Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution that allows the more affluent spouse to maintain control of their property and wealth and minimize potential estate taxes—while keeping their spouse happy—is the lifetime qualified terminable interest property (QTIP) trust.
Retirement is supposed to be a carefree period of enjoyment and fulfillment. However, retirement has become a daunting prospect for many Americans, full of anxiety and financial uncertainty. Longer lives
There are more ways to create wealth today than ever before. Whether you are working a traditional nine-to-five job and investing in the stock market, a full-time investor taking advantage
The modern insurance market dates to seventeenth-century London, where merchants reeling from the Great Fire of London started pooling funds to cover fire losses. Today, this same basic concept—pooling risk
To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life and the lives of your loved ones, you need a well-executed estate plan.
Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan—or any estate plan at all. Without a proper estate plan, the family farm or ranch, passed down for generations, can end up being sold and converted to nonagricultural use, cutting the family’s legacy short and ending their unique lifestyle. Included are three common estate planning mistakes farmers and ranchers make and how to avoid them.
If you have created a trust that you intend to last for decades, choosing the right trustee is critical to ensuring the trust’s longevity and ultimate success.
Estate planning attorneys are often asked where original estate planning documents—wills, trusts, powers of attorney, and healthcare directives—should be stored for safekeeping. There is no right or wrong answer to this question.
Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight.
When everyone is alive and happy, it is easy to think that nothing will break a family apart. Many people think that since everyone gets along, estate planning is unnecessary because everyone will look out for one another and do only what is fair. However, having a properly prepared estate plan is crucial. Failing to plan not only takes all the control out of your hands but can also leave hurt feelings and possible confusion over your true wishes. This confusion may force family members to pursue the only source available to resolve the misunderstanding: probate court.