Best Estate Planning Lawyers in Albuquerque
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United States Estate Planning Legal Questions answered by Lawyers
Browse our 2 legal questions about Estate Planning in United States and the lawyer answers, or ask your own questions for free.
- My husband passed away five years ago. We have a property in th Philippines and I would like to transfer everything to my child. We are now residing in California, as U.S. citizens and my late husband a Filipino citizen.c
- Hello:We are sorry to hear about the passing of your husband, and we extend our deepest condolences.Regarding your concern, since your husband was a Filipino citizen and you are now both U.S. citizens residing in California, the property transfer to your child in the Philippines can be lawfully facilitated under Philippine succession laws.Here are some important legal points and possible remedies:1. Extrajudicial Settlement of Estate (if there is no will)If your husband died intestate (without a will), and there are no other compulsory heirs aside from your child, you may execute an Extrajudicial Settlement of Estate with Waiver of Rights in favor of your child. This must be:Signed by you as the surviving spouse,Notarized and registered with the Registry of Deeds,Accompanied by a notarized Affidavit of Self-Adjudication or Waiver, if applicable.If the property is titled in your husband's name, the title must be transferred first to the estate, and then to your child.2. Judicial Settlement (if there is a dispute or complications)If:There are other legal heirs,There is no agreement on the partition,Or if a will exists that needs probate,Then a petition for judicial settlement must be filed before the Philippine court having jurisdiction over the property.3. Tax Clearance & Title TransferTo legally transfer the title, the following must also be secured:BIR Certificate Authorizing Registration (CAR),Estate tax clearance,Updated real property tax payments,Transfer of title with the Registry of Deeds.We recommend an initial consultation so we can properly review your husband’s death certificate, property documents, marriage certificate, and your child’s proof of identity. This way, we can assist you in completing all required steps without requiring you to travel to the Philippines.You may directly schedule and automatically get a Google Meet link using the link below:👉 https://calendar.app.google/MuALV3nLqedy9FCx6Our Contact Information:📧 Email: recososalawfirm@gmail.com📞 Phone/Viber/WhatsApp: 09175046510📍 Office: 5th Floor, Park Centrale Building, IT Park, Apas, Cebu City, 6000We look forward to helping you secure your child’s rightful inheritance.Best,Atty. Jofre RecososaOwner, Recososa Law Firm
- How to protect property from squatters law
- After completing probate to establish yourself as the legal heir, you can transfer the property title to your name and then grant them permission to reside there through a formal agreement.It is worthy to note that you can do it through special attorney.
About Estate Planning Law in Albuquerque, United States:
Estate planning in Albuquerque, United States involves creating a comprehensive plan for the management and distribution of your assets during your lifetime and after your passing. This process typically includes preparing documents such as wills, trusts, powers of attorney, and healthcare directives to ensure your wishes are carried out according to the law.
Why You May Need a Lawyer:
There are various situations where seeking legal help in estate planning is essential. Some common reasons include the need to minimize estate taxes, protect assets from creditors, provide for minor children or family members with special needs, and ensure your wishes are executed accurately.
Local Laws Overview:
Key aspects of estate planning laws in Albuquerque include guidelines for drafting wills, establishing trusts, appointing guardians for minor children, and creating advance directives for healthcare decisions. Understanding these laws is crucial to ensure your estate plan complies with legal requirements.
Frequently Asked Questions:
1. What is the difference between a will and a trust?
A will is a legal document that outlines how your assets will be distributed upon your death, while a trust allows you to transfer assets to a trustee to manage and distribute according to your instructions during your lifetime and after.
2. Do I need an attorney to create an estate plan?
While it is possible to create a basic estate plan on your own, consulting with an experienced estate planning attorney can ensure your plan is comprehensive, legally sound, and tailored to your specific needs.
3. How often should I review my estate plan?
It is recommended to review your estate plan every 3-5 years or after significant life events such as marriage, divorce, birth of a child, or acquisition of new assets.
4. Can I make changes to my estate plan after it is created?
Yes, you can update your estate plan at any time by creating a codicil to your will or amending your trust document with the assistance of an estate planning attorney.
5. What happens if I die without an estate plan?
If you die without a will or trust, your assets will be distributed according to state intestacy laws, which may not align with your wishes or benefit your loved ones.
6. Are there ways to minimize estate taxes in Albuquerque?
Yes, various estate planning strategies such as establishing trusts, gifting assets during your lifetime, and setting up a comprehensive plan can help minimize estate taxes and maximize the value of your estate for your heirs.
7. How can I protect my assets from creditors?
Creating certain types of trusts, such as irrevocable trusts, can help shield your assets from creditors and ensure they are preserved for your intended beneficiaries.
8. What is a power of attorney and why is it important?
A power of attorney is a legal document that grants someone the authority to make financial or healthcare decisions on your behalf in the event you become incapacitated. Having a power of attorney in place can prevent costly and time-consuming court proceedings to appoint a guardian or conservator.
9. Can I appoint a guardian for my minor children in my estate plan?
Yes, you can designate a guardian for your minor children in your will to ensure they are cared for by someone you trust in the event of your passing.
10. How can I ensure my healthcare wishes are followed if I am unable to communicate?
By creating an advance directive, also known as a living will or healthcare proxy, you can specify your healthcare preferences and appoint someone to make medical decisions on your behalf if you are unable to do so.
Additional Resources:
For more information on estate planning laws and resources in Albuquerque, you may consider reaching out to the State Bar of New Mexico, New Mexico Estate Planning Council, or the New Mexico Department of Health for advance directive forms and information.
Next Steps:
If you require legal assistance with estate planning in Albuquerque, it is recommended to schedule a consultation with an experienced estate planning attorney who can assess your unique circumstances, goals, and legal needs to create a personalized plan that protects your assets and ensures your wishes are carried out according to the law.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.