JJ Luna

Another Trust Question

Submitted by:
To those of you in the know, are trusts state specific? If I needed an attorney to do a specific type of trust, like a dynasty trust, would I need to have the trust established in the state where the grantor lives or does it matter? If the grantor lives in NM, can a MD lawyer do a trust for our family? (Why? Because I know and trust some MD lawyers I know and haven't had success getting good NM referrals.)

Also, by way of update, I found the following article that tells the best states to live (and die) for estate planning purposes. It turns out that NM, where my Dad lives, is the "best" state for a number of reasons. Read the article to learn more.

URL #1: http://www.worth.com/Editorial/Wealth-Management/Estate-Planning/Best-Practices-Estates-Guarded-Optimism-Print.asp

JJ Luna Responds:

Note to readers: Unless your estate is worth more than $2,000,000, death taxes do not apply.
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