Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Even if you’ve already drawn up a will, if you’re in one of these situations, it’s a good idea to review your final wishes and make any necessary changes so your money and personal belongings are left in the right hands.
The IRS has good news for retirees: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs).
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
So, what happens with your estate plans if you are not in a traditional nuclear family? There is quite a lot that can fall under the umbrella of a non-traditional family, and the recommendations will vary depending on your specific circumstances.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
Your estate plan should certainly be revised, if you have gotten married or divorced.
What will happen to your assets when you can no longer manage them?
According to a recent Gallup poll, a little over half (54%) of adults in America don’t have a will.
Preparing an estate plan for managing and distributing your assets in the case of death is one of the most important steps you could take to protect and provide for loved ones.
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents is the most crucial step, that is irrelevant if the documents are lost when they most need to be used.
