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For example, speaking to physical property, if the owner of the property bequeaths a piece of property to Person A for life and then to Person B upon Person A's death, Person B is the rightful owner of a future interest, i.e., the remainder.

For example, speaking to physical property, if the owner of the property bequeaths a piece of property to Person A for life and then to Person B upon Person A's death, Person B is the rightful owner of a future interest, i.e., the remainder.

Upon the life tenant's death, the remaindermen receive what is known as a "stepped-up" basis in the property. This means the property's tax basis is its fair market value at the time of the life tenant's death, not the value at which the life tenant originally purchased the property.

A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.

In South Carolina, unlike many other states, you do not register your DBA with the state. The Secretary of State's office stopped registering DBAs sometime before 2006. There is, however, one exception. A limited partnership has to file an Assumed Name Certificate of Limited Partnership with the state.

To close accounts with the SC Dept. of Revenue accounts online, go to MyDORWAY.dor.sc.gov. To close SC Dept. of Revenue accounts by paper use the form C-278 Account Closing Form. To close your Alcohol and Tobacco account use the L-1278 Form.