upon your death, bypassing probate.
  4. Gift Assets: Gift your assets to loved ones while you are still alive. Be mindful of gift tax exemptions and potential Medicaid eligibility issues.
  5. Use Transfer-on-Death (TOD) Deeds: In South Carolina, TOD deeds can be used for real estate, allowing designated beneficiaries to inherit property without probate. Similarly, TOD registrations are available for investment accounts, ensuring these assets transfer directly to beneficiaries.
  6. Small Estate Affidavit: If your estate is valued at $25,000 or less and meets certain requirements, your heirs may be able to use a small estate affidavit to claim assets without formal probate.

Riverbend does not provide legal and tax advice. All estate plans should be discussed with not only a financial advisor, but also with an estate planning attorney, and your tax advisor. Consult with a Myrtle Beach estate planning attorney to determine the most appropriate strategies for your unique situation and ensure your assets are protected and distributed according to your wishes.

The best age to start planning for an estate is as soon as you reach adulthood or have assets you wish to protect. However, certain life milestones make estate planning particularly critical, for example:

  1. Reaching the Age of Majority: Once you turn 18, you should consider creating essential documents such as a healthcare power of attorney and a financial power of attorney to ensure your wishes are carried out if you become incapacitated.
  2. Getting Married: Marriage often involves combining assets and making joint financial decisions. Estate planning can help protect your spouse and ensure your shared goals are met.
  3. Having Children: Becoming a parent is a crucial time to create or update your estate plan. Naming guardians for your children and establishing trusts to provide for their future needs are vital steps.
  4. Purchasing a Home: A home is often one’s most significant asset. Estate planning can help ensure your property is transferred according to your wishes and can provide for your loved ones.
  5. Starting a Business: If you own a business, estate planning is essential to ensure its continuity and protect your family’s financial interests.
  6. Approaching Retirement: As you near retirement, focusing on estate planning can help you maximize wealth transfer, minimize taxes, and ensure a smooth transition of assets.
  7. After Your Parents Have Passed: If you inherit new assets after your parents’ are gone, this transition period is a critical time for estate planning. As you assume the role of the older generation, it is essential to plan that these new assets are protected and that they will pass smoothly to your intended beneficiaries according to your wishes.

Regardless of age, if you have assets you want to protect and loved ones you wish to provide for, it’s never too early to start estate planning. Life is unpredictable, and having a well-crafted plan in place can provide peace of mind and security for you and your family.

Riverbend does not provide legal and tax advice. All estate plans should be discussed with not only a financial advisor, but also with an estate planning attorney, and your tax advisor. Consult with a qualified Myrtle Beach estate planning attorney to develop a comprehensive plan tailored to your unique needs and goals. We’ll happily refer you to a trusted attorney.

Riverbend does not provide legal and tax advice. All estate plans should be discussed with not only a financial advisor, but also with an estate planning attorney, and your tax advisor.

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