Ms. Thompson will assist you (and your spouse or partner, if applicable) to develop the most appropriate estate plan tailored for your goals, once she has properly assessed your assets, family structure, and your plans for your future. She will also spend time with you explaining the nuances of New Mexico law, and ascertain whether the laws of other states may be a consideration for your plan, to ensure the decisions you make are informed with the best possible information. Whether you need a will, a simple trust, a series of trusts, power of attorney documents, or have no knowledge of estate planning documents and want to learn more, Ms. Thompson would be happy to meet with you to discuss your estate planning needs.
What happens when a loved one dies? Do you know what needs to be done? Often there are questions and uncertainties that would be better navigated with the advice of an attorney who understands the legal rights of the parties involved, along with the emotions that tend to cloud the decision-making process, and can help family members feel confident they are handling the process correctly. In today's technological age we can be misguided by internet research that makes monumental responsibilities seem minute and tasks we are qualified to accomplish seem doable. Did the decedent have a trust or a will? Who has authority to administer the estate? If you have any questions in this regard, please feel free to call for a consultation. Feel confident in knowing that you are hiring a local attorney with hands on experience to do the work. There are many issues to discuss and Ms. Thompson will be happy to help you better understand your responsibilities and rights during this difficult time.
Who would be able to make decisions for you if you became legally incapacitated? Everyone needs a set of power of attorney documents, one for property and one for healthcare, wherein you appoint an agent to act on your behalf, in the event you cannot make decisions for yourself. New Mexico has a statutory form Power of Attorney for Healthcare, which also acts as a living will, so that all state residents can make end of life decisions while they have the legal capacity to do so. It, in particular, is designed to be recognizable and easily interpreted, so that you can feel confident your wishes will be upheld. If you have not executed these very important documents, you should consider doing so. The terribly difficult situation of your becoming legally incapacitated might be a little bit easier on your loved ones, if they knew: (1) what you wanted to have happen in the situation; and (2) who you wanted to be responsible for making the difficult decisions.
Are you a business owner? What will happen to your business if something should happen to you? Do you have a “back-up” plan to be followed if you became legally incapacitated (or worse)? Is your business formally organized? Do you have business “partners,” or someone who is capable of taking over the business? Do you have an agreement in writing that states what should take place when you or your business partner can, or no longer wish to, continue the business operations? If your business plan does not follow New Mexico law, will your loved ones be left without legal recourse to uphold your wishes to protect them if something happened to you?
What if you, your spouse, or your child, became legally incapacitated? Or what if you were involved in an accident resulting in a third-party claim (lawsuit) against you or your spouse, would your assets be at risk? Are you properly insured? Ms. Thompson talks to all of her clients about insuring against unnecessary risk in today’s litigious society to ensure that you leave her office with some peace of mind after your initial meeting. Additionally, trust and estate law can provide opportunity to protect the assets you have worked your entire life to acquire, long after you are gone, so that you are sure your loved ones are cared for in the event you are no longer able to provide for them.
Most clients have a tax question of some nature. It is difficult to anticipate when issues will arise, but Ms. Thompson will discuss potential issues that will assist you in developing your estate plan to ensure you maximize income tax deferred benefits, along with avoiding any penalties, or other potential costly mistakes. Ms. Thompson has experience representing clients in the tax audit arena and can advise you and your business with regard to avoiding and preparing for a potential audit at the state and federal level. Ms. Thompson also has experience preparing federal gift and estate tax returns and can advise clients in this regard, in the event your estate is currently or will potentially be, taxable in the future.
Ms. Thompson has extensive experience representing clients in both residential and commercial real estate issues. On the residential side, Ms. Thompson has represented countless clients purchase and sell real estate, either under traditional lending or real estate contracts, as well as lease agreements, and including disputes, litigation, and settlements of surrounding issues. Ms. Thompson has commercial real estate experience extending from the negotiation of traditional lending, drafting and negotiation of commercial lease agreements, to resolution of disputes including litigation and negotiation of settlements of surrounding issues.
Do you need to form a limited liability company (LLC)? Have you sought good tax advice to determine whether an LLC will provide the best tax advantage for your situation? Ms. Thompson will advise you with regard to New Mexico law as to what type of entity best fits your needs with regard to your business and the need for protection under the law. It is a very simple premise to form a business entity, but it not always such a simple task to follow the law to ensure you are maximizing the protections the law is designed to provide. Make sure you seek proper legal advice to ensure your business practices adhere to the law and get proper legal documentation drafted to provide the protection you intended before your business becomes operational. If you didn’t do that, talk to a lawyer before you need legal advice to deal with a problem, because there are many mistakes small business owners can and do make that can be corrected before it's too late, and it is always a good investment to think ahead.
New Mexico Probate is informal, meaning you do not have to have legal representation to file, however, that does not mean it is easy or a desirable experience. Attorneys are hired to file uncontested probate proceedings on a regular basis due to time limitation, location of survivors, and personal reasons. Often survivors of a loved one are not aware of an existing estate plan and the administration of a deceased person's estate can be rife with challenges. Hiring an attorney may be the best option to ensure all issues are dealt with according to New Mexico Probate law (if applicable) and the decedent's estate plan and subsequent fiduciary duties are properly complied with.
