July 16, 2020
Trusts
October 1, 2019
Choosing Fiduciaries from a Litigator’s Perspective
Fiduciaries, An essential part of estate planning is the selection of Fiduciaries—those persons who will carry out your wishes; your agent, personal representative, or successor trustee. What is a fiduciary? A fiduciary is a person who has a legal or ethical relationship with another. In estate planning, we choose a fiduciary to manage our assets, either during life or atTrusts
January 30, 2017
Do You Need A Trust?
Many clients come to us because they have heard they should have a trust. The usual reason for this is to avoid probate. Although trusts can accomplish the purpose of avoiding probate, if this is the only purpose to be served by establishing the trust, then in New Mexico, it is not that important. Probate is the process of transferringTrusts
November 23, 2016
When is a trust necessary or helpful?
There are many causes of mental and physical incapacity and there are many people who are very bad a managing money, and for one reason or another, should not be left in charge of their own investments. In these cases, a trust may be a good idea. It can be a revocable trust or it can be an irrevocable trust.Trusts
October 12, 2016
Should I Create a Trust to Avoid Probate?
Avoiding probate is a common reason for creating trusts. One thing to note is that only a funded trust will avoid probate. Meaning, only assets that have been transferred and titled in a trust will avoid probate. When properly funded, the trust document and not a Will controls the disposition of the assets and avoids the necessity of opening aTrusts
August 2, 2016
How is a revocable trust funded? Should all assets be transferred to a revocable trust?
Revocable Trusts are funded by re-titling or transferring title by deed or assignment of individual assets to the revocable trust. Assets may include stocks, bank accounts, real estate, timeshare interests, or business interests. Once assets are transferred into the trust, a schedule of assets should be attached to the trust document as this assists the trustee in the management ofTrusts
May 31, 2016
Do I need a trust?
Just yesterday, I was asked by a friend “Do you think that I need a trust?” “Well,” I said, in my usual lawyerly fashion, “it depends.” In our law firm, we draft many trusts for many different reasons. We also discuss with clients whether or not they should have a trust of any sort. There are many types of trusts,Trusts
January 25, 2016
How 529 Plans are Opening Doors to the Disabled
When you think of a 529 plan, you probably think of the 529 college-savings plan. Well, there’s a new 529 plan available now – the 529 ABLE (“Achieving a Better Life Experience”) account. The 529 ABLE account will provide eligible disabled people a savings vehicle that offers the same tax-free growth as a 529 college-savings plan provides. In December 2014,Trusts
December 28, 2015
Military Members Able to Name Special Needs Trusts as Beneficiaries of Survivor Benefits
The Disability Military Child Protection Act 2015 was signed by President Obama December 19, 2014. Congress is allowing members of the military to name special needs trusts as the beneficiaries of Survivor Benefits Plans (SBP). What does this mean for military families? For military families with special needs children, this means a parent will be able to direct SBPs toTrusts
October 21, 2014
What is a living trust and should I have one?
Many people in New Mexico have what they call “living trusts.” Although there are many seminars offered on living trusts, many people who have them do not need them. On the other hand, our office does prepare these trusts for our clients, but only in circumstances where the trust will solve a present problem or a future one. The useTrusts
October 6, 2014
Special Needs Trusts
Special needs trusts can enhance the lives of disabled individuals that receive Medicaid or Supplemental Security Income (SSI). The purpose of the trust is to improve the quality of the beneficiary’s life without disqualifying him or her from public benefits. The rules for administration of a special needs trust and the form of the trust agreement itself vary depending upon theTrusts
September 4, 2014
Charitable Trusts
Charitable trusts are effective estate planning tools for providing benefits to charitable and non-charitable beneficiaries. Because the benefits of charitable trusts are split between these two types of beneficiaries, they are referred to as “split interest trusts.” There are two primary types of charitable trusts, remainder trusts and lead trusts. Charitable Remainder Trusts (CRTs) provide an income stream to non-charitableTrusts
January 25, 2011