Why you should have an Estate Plan and how Haden Toothman Law Group can help!

At Berry Financial Group, we help people with the most vulnerable and exciting time of their life, retirement. Most people work their entire lives to reach retirement and then it goes by so quickly. Then, it often comes down to how you can transfer money efficiently to your family or ensure your wishes are followed through at your death via will or power of attorney documents, as well as trusts. Estate Planning is absolutely critical to have in a financial plan. We are thrilled to partner with Haden Toothman Law Group.

Their office is right across the street from our Myrtle Beach office. They are a top-notch firm that can help you with all your estate planning needs! We feel extremely confident in their services and are so excited about launching this partnership. If you have a will, trust, or power of attorney documents that need reviewing, updating or implementing, call them at (843) 839-3167 and tell them you are a BFG client and they will take great care of you! Below is an educational article from them. The best is yet to come!

At Berry Financial Group, we help people with the most vulnerable and exciting time of their life, retirement. Most people work their entire lives to

reach retirement and then it goes by so quickly. Then, it often comes down to how you can transfer money efficiently to your family or ensure your wishes are followed through at your death via will or power of attorney documents, as well as trusts. Estate Planning is absolutely critical to have in a financial plan. We are thrilled to partner with Haden Toothman Law Group. Their office is right across the street from our Myrtle Beach office. They are a top-notch firm that can help you with all your estate planning needs! We feel extremely confident in their services and are so excited about launching this partnership. If you have a will, trust, or power of attorney documents that need reviewing, updating or implementing, call

them at (843) 839-3167 and tell them you are a BFG client and they will take great

care of you! Below is an educational article from them. The best is yet to come!

Why You (yes, you!) Should Have an Estate Plan

Let’s start with a simple, albeit inconvenient truth: everyone has an estate! If you

own a home, a car, a bank account (no matter how much or how little is in that

account), or even a collection of baseball cards, you have an estate. The real

question isn’t whether you have one but whether you have a plan.

A properly drafted and executed estate plan ensures your estate assets are

distributed to the beneficiaries exactly the way you intend. Not only do the right

people inherit your assets with a proper estate plan, but an estate plan also

streamlines or even completely eliminates the costly and time-consuming probate

process. Probate is a slow, public, and expensive process, not exactly the gift

you’d like to leave loved ones.

An estate plan isn’t complete with just one document; rather, it is a

coordinated set of documents all working together. At Haden Toothman

Law Group, we understand that estate planning is deeply personal. We

take pride in approaching your situation with care and compassion,

crafting a plan that not only safeguards your interests but also provides

lasting protection for your family.

Listed Below Are Common Essential Estate Planning Documents:

Last Will and Testament: A Will outlines who your heirs or beneficiaries

are and how your assets should be distributed to those individuals. It is

your final opportunity to clearly state, “This goes here, that goes there,

and no, Cousin Billy does NOT get the lake house.” Without a Will, your

family is left without direction, and your estate is distributed in accordance with state law which may conflict with your final wishes. A Will, if you own real estate, will typically not avoid the probate process.

Revocable Trust: Trusts are powerful tools in estate planning. A Trust holds assets for your benefit, and subsequently, the benefit of your heirs. This document is flexible and can be amended as your circumstances change while allowing you to maintain full control over your assets during your lifetime. A Trust often will avoid the

lengthy and costly probate process while allowing for advanced estate planning strategies. In addition to helping your estate avoid probate, a Revocable Trust can also provide a valuable tax benefit. When the trust’s creator passes away, the assets in the trust typically receive a “step-up” in basis to their fair market value at the date of death. This adjustment can significantly reduce capital gains taxes if those assets are later sold. Trusts offer an additional level of privacy as it is generally not filed with the probate court.

Durable Power of Attorney: DPOAs allow you to nominate an agent that will act on your behalf should you become incapacitated and are no longer able to manage your assets. This document can take effect immediately or spring into effect upon proof of your incompetency. If you regain competency, the agent’s power ends. Think of this document as a trusted substitute that steps in when needed and steps back when you are ready to resume control. This document is no longer effective upon your death.

Healthcare Power of Attorney: HCPOAs appoint an individual to make medical decisions for you if you are incapacitated. Typically, you will make decisions in the document concerning organ donation, life support, and feeding tubes, but your agent can consent to the same medical procedures you can. Like the DPOA, once you regain your decision-making ability, this document is ineffective. At Haden Toothman Law Group, we believe thoughtful planning today creates peace of mind for tomorrow. No matter where you are in life, we are committed to guiding you with compassion and clarity, helping you build an estate plan that protects what matters most—both now and for generations to come. Come see us for your free

estate planning consultation today!