Estate Planning Attorneys in Albuquerque, NM

New Mexico does not have a state estate tax or inheritance tax. Estates are only subject to the federal estate tax, which applies to estates valued above $13.61 million (as of 2024). Most New Mexico families will not owe federal estate tax, though proper planning can still reduce income taxes paid by heirs.

New Mexico is one of nine community property states. Most property acquired during a marriage is considered jointly owned 50/50 by both spouses, regardless of whose name appears on the title. At death, a spouse can only direct their half of community property. This has significant implications for estate planning — particularly around asset titling, trust funding, and the step-up in tax basis that can save heirs from capital gains taxes.

New Mexico informal probate typically takes 6 to 12 months for straightforward estates with a valid will. Formal probate, or contested proceedings, can extend to 18 months or longer. For small estates with net personal property under $50,000, New Mexico allows a simplified affidavit procedure that can resolve matters in weeks without court involvement.

A will alone requires probate in New Mexico. A revocable living trust passes assets directly to beneficiaries at death without court involvement, which offers privacy, speed, and often lower overall cost. Whether a trust is appropriate depends on the size of your estate, your family situation, and whether you own real estate. An estate attorney can help you compare the two approaches for your specific circumstances.

A basic estate plan — will, durable power of attorney, and healthcare directive — typically costs $1,500 to $3,000 in Albuquerque. A full revocable living trust package runs $2,500 to $5,000 depending on the complexity of assets and family structure. Hourly rates for experienced estate attorneys in the Albuquerque market generally fall between $300 and $500 per hour.