According to Forbes.com (Ashlee Ebeling, 03/01/10), 65% Americans have no will or estate plan in place when they die. That is why every state has a plan in place if you die without a will. It is called an Intestacy Statute. If you don’t make a plan, the state has one already made for you and it probably will not be a plan you want or like.
A properly drafted and funded trust will avoid probate. The trust need not be filed with the probate court. Nonetheless, there are still steps necessary to administer the trust.
Medicaid will exempt your home up to $814,000 in New Mexico and can qualify for a homestead exemption in Texas. If you improperly transfer your home to your children before applying for Medicaid, not only will it result in immediate ineligibility for Medicaid, but it could also, trigger a gift tax, or result in your child’s spouse (the in-laws) inheriting your home.
Michele graduated from law school in December of 1994. She practiced law in Albuquerque until 2009 when she relocated to the Las Cruces area. Michele has a unique understanding of issues facing families during disability and health crises because her mother and father (who was suffering from advanced Alzheimer’s) moved in with her. The family struggled with the health issues related to the costs and challenges of her father's Alzheimer's Dementia. That is why, Michele is committed to helping families “PLAN IT FORWARD” so there are comprehensive plans in place in the case of disability or death.