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November 7, 2023
Estate Planning
March 4, 2021
Biden Administration May Spell Changes to Estate Tax Exemptions and Basis Step-Up Rule
During the 2020 election campaign, President Joe Biden proposed certain changes to the Internal Revenue Code, which among other things, could change the current law on estate and gift taxation. There are two possibilities you should be aware of: the lowering of the estate tax exemption and the elimination of the stepped-up basis on death. The first would affect onlyEstate Planning
June 24, 2020
Why Now is the Time to Start (Or Refresh) Your Estate Plan – And How to Get Started
There are any number of reasons why people put off their estate planning. We’ve heard it time and again: I do not need a will. I am young, I am healthy. I cannot afford it right now. I do not have that many assets. My family knows what I want. I trust my new spouse to take care of myEstate Planning
April 23, 2020
Estate Planning Signing Safeguards
With the world in disarray due to COVID-19, you may feel more pressure than ever to ensure your estate planning documents and powers of attorney are updated and in place. In times of uncertainty, it is the small things that help bring us piece of mind. Our attorneys are working diligently to ensure our clients are taken care of whenEstate Planning
November 8, 2019
Where Should I Keep My Estate Planning Documents?
Esther was 78-years-old when she passed away peacefully in her sleep. She was a widow and the mother of four children. Esther had always been a very private person who shared very little with her children about her finances, her end of life wishes, her funeral and burial wishes, and her estate plan. Two years prior to her death, EstherEstate Planning
July 8, 2019
Common Mistakes Made When Estate Planning Without a Legal Professional
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 to undertake the project himself, and to complete it for nearly half of what the contractors were going to charge.Estate Planning
June 24, 2019
You Do Not Have to Wait Until You Die to Share
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 individual song for all eight of us. As an estate planning attorney, I asked him if he had written thisEstate Planning
November 15, 2018
Using Estate Planning to Prevent Family Conflict
“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 oftentimes very different from our perceptions and hopes. There is no question losing a parent is one of the most difficult,Estate Planning
January 26, 2018
People’s Motivation to Do Estate Planning
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 going under the knife to get you thinking about your mortality. Along those lines, my observations suggest people equate estateEstate Planning
January 20, 2017
When Should You Review Your Estate Planning Documents?
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 all beneficiary designations for life insurance, retirement plans, annuities and transfer on death accounts. A thorough review of your estateEstate Planning
June 16, 2016
What does a will do and why should I have one?
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 charities named in your Will. A will can help you protect your family and property by allowing you to: -HaveEstate Planning
June 13, 2016
What is the criteria for a legal will in New Mexico?
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 of 18 years or an emancipated minor -You must be of sound mind -You must have 2 witnesses present who watchEstate Planning
January 1, 2016
New Year Means New Beginnings and Time to Review Your Estate Plan
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 complain less. But is there anything else we should be thinking about as we hang the fresh, new calendar onEstate Planning
December 10, 2015
Protecting Your Testamentary Wishes As An Older Adult
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 children or grandchildren and want to leave your assets to a friend or charity. Perhaps you feel your children andEstate Planning
September 29, 2015
How to Talk to Your Family About Estate Planning
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 simply making sure that necessary conversations occur before it is too late. What should a family discuss? Here are someEstate Planning
September 15, 2015
How to Dispose of Tangible Personal Property
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 household items in the back of cupboards that I have never used. What I thought were going to be preciousEstate Planning
May 26, 2015
Estate Planning- Not Just for the Rich and Famous
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 have children or grandchildren? -Are they under age 18? -Are they adults that behave like children? -Do you own your home? -Do you own a vacation home orEstate Planning
November 17, 2014
Pet Trusts: Providing for Your Furry Friends Even After Your 9 Lives Are Up
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 of their family. Although you can’t claim a pet as a dependent on your tax return, New Mexico law, andEstate Planning
November 30, 2010
Over the River and Through the Woods
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 year? Will we have a repeat of the anger, frustration, silliness, shame or embarrassment that has happened in years past?Estate Planning
November 22, 2010
Pets, You Gotta Love ‘Em
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 off the vet if she had a warm nose, and if my daughter felt sick I would say “Well, let’sEstate Planning
August 23, 2010
New Test for Alzheimer’s
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 person can have this dreaded disease for ten or more years before symptoms appear. Once the disease has become evident,Estate Planning
May 12, 2010