Wills & Trusts

Simpson Law Firm wills and trusts, Fort Mill and Charlotte areas.

WILLS

Do I really need a will? 

Only about one half of Americans have a Will. When a family member passes away without a Will, they are leaving behind family members who are unprepared in the knowledge of last wishes, confused about facing probate, and frustrated regarding the court’s interference. Passing away without a Will leaves a legacy of untold stress, strained family relations and an inheritance decreased by legal fees.

Meanwhile, those that take the time for Personal and Family Wealth Planning, leave behind the gift of certainty that their wishes are clear, their assets are titled correctly and can be distributed according to the needs of their family and loved ones, and their family is kept out of court and out of conflict.

If you are a family with young children, a properly prepared Will details the best possible provision and care, both short and long term, for your children, and the assurance they will come into their inheritance well prepared. Our Family Plan can be combined with specific guardianship documents to insure your children are always raised by the people you want and have the resources to live their best lives.

Estate Planning with Simpson Law Firm is different because we believe that interesting family dynamics are the “fun factor”  in establishing an effective Personal and Family Wealth Plans.  Every family is unique, with individual needs, desires, challenges, etc.   No two Wills that we draft for our clients are alike.  From blended families, to families with minor children, to same-sex marriages, to single parents, to couples without children, to couples who live together but never get married, each family has a unique set of circumstances that can be addressed with a properly drafted estate plan. Leaving these decisions to the one-size- fits-all manner that the states of North Carolina and South Carolina will prescribe if you die without a will is most often not what is ideal for your particular family.  

TRUSTS

Aren’t trusts just for rich people?

Many have the preconceived notion that Trusts are only for the rich and famous. Although there are certainly Trusts that can be created to protect those with considerable assets, a Trust is a very flexible legal entity into which you can transfer assets. When we create a Trust Plan, you will appoint a Trustee (often yourself) to manage those assets and a beneficiary (or several beneficiaries) that will inherit the assets with the most ease and convenience possible in the privacy of our office without court involvement. For the average person, a Trust Plan can be an extremely effective way to:

1.       Save court probate fees

2.       Avoid time-consuming probate processes and delays in the distribution of your assets.

3.       Decrease conflicts in families by making certain your wishes are clear.

4.       Save your loved ones time and stress after your death when they are winding up your estate, no matter the size.

5.       Ensure that if your husband or wife remarries after your death that the new spouse doesn’t spend all your assets and there will be an inheritance left for your children.

6.       Protect children in a blended family so that upon your passing, all of the  “yours, mine, and ours” kids are provided for. 

7.       Allow your special-needs child to be taken care of after you are gone without jeopardizing their Medicaid or Social Security Benefits.

8.       Preserve assets for your heirs when you need Medicaid to cover your long-term care costs.

9.       Provide for loved ones who are not responsible with money, are unable to work, or suffer from addiction or a severe mental illness by allowing a Trustee to distribute assets to these loved ones as needed over the course of their lives, instead of giving them a lump-sum inheritance immediately following your passing.

10.   Protect your assets from estate taxes in other states. North Carolina and South Carolina do not currently have an estate tax, but the state where you own your vacation home just might.

As part of Simpson Law Firm’s Family Wealth Planning, you will know you have made the best decisions for your family during your lifetime so your family will be left with ease and aware of your love by how well you prepared. Let us help you determine if a Family Plan or a Trust Plan will best serve your family. Contact us to prepare for your family’s future today!

 
Simpson Law Firm information about Long Term Care.

Long Term Care

The average cost of a nursing home in South Carolina is approximately $69,000 per year.   At this rate, it is easy to see how your hard earned life savings can disappear quickly.   If we all had a crystal ball to know how long we would live and how healthy we may or may not be as we age, then we could plan perfectly for the future.   In an ideal world, we would have some money set aside to be able to enjoy our retirement years, pay for any medical costs that come up, and still have some assets left over that we can leave as a legacy to our loved ones.  Because there are no crystal balls, and health care costs are the most unpredictable element in this plan, the following are some options of planning for this contingency:

  1. Long Term Care Insurance Plans are a great benefit to have to pay for nursing home and other care, however, the costs of purchasing a plan may be out of reach, particularly if you wait until you are already at retirement age.

