Author: Richmond Cariaga

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Surprise! You Cannot Easily Disinherit Your Spouse

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Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agrees to receive nothing from your estate in a prenuptial, postnuptial, or other marital agreement. However, the same is not true for other family members. Generally, you can use your estate plan to disinherit your siblings, nieces and nephews, grandchildren, and sometimes even your children.

Beware: Spousal Disinheritance Laws Vary Widely by State

Unfortunately, no one set of rules governs what a surviving spouse is entitled to inherit. Instead, the laws governing spousal inheritance rights, such as elective share and community property laws, depend on the state where you live or own property, and they vary widely. Based on state laws, the surviving spouse’s right to inherit may be based on one or more of the following factors:

  • how long the couple was married
  • whether or not children were born of the marriage
  • the value of what the deceased spouse solely owned
  • whether the surviving spouse inherited anything from the deceased spouse outside of probate court (e.g., as a designated beneficiary or joint owner)
  • the combined value of an augmented estate, which includes accounts and property that are subject to probate and accounts or property that were automatically transferred to a named beneficiary by operation of law (payable-on-death, transfer-on-death, or beneficiary designation form)

In Florida, a surviving spouse may choose to take an elective share, which is 30 percent of the deceased spouse’s elective estate. The elective estate includes probate assets and certain nonprobate assets, such as payable-on-death and transfer-on-death accounts, joint accounts, revocable trust assets, the net cash surrender value of life insurance, annuities, and retirement accounts. The decedent’s debts reduce the elective estate.

In addition, state laws vary widely regarding the time limit within which a surviving spouse can seek their inheritance rights, which can range from a few months to a few years.

Disinherited Spouses Need to Act Quickly

If your deceased spouse has attempted to disinherit you, seek legal advice as soon as possible before state law bars you from enforcing your rights. Only an experienced estate administration attorney can help you weigh all your options and protect your interests as a surviving spouse.

Estate Planning Strategies to Protect Your Spouse

Estate Planning Strategies to Protect Your Spouse

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You found the love of your life, and as you have built your life together, you have likely weathered your fair share of storms and grown stronger because of them. Now that you are married, you are uniquely situated to provide meaningful support for your spouse after your passing through special estate planning tools available only to legally married individuals.

Lifetime Qualified Terminable Interest Property Trust

If one spouse individually owns more money or property than the other, a lifetime qualified terminable interest property (QTIP) trust allows the wealthier spouse (grantor spouse) to transfer money and property into the trust for the benefit of the less wealthy spouse (beneficiary spouse). This alternative is generally better than making outright gifts to a spouse because it may provide some creditor protection. A lifetime QTIP trust can also be a valuable strategy for couples in a second or subsequent marriage. During their lifetime, the beneficiary spouse will receive the income generated by trust assets and may also access trust principal for specific purposes such as healthcare, education, or other needs as defined by the grantor spouse. This structure allows the grantor spouse to provide for their partner during life while ultimately preserving the remaining assets for the grantor spouse’s children from a prior marriage or other chosen beneficiaries.

When the beneficiary spouse dies, the remaining property in the trust is included in their estate, making use of their unused federal estate tax exemption. If the beneficiary spouse dies first, the remaining trust property can continue (subject to applicable state law) for the grantor spouse’s benefit. If the lifetime QTIP trust is properly structured, any remaining trust assets may be excluded from the grantor spouse’s estate upon their death. After both spouses have passed, the remaining trust property is distributed to the beneficiaries designated by the grantor spouse when the trust was originally created.

A lifetime QTIP trust can offer meaningful benefits, but it may have unintended effects if a marriage ends in divorce. Because the trust is irrevocable, the former spouse could remain entitled to income for life unless the trust specifically defines the beneficiary spouse as the current spouse. With thoughtful drafting and the help of an experienced estate planning attorney, you can ensure that the trust reflects your wishes even if life takes an unexpected turn.

Spousal Lifetime Access Trust

A spousal lifetime access trust (SLAT) allows the grantor spouse to gift money or property into a trust for the benefit of the beneficiary spouse, protecting the money and property from creditors and estate tax while still allowing the grantor spouse to enjoy the money or property through the beneficiary spouse. Unlike a lifetime QTIP trust, this type of trust does not require that the beneficiary spouse be given access to the trust’s income. Instead, the beneficiary spouse may be given access to income or principal during their lifetime depending on the grantor spouse’s wishes. The goal of this strategy is to use the grantor spouse’s own estate tax exemption instead of the beneficiary spouse’s. Additionally, other beneficiaries, such as children or grandchildren, can be named as current beneficiaries of the trust.

Similar to lifetime QTIP trusts, SLATs also carry divorce-related risks. If you divorce, the beneficiary spouse retains access to property in the SLAT. However, the grantor spouse likely loses access to the trust upon divorce, as their only connection to the assets was indirectly through the beneficiary spouse. Since the SLAT is irrevocable, there is no way to undo the transfer or reclaim the assets. That is why many people include provisions limiting benefits to a current spouse or add other beneficiaries, such as children, to preserve flexibility.

Note: If both spouses want to use their own exemption during their lifetimes through estate planning tools such as SLATs, special attention needs to be paid to ensure that reciprocal trusts are not drafted, which could unwind all of the planning. As experienced attorneys, we can help ensure that both spouses’ goals are met in the most tax-efficient manner.

Community Property Considerations

If you and your spouse reside in or acquire property in a community property state, it is essential to determine the ownership interests in all property included in your estate plan. If community property is going to fund one of these trusts, it may be necessary to enter into a partition agreement or other marital agreement. Because this step may change the current ownership of the property, it is critical that you work with an experienced attorney who will explain the process and results.

Portability

With the exceptionally high estate tax exemption of $13.99 million per person in 2025, you may feel that you do not need to worry about estate tax reduction strategies. However, this provision will sunset on December 31, 2025, unless Congress takes additional action. If you die in 2026 or after, there is a possibility that the estate tax exemption could be reduced back to $5 million, adjusted for inflation. Unfortunately, without a crystal ball, there is no way to know what the exemption amount will be if you die after the sunset date. However, portability is a handy tool for battling this uncertainty.

