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Legal Advice Can Prevent Problems When Creating an FLP or LLC

Posted by on Feb 17, 2014 in Blog | Comments Off on Legal Advice Can Prevent Problems When Creating an FLP or LLC

Although family limited partnerships (FLPs) and limited liability companies (LLCs) can be an effective estate planning tool for family owned businesses and other assets, there is some risk associated with their use when an experienced estate planning advisor is not consulted. We discuss the basic structure of these types of estate planning tools as well as a list of tips to avoid problems. A family limited partnership is one way that assets or a family business may be owned and operated by members of a family. The FLP may be structured in a variety of ways. However, it is common to make a...

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Key Facts about Alimony in Santa Fe

Posted by on Feb 5, 2014 in Blog | Comments Off on Key Facts about Alimony in Santa Fe

When spouses separate in anticipation of a divorce, there is frequently a significant difference in the income and earning capacity of each spouse. If one of the spouses was the primary wage earner, the spouse who assumed the principle responsibility for taking care of the kids and family home may depend on alimony (aka “spousal support” or “spousal maintenance”) as a means of income to afford basic expenses. The amount and duration of alimony often is a hotly contested issue because it can drastically impact the financial well-being of both parties. For the spouse ordered to pay a...

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Advance Health Care Directives in New Mexico

Posted by on Feb 3, 2014 in Blog | Comments Off on Advance Health Care Directives in New Mexico

Advance Health Care Directives in New Mexico can serve multiple functions in terms of appointing someone to make end of life medical decisions delineating the types of life-sustaining treatment, articulating preferences about organ donation and other matters. The sophistication and technological advances of extraordinary life-extending medical science has created difficult choices between quality of life and/or personal autonomy and extending one’s life as long as possible. The personal nature of the ethical, religious and philosophical principles that guide such considerations mean that...

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Estate Planning for Disabled Beneficiaries

Posted by on Jan 27, 2014 in Blog | Comments Off on Estate Planning for Disabled Beneficiaries

While any estate planning strategy requires considering a range of issues like tax consequences, probate avoidance, asset protection and more, the situation becomes significantly more complicated when the plan includes a beneficiary with special needs. When developing an estate plan that includes beneficiaries with special needs and disabilities, the nature of the disability, mental or physical limitations and government assistance being received must all be considered. Many people who are disabled qualify for public benefits programs but can easily become disqualified by an inheritance...

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Asset Valuation for Estate Tax Purposes in a New Mexico Will Administration

Posted by on Jan 24, 2014 in Blog | Comments Off on Asset Valuation for Estate Tax Purposes in a New Mexico Will Administration

Although most people think that they have a fairly good idea about the value of their assets, sometimes determining the value of property can be complicated. Property that is more difficult to value may include stock options, antiques, art, collectibles, and similar assets. Appraisals may be appropriate for certain assets when an estate is administered after passing away, but this still does not address the issue of the appropriate time to determine an asset’s value. While most assets that are to be distributed under a will are valued based on the date of death, assets may be evaluated on...

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Avoiding Mistakes When Designating a Beneficiary Personal Accounts

Posted by on Jan 22, 2014 in Blog | Comments Off on Avoiding Mistakes When Designating a Beneficiary Personal Accounts

Although there are many facets of an estate plan, one that many take for granted involves the designation of a beneficiary to a life insurance policy, retirement account, or saving account.  The process of deciding on and providing the name of a beneficiary would seem fairly straightforward.  However, there are important issues to be considered when naming a beneficiary to these types of assets.  Given the significant amount of funds that may be associated with these assets, beneficiary planning is an issue that cannot be taken lightly.  Our New Mexico Attorneys have listed a number of...

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