  2. Medicare will cover the cost of some nursing home care, however only if you require care from a skilled nursing facility.  If you only need custodial nursing home care, which is mainly assistance with the activities of daily living, then Medicare will not cover these costs.  Currently Medicare will pay for your first 20 days in a skilled nursing facility.  Medicare will help to cover the next 80 days, but you will have a co-pay of $170/per day.  When your Medicare benefit runs out, the remaining expenses for your nursing home stay must be paid for out of pocket.

  3. Medicaid is a program that will cover long term care costs, including some home health options and nursing home stays.  However, one must meet certain eligibility criteria to receive Medicaid benefits.  In 2024, a single individual can only have an income of $2,829 per month, and assets of $2,000 in cash or non-exempt assets in order to qualify in South Carolina.   Until your assets are below this amount, you are not eligible for any Medicaid benefit.  Some use their life savings to pay for health care until they reach the $2,000 threshold, and then become eligible for benefits.  Our law firm has legal tools to help you preserve some of your assets and still qualify for Medicaid. The following are examples of the legal tools available:

    • Medicaid Asset Protection Trusts are effective tools for preserving your savings if you have time to transfer the assets into the trust at least five years before applying for Medicaid.

    • Spend Down Techniques. Our firm can educate you on legal strategies to spend down your assets in ways that will provide long-term benefits for your family.  

    • Income Trusts can be created for clients whose income may be too high to qualify for Medicaid but not high enough to cover their monthly costs for long-term care.  Income can be preserved in a trust and used for your benefit to pay for some necessary expenses, while at the same time allowing you to qualify for Medicaid benefits.

Schedule a consultation with our firm, and we can discuss how these legal tools can be used to protect your family and your assets.

 

Special Needs Planning

Several members of our team have loved ones in their families with special needs, and there is a special place in our hearts for families like ours.  Families planning to care for loved ones with disabilities have many factors to consider.  From formal Guardianship and Conservatorship proceedings when your loved one turns 18, to the appointment of a Guardian and/or Conservator in your will so that you know that after you are gone your family member is well taken care of, our firm can guide you through these processes. 

Importantly, many special needs adults and children receive Medicaid and Social Security Insurance to help pay for their medical needs and other costs of living.  Leaving an inheritance outright to your loved one could cause them to lose these important benefits, and could disrupt their course of care.  The creation of a Special Needs Trust can ensure you avoid this scenario.  A Supplemental Needs or Special Needs Trust will enable you to leave money to your disabled family member in trust. You can determine a person to be the trustee over the assets, and that trustee is responsible for ensuring that your money is used to meet the needs of your disabled loved one.   Upon the passing of your disabled loved one, the remaining funds can be distributed to the people or charities of your choosing.

Our team would be happy to sit down with you to discuss a plan that is right for you and your unique situation.  Call 803-764-9555 or click here to schedule a consultation.

Simpson Law Firm, Fort Mill, SC, specializing in special needs planning. Serving greater Charlotte metro area including Fort Mill. Licensed in NC/SC.
 
Simpson Law Firm information on probate and estate administration in North and South Carolina.

Probate & Estate Administration

When you have just lost a loved one there are many emotions you experience. Many of these emotions are tied to the sorrow and pain you feel as a result of the loss, but often times the stress of winding up the affairs of your loved one can seem very overwhelming. 

Most people have heard of the term probate, but are uncertain as to what it means.   In simple terms, probate is the court-supervised process of distributing your property after you pass away.    Whether you die with or without a will, and whether your estate is large or small, there are usually assets in your estate that must go through the probate process.   Although no two estate administration cases are alike, in general, the process will include the following:

1.    Filing a petition with the court to “open” and then “close” your estate.

2.   Asking the probate court to appoint a Personal Representative.

3. Legally notifying all heirs.

4.    Filing an inventory and appraisement of all estate assets.

5.    Publishing a notice to creditors and waiting the statutory period for them to respond.

6.    Paying Estate Debts.

7.    Selling assets and/or paying taxes owed by the estate.

8.    Submitting a proposal to the probate court for the distribution of assets.

9.    Making a final distribution of the estate assets to the heirs.

All of this is time consuming, at times frustrating, and can appear complex during this already difficult time of life. Our firm can compassionately guide you through this process, manage the paperwork, and explain the process to you so that you can focus your energy on grieving your loved one. Contact us today to set up an appointment.