Portability allows a surviving spouse to use any unused portion of their deceased spouse’s federal estate and gift tax exclusion—known as the deceased spouse’s unused exclusion (DSUE) amount. This means that the surviving spouse can combine their own exclusion with what remains of their spouse’s, which increases the amount that the surviving spouse can transfer free of gift and estate tax. However, to take advantage of portability, a federal estate tax return (Form 706) must be timely filed (usually within nine months of the deceased spouse’s death, or longer if an extension has been granted) when the first spouse passes. Without this filing, the surviving spouse will lose the DSUE amount and will have only their own exclusion amount to use.

Note: The DSUE can be used only for your most recently deceased spouse. If you remarry, you must use the first spouse’s DSUE before your new spouse dies—otherwise, you will lose the ability to use the first spouse’s unused exclusion.

We Are Here to Help

You work every day to build a wonderful life for yourself and your family. We are here to help design a unique plan to ensure that you, your spouse, and your family will be taken care of now and upon your passing. Call us today to schedule an appointment to discuss how we can help.

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Want to Disinherit Someone? This Is What You Need to Know

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Disinheritance—the intentional exclusion of a family member, usually a child or spouse, from receiving part of your estate after your death—is more common than you might think. It is also easier than you might think to disinherit a loved one, with a couple of notable exceptions. However, it is not as simple as omitting someone’s name from your estate plan.

Depending on their relationship to you and the laws in your state, some people may have legal rights to a portion of your assets (e.g., money, investment accounts, and property) when you die, unless you take specific steps to prevent them from inheriting. Even then, the decision to disinherit someone can lead to disgruntled family members and legal challenges, so the situation must be approached with care, both legally and emotionally.

Disinheritance Laws: Who You Can (and Cannot) Disinherit

You are generally—but not entirely—free to dispose of your assets at your death however you see fit. This ability to include, as well as exclude, people from your estate plan is known as testamentary freedom.

Before delving into how to disinherit someone, let’s look at who might be disinherited and the legal protections they may have against disinheritance.

Spouses

Disinheriting a spouse is often the most legally complex scenario. Spouses have significant inheritance protections, regardless of what your estate plan says. For example:

  • Elective share laws. In most states, a surviving spouse has the right to claim an elective share of the assets owned solely by you, thereby protecting them from total disinheritance. The amount that can be elected varies by state but may be around one-third to one-half of your separately owned property. Some states offer a larger share to surviving spouses as the length of the marriage increases. 
  • Community property states. If you live in a community property state (such as California, Texas, or Arizona), assets acquired during marriage are typically considered jointly owned, and your spouse automatically has a right to half of the community property. Disinheriting a spouse in these states may apply only to your separate property.

These laws make completely disinheriting a spouse challenging—though not entirely out of reach. With careful planning, strategies like prenuptial or postnuptial agreements can be used to waive a spouse’s inheritance rights, even in states with elective share or community property regimes. While these approaches require thoughtful drafting and mutual consent, they offer a path for clients whose estate planning goals call for greater control over the ultimate distribution of their assets.

Children

When it comes to disinheriting your children, you have fairly broad testamentary freedom.  However, children are afforded some protections under applicable state law that may prevent complete disinheritance.

Many states have statutory allowances—such as the family allowance, exempt property allowance, and homestead allowance—that serve as built-in protections for minor or dependent children (the term dependent children may even include adult children in some states and in some circumstances). These allowances ensure that, even if a child is not named in a will or trust, they are guaranteed a minimum level of support from the estate.

In addition, if a parent passes away while still owing child support—whether from a court order or a divorce settlement—that obligation typically does not vanish with their death. In most cases, the unpaid support becomes a debt of the estate and must be addressed before assets are distributed to heirs or beneficiaries. This ensures that the child’s financial needs continue to be prioritized, even after the parent’s passing.

Siblings, Parents, and Others

Siblings, parents, and more distant relatives (such as cousins or nieces and nephews) have no automatic right to inherit unless you die without a will (intestate) and these people are next in line under your state’s inheritance laws. In most cases, this only happens if you have no surviving spouse or children.

Disinheriting these individuals is relatively straightforward, since they are unlikely to have legal grounds to challenge your estate plan. Still, to deliberately keep a parent, sibling, aunt, uncle, or other extended relative from inheriting your assets, you need to explicitly and unambiguously write this into your will or trust and designate the specific individuals or charities that you do want to inherit from you.

Others Who Might Expect Something

Sometimes, the person you want to disinherit is not a family member but a close friend, business partner, or caregiver who might expect to receive something. If you have promised them an inheritance in the past (verbally or otherwise) or suggested it in passing, they might try to contest your estate plan if they are not included. Their claims are unlikely to succeed in court, but explicitly excluding them in your estate plan documents can clarify your intentions and eliminate ambiguity and potential lawsuits.

What Happens If You Do Not Have an Estate Plan?

Dying without a will or trust means that your state’s laws determine who inherits your assets. These laws, known as intestacy rules, prioritize close family members in a specific order, typically the following:

  1. Spouse
  2. Children
  3. Grandchildren
  4. Parents
  5. Siblings
  6. More distant relatives

Surveys consistently show that only around one-quarter of Americans have an estate plan.[1] If you want to disinherit someone who would inherit under intestacy laws, you must have an estate plan. Absent a formal, written plan that states your intentions, the wrong person could receive a portion of your assets by default.

For example, say you are estranged from a sibling and die without a will. That sibling might inherit part of your money and property if you have no surviving spouse, children, grandchildren, or parents, even though you do not want them to inherit anything.

