New Mexico and Arizona Asset Protection Lawyers
Many people think that setting up a trust will protect their assets. Unfortunately, that is only half true. While funding a revocable living trust will get the assets out of your personal name, your assets may still be subject to creditors while you are alive, and to taxes and creditor claims upon your death.
Under a properly created trust for a married couple, upon the death of one spouse, his or her assets will be funded to the decedent's trust. This is commonly referred to as the B trust (or below ground assets). The survivor's share of the assets is funded to the survivor's or A (above ground) trust. If the trust is properly set up, it will not be subject to estate taxes, creditor claims, spend-down for nursing home expenses or claims from new spouses or their children. Upon the death of both spouses (or upon your death if you are single), if provisions for a beneficiary trust are included in your trust, assets your beneficiaries receive can be protected from creditors, ex-spouses and spend-down for long-term care.
Morris, Hall & Kinghorn, P.L.L.C., offers the knowledge, skill and professional resources to help you protect all of your assets. At MHK, it isn't enough to tell you to fund a living trust, and then walk away. Laws change and certain provisions of trusts make it necessary to review and evaluate your assets periodically for maximum asset protection. If you have assets that you need to protect, it makes sense to work with a law firm that can build a comprehensive plan, which includes investment planning, tax accounting and long-term care planning.
We Work as a Team
At MHK, you will benefit from the expertise of in-house financial planners and tax accountants to help you take advantage of every basic and advanced planning opportunity available.
Talk to us about asset protection needs. We have more than 30 years of experience in all areas of advanced planning for large estates and business owners, including:
- Trusts and trust administration
- Qualified personal residence trusts (QPRT)
- Special-needs trusts
- Qualified trusts for retirement savings
- Business succession planning
- Advanced planning entities
We Use Every Legal Tool to Build Your Asset Protection Plan
In cases where significant sums are involved, asset protection planning often includes setting up a series of trusts, partnerships and other entities to hold legal title to your assets. Your most powerful weapons in this fight will be a variety of estate planning tools, including:
- Irrevocable life insurance trusts
- Qualified personal residence trusts
- Charitable remainder trusts
- Limited liability companies
- Family limited partnerships
- Children's trusts
- Other irrevocable trusts
- Family foundations
A future creditor who recognizes how difficult it would be to collect on any judgment it might win, could decide that it makes little sense to purse a claim, or might be willing to settle for pennies on the dollar.
AAEPA • NAELA • WealthCounsel • AV Rated* • CPAs • Licensed Financial Planners
Contact us to arrange a consultation with an experienced lawyer today. Our offices are located in Phoenix, Tucson, Albuquerque and communities throughout Arizona and New Mexico.
*Martindale-Hubbell's AV peer review rating is the highest-rated category an attorney can achieve in the areas of legal skills and ethical standards. AV is a registered certification mark of Reed Elsevier Properties, Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.
