Estate Planning Overview | New Mexico Legal Group

Having an estate plan in place will allow you to protect your loved ones beyond your lifetime. Estate planning can be a process many people avoid or put off, but we can assure you having one in place is always better than not. By having a plan in place you can assure that your assets in New Mexico are protected and your loved ones are looked after. With over 23 years of experience and more than 600 estate plans and probate administrations, our estate attorneys know how to help you craft a plan that you can feel confident in.

Power of Attorney

Granting someone power of attorney allows them to act on your behalf in legal and/or financial matters. Choosing who you would want to be the agent under your power of attorney, what powers they should be given, and when the powers should become effective can help you prepare for the unexpected, should you become incapacitated for any reason.

Wills & Trusts

The core of any estate plan is a will, sometimes coupled with a trust. A will allows you to distribute your assets in the event of your passing rather than leaving it up to the state to decide. There are a variety of different trusts you can choose from depending on your situation, but having one in place can help to eliminate the probate process in certain cases. Putting these documents in place now will provide you and your family comfort knowing there is a plan in place for the future.

Guardianship & Conservatorship

Our attorneys also specialize in assisting individuals gain legal guardianship or conservatorship when they need help assisting loved ones that are incapable of caring for themselves due to illness, injury, or any type of disability that prevents them from caring for themselves. The biggest difference between guardianship and conservatorship is a guardian becomes responsible for healthcare and other non-monetary decisions. A conservator is responsible for finances.

Health Care Directives

Having an advance health care directive in place helps to plan for the unknown in the event of a medical emergency or unexpected or lengthy illness. Health care directives may not be the most comfortable topic, but having one in place will not only make things easier for your loved ones, it will also allow you to decide how you’d like to be treated in the event of an end-of-life situation.

Probate

Probate is the process of distributing assets to the specified beneficiaries. When there is a will involved and a specific estate administrator/executor is named, the probate process can be simpler. If there is not a will involved the probate process can become more complex. In this case the court will assign someone to be the estate administrator/executor which can sometimes cause drama between family members and loved ones. This is where our attorneys can step in to help you get through the process, with as little drama possible.

At New Mexico Legal group our attorneys are experienced in handling all matters of estate planning and probate and can help guide you through the process in an efficient and painless manner. If you have any questions about estate planning contact us today.

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Frequently Asked Questions

Do I need an estate plan?

Estate planning covers many different topics, but the most basic are 1) what happens to your property when you die, and 2) who will make decisions for you if you can’t make them yourself due to disability. Therefore, while many people may not need a complicated estate plan that addresses tax minimization, business succession, Medicaid qualification, and the like, everyone should have basic documents in place to ensure that their wishes are honored in the event of disability or death.

When should I update my estate plan?

You should consider updating your estate plan any time you encounter a major life change—marriage or divorce, the birth of children, the birth of grandchildren, a significant career change, a health crisis, etc. Otherwise, your plan should be reviewed every five years if you are under age 60 and every three years after that.

How much does an estate plan cost?

The price of an estate plan can vary widely depending on who prepares your plan and how complex your plan needs to be. At New Mexico Legal Group, a basic will, power of attorney, and health care directive currently costs $1,000, and adding a revocable trust generally will increase the cost by $2,500. If you also need to address business or complex tax issues, additional fees will be charged.

Why estate planning should be important to you?

Estate planning documents are a way—often the only way—to ensure that your wishes are followed when something bad happens to you. If you care about who will be able to make major life decisions on your behalf if you are disabled, who will get your property when you die, or who will raise your children if you cannot, then estate planning should be important to you.

What is estate planning?

When people talk about “estate planning,” they usually mean documents that lay out what will happen to your assets when you die and who will make decisions for you if you become disabled. However, estate planning also can include tax minimization strategies, business structure and succession issues, planning to ensure that someone becomes or remains eligible for government benefits such as Medicaid, and asset protection measures.

Is estate planning tax deductible?

In general, legal fees related to estate planning are not tax deductible. Until 2018, legal fees for certain specific estate planning services could potentially be tax deductible if they were incurred for the production or collection of income; the maintenance, conservation, or management of income-producing property; or tax advice or planning. However, under the Tax Cuts and Jobs Act, those deductions were eliminated at least until 2026.

Need Legal Assistance From a New Mexico Estate Planning Attorney?

Call New Mexico Legal Group at 575.339.2100 or get started with a free case evaluation.

New Mexico Estate Planning Overview

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