How to Disinherit Someone

Disinheriting someone requires a clear and unambiguous statement in your estate planning documents. Leaving their name out of your plan is not enough. The court could assume that an omitted name is unintentional and award them a share of your money and property, especially if the person is a close family member. To disinherit someone, you should take the following steps:

  • Make your intent explicit. Your estate plan should explicitly state that you do not want a certain individual to receive any portion of your money and property. Use straightforward language. For example:
    • “I am deliberately excluding [name] from receiving any portion of my estate.”
    • “I specifically direct that my son, [name], shall receive none of my property, whether real or personal.”
  • Identify the individual clearly. Use the full legal name of the person you wish to disinherit to avoid any confusion with individuals who may have similar names. For further clarity, you can include their relationship to you, their date of birth, and other distinguishing information, such as their city and state of residence. For example:
    • “I am intentionally omitting my son, Matthew James Walker, born March 2, 1988, currently residing in Seattle, Washington, from any share of my estate. He shall take nothing under this Will.”
  • Keep it brief and neutral. Your estate plan is not the place to air grievances or explain your decision in detail. Most people do not realize that wills are public documents and the things they write in them live on in public view and might cause reputational harm. Even if you are trying to explain a disinheritance, making potentially false, damaging claims can expose your estate to legal risk.
    • Writing something such as “I leave nothing to my daughter, Anna Smith, because she is a drug addict and a thief and has embezzled money from her employer” could expose your estate to a claim of testamentary libel—a defamatory statement made in a will that could damage someone’s reputation.
    • Emotionally charged language could also inadvertently create grounds for a legal challenge based on duress or undue influence claims.
    • Keep your language brief and neutral (e.g., “I make no provision for my daughter, Anna Smith, due to personal reasons known to both of us.”).
  • Explain your thinking in an (optional) letter. If you feel compelled to explain your decision and have not already discussed it with the person you are disinheriting, consider writing a separate letter to them. Store the letter privately and instruct that it be shared only after your passing. This is not a legally binding document and should not be attached to your will or trust. By explaining your reasons for the disinheritance, you may help reduce the chances of a family member challenging your will or trust later on—especially claims that you lacked capacity or were influenced by someone else. A clear statement of intent can go a long way toward preventing misunderstandings and minimizing the risk of litigation.

Alternatives to Disinheritance

There is anecdotal evidence that more parents are not leaving their children inheritances to avoid entitlement and promote self-reliance. Some celebrities have publicly vowed to leave their kids little or nothing, and this trend may be trickling down to ordinary Americans.

One recent survey found that just 26 percent of Americans plan or expect to leave behind an inheritance.[2] Parents may want to spend the money on themselves in retirement, or they may be forced to spend it on healthcare and long-term care. They may also decide that their money is better spent on charitable giving, that it should go to someone who needs it more, or that they will embrace “gifting while living” and pass their hard-earned assets to their children now.

However, leaving an inheritance does not have to be all or nothing. If you are unsure about fully disinheriting someone or want to avoid potential conflict or legal challenges, consider these alternatives:

  • Leave a smaller or symbolic inheritance. Instead of cutting someone out entirely, leave them a small token gift, such as a few hundred dollars or a family heirloom, to signal that you thought of them and did not accidentally omit them.
  • Use a no-contest clause. A no-contest clause provides that anyone who challenges your will or trust loses their inheritance. You can combine this type of clause with a modest gift to discourage lawsuits since the beneficiary stands to lose something if they challenge your will or trust. Keep in mind that no-content clauses may not be recognized or enforceable under your state law.
  • Create a trust. A spendthrift trust can help protect a financially irresponsible beneficiary from reckless spending and shield the inheritance from creditors. Similarly, a conditional or incentive trust allows you to set goals or milestones that must be met before funds are distributed. These tools offer a thoughtful way to provide for someone you may be hesitant to give money to outright, while still protecting their long-term well-being and interests.
  • Add beneficiaries to accounts. Retirement accounts, life insurance policies, and some types of bank accounts and deeds pass directly to your named beneficiaries (i.e., those other than the disinherited loved one) and bypass the need for a will and public probate process entirely. These distributed assets will only be known to the named beneficiary and the government for tax purposes, which could help keep the distribution private and prevent a will contest.

In addition to seeking a compromise to disinheritance where appropriate, make sure to review and update your estate plan regularly in case you have had a change of heart or circumstances.

Work with an Attorney to Avoid the Personal and Legal Challenges of Disinheritance

Disinheritance can be emotionally fraught and legally tricky. It is a deeply personal decision that should be approached with careful consideration and sound professional advice.

The law respects your right to choose how your assets are distributed. It also requires that those choices are expressed clearly and meet legal requirements. An estate planning attorney can help you draft documents that comply with state laws and anticipate challenges, include provisions to strengthen your plan, and explore options such as trusts that are harder to challenge and more private than wills. For a plan that reflects your convictions and stands up in court, schedule a meeting with us.

  1. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Mar. 31, 2025), https://www.caring.com/caregivers/estate-planning/wills-survey. ↩︎
  2. As $90 Trillion “Great Wealth Transfer” Approaches, Just 1 in 4 Americans Expect to Leave an Inheritance, Nw. Mutual (Aug. 6, 2024), https://news.northwesternmutual.com/2024-08-06-As-90-Trillion-Great-Wealth-Transfer-Approaches,-Just-1-in-4-Americans-Expect-to-Leave-an-Inheritance. ↩︎
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The Lifetime QTIP Trust

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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.

The Basics of Creating a Lifetime QTIP Trust

In the estate planning world, a lifetime QTIP trust is a type of trust that allows a wealthier spouse to transfer an unrestricted amount of assets (money and property) into the trust for the benefit of their less wealthy spouse, free from estate and gift taxes.

A common estate planning strategy for high-net-worth couples has been to use a QTIP trust, not while the couple is alive, but after the first spouse’s death under what is often referred to as an AB Trust structure. After the first spouse dies, the B Trust (bypass trust) is funded with an amount equal to the federal estate tax exemption (currently $13.99 million in 2025). The remaining assets are allocated to the A Trust (marital trust). The A Trust is often structured as a QTIP trust, which qualifies for the unlimited marital deduction, allowing assets to pass to the surviving spouse without triggering estate tax until their death. 

