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New Mexico Trusts Legal Questions

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2 legal questions have been posted about trusts and estates by real users in New Mexico. Ask your question and dive into the knowledge of attorneys who handle your issue regularly. Similar topics to explore also include powers of attorney, charitable giving, and asset protection. All topics and other states can be accessed in the dropdowns below.

Parent refuses to release money in trust to child at age 18

Answered 12 years and 3 months ago by attorney William R. Pelger   |   1 Answer   |  Legal Topics: Trusts
Dont call me but call a local NM lawyer. I think the mother can be compelled to release the money. If she refuses the lawyer may have to file a motion. 
Dont call me but call a local NM lawyer. I think the mother can be compelled to release the money. If she refuses the lawyer may have to file a... Read More

How much can you give away without tax penalty in New Mexico

Answered 13 years and a month ago by Robert Barnhill III (Unclaimed Profile)   |   1 Answer   |  Legal Topics: Trusts
Christy - a person can give cash and property valuing $14,000 in 2013 without having a taxable gift.  However, just because you have a taxable gift does not mean you will owe a gift tax.  Starting in 2011, a person can give away either during life, at death or a combination of life and death taxable gifts totaling $5 million without having to pay any taxes.  Until your father gives away more than $5 million in taxable gifts, he will not owe any gift taxes.  If your father's total wealth is less than $5 million, you will not owe any taxes whether he gives you the property during his life or at death.  I highly recommend that any real estate or investment assets your father owns not be given to anyone while he is living.  By waiting until he passes away to inherit the property, the heirs will get a new income tax basis in the property which will save them income taxes when they sell the property after your father passes away.  I hope this helps.... Read More
Christy - a person can give cash and property valuing $14,000 in 2013 without having a taxable gift.  However, just because you have a taxable... Read More

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