Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the estate. This is not due to younger generations' lack of financial savvy or level of sophistication, but more related to the housing market bubble's bursting, uncertainty in the stock market and the fifty percent divorce rate. Parents have shown an increased concern in insulating their children's inheritance from these more prevalent pitfalls. Particularly when the ...
South Carolina requires submission of a Form SC2848, Power of Attorney and Declaration of Representative, in order for an attorney, CPA, or enrolled agent to represent a taxpayer administratively before the South Carolina Department of Revenue (SCDOR). This includes representation in examinations, audits, appeals, tax collection, and other administrative tax matters.
The Form SC2848 has important differences from its current IRS counterpart, including:
- In the Form SC2848 is the notification that "All Notices and Communications will be sent to the taxpayer only.", while the ...
Family limited partnerships have long been a valuable tool of the estate planner. Although historically recognized as providing estate tax planning benefits through the discounted value of assets, these limited partnerships can also implement succession planning goals for the closely-held or family-run business, including the transition of management/leadership for the business.
Limited partnerships provide three key benefits to the business owner:
- a limited partnership is not subject to income tax - it is a "flow-through" entity for income tax purposes;
- in organizing the ...
On June 9, 2016, South Carolina became the 21st state in the country to enact a version of the Uniform Power of Attorney Act ("UPAA") when Governor Nikki R. Haley signed the South Carolina Uniform Power of Attorney Act ("SCUPAA"). The UPAA was approved by the National Conference of Commissioners on Uniform State Laws in 2006 and was intended to provide a simple way for people to deal with their property through the use of a power of attorney in case of their future incapacity.
A power of attorney creates an agency relationship in which a principal appoints or nominates an agent to perform ...