But what if instead of creating and funding a QTIP trust after death, the wealthy spouse creates and funds a lifetime QTIP trust for their spouse’s benefit with tax-free gifts while the wealthy spouse is alive? Assets transferred from the wealthy spouse into the lifetime QTIP trust are considered tax-free gifts under the unlimited marital deduction, which allows qualifying spouses to transfer an unlimited amount of assets to each other during life or at death without incurring federal gift or estate tax, as long as certain requirements are met. The lifetime QTIP trust must meet the following criteria to qualify for the unlimited marital deduction:

  • The trust must be irrevocable.
  • The beneficiary spouse must be a US citizen.
  • The beneficiary spouse must be entitled to receive all net income from the trust at least annually during their lifetime.
  • The beneficiary spouse must have the right to demand that any non-income-producing property be converted into income-producing property.
  • Only the beneficiary spouse can benefit from the trust during their lifetime. No distributions to children or others are allowed before the beneficiary spouse’s death.
  • The interest granted to the beneficiary spouse cannot be terminated or diverted to someone else during the beneficiary spouse’s lifetime.
  • A federal gift tax return (Form 709) must be filed in a timely manner in the year of the gift to the trust.

Planning with a Lifetime QTIP Trust Offers a Multitude of Benefits

Outright gifts to your spouse during life or after death lead to total loss of control over those assets. If you and your spouse have children from prior marriages, the problem may be exacerbated by the difference in your wealth—while the wealthier spouse will be fine if the less wealthy spouse dies first, the opposite is not true. If you and your spouse are in this situation, a lifetime QTIP trust offers the following benefits:

  • The wealthy spouse can create and fund a lifetime QTIP trust without using any gift tax exemption.
  • The less wealthy spouse will receive all of the trust income during their lifetime and may be entitled to receive trust principal for limited purposes if the wealthier spouse desires.
  • When the less wealthy spouse dies, the assets remaining in the trust will be included in their estate, using the less wealthy spouse’s otherwise unused federal estate tax exemption.
  • If the less wealthy spouse dies first, the remaining trust property can continue in an asset-protected lifetime trust for the wealthy spouse’s benefit (subject to applicable state law) and, if structured properly, the remainder can be excluded from the wealthy spouse’s estate when they die.
  • After the less wealthy spouse dies, the balance of the trust can be designed to pass to the wealthy spouse’s children and grandchildren or other beneficiaries chosen by the wealthy spouse.

Do You and Your Spouse Need a Lifetime QTIP Trust?

Like other types of estate planning tools and strategies, lifetime QTIP trusts are not one-size-fits-all. They must be tailored to each couple’s unique goals, family dynamics, and financial situation. Please call us if you think you and your spouse could benefit from a lifetime QTIP trust. We will help you determine what will work best for your family.

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5 Easy Tips to Simplify Your Charitable Giving

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Will you be donating to charities this year? The Internal Revenue Service (IRS) reminds us that you must itemize deductions on Schedule A of your tax return to claim a deduction for charitable gifts. The following five tips can also help ensure that your charitable gifts count.

Tip #1: Give to a qualified charity. Only gifts to a qualified charity are deductible on your income tax return. The IRS offers a handy website, the Tax Exempt Organization Search Tool, to determine whether your favorite organizations qualify. You can also deduct donations made to churches, synagogues, temples, mosques, and government agencies, even if they are not listed in this database.

Tip #2: Give some cash. Gifts of money can be made by check, electronic funds transfer, credit card, or payroll deduction. To claim a monetary gift as a deduction on your tax return, you must have specific documentation, which varies based on the amount donated, such as a bank record (e.g., canceled check, bank statement, credit card statement) or written document from the charity (listing the organization’s name and the date and amount that was given). For payroll deductions, keep a copy of your pay stub(s), W-2, or other employer-provided document showing the total amount withheld, along with the pledge card listing the name of the charity.

Tip #3: Donate some stuff. You can take a tax deduction by giving away your gently used household items (e.g., furniture, furnishings, electronics, appliances, linens) and clothing as long as they are in good or new condition. If possible, to substantiate your deduction, get a receipt from the charity that includes the organization’s name, date of the contribution, and a detailed description of the donated items. If you leave the items at an unattended drop site, make a written record of the donation with the same details.  

Tip #4: Give before the end of the year. Donations are deductible on your tax return in the year they are made. If you donate by check, the deduction applies in the year in which the check is mailed or postmarked. For credit card donations, the deduction applies in the year in which the charge was processed, even if you do not pay the credit card statement until the following year.

Tip #5: Keep good records. Always keep detailed records of any charitable gifts you make.  Your records should include the date of the donation, a description of the item or monetary amount given, the name and address of the organization, the fair market value of the property at the time of the donation, and the method used to determine the value. You must obtain a written acknowledgment from the charity if a donation (of either cash or stuff) is valued at $250 or more. If the donation consists of an automobile, boat, or airplane, special rules apply, which can be found on the IRS website.

Have Questions About Deducting Charitable Gifts?

If you have questions about making deductible charitable donations part of your estate plan, please call us.

5 Reasons Uncle Bill May Not Make a Good Trustee

5 Reasons Uncle Bill May Not Make a Good Trustee

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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. 

Initially, you may think that a family member (for example, Uncle Bill to your children, who are the initial beneficiaries of your trust) will be the best choice as trustee. After all, Uncle Bill understands your children’s personalities and varying needs, and since Bill has always been frugal, he will surely keep the costs of administering the trust down. These are good reasons to possibly select a family member like Bill to serve as trustee.

However, Uncle Bill may not make a good trustee for a long-lasting trust, as he may not be equipped to handle all of the obligations on his own. He may need to hire legal, investment, and tax advisors to ensure that the trust is distributed, managed, and invested as you intended. These expenses have the potential to be the same (and, on rare occasions, more) than the fees of a professional trustee or a corporate trustee, such as a bank or trust company. Many professional and corporate trustees can meet all of the fiduciary obligations of a trustee under one roof for one comprehensive fee. 

