Estate planning is often framed as a practical, responsible step — and it absolutely is. But beyond the logical benefits, there are some surprisingly irrational reasons why completing your estate plan can feel deeply satisfying. Inspired by the book Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life, here are four unexpected motivators that make estate planning worth doing. 1. Gain Respect and “Street Cred” Believe it or not, finishing your estate plan can…
Giving your home to your children while still living in it may sound complicated, but with the right strategy, it can provide significant tax benefits for everyone involved. I’m Christopher Small, owner of CMS Law Firm, and I want to break down a smart approach to doing this effectively. Step 1: Sell Your Home to Your Kids Instead of gifting the house outright, sell it to your children. Here’s how to structure the sale: Personal residence tax exemption: As…
The recent tax bill brings some significant updates that every estate planner—and anyone thinking about legacy—should understand. Here are the two most important changes that will affect your estate planning strategies. 1. The Estate Tax Exemption Will Not Decrease in 2026 Previously, the estate tax exemption amount—currently around $15 million per individual—was scheduled to drop back down to approximately $7 million in 2026. That change, often called the “sunset” provision, created uncertainty for many families planning their estates. Thanks to…
When people talk about wealth, it often comes with flash—cars, houses, businesses, or buzzwords. But if you really want to know how financially savvy or genuinely wealthy someone is, here’s a simple test: Ask them about their estate plan. The Red Flag: Overcomplicated Trusts If someone rattles off an estate plan that includes a non-grantor irrevocable discretionary complex spendthrift trust—plus a Wyoming LLC and a chain of sub-LLCs—you can be pretty sure they’re not actually wealthy. They’re just trying to…
We all know we need to do it—create a will, set up a power of attorney, maybe even establish a trust. Yet too many people hesitate. Why? For some, it’s a superstition. They worry that making an estate plan somehow invites misfortune. Let me be clear: creating an estate plan does not make you die faster. It doesn’t bring bad luck. And it certainly doesn’t trigger some cosmic countdown. Estate Planning Is Just Responsible Preparation Think about it this way:…
When most people think about estate planning, they immediately focus on wills and trusts. While those documents are certainly important, I believe the most critical pieces of any estate plan are the power of attorney and the medical power of attorney. Yes, it’s wonderful to take care of your family, create a legacy, and plan to minimize taxes. But just as important—if not more so—is making sure you are taken care of while you’re alive. That’s exactly what powers of…
Buying a house without your name on the deed can be done legally and strategically by using a trust. This approach can give you privacy, control, and a clear plan for what happens to the property after you pass away. Here’s how it works and why it may be the best way to protect your interests. Why You Might Want to Avoid Putting a House in Someone Else’s Name I recently spoke with a potential client who gave his daughter…
