types of trust-maybe one for me?

[F.H. Grissino]

-Yes we have been exploring our options on taking advantage of the 675,000 each (1,350,000) federal estate tax credit....we have one child.........We live in the state of New Mexico..............I was specifically interested in some introductory info. on the "tax by-pass trust"........IS it true that home property loses homestead status when put in trust(New mexico)?.............The other living trusts seem so complicated at the moment,and I cannot find any literature or basics on this "tax by-pass trust".........there is no complications involved in my 'portfolio', just property, CD's and some artwork.......the business is in my child's name and owned and run by her................-If anyone can give me some beginning info. on the major differences between the by-pass and the a-b living trust and testamentary trust, that would be apreciated..............

 

[ALawyer]

A Trusts can be set up in the Will to accomplish the estate tax objectives, as well as in a Living Trust.

 

[F.H. Grissino]

clarifying trust terminology

Yes, ALawyer, I relize that you can only generalize, not personalize the advice.....A question: In the educational web pages a 'By-pass trust' is mentioned........ is this just the same word for 'Testamentary trust'?......

 

[ALawyer]

No, I have not checked the language on site yet, but it sometimes means the A-B trust and sometimes one that by-passes the next gereation (kids) and goes to the grand-kids. I have seen it used both ways.