Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
The death of a parent can be emotionally trying, especially if the passing was unexpected. It can also be a test of your patience if there are complicated estate issues to sort out.
If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course.
Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
Trusts are sometimes offered as a ‘cure all’ solution to estate planning problems. It is true that some issues lend themselves to the use of trusts.
People pay many different kinds of taxes. You file an income tax return every spring, pay sales taxes when you buy things, and pay property taxes if you own a home. These taxes apply to nearly everyone.
The Social Security system of retirement benefits, begun in 1935, are a crucial underpinning of life for American retirees. For most people over 65, it’s undoubtedly hard to imagine life without this retirement benefit.
Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
Social Security recipients likely already know that their benefits get a bump almost every year to counteract the effect of inflation. However, that cost-of-living adjustment is just one of several annual tweaks to the Social Security system.
Many major expenses only shrink once you retire. However, health care is hardly one of them.
Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Each works in critically different ways.