Below are five reasons you may want to consider choosing a professional or corporate trustee for your trust instead of Uncle Bill:

  1. Professional and corporate trustees do not have a potentially disruptive personal life. A professional or corporate trustee does not become ill or die, marry or divorce, have children or grandchildren, go on vacation, move abroad, or have day-to-day distractions that could get in the way of properly administering your trust. The named professional or corporate trustee will likely be a bank or private trust company. If the person designated by the bank or trust company to act as trustee is unavailable, someone else from the bank or trust company can step in without court or beneficiary involvement.
  2. Professional and corporate trustees are unbiased. A professional or corporate trustee will not favor one of your children over another (unless that is what you intended) and will act in an unbiased manner to make distributions that benefit both the current and remainder beneficiaries. They are not part of your family and therefore will not be tempted or swayed by unrelated drama between family members.
  3. Professional and corporate trustees avoid conflicts of interest and self-dealing.  Professional and corporate trustees will not sell the family company or vacation home (that you intended to eventually go to your grandchildren) to themselves or a friend at less than fair market value. Any sale or other transfers will be made according to the stated wishes in the trust and should not personally involve the professional corporate trustee.
  4. Professional and corporate trustees invest appropriately. Professional and corporate trustees are typically more skilled at managing and investing assets, with access to experienced financial advisors and divestment investment strategies. For example, a professional or corporate trustee may better understand that, subject to any specific instructions in the trust, they should not invest trust assets (accounts, property, etc.) in real estate or a high-risk hedge fund but should instead diversify the portfolio to benefit both the current and remainder beneficiaries (the ones entitled to benefit from the trust after the current beneficiary).
  5. Professional and corporate trustees have expert knowledge. A professional or corporate trustee will not need to hire a slew of attorneys and accountants to interpret the trust agreement and will keep current on changes in the laws governing trusts, fiduciaries, and taxes.

Final Considerations

From managing the current and remainder beneficiaries’ requests and expectations and providing them with periodic reports regarding trust assets, liabilities, receipts, and disbursements to prudently investing trust assets and preparing and filing all required tax forms, a trustee’s duties and responsibilities are extensive. 

A professional or corporate trustee, rather than Uncle Bill, may be the best option for your trust. Please contact our office if you have any questions about selecting a trustee or using professional or corporate trustees so that we can assist you in designating the right individual or entity to serve as your trustee.

Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them

Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them

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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.

Below are three common estate planning mistakes farmers and ranchers make and how to avoid them.

Mistake #1—Failing to Plan

As a farmer or rancher, you have distinct estate planning needs. You may have children who want—or do not want—to continue the farming or ranching business. You have to consider who should inherit your land, equipment, livestock, accounts, and other property, while trying to keep things fair and equal. As a result, you may be unable to decide what to do and end up doing nothing at all.

Fortunately, many estate planning options are available that will help you fulfill your ultimate goals for the future. To preserve what you have and leave it to the next generation, you need to work with a team of experts, including attorneys, accountants, bankers, insurance specialists, and financial advisors, who are familiar with the nuances of estate planning and its intersection with farming or ranching legacies to ensure that the plan will work as anticipated when it is needed.

Mistake #2—Relying on Joint Ownership

You may believe that the easiest way to avoid having your loved ones go through the probate process at your death is to own your property jointly with them. However, transferring all or part of your farm during your lifetime may have unintended consequences. For example, farmland or ranch property that is jointly owned and enrolled in programs administered by the United States Department of Agriculture may result in subsidies being left on the table. In addition, joint ownership causes you to give up total and unilateral control of your real estate. Someone added as a joint owner to your account or property can make decisions about it: They may withdraw money from the account without your knowledge or consent. They can also prevent the property’s sale if they disagree with your decision to sell. Your co-owner’s creditors may also be able to go after jointly owned accounts and property. Unlike other planning options, joint ownership may not be easy to change, since “undoing” joint ownership can have significant costs and tax implications.

Holding real estate in the name of a business entity (corporation, partnership, or limited liability company) or a trust is a better option, as it allows you to minimize liability and retain control.

Mistake #3—Overlooking Liquidity Needs

Incapacity (the inability to manage your own affairs) and death are expensive life events and often require cash to pay expenses. However, farmland and farming equipment are not easily converted to cash. Without properly planning for immediate and long-term cash needs, your family may be forced to quickly sell land and equipment for pennies on the dollar.

You have several options when creating a plan to manage debt and expenses during your incapacity or after your death. Financial advisors, bankers, and insurance professionals can assist with securing lines of credit and the proper amount of disability, long-term care, and life insurance to prepare for the unexpected. Attorneys can assist by creating life insurance trusts, business entities, and other, more complex plans.

Final Thoughts on Estate Planning for Farmers and Ranchers

We understand that farmers and ranchers require specialized estate planning solutions. A team of advisors, including attorneys, accountants, bankers, insurance professionals, and financial advisors, can assist you in creating and maintaining a plan that will preserve your legacy and unique way of life. Our firm is experienced in supporting farmers and ranchers with achieving their estate planning goals. Please call our office if you have any questions about this type of planning and to arrange for a consultation.

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It’s Planning Season

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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. When crafting a foundational plan to protect yourself, your loved ones, your business, and your legacy, consider the following planning tools.

Revocable living trust. A revocable living trust is a tool in which a trustee is appointed to manage the accounts and property that you transfer to the trust for the benefit of one or more beneficiaries. To fund the trust, you change the ownership of your accounts and property to your name as the trustee of the trust. Typically, you serve as the initial trustee while you are alive and well, and you are also the primary beneficiary. If you become incapacitated (unable to manage your affairs), the backup trustee steps in and manages the trust for your benefit with little interruption and less potential for costly court involvement. Upon your death, the backup trustee manages and distributes the money and property according to your instructions in the trust document, again, usually without court involvement. Because the accounts and property are deemed to be owned by the trust and you have already determined what will happen to them, probate is not needed. A specifically crafted trust has the additional benefit of protecting your precious asset (the farm) from your beneficiaries’ creditors.

IMPORTANT: Work with an experienced estate planning attorney to ensure that any trust created and funded with farming assets (real estate, equipment, etc.) is structured in a way that does not disqualify you from or reduce any government farming subsidies you could be receiving.

Financial power of attorney. A financial power of attorney is a written document in which you appoint a person to handle various financial and property transactions on your behalf when you are alive but cannot handle them yourself. This can include signing contracts for you, making deposits into your bank account, managing property, paying taxes, and opening new accounts for you. The specific powers granted to an agent under a power of attorney will depend upon your wishes and what you list in the document itself. Also, depending on your state law, you may be able to dictate when your chosen agent can step in and act on your behalf. If your land, equipment, and associated bank accounts are in your name only, it is incredibly important to have this tool in place so someone has the authority to maintain your business and associated transactions should you be unable to.

