Fort Mill Legal Blog

The importance of succession plans in business law

Building a business from the ground up takes effort and money, and once the business is up and running the last thing business owners want to think about is who will take over when they are no longer able to run the business. However, if the business is important to Fort Mill residents, succession planning is one aspect of business law they do not want to overlook. Even though succession planning is a personal and sensitive matter that opens up doors many prefer to keep closed for a long time, its important to start figuring out and talking about who or what is next for the business.

For those who own a family business, the first preference is likely to be to keep the business in the family. However, before making any assumptions, it is important to sit down with family members and ask about their preferences. Who wants to stay in the business and who wants to take over it? Deciding how responsibilities will be shared is an important way to make sure that the business remains within the family.

Where can millennials start their estate plan from?

There is a common misconception that only those who are elderly or those who are very wealthy should engage in estate planning, which is why many middle-aged people think they either have time to draft their will or do not even need to create a trust. However, this could not be farther from the truth-every South Carolina resident, including millennials, should have an estate plan in place that directs loved ones on what steps to take in event of a medical emergency or an unexpected step. Having a plan in place saved loved ones from agonizing over making medical decisions that one could have made themselves if they had planned on time.

Whether one is married or single, living with one's kids or beloved dogs, it is important to have some basic estate planning documents in place to protect one's assets and belongings. Without them in place, one runs the risk of putting family members in charge of making decisions at a time when their emotions are running high.

Can zoning laws change?

South Carolina residents looking to invest their hard-earned money into a new business or to buy a new home need to ensure that they are getting their real estate in the right place. Real property can only be used in certain ways, dictated by laws that are called zoning laws or ordinances. They define the type of developmental and operational use of law that is allowed in any given location.

Zoning laws exist to ensure a number of things, such as manage the flow of traffic, control noise levels or even protect certain resources. This is why one often sees residential homes bunched together in one par of town and commercial buildings on another. Zoning laws also often restrict the details of construction in certain areas-the height of a building or the distance from one building to another could be outlined in zoning laws as well, regardless of the type of building it is.

What does a speeding ticket really cost you?

Have you ever left the house a little late for work and tried to make up the time out on the road? How about being late to pick up one of the kids from school and was feeling guilty about leaving them stranded. The remedy you most likely chose to fix both circumstances was to drive faster. Possibly even significantly over the speed limit.

In 2016, 10,111 people died nationally due to speeding related accidents out on the roads. That accounted for 27 percent of all traffic fatalities that year.

Public deaths show different estate planning strategies

Confronting the inevitability of one's demise is not an easy task, which is why many people avoid doing it, including South Carolina residents. This is also demonstrated by the fact that over half of adults across the country do not have a will and have never spoken to their family members about their wishes for the way they want to end their life and how they want their last rites performed. The importance of estate planning and the consequences of the lack of an estate plan are demonstrated by the recent deaths of two highly public figures.

Senator John McCain faced his impending death straight on soon after he was diagnosed with glioblastoma. He spoke early on to those he wanted to include in his funeral and who he wanted to eulogize him. Additionally, he made the decision to end his treatment himself and passed away the way he wanted to in the place he wanted to. Statistics show that even though 80 percent of Americans want to die in their homes, only 20 percent actually do because the remaining people have not shared their wishes with their family members. As a result, their wishes are not being fulfilled and family members are left making important and difficult decisions in an emotionally difficult time.

What are some basic estate planning tips?

It might not come as a surprise to South Carolina residents that almost half of the people across the country do not have a will. Many people associate drafting a will and engaging in estate planning as something an elderly person will do, but consider this scenario-a couple dies in a fatal car accident and minor children are left behind without any guardian or one part of an unmarried couple dies suddenly and leaves their partner of five years without any share in an estate.

Estate planning can help avoid those outcomes, more so in cases where people are living in blended families or are unmarried. If someone dies without a will, their assets are distributed to the closest biological family they have. This means an unmarried partner might be overlooked for a sibling or a previous spouse might get a bigger share than the current partner. Planning in advance and updating estate documents from time to time can ensure one has a say in the way their assets are distributed upon their death and how their health will be managed should they no longer be able make decisions about it themselves.

3 important points on cryptocurrency and estate planning

It is becoming more and more common for individuals to own a fair amount of digital assets. Examples include bitcoin and other cryptocurrencies.

As with other types of property, it can be critical for people to give thought and attention to what will happen with any cryptocurrency they own when they pass away. Today, we’ll go over three important estate planning considerations when it comes to such assets.

The estate planning checklist you need to see

Planning for the future is important, regardless of the size of your estate. Life can throw you curve balls, and with careful planning, you can face the future with confidence and security that your interests and those of your loved ones are protected. Estate planning is a wise decision for everyone, but is especially important for older individuals, those planning for retirement or those with children.

A detailed estate plan defines your objectives as thoroughly as possible so that your loved ones know what you want after your death, or if you are unable to express your wishes as you weaken.

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