Who Should I Appoint As My Fiduciary?
As part of a comprehensive estate plan, each one of us should appoint fiduciaries to act on our behalf in the event that we are no longer able to do so during life or at our death. Simply appointing a…
Trusts
What is a Fiduciary?
A fiduciary is an individual or an entity in whom someone has placed significant confidence and trust to manage his or her financial and/or personal affairs either during their lifetime or after their death. The fiduciary has a legally enforceable…
People’s Motivation to Do Estate Planning
There are many reasons clients are motivated to do their estate planning, but the two I hear most are they are going to be travelling, usually overseas, or they have an upcoming surgery. Nothing like flying across the ocean or…
Special Needs Trust Fairness Act (SNTFA)
The Special Needs Trust Fairness Act (SNTFA) was signed into law by President Obama, after being approved by the House and Senate, in 2016. While Special Needs Trusts have been since the Omnibus Reconciliation Act was passed in 1993, there…
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…
When Should You Review Your Estate Planning Documents?
First, let’s clarify what your estate planning documents are. Of course, they include your Will and any Codicils, and perhaps your trust or trusts. But they also include any powers of attorney (both financial and health care) as well as…
Is there an age limit for special needs trusts?
As usual, the answer is, it depends. Special Needs Trusts (SNTs) are a way to save money for disabled persons that do not risk a person’s eligibility for government funded programs, such as Medicaid and Supplemental Security Income (SSI). There…
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,…
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,…
How is a revocable trust funded? Should all assets be transferred to a revocable trust?
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…
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…
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…
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…
Where Should I Keep My Estate Planning Documents?
Good question! You’ve thought through your estate plan and you’ve gone to your attorney to prepare a Will or Trust just how you want it. Then what? You lock them up in your home safe, put them in your safe…
Estate Planning- Not Just for the Rich and Famous
Estate Planning- Is It for Everyone? Estate planning is not just for the rich and famous. Ask yourself this – -Do you have now or have you had a spouse/partner? -Do you…
Special Needs Resources – A Parents Best Friend
There are many resources available to help parents help their special needs children in many areas. There are resources for obtaining equipment such as walkers, wheelchairs, adaptive strollers, car seats, swings, high chairs and more. There are resources for obtaining…
Special Needs Planning - For You and Your Child
Just like parenting a typically developing child, parenting a Special Needs Child is full of challenges and rewards. Milestones are anticipated and often met, but many times much later than the typical age and often with much therapy, intervention and…
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…
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…
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.”…
Why Can't I Have a Trust?
When you open your newspaper and a pink flyer falls out telling you to come to a seminar about trusts, does that make you wonder why you do not have one too? It seems like everyone has trusts these days. …
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