Our attorneys are involved with the administration of trusts and estates and the numerous tax and nontax issues that arise during the administration process. Many times, we are able to engage in post-mortem planning to minimize the tax burden and to ensure that assets are managed and transferred efficiently.
We serve as counsel to personal representatives and trustees, both corporate and individual. In this capacity, we have experience dealing with the probate process throughout South Carolina and in representing foreign estates in the ancillary proceedings in South Carolina. Also, our expertise guides the personal representative and trustee through the numerous requirements and obligations the fiduciary confronts during the administration.
With the recent implementation of the South Carolina Trust Code, we advise clients in regard to modifications, reformations, and terminations of irrevocable trusts. In the instances where there are disputes related to trusts and estates, our attorneys attempt to resolve the dispute through mediation or the negotiation of an agreement among the beneficiaries. If this is not successful, our specialized probate litigators continue the representation in the contested matter. Our involvement in the litigation includes contests of wills and trusts, fiduciary matters, construction of the will or trust, and disputes between beneficiaries as well as between beneficiaries and fiduciaries.
In regard to taxable estates, our tax attorneys provide their expertise on income, estate and generation skipping tax issues so as to minimize the tax impact. Our advice in this area includes the review and preparation of estate tax returns; dealing with any issues raised by the IRS in an audit or appeal; post-mortem planning; elections related to qualified marital trusts and the generation skipping tax; the payment or deferral of the estate tax; splitting and distributing the decedent’s qualified plan or IRA to maximize the income tax deferral; funding trusts; distributing assets to estate and trust beneficiaries; and disclaimers.
For more information regarding Leatherwood's Estate & Trust Administration Practice, please contact Tod Hyche, Practice Group Leader
