Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Estate planning services refer to the process of managing and distributing one’s assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.
The majority of older adults (79%) responding to Genworth’s Caregiving in COVID-19 Beyond Dollars Study 2021 said they preferred to receive care in their homes, but only 42% actually received assistance at home.
As a legal adult after attaining the age of 18, your child should have in place several legal documents that will allow you to provide support and obtain information, if something unexpected happens to your child.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
Have you thought about how you’d like your family to continue after you’re gone? Having an estate plan isn’t just for the ultra-wealthy.
While we are alive, we can clearly make our own decisions. Unfortunately, one day you may find yourself in a situation where you cannot make your own decisions. Such situations occur most often in accidents, illnesses (physical or mental) and simple aging situations.
An online form or a DIY will kit may be a more cost-effective option. However, hiring a lawyer could save you money in the future.
While no one wants to think about his or her own death, planning for the inevitable is an important part of protecting your assets and those you love.
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.
