Best Estate Planning Attorneys in Albuquerque

FAQs

• What is the non-emergency contact number for the local police station in Albuquerque, New Mexico?

  For non-emergency concerns, one can contact the Albuquerque Police Department at 505-242-COPS or 505-242-2677.

• Where can I get a copy of police reports for incidents related to my case in Albuquerque, New Mexico?

  To obtain a copy of a police report for an incident in Albuquerque, you have two options. You can either visit the Records Division in person or make a request over the phone. The Records Division can be reached at 505-768-2020 during their phone hours, which are Monday to Friday, 8 a.m. to 4:30 p.m.

• How often and under what circumstances should one review or update their wills and trust agreements in Albuquerque?

  In Albuquerque, individuals are advised to evaluate their wills and trust agreements approximately every four to five years, regardless of whether they believe significant changes have occurred. Nonetheless, certain life events, such as marriage, divorce, family death, childbirth, and significant health changes, necessitate immediate adjustments. This routine keeps a person's estate documentation current, ensuring that their assets will be handled as they wish.

• Are there any estate taxes that Albuquerque residents need to be aware of?

  While the state itself imposes no estate tax, Albuquerque residents should note that a federal estate tax could apply if their estate surpasses certain thresholds. As of 2022, an estate must be worth more than $12.06 million to be subject to this tax. In 2023, this exemption limit will rise to $12.92 million. Therefore, substantial estates may still incur federal taxation obligations.

• Does Albuquerque levy an inheritance tax on assets received from a deceased individual?

  No inheritance tax is imposed in Albuquerque. However, residents who inherit assets from someone living in a state that does enforce an inheritance tax may be liable for these charges. The amount owed is usually based on the value of the inherited assets and the relationship to the deceased. Notably, surviving spouses are typically exempt, and smaller inheritances may also be exempt in some states.

• In Albuquerque, what steps does an individual need to take to transfer ownership of a jointly held property following the death of the co-owner?

  In Albuquerque, if an individual loses a co-owner of a jointly held property, they must provide proof of the co-owner's death and submit specific documents. For real estate, they need to file an affidavit at the county recorder's office describing the property, confirming joint tenancy, citing prior deed information, and detailing the deceased owner's name and date of death. A certified death certificate copy is also required. Other assets might necessitate different processes.

• What are the measures one can take in Albuquerque to protect elderly individuals from financial exploitation?

  If one suspects elder financial abuse in Albuquerque, it's urgent to report to New Mexico Adult Protective Services or local police. To avert exploitation risks, one could establish a durable financial power of attorney with stipulations for regular accounting audits by a trusted third party. Another safeguard is an irrevocable living trust, limiting alterations that could potentially benefit an abuser.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.