New Mexico Irrevocable Trust Agreement for Minor which Qualifies for Annual Gift Tax Exclusion -- Multiple Trusts for Children

• Category: Trusts - Irrevocable
• State: Multi-State
• Control #: US-0708BG
• Format: Word; Rich Text

Description

Gifts in trusts to minors are quite common, both as a means of building up a child's estate and as a way to minimize federal gift, income, and estate taxes payable by the trustor or the trustor's estate. A carefully drafted minor's trust can provide competent management of the property on the minor's behalf, while avoiding any problem of the minor's disability to act with respect to that property. Such a trust can effect substantial tax savings for the trustor-donor while regulation distribution of the trust income and principal in keeping with the needs of the minor.