Medical power of attorney. Farming can be a very strenuous career. Having a medical power of attorney in place is, therefore, crucial. This document allows you to name an individual to make medical decisions on your behalf in the event you cannot. While this power is applicable only if you are incapacitated or otherwise unable to communicate your own wishes, it will save your family a great deal of time and money by avoiding the court process of having a judge appoint someone to make decisions for you.

More-advanced planning tools. Depending on the value of everything you own (including your farming operation), you may need to include more-advanced tools in your estate plan. We can craft a plan that may reduce the amount of state or federal estate tax owed at your death, offer additional liability protections, or provide liquidity to address your unique situation.

We understand how important your farm and family are to you. We want to help ensure that you are properly protected and that everything is in place to properly transition your farming legacy to the next generation. Call us to schedule an appointment so we can evaluate your unique situation and craft a plan to help ensure that your legacy will be a lasting one.

Ways to Keep a Loved One’s Memory Alive

Ways to Keep a Loved One’s Memory Alive After They Pass

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When somebody close to us passes away, we are left with constant reminders of them. Maybe it is a jacket hanging in the closet that still bears the scent of their cologne, a dog-eared book on their nightstand, their handwriting on a scrap of paper, a bench where they sat and fed the ducks, or the coffee cup they always used.

At times, something small—such as a phrase they used, the smell of their favorite flower, their empty place at the dinner table, or a song they loved—can trigger powerful memories and imbue the moment with their presence, reminding us that they are gone but never forgotten.

We all deal with death differently. Some of us are content with these private, persistent reminders that help keep a loved one’s memory alive. Others want to create a tangible item to remember them by that can be displayed and shared.

There are many ways to turn memories into mementos and honor a beloved friend’s or family member’s passing. These tributes can also be a creative and strategic way to use estate assets. Planning ahead provides your loved ones with more flexibility in using your money and property for dedications and memorials. A well-thought-out plan can even set aside money for such purposes.

Personalizing Death

Where—and how—Americans find meaning in life has changed in recent years. These shifts can be seen not only in how we live but also in how we choose to say goodbye.

A growing number of families are seeking alternatives to traditional funerals, which they may see as dark or gloomy. According to the National Funeral Directors Association, rates of cremation are rising, burial rates are declining, and more families are opting for “innovative and personalized services.”[1]

People increasingly want funerals that reflect the unique life of the deceased. This includes incorporating hobbies, passions, and personal preferences into the service, such as green and alternative funeral options and nontraditional funeral locations. Choice Mutual says that the trend toward eco-friendly and alternative funeral options “reflects a growing environmental consciousness and a desire for more . . . meaningful end-of-life ceremonies.”[2]

With religion and religious observances on the decline, many people do not want a funeral. Celebration of life services that emphasize personal stories and memories are gaining traction. These services often incorporate touches such as the deceased’s favorite music, photos, hobbies, and shared stories.

Even among those who prefer a more traditional burial, there is a shift toward personalized memorials, including headstones etched with portraits and even virtual tombstones and QR codes linked to digital stories.

Cost may also influence some of these choices. The median cost of a funeral with a casket and burial is around $8,000, while an alternative cremation casket and urn can cost around $6,000.[3] A majority of Americans told Choice Mutual that they rely on life insurance or burial insurance to cover funeral costs.[4] Fewer rely on personal funds or prepaid burial plan options.[5]

Beyond the Gravestone: Thoughtful Tributes to Memorialize a Loved One

If you ever sit on a park bench that bears an inscription memorializing a nature-loving local, you may find yourself wondering about them and their life. The inscription might also inspire you to do something special for someone you love.

Here are some heartfelt and creative ways to celebrate a loved one’s memory:

  • Display photos. Photos on your phone can be given a newfound meaning and purpose in a display that tells the story of a dearly departed. Use a traditional picture frame, set up a digital frame that displays multiple photos as a slideshow, or create a gallery wall with multiple shots from your loved one’s travels, family milestones, and quiet everyday moments that defined them.
  • Make a donation. Buildings and exhibitions that bear the names of affluent, generous citizens are beyond the financial means of most families, but there are other meaningful—and affordable—ways to honor a loved one’s memory. Consider a donation in their name to a place they loved visiting or volunteering at, such as a zoo, animal shelter, or place of worship.
  • Volunteer your time. You might not know much about Mom’s weekly shifts at the shelter, but now that she is gone, you can reconnect with her—and build new connections—by volunteering yourself and carrying on the work she cared deeply about.
  • Plant a tree or garden. In lieu of sending flowers, plant some instead. A memorial garden or tree planted in honor of a loved one, perhaps on family land or in a community park they frequented, creates a living legacy. Add a plaque with their name or a quote they lived by and choose plants tied to their personality or specific memories.
  • Create a memory book or scrapbook. Sorting through and cleaning out the belongings of a deceased loved one can be physically burdensome and emotionally draining. To help process your grief and turn these leftover items into meaningful reminders, collect photos, letters, and other odds and ends for a memory book or scrapbook.
  • Transform ashes into keepsakes. Scattering your loved one’s ashes in a special location is one way to experience closure. Another option is to have their ashes turned into a keepsake, such as cremation jewelry, an ornament, a paperweight, artwork, or a cremation tattoo.
  • Start a scholarship fund in their name. For a loved one who championed education or a specific cause, a scholarship or grant funded in their name lets them continue to make a positive impact on the lives of others.
  • Cook up a recipe book. The sense of smell is uniquely linked to memory and can spark a strong emotional reaction. Pay homage to a loved one who cherished special meals by compiling their favorite recipes into a book to share with family and friends that makes reconnecting as easy as following the steps and measurements.
  • Commission custom artwork. Turn their intangible essence into a tangible work of art. It could be a portrait or poem reflecting their love of nature that you attach to a favorite tree; a piece dedicated to a local library they visited; a book crafted from letters and recordings; a painting, sculpture, or digital artwork inspired by their life; or photos woven into a slideshow that tells their story.
  • Create mementos from their belongings. When your loved one passes away, they leave behind all of their worldly possessions, including their clothes. Instead of throwing away or donating all of their clothing, consider repurposing a few meaningful pieces as blankets or stuffed animals that can be given to loved ones.

