What percentage of SC farms are family owned?
There are thousands of farms in the Palmetto State. Ninety-seven percent of them are family farms.
How old is the typical SC Farmer?
“The average age of a US farmer is 57, and for every two that retire, only one goes into farming,” she notes. Meanwhile, while rural Americans make up one-sixth of the US population, they make up a much higher proportion of the military: Some 45 percent of people in military service are from rural America.
What are the inheritance laws in South Carolina?
Several different South Carolina inheritance laws could impact your right to receive property or what happens to your property after you pass away. In many cases, you can choose to set up your estate how you wish, but South Carolina law will control your property disposition if you don’t create a will or other estate planning documents.
Can a spouse be disinherited in South Carolina?
South Carolina also has laws that limit your ability to disinherit your spouse. If you created a will before you were married or while you were married that disinherited your spouse, the surviving spouse may still have a right to a portion of your estate.
Do you have to pay estate tax in South Carolina?
If you have no living relatives of any kind, then the state of South Carolina will receive your property. South Carolina does not levy an estate or inheritance tax. Large estates may be subject to the federal estate tax, and you may need to pay inheritance if you inherit property from someone who lived in another state.
Can a life estate be used to transfer farmland?
Life estates are popular for farmland transfers as a life estate is property that an individual owns for their lifetime. They prevent the beneficiary from selling the property that produces income before their death, but these covenants can’t extend beyond that beneficiary’s death.