Planning for Real Estate in a Foreign Country
Living abroad is very different from spending a few weeks there. In addition to the challenges of adapting to a foreign culture, prospective buyers must be aware of the financial, legal, and tax implications of buying real estate abroad before signing the dotted line. Here are some issues you may have to navigate.
Minimalism May Be Great for Your Stuff and Finances but Not for Your Estate Plan
A minimalist “less is more” mindset for estate planning can leave you and your loved ones unprotected. An estate plan is one area of your life where you should lean into chaos and assert control, not by reducing your plan to the bare minimum but by adding the appropriate layers of complexity.
Is an Income-Tax Time Bomb Lurking in Your Estate Plan?
As the federal estate tax exemption has ballooned from $5 million in 2011 to $13.99 million today, the need for estate tax planning has drastically decreased. However, with a top marginal income tax rate of 37 percent, the focus of estate planning has shifted to a new frontier: income tax basis planning.
The Lifetime QTIP Trust
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.
How to Protect Your Family When You and Your Spouse Work in the Same Business
You and your spouse live together, work together, and likely spend a great deal of your free time together. Having a successful marriage and business takes hard work and dedication, but it can also be among the most rewarding things in life. To help keep you on the right track, here are a few tips.
How to Minimize the (Voluntary) Federal Estate Tax with Portability
Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. The relatively recent introduction of portability provides yet another planning tool available to married couples to minimize or eliminate estate taxation. Here is how portability works.
The Deaths of Gene Hackman and His Wife
When investigators entered the home of legendary actor Gene Hackman and his wife, Betsy Machiko Arakawa, in a gated community outside Santa Fe, New Mexico, on February 26, 2025, they found the couple dead under mysterious circumstances. The timing of their deaths matters not only for the criminal investigation but also for estate planning purposes, due to New Mexico’s simultaneous death rule.
Important Things to Know About Life Insurance to Enhance Your Estate Plan
Misunderstandings about how much life insurance costs and what type to purchase are the largest barriers to purchasing a policy. Even among those with a life insurance policy, there are knowledge gaps about how it can be used to meet their financial and estate planning goals.
Do Not Let Your Money and Property Go to the State: Why You Need an Estate Plan
You may take pains to minimize government meddling in your personal affairs during your lifetime, but if you do not have an estate plan, you may die intestate, and state law will become heavily involved in what happens to your money and property—and may even end up claiming it for itself through a process called escheat.
How an Inheritance Can Enhance Your Loved One’s Educational Experience
A primary goal of estate planning is to financially provide for your loved ones. One way to ensure that they are set up for lifelong success is with an inheritance that pays for their education. From primary school to postgraduate studies, you can invest in a loved one’s education and maximize their potential through your estate plan. Options include direct payments, 529 plans, and money from a will or trust, often with associated tax breaks.
Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them
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.
The Wrong Successor Trustee Can Derail Your Final Wishes
Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the trustmaker dies. Because these trusts can be designed to span multiple decades, it is crucial to choose the right succession of trustees.