An essential part of estate planning is the selection of fiduciaries—those persons who will carry out your wishes; your agent, personal representative, or successor trustee. What is a fiduciary? A fiduciary is…
A close friend of mine and his wife obtained estimates from two contractors to remodel their kitchen. Shocked by the estimates, my friend somehow convinced his wife (and himself) that he had all of the necessary tools and the skills…
Recently my dad relayed to my sister and I that after his death, he has a playlist of songs he wants all of us kids to have to remember him by. He went on to say that he has an…
“My kids all get along great and would never fight or argue about the disposition of my estate after I’m gone.” This is a very familiar statement made by clients to their estate planning attorneys. Unfortunately, the reality is…
A client of mine recently brought up “Swedish Death Cleaning,” which is a concept that is trending with the fairly recent release of a book entitled The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family…
The Update on Special Needs Planning Seminar was held on Wednesday, April 11, 2018 in Albuquerque, New Mexico. The seminar was hosted at the New Mexico Society of CPAs from 3:00pm to 5:00pm. Presented by: Pregenzer, Baysinger, Wideman &…
As part of a comprehensive estate plan, each one of us should appoint fiduciaries to act on our behalf in the event that we are no longer able to do so during life or at our death. Simply appointing a…
A fiduciary is an individual or an entity in whom someone has placed significant confidence and trust to manage his or her financial and/or personal affairs either during their lifetime or after their death. The fiduciary has a legally enforceable…
There are many reasons clients are motivated to do their estate planning, but the two I hear most are they are going to be travelling, usually overseas, or they have an upcoming surgery. Nothing like flying across the ocean or…
Do you have a charity that is close to your heart? Maybe your church, your favorite animal shelter, or your alma mater. Consider including them in your estate plan and/or in lifetime gifts. If you don’t have a particular charity…
Do you have financial and healthcare powers of attorney? Most people equate estate planning only with dying, but there are other important components of an estate plan that are relevant while you are alive, one of those is powers of…
Many clients come to us because they have heard they should have a trust. The usual reason for this is to avoid probate. Although trusts can accomplish the purpose of avoiding probate, if this is the only purpose to be…
First, let’s clarify what your estate planning documents are. Of course, they include your Will and any Codicils, and perhaps your trust or trusts. But they also include any powers of attorney (both financial and health care) as well as…
There are many causes of mental and physical incapacity and there are many people who are very bad a managing money, and for one reason or another, should not be left in charge of their own investments. In these cases,…
Avoiding probate is a common reason for creating trusts. One thing to note is that only a funded trust will avoid probate. Meaning, only assets that have been transferred and titled in a trust will avoid probate. When properly funded,…
Trusts are funded by re-titling or transferring title by deed or assignment of individual assets to the revocable trust. Assets may include stocks, bank accounts, real estate, timeshare interests, or business interests. Once assets are transferred into the trust, a…
A will, also known as a “last will and testament”, is a legal document that gives instructions to an agent, known as a personal representative in New Mexico, about how to distribute your assets at your death to people and/or…
Each state has different criteria for wills to be legal or valid. It is important to understand your state requirements when executing a Will. For a will to be legal in New Mexico: -You must be over the age…
The New Year brings many new beginnings. We often start the New Year with good intentions and resolutions to lose weight, exercise more, curtail some of our other less than healthy habits, be kinder, more patient, travel more, and maybe…
Just because you have retired and grown older does not mean you have lost the ability to make decisions about your life or to decide for yourself who will inherit your assets when you die. Perhaps you do not have…
Good question! You’ve thought through your estate plan and you’ve gone to your attorney to prepare a Will or Trust just how you want it. Then what? You lock them up in your home safe, put them in your safe…
Discussing finances and end-of-life decisions is not an easy discussion to have with loved ones, but it is an important one. Often many problems in probating an estate or caring for an elderly parent or grandparent can be avoided by…
We have heard the time worn adage “One man’s treasures are another man’s junk.” Put more personally, when I have moved from one residence to another, I have always been surprised by boxes that are never unpacked, or by discovering…
Estate Planning- Is It for Everyone? Estate planning is not just for the rich and famous. Ask yourself this – -Do you have now or have you had a spouse/partner? -Do you…
Realizing that a loved one has dementia is heartbreaking and overwhelming and most families find that there are many more questions than answers. One of the best initial steps families can take is to contact their local…
Just like parenting a typically developing child, parenting a Special Needs Child is full of challenges and rewards. Milestones are anticipated and often met, but many times much later than the typical age and often with much therapy, intervention and…
Generally, peoples’ estate planning revolves around providing for their spouse and children, and maybe other family members and charities. While some people consider their pets to be their children, at a minimum, most people consider their pets to be part…
Many people in New Mexico have what they call “living trusts.” Although there are many seminars offered on living trusts, many people who have them do not need them. On the other hand, our office does prepare these trusts for…
Charitable trusts are effective estate planning tools for providing benefits to charitable and non-charitable beneficiaries. Because the benefits of charitable trusts are split between these two types of beneficiaries, they are referred to as “split interest trusts.”…
My adult daughter asked me once what medications I was taking. I told her that I took two prescription medicines. She asked me what they were and what they were for. I told her that one was a medicine for…
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, also known as the Tax Relief Act of 2010, was signed by the President on December 17, 2010. For those of us interested in estate and gift taxes,…
On Friday, December 17, President Obama signed tax legislation that extends the current income tax rates and capital gain rates for two years. Below are the income tax rate schedules. The capital gain rate will remain 15% for long term…
The cover of The New Yorker this week features a turkey with different slices marked for different nutty relatives. It is an example of the dread that many families feel about the holidays. What will happen around the table this…
Our pets are beloved family members. Most of us will go to more trouble caring for our pets than we might for our children. My daughter used to criticize me because in her eyes, I would wisk our family cat…
No federal estate tax in 2010. No step up in basis in 2010 (except for $1.3 million). Will the Bush tax cuts expire? No more two year GRATs? What will happen in 2011? Uncertainty. Like we do not have enough…
The New York Times ran an article on August 10, 2010, reporting that a study had been completed showing that a spinal fluid test can predict whether or not a patient has Alzheimer’s. It is now well known that a…
My short answer to this question is “Yes!” “Oh,” you might say, “of course you would say that; you are an estate planning lawyer and you are drumming up business.” Setting your suspicions aside, let me tell you that everyone…
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