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Main Street Monthly 905 Old Cherokee Road, Lexington, SC 29072 • P: 803-358-7214 • www.strattonreynolds.com
JANUARY/ FEBRUARY 2023
In the case of a minor beneficiary, it may be necessary to appoint both a guardian to provide day-to-day care and a financial trustee to manage assets. These can be the same person or two separate people. One family member may be a great parent figure but not good with money. In this case, the family member can be named as guardian, and another person or company can be named as trustee to manage the assets. How Do I Choose a Trustee? There are two broad choices for trustees: an individual, such as a family member or friend, or a corporate entity. Both come with risks and benefits. A family member may be trustworthy and understand important family dynamics, and they may not charge a typical trustee’s fee for their work. A drawback of naming a family member is they may lack financial and investment knowledge. To put it succinctly, this individual needs to understand enough about finances to seek and take good advice. There is often very little oversight of an individual, so they need to be trustworthy. An individual can also become ill or just not have enough time to competently manage a trust. A corporate entity, such as a law firm, bank, or trust management company, is a second option that may be appealing. You should understand the qualifications and the oversight of the professional trustees as well as how the professional trustee charges for their management responsibilities. Statements should be sent to beneficiaries periodically. If there are minor children involved, the guardian can provide some oversight of the trustee. They should have enough knowledge to be sure these statements are arriving in a timely manner and raise questions if anything seems irregular. While using a company as a trustee can provide many benefits, it is important to make sure you choose the right company for the job. In the case of Alex Murdaugh, unfortunately, too much trust was placed in one individual who did not have proper oversight. This could have been easily remedied by naming a company to oversee the funds and requiring regular accountings. Of course, in this case, there was a tremendous amount of alleged fraud involved, which is not normal in these types of situations. If you have questions about who to name as the trustee for your family, give us a call. One of our attorneys would be happy to discuss this with you. Also, for links to some of the sources referenced in this article, check out the related blog post on our website at StrattonReynolds.com. –TC and Chasity
Alex Murdaugh Trial Focuses Attention on Trustees South Carolina has made national and international news lately with the sensational trial of Alex Murdaugh, the attorney charged with the murder of his wife and youngest son. The murder trial only begins to scratch the surface of Murdaugh’s dealings, which have caused substantial concern among South Carolina attorneys as well as the public. Prosecutors suggest that Murdaugh’s motive in the murder case may have been to distract from his significant financial crimes. Murdaugh faces 19 grand jury indictments, resulting in 99 charges that include defrauding his former law firm and clients of millions of dollars, according to CNN. Among these clients were the heirs of Murdaugh’s housekeeper, Gloria Satterfield, and a SC highway patrolman. Murdaugh is charged with taking more than $8.7 million from clients, according to multiple news sources. It is important to note that the South Carolina Bar Association and Murdaugh’s own law firm have taken unparalleled steps to rectify Murdaugh’s actions. In an opinion piece published in The State newspaper, Beverly A. Carroll, chair of the SC bar judicial independence and impartiality committee, noted that Murdaugh was disbarred from practicing law in SC very quickly once his alleged crimes were known. She also pointed out that the practice of law is closely regulated with avenues for anyone to complain about attorneys or judges, which will trigger confidential investigations. The law firm of Peters, Murdaugh, Parker, Eltzroth, and Detrick (PMPED) conducted a review of all of Murdaugh’s cases. When they learned of his use of a fictitious annuity company, they presented this evidence to the Hampton County Sheriff’s Department and South Carolina Law Enforcement Division (SLED). They have reimbursed all clients who lost money due to Murdaugh’s actions and have filed civil suits against Murdaugh to recover some of these monies. Recently, the firm reorganized as Parker Law Group. Alex Murdaugh and Estate Planning — What Do I Need to Know About Trustees? Alex Murdaugh served as a trustee for structured settlements received from insurance companies. Reasons to appoint trustees can also include managing funds for minor children or disabled heirs, or because heirs just aren’t good at managing their own funds. If you are considering setting up a trust to benefit your children or grandchildren, you need to consider the many situations in which they may need a trustee.
