Are there limits on how much I can leave in a will?

In New Mexico, there are limits on how much can be left in a will. These limits depend on the type of asset the person is leaving behind. For example, real estate properties are limited to the Federal Estate Tax exemption, which is currently $11.58 million per person. This means that wills cannot transfer more than this amount in real estate. In addition, New Mexico has a specific limit for personal property, such as goods, money, and stocks. This limit is known as the Small Estate Limit, and it is currently set at $50,000. This means that wills can only transfer $50,000 or less in personal property. Furthermore, if the person has Signed Property Rights, such as life insurance policies, those can only be transferred up to $250,000. Lastly, the New Mexico Probate Code has a gift tax exemption of $10,000, which means that individuals are limited to gifting $10,000 or less in their will. Overall, it is important to note that these limits are subject to change at any time, so it is important to stay up to date on the most current laws when preparing a will in New Mexico.

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Are there limits on how much I can leave in a will?

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