Pub. 15 2018 Issue 2

Issue 2 • 2018 19 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Mickey Rooney, Brian Wilson… estate planning isn’t just preparation for death It appears that Mr. Rooney struggled with an unscrupulous family mem- ber and in the case of Mr. Wilson, an appointed professional psychologist/ therapist, both celebrities becoming vic- tims of financial exploitation while alive. Your estate plan should make provisions for the possibility of your incapacity as well as your death. Prince and Jimi Hendrix These artists had amassed vast and complex estates, including trademarks, copyrights, royalties, and residuals but with no estate plan, not even a will. Two years down the road from Prince’s death, his heirs are yet to receive a penny of their inheritance. The IRS and the State of Minnesota are working with the court-appointed Personal Representative to determine the value of the estate and who will be the heirs. Jimi Hendrix’s estate is still battling with record companies over royalties. Even as late as 34 years after his death, his family continued its court fight over the estate. Michael Jackson Such a controversial life, and yet it may surprise you to know that he set up a very well thought out estate plan. His will provided for the care of his loved ones. He created a trust at his death en - suring the estate plan would remain pri- vate. Remember, to open probate a will must be filed in court, where anyone can access the information unless sealed. A trust, on the other hand, is a private doc- ument and the estate plan contained in the trust is only accessible to the named beneficiaries or next of kin. Don’t Go the Cheap and Easy Route Albert Einstein once said, “sometimes one pays most for the things one gets for nothing.” We often find that a “cheap” estate plan can result in confusion and misunderstanding among the heirs, re- sulting in unnecessary litigation. Please seek out a qualified estate planning attorney to draft your plan. Be extremely careful about down- loading estate planning forms off the If they had created comprehensive estate plans, they probably would have established some protective structure for the minors, possibly within a trust, to provide for their care, education, health needs and specific immediate and long term support. internet. Estate planning is not a “one- size-fits-all” approach. You and your family have distinct needs, issues, goals and dreams. Your plan should fulfill your unique desires. Choose the right Agent, Trust- ee or Personal Representative Most of us will name our spouse or partner if we were to pass first; the real question comes into play when the surviving spouse passes. Who should be in that “back-up role”? Family member, friend, professional fiduciary? Email: jattwood@ziatrust.com John Attwood, Vice President Zia Trust, Inc. 6301 Indian School Rd NE, Suite 800 Albuquerque NM 87110 Ask for a free copy of this objective look at understanding the role and du- ties of a trustee/fiduciary. The whitepa - per, “What It Means to Be a Trustee” by ACTEC, the American College of Trust and Estate Counsel. If you have an estate plan in place, congratulations. Well done. If you have been putting off setting up an estate plan, take the first step, contact a qualified estate planning attorney. n John Attwood Vice President, NCG Email: jattwood@ziatrust.com Phone: 505-881-3338 Vice President, Trust Officer and Business Development. John’s expertise as a Nationally Certified Guardian (NCG), uniquely qualifies him to administer Conservatorships, Special Needs, Medicaid Payback, and Personal Injury Settlement Trusts. John is a graduate of Oklahoma Wesleyan University. He is a founding board member and past President of the New Mexico Guardianship Association. John has served on the External Standards Committee, National Alzheimer’s Association and is past President of the New Mexico Alzheimer’s Association. He is also a member of the Elder Justice Coalition, and both Santa Fe and New Mexico Estate Planning Councils. John formerly served on the Board of Directors for the University of New Mexico Anderson School of Management and Colorado Planned Giving Roundtable. He continues to serve on the New Mexico Family Business Alliance Board of Directors, now known as the Parker Center for Family Business. John is a graduate of the American Bankers Association National and Graduate Trust School. John also serves on the ARCA planned giving advisory committee and is a member of the New Mexico Cattle Growers Association. Mary Ann Cuneo Senior Trust Officer, J.D. Email: macuneo@ziatrust.com Phone: 505.881.3338 Senior Trust Officer, J.D. Mary Ann Cuneo brings her extensive experience in the practice of estate planning law to her role as Senior Trust Officer. Since joining Zia Trust in 2012, Ms. Cuneo has handled most types of trust and estate administration, including high net worth estates, revocable and irrevocable personal trusts, conservatorships, charitable trusts, life insurance trusts, special needs trusts, and agency accounts. Her legal background continues to prove extremely valuable, especially in understanding and implementing sophisticated trust agreements. In 1995, Ms. Cuneo earned a Juris Doctor from the University of New Mexico School of Law and saw the publication of her work, “Rules of Evidence for the International Criminal Court,” 64 Nordic Journal of International Law, pp. 275-286 (1995). She is currently a member of the State Bars of New Mexico and Texas. Prior to joining Zia Trust, Ms. Cuneo practiced law with two firms in Albuquerque and as a sole practitioner.