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DIVORCE AND ESTATE PLANNING
Divorce is one of the most difficult and stressful events a person can face in life. Whether you are the partner who feels driven to leave the marriage or are the spouse who is left, there are often feelings of shock, grief, anger, and loss. After all, you vowed to love, honor, and cherish your spouse, and you expected this relationship to last into old age. During the process of divorce, feelings of anger may predominate as the details of child support, visitation, and division of assets take precedence. While this is certainly understandable, revisiting your estate plan both during and after your divorce is absolutely critical. Revising your estate plan through a divorce may actually be a two- step process. There are some steps you can take during the divorce process and some that must wait until the divorce is final. Until your divorce is final, be sure that you are meeting your legal obligations to your current spouse and children. Then, both during and after the divorce, be sure that you are retaining as much control as possible over your assets and your life moving forward. First Steps First, check your health care and financial powers of attorney. These documents specify who will make decisions about your health and finances if you are incapacitated. Most people name their spouses as their agent in these documents. During a divorce, your soon-to-be ex may not be the person you want making health care decisions if you are in an accident or unexpectedly fall seriously ill. You may also want a different family member to have access to your funds if you are incapacitated. A durable financial power of attorney includes assets that are yours alone as well as joint assets. Very few people want their soon-to-be ex-spouse to have access to their assets. Powers of attorney can be changed before the divorce is final. Consult an Experienced South Carolina Attorney In some states, you cannot change beneficiaries on life insurance, retirement accounts, and some other types of accounts until after the divorce is final. This is a critical thing to do, regardless of when you can legally do it. Some people never change beneficiaries, and years later, their children or other heirs are left with serious consequences when the ex-spouse receives assets because the
person never updated their beneficiaries. You need to talk to an attorney who is experienced in South Carolina estate law. While your family law attorney can advise you about the nuts and bolts of divorce in South Carolina, our attorneys are experienced in formulating estate plans for every stage of life and can advise you on estate planning both during and after your divorce. Be Sure Your Estate Plan Reflects Your Current Wishes You probably do not want your soon-to-be ex-spouse in charge of your estate after you die. Your ex-spouse may have to be named as your children’s guardian under state law if you pass away while they are still minors, but you can name someone else to manage assets for them until they are of age. This role requires some consideration, as it needs to be someone you trust with your assets to act in the best interests of your minor children, but that someone should also be able to work reasonably well with your ex-spouse to manage expenses that the children may have. If you had a prenuptial or postnuptial agreement, your divorce attorney should have reviewed these documents. Be sure they are aware of them. You should also review these documents with your estate planning attorney and consider what your spouse is entitled to under the provisions of those documents if you predecease him or her. Any revisions to your estate plan should be consistent with your prenuptial or postnuptial agreement. Revising your estate plan in the event of a divorce may be a two- step process. You may want and be able to make some changes during the legal process of divorce. Then, after the divorce is final, you should definitely discuss your estate plan with our experienced attorneys. Our attorneys can help guide you through the process of making updates no matter the situation and have experience helping our clients craft individual estate plans that work for their unique situation. If you know someone who is involved in or recently went through a divorce, make sure to encourage them to talk to one of our attorneys so they can make sure their estate is protected. –TC and Chasity
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Often, the desire to succeed in our professional lives can take precedence over everything else in our private lives, including our well-being, family, friends, and hobbies. Moreover, finding a healthy balance between the two can be challenging as they can begin to blend. Here are the four best ways to keep your work and personal life separate while excelling at both! Love what you do. Loving your job is easier said than done, right? If you can land an enjoyable career that isn’t restraining, you’ll find it’s much easier to leave work at work and home at home. When you’re unhappy with your job, it can affect your overall happiness, and feelings of despair can carry into your personal life. Don’t be a perfectionist. Career burnout can drastically impact your personal life, so stop trying to control everything. In reality, perfectionism is out of reach. Constantly striving for perfection can be exhausting, draining, and destructive; at home and in the office. Take time to unplug. If the first thing you do in the morning is go online and check emails, or if you’re responding to work texts at the family dinner table, you’ve certainly crossed the line on balancing your work and home life. Quality time at home should be focused solely on your family, and hours at the office are for business activities. Once you mix the two, it can be tough to turn back. Take breaks. Even 30-second breathers throughout your day can make a drastic difference in improving stress levels, building your concentration, and helping you to feel more engaged — it can even help you to enjoy your job a bit more! By implementing these tips into your routine, you’ll be on your way to a healthier work-life balance, which translates into feeling less stressed, having fewer health issues, being more productive, and having a happier life at work and home. You Can Have Your Cake and Eat It, Too Developing a Healthy Work-Life Balance
We are happy to assist our clients with all of their real estate needs. From new home purchases to refinances, we are eager to assist you, your friends, or your family at either our Lexington office or our Aiken office. If you or someone you know is looking to move in the next couple of months, or wants a lower interest rate with a refinance, please let us know. –Chasity, TC, and Jeff WE DO REAL ESTATE CLOSINGS!
TAKE A BREAK!
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Inside this Issue
How to Properly Appoint a Trustee PAGE 1 Don’t Leave Your Estate Plan Behind During a Divorce PAGE 2 Take a Break! PAGE 3 How to Achieve a Healthy Work-Life Balance PAGE 3 Wanna Stay Warm Outside? PAGE 4
Warm Up With an Outdoor Fire
Get Outside Without the Cold
Is it too cold to spend time outside? Nonsense! While we wait for spring, there’s no better way to get some fresh air than around a warm fire with friends and family. Whether you build a bonfire or purchase an outdoor firepit, a cozy fire is great fun day or night, and you can do plenty of activities to keep you busy. Get started with some campfire classics — roasting marshmallows and cooking hot dogs! Placing food on a skewer and holding it over a fire is a fun activity for everyone, and kids will love the opportunity to prepare their own “meal” — with proper adult supervision, of course. Campfire grill racks will help you make slightly fancier food options. One of the best fire pastimes is taking the time to chat. Invite over folks you haven’t seen in a while and catch up! A fire is also an opportunity to put the phone away and connect on a deeper level. Consider bringing some interesting prompts along, like “What is your favorite childhood memory?” or “What was your worst vacation experience?” They’ll get everyone talking and forgetting all about the cold. Your fire is also the perfect opportunity to tell scary stories. Get a flashlight, head out at night, and do your best to frighten each other! (If you’ve got kids around, make sure the stories are age-
appropriate.) Everyone can make up their own stories, retell tales they heard long ago, or do some research online beforehand. Find out who is the best storyteller — and the biggest scaredy-cat. Many typical “indoor” activities can also be brought outside. For example, get out some cards or a board game. Music will also liven up the atmosphere. You can even start a dance party if you keep a safe distance from the flames. Those looking for solo time can also read a book, sketch, or journal. No matter what activity you choose, an outdoor fire will allow you to enjoy the fresh air and get some vitamin D (if during the daytime) without excessive shivering. It might even turn into a favorite cold-weather activity.
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