For additional inspiration and discussion on how to remember your loved one, schedule a meeting with us today. We can also work together to create an estate plan that will allow your memory to live on for generations to come.

  1. U.S. Cremation Rate Is Projectd to Climb to 61.9% in 2024, NFDA (July 25, 2024), https://nfda.org/news/media-center/nfda-news-releases/id/8944/us-cremation-rate-is-projected-to-climb-to-619-in-2024. ↩︎
  2. Anthony Martin, 2024 Survey Results: Alternative Burial Options & Preferences Across America, Choice Mutual (Jan. 10, 2025), https://choicemutual.com/blog/funeral-preferences. ↩︎
  3. Statistics, NFDA (Sept. 24, 2024), https://nfda.org/news/statistics. ↩︎
  4. Martin, supra note 2. ↩︎
  5. Id. ↩︎
How an Inheritance Can Enhance Your Loved One’s Educational Experience

How an Inheritance Can Enhance Your Loved One’s Educational Experience

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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.

Higher levels of education are positively correlated with better life outcomes, including improved health, longer lifespans, and higher incomes.[1] However, education costs across all levels have risen significantly, pushing a good education out of reach for many families and saddling students with debt that can take decades to pay off.[2]

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.

While educational gift options abound, their legal mechanics, tax implications, and benefits differ depending on when and how they are given, and restrictions may apply.

Higher Education = Greater Well-Being—but at What Cost?

The economic and noneconomic benefits associated with a college degree are well established.

Compared with people who completed only a high school diploma, those with undergraduate degrees not only earn significantly more on average over their lifetimes and are less likely to be unemployed but also tend to enjoy better health and a higher quality of life, including higher job satisfaction, improved self-esteem, improved access to healthcare, and increased civic engagement.[3]

According to the United States Bureau of Labor Statistics, people with a bachelor’s degree earn two-thirds more than high school graduates.[4] Over the course of their working years, college graduates typically earn around $1 million more than their degreeless peers.[5]

Although the economic advantages of a college degree vary based on the degree earned[6]—and despite the rising costs of postsecondary education—most Americans recognize the value of college and view a degree as a “golden ticket” to prosperity.[7]

However, earning a college degree has never been more expensive, and these costs are forcing some Americans to rethink whether it is worth the investment.

Tuition and fees have tripled since the 1960s, jumping by 60 percent between 2000 and 2022, from around $9,000 to nearly $15,000 per year.[8] From 2010 to 2022, average annual tuition and fees went from $12,979 to $14,688—a 13 percent increase.[9]

These rising costs, which include room and board, books, and other supplies in addition to tuition, are discouraging many students from attending college and contributing to enrollment declines.[10]

The average federal student loan debt balance in 2024 was nearly $40,000, while the total average balance (including private loan debt) is even larger.[11] Today, the typical public university student borrows almost $32,000 to earn a bachelor’s degree.[12] Far from the “golden ticket” of a degree, student loan debt can limit wealth building and upward mobility instead of opening doors.

Costs are also rising at K–12 private schools, which are generally considered a gateway to higher education. Research shows that private schools are better than public schools at preparing students to enter college, most likely due to their higher scores on standardized tests and more-demanding graduation requirements.[13] However, the average annual private school tuition is $12,000–$13,000, including about $9,000 for private elementary school and roughly $16,000 for private high school.[14]

Today, a student who attends private schools from kindergarten through four years of postsecondary study can expect to pay more than $300,000.[15]

As college enrollment declines, trade programs are picking up the slack. Trade and vocational schools are usually a much cheaper option than a traditional four-year college. Programs cost approximately $5,000 to $20,000 and are often completed within two years.[16] Enrollment in these programs, which many young people see as a quicker and more affordable path to a good job, has seen strong growth, including double-digit increases in some fields.[17]

In addition, students who take advantage of internships and externships while in college have improved employment prospects.[18] However, even a paid internship can impose costs on students, such as housing, transportation, and other living expenses.

Family Contributions Are Vital to Achieving Educational Goals

Families are a significant funding source for education at all levels. For example, parents contributed an average of $13,000 per year toward undergraduate education costs.[19] Family financial help can also play a major role in paying for trade school, private K–12 school, and internship-related expenses.

Every dollar a family invests in a loved one’s education alleviates their potential debt burden and fast-tracks their future success. To make your legacy a launchpad for their achievements, consider the following educational gifts and their potential tax benefits:

  • Direct tuition payments. Tuition paid directly to an educational institution is not considered a taxable gift.[20] This exemption applies to K–12 schools, colleges, and trade schools but covers only tuition—not room and board, books, or other expenses. It allows parents, grandparents, or other relatives to contribute without using their annual or lifetime gift tax exclusion.
  • 529 plans. Contributions grow tax-free, and withdrawals for qualified educational expenses (tuition, fees, books, room and board, computers) are also tax-free at the federal level. Since 2018, funds from 529 plans can be used for K–12 tuition (up to $10,000 per year). Some states offer tax deductions or credits for contributions, and, starting in 2024, unused funds can be rolled into a Roth IRA for the beneficiary (subject to limits).
  • Coverdell education savings accounts (ESAs). Contributions (subject to limitations and capped at $2,000 per year per beneficiary) are not tax-deductible, but earnings grow tax-free if used for qualified educational expenses, from kindergarten to higher education, including tuition, fees, books, supplies, tutoring, and certain technology needs, and they provide flexible investing options.

While tax benefits make it appealing to use those savings for a loved one’s education, not all education-related expenses fit the rules laid out above. Some expenses happen outside the classroom and may impose additional student costs that families can help cover. For example:

  • Internships and externships. Even if the program pays the participant a small sum, the amount may not cover the expenses associated with participating in the program, such as rent (if the program is in a different city or state), food, insurance, etc.
  • School field trips. Depending on the trip, the cost to participate can be expensive. Setting aside money for your loved one to participate in such activities can allow them to have additional life experiences that will shape them even after you have passed away.

You can support your loved one’s future by setting aside funds in a trust specifically for these types of expenses.

Gift Timing

Education funding can take place during your lifetime or after you die. Lifetime gifts use gift tax rules. Postdeath gifts fall under estate tax rules that are applied at death.

