After a loved one has passed, there are many steps and considerations to make. If they have a trust, you must administer the trust. If they have a will, you may need to probate the will. If they died without a will, you may need to probate the estate. However, in some circumstances, probate and administration are not a necessity. …
Informal and Formal Probate. Do You Know The Difference?
Probate is the legal process of petitioning a court to grant you the authority to administer or obtain control of a deceased person’s estate—usually a relative, loved one, or close friend (if you were personally named in that person’s will). Once that authority is obtained, you can distribute assets according to the decedent’s will or transfer assets owned by the …
Business Law Southwest Partners Up With Score Albuquerque To Help Business Owners Navigate Impending Deadline.
Firm Partner Larry Donahue will hosting a free webinar to help businesses better understand the Corporate Transparency Act and the filing of Beneficial Ownership Information Reports (BOIR) for the majority of all Small Businesses in the United States. Here is the most important take away you need to know about. Failure to properly report beneficial ownership information (BIOR) by January …
Transfer On Death Deeds
In New Mexico (and a handful of other states), the law permits an owner of real property (either land or a house) to transfer that property by a Transfer on Death Deed (TODD). A TODD is a simple and effective way to transfer property to a beneficiary without the hassle of probating the estate to obtain possession of said property. …
All New Mexico Developmental Disability Waiver Providers Must Carefully Understand the Difference Between Employee and Contractor Classifications or Risk Devastating Penalties.
The Developmental Disabilities (“DD”) waiver program in New Mexico provides services to assist children and adults with intellectual and developmental disabilities. The Developmental Disabilities Supports Division of the New Mexico Health Care Authority sets standards for delivery of DD waiver services and offers training for providers, including Direct Support Professionals (“DSPs”), who provide services directly to disabled individuals, often in …
Why Nail Technicians Are Often Susceptible for Gross Receipts Tax Audits in New Mexico
Insights from a Former Nail Tech! Nail technicians in New Mexico frequently face audits for unpaid gross receipts taxes (GRT), largely due to the unique nature of their work and a lack of clarity about their tax obligations. The Common Scenario Picture this: you receive a letter titled “Notice of Limited Scope Audit Commencement” from the New Mexico Department of …
Worker’s Compensation in New Mexico: What is it, Who Gets it, and Who Must Provide it to Their Workers
Introduction Worker’s Compensation is one of the most important protections that workers have within the scope of their employment. Although workers’ compensation is generally understood to help workers cover the costs of injuries sustained while participating in their occupation, the specifics of the law are less well known. In this article, we will be going over what worker’s compensation is, …
Federal Trade Commission’s Non-Compete Clause Ban Overturned: What This Means for You
In a major shift for employment law, the recent overturn of the Federal Trade Commission’s (FTC) non-compete clause ban has sparked conversations and questions among small business owners across the country. Understanding this decision’s significance is crucial for navigating the new legal landscape successfully. The Background Non-compete clauses have long been used by businesses to restrict former employees from working …
Default Judgments in Lawsuits: What Business Owners Need to Know
When you’re running a business, facing a lawsuit can be overwhelming. The legal process is complex, and the consequences of missteps can be severe. One of the gravest