Probate, Estates and New Mexico Legislation on the Estate Tax

Notes from the Probate Attorney’s Desk

ProbateThe Estate Tax was one of the most hotly contested tax topics in 2013. Where we sit in 2014 is a permanent extension of the $5.1 Million dollar threshold for the tax to take effect. For New Mexico, this will only affect a handful of people inheriting wealth. Otherwise, New Mexico state law currently requires no estate tax and no inheritance tax. (Tax laws are subject to change, sometimes frequently, you should always consult an estate planning attorney and/or a tax attorney to keep up with current law.) 

Bernalillo County New Mexico (Albuquerque) has a per capita (per person) Income of $26,143 and a Median Family Income of $59,809 which is $3,172 less than the US National MFI of $65,982. So, for most of Albuquerque it’s better to focus on wealth building instead of that ailing uncle who probably won’t leave us enough to meet the tax threshold. If you are retiring to New Mexico, your passing on of your estate will not require any state estate taxation.

For more information on probate, estates and guardianships visit the Grodner Law Firm at Wyoming near Menaul in Albuquerque, NM. We offer a free initial consultation. Finding a reliable  probate attorney is the last thing on your mind when dealing with the death of a loved one. We want you to feel confident that if you are looking for an Albuquerque Probate Attorney, you can call us. Rick Grodner has years of experience handling New Mexico’s probate process. If you are looking for the best probate attorney to help guide you through process, then visit our website or call to schedule an appointment today.

Here are some additional resources that cover this topic in probate:

http://wills.about.com/od/new-mexico/

http://www.nolo.com/legal-encyclopedia/federal-gift-estate-law-2013-beyond.html

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