However, because the lifetime gift and estate tax are unified, using one affects the other, and lifetime and postdeath estate planning strategies should not be viewed separately. You might, therefore, use a mix of lifetime and posthumous educational gift strategies. Consider these common scenarios:

During Life

  • Direct tuition payments. You can pay tuition to an educational institution at any time while you are alive, and it is immediately exempt from gift tax.
  • 529 plans. You can establish and fund a 529 plan while alive, taking advantage of tax-free growth over time and the ability to front-load five years’ worth of annual exclusions ($95,000 in 2025). You control the account and can adjust beneficiaries as needed.
  • Payments to loved ones for a specific purpose. Currently, you can give $19,000 per year per recipient tax-free during your life for any purpose, including nontuition expenses such as internship costs or field trips, reducing your taxable estate while you are alive.

After Death (via Will or Trust)

  • Direct tuition payments. You can set up a will or trust to allocate funds for tuition, directing your executor or trustee to pay educational institutions on behalf of a loved one.
  • 529 plans. You cannot fund a 529 posthumously through a will because it is a lifetime savings vehicle tied to a living account owner. However, you could name a successor owner (e.g., a spouse or child) for an existing 529, or your estate could distribute funds to a beneficiary who then opens a 529, though this option loses the predeath tax-free growth benefit. After your death, the executor of your estate or the successor trustee of your trust can distribute the funds to an existing 529 plan, depending on what your will or trust instructs and what funds are available. Note that the contributions from a will or trust will not qualify for the gift tax exclusion and will still be part of the taxable estate. It is also important to clearly name the account beneficiary and owner, since the account owner will control how the funds are used.

You might also consider using a trust created via your will (testamentary trust) or funded during your life (revocable living trust) that offers gifting flexibility. You can instruct the trustee to pay for tuition, tech, or living expenses, mimicking lifetime strategies. Trusts can also be tailored (e.g., “pay tuition directly to schools” or “distribute $10,000 yearly for education”).

Whether it incorporates a gifting-while-living strategy or a standard inheritance, your estate plan can unlock the power of education while leveraging tax breaks. Schedule a meeting with us today to discuss specific strategies and which one is best for you and the student in your life.

  1. Anna Zajacova & Elizabeth M. Lawrence, The relationship between education and health: reducing disparities through a contextual approach, Annual Rev. of Pub. Health vol. 39 (Jan. 12, 2018), https://pmc.ncbi.nlm.nih.gov/articles/PMC5880718. ↩︎
  2. Adam Looney, How Much Does College Cost, and How Does It Relate to Student Borrowing? Tuition Growth and Borrowing Over the Past 30 Years, Higher Educ. Today (Sept. 9, 2024), https://www.higheredtoday.org/2024/09/09/surprising-trends-in-college-costs-and-student-debt. ↩︎
  3. Shayna Joubert, 10 Benefits of Having a College Degree, Northeastern Univ. (Nov. 15, 2024), https://bachelors-completion.northeastern.edu/news/is-a-bachelors-degree-worth-it. ↩︎
  4. Employment Projections, U.S. Bureau of Labor Statistics (Aug. 29, 2024), https://www.bls.gov/emp/chart-unemployment-earnings-education.htm. ↩︎
  5. How does a college degree improve graduates’ employment and earnings potential?, Ass’n of Pub. and Land-Grant Univs., https://www.aplu.org/our-work/4-policy-and-advocacy/publicuvalues/employment-earnings (last visited Apr. 22, 2025). ↩︎
  6. Economic Benefits: How College Graduates Earn More Over a Lifetime, Baker Coll. (Nov. 27, 2024), https://www.baker.edu/about/get-to-know-us/blog/is-college-worth-it-benefits-of-going-to-college/#:~:text=For%20example%2C%20certain%20tech%2Doriented,not%20kept%20up%20with%20inflation. ↩︎
  7. Preston Cooper, Does College Pay Off? A Comprehensive Return on Investment Analysis, Freopp (May 8, 2024), https://freopp.org/whitepapers/does-college-pay-off-a-comprehensive-return-on-investment-analysis. ↩︎
  8. Jessica Bryant, Cost of College Over Time, Best Colls. (Feb. 25, 2025), https://www.bestcolleges.com/research/college-costs-over-time. ↩︎
  9. Id. ↩︎
  10. Id. ↩︎
  11. Melanie Hanson, Student Loan Debt Statistics, Educ. Data Initiative (Mar. 16, 2025), https://educationdata.org/student-loan-debt-statistics. ↩︎
  12. Id. ↩︎
  13. Marthy Naomi Alt & Katharin Peter, Private Schools: A Brief Portrait, p. 26, Nat’l Ctr. for Educ. Stat. (Aug. 2022), https://nces.ed.gov/pubs2002/2002013.pdf. ↩︎
  14. Melanie Hanson, Average Cost of Private School, Educ. Data Initiative (Aug. 29, 2024), https://educationdata.org/average-cost-of-private-school. ↩︎
  15. Id. ↩︎
  16. Lyss Welding, How Much Does Trade School Cost?, Best Colls., (May 23, 2024), https://www.bestcolleges.com/research/how-much-does-trade-school-cost. ↩︎
  17. Olivia Sanchez, Trade programs—unlike other areas of higher education—are in hot demand, The Hechinger Rep. (Apr. 17, 2023), https://hechingerreport.org/trade-programs-unlike-other-areas-of-higher-education-are-in-hot-demand. ↩︎
  18. Diane Galbraith, Ph.D. & Sunita Mondal, Ph.D., The Potential Power of Internships and The Impact on Career Preparation, 38 Rsch. in Higher Educ. J. 3, https://files.eric.ed.gov/fulltext/EJ1263677.pdf (last visited Apr. 22, 2025). ↩︎
  19. What Percentage of Parents Pay for College?, Going Merry (May 30, 2024), https://goingmerry.com/blog/what-percentage-of-parents-pay-for-college. ↩︎
  20. I.R.C. § 2503(e), https://www.govinfo.gov/content/pkg/CFR-2010-title26-vol14/pdf/CFR-2010-title26-vol14-sec25-2503-6.pdf. ↩︎