Trust and Financial Planning: And a Happy New Year!
January 6th, 2012By K.M. Roberts, CEO, Santa Fe Trust
This new year brings with it the Centennial Celebration of the great state of New Mexico. Just think, 100 years of statehood. Given the advances in medicine, a higher standard of living and better knowledge of how to prolong our individual lives, there are a few folks still alive who were children when New Mexico became a state.
This time of year always evokes childhood memories of holidays past with family and friends. No matter how young or old they are, it seems the memories just get better. As a child, my
entire extended family (around 100 people) came to our family home for Christmas dinner. I think I had to sit at the children’s table until age 25, but it was still the best day of the year. The old house held the memories of everyone who had gotten their start there. In cities all around the country, people drive by their family home and remember the wonderful times they shared. The stories become an oral history and testament to family.
This is just one reason many parents, grandparents, aunts, and uncles include a provision in their trust for their children, grandchildren, nieces, and nephews to receive a distribution of funds upon the purchase of a home. With home prices the lowest we may see in years, trust funds dedicated to keeping a family home or down payment funds for a beneficiary can provide that next set of memories for children and grandchildren to enjoy for years to come.
Current gift tax laws may expire after 2012. Take a moment to review your estate plan and the kind of gift that will make history 100 years from now. Santa Fe Trust celebrates its 15th year in business next year. Let us help you preserve the memories for the next 100 years.