Reputable New Mexico/Texas Lawyer/CPA Develops Comprehensive Strategies to Mitigate Tax Obligations

Knowledgeable New Mexico/Texas attorney offers astute advice on estate, gift and income tax planning matters

Present and future tax obligations can significantly impact your finances and the size of your legacy. At Kathleen M. Haynes, P.C. in Clovis, I am well-versed in state and federal tax laws and represent clients in the Eastern New Mexico and West Texas area in estate, gift and income tax planning issues. Having assisted New Mexico and Texas clients for decades, I can competently address a variety of tax matters and create plans that solve short-term needs, as well as protect long-term goals. Whether you need information on a 1031 exchange, the taxation of trusts or general tax planning strategies, I will take the time to understand your concerns and explain how the applicable law may affect your situation.  

What is the benefit of tax planning?

State and federal taxes can dramatically reduce your annual earnings and diminish the value of your estate. Strategic tax planning can minimize your potential tax liability and serve as a valuable tool for growing and retaining your assets. Tax strategies are particularly important as you approach retirement and for estate planning purposes. I know how to effectively address a range of estate and general income tax concerns and will determine which strategies best fit your circumstances.

Is there a way to avoid paying capital gains on the proceeds of a property sale?

Investing in property can be a great way to build and preserve wealth, but you could face capital gains taxes if you sell. The taxable rate depends on several factors, including how long you held the property, if you qualify for any exemptions and whether it served as a personal residence or investment. Investors can elect to do a 1031 exchange to defer capital gains liability on real property. This tax strategy is available if you reinvest the sale proceeds in real property, and at the same or higher price within the applicable time. 1031 exchanges can be complex, and I will work to ensure you get the full benefit of this law.

Are all trusts required to pay income taxes?

The taxation of trust income is determined by how the trust is structured. Generally, trust income is taxable to the trust and to its beneficiaries. However, taxability varies depending on whether the trust is grantor or non-grantor in nature. Grantor trusts, because the grantor retains power over trust assets, require the grantor to pay taxes on the trust’s income, and those assets are considered part of the grantor’s estate upon death. A charitable trust — one created for the benefit of a designated charity — is not part of the grantor’s estate but may be subject to excise tax on its investment income. I have extensive experience counseling clients on grantor, non-grantor and charitable trusts and will help you make informed decisions.

Contact a dedicated New Mexico/Texas law firm today to schedule an initial consultation

At Kathleen M. Haynes, P.C., I give each matter personalized and detailed attention and represent clients in New Mexico and Texas in estate, gift and income tax planning issues. Please call 575-530-5759 or contact me online to schedule a consultation at my Clovis office.