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.

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.

You and your spouse have recently divorced, and the judge has signed the divorce decree. Now what? Although you may feel that you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. If you and your former spouse created an estate plan or named each other as beneficiary on any of your accounts or property (assets) while you were married, your divorce decree or state law may automatically revoke parts of that plan—particularly provisions naming your former spouse for decision-making roles such as executor, trustee, and agent under powers of attorney. 

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.

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.