One study performed in 2017 showed that a third of all Americans do not have a healthcare directive. This is surprising considering how important this document is and that both legal and healthcare professionals advocate for it. New Mexico residents may be interested in learning more about this document.
It can be difficult for New Mexico residents to think about their mortality. However, it can be vitally important to create a will as soon as possible. A will allows a person to dictate who takes care of a minor child or a pet. It can also allow a person to dictate who receives assets such as a car or money in a bank account.
Some in Roswell might worry that after having expended a great deal of effort and attention into preparing their estates to be dispersed to their beneficiaries, much of the assets they have to leave will be eaten up by taxes. These fears may be unwarranted, as a great of misinformation exists about estate taxes. First and foremost is the fact that not many estate will actually owe taxes. Per The American College of Trust and Estate Counsel, New Mexico does not have an estate tax. That leaves one only having to worry about the federal estate tax, and even that is one that can be planned for.
As you prepare to dive deep into your estate planning in Roswell, it is important to remember that during this process, you should not only consider what will happen after you are gone, but also what could potentially happen towards the end of your life. Many come to us here at the Sanders Law Firm wondering how to best prepare for the event that they lose the ability to care for themselves (either through incapacitation or other means). If you share the same concern, then you should consider granting a trusted family member or friend power of attorney.
As the personal representative of the estate of a family member, friend or client in Roswell, you might take great pride in the testator's altruism evidenced by the contributions made through whatever charitable trusts he or she has established. Yet organizational circumstances can often change over time, and ultimately the tax distinctions or charitable aims of a group might be altered to the point of conflicting with your testator's original intentions. What is to then be done in order to ensure that the funds allotted to a charitable trust are not wasted?