What tools are available to help me plan my estate?

There are several tools available in New Mexico to help you plan your estate. First, you should consider having an experienced estate planning attorney draft documents that will identify and protect your assets, provide for the care of your dependents, and designate a guardian for minor children. These documents include a Last Will and Testament, a Living Trust, Advance Directives, and Power of Attorney forms. Second, you should consider setting up an individual retirement account (IRA) or other tax-advantaged savings account, such as a 529 plan. This type of account allows your money to grow tax-free and can help you accumulate assets for your heirs. Additionally, you should consider transferring ownership of your assets to a beneficiary or trust. This will ensure that your assets can be distributed according to your wishes. Finally, you can use online tools, such as calculators and estate planning software, to help you plan your estate. These tools can help you calculate the estimated value of your assets, estimate taxes and fees that may be incurred, and create a plan for the distribution of your estate. Overall, there are many tools available in New Mexico to help you plan your estate. It is important to remember to consult with an experienced estate planning attorney to ensure all of your legal documents are prepared properly. Additionally, you should speak with a financial advisor to help you decide which types of accounts are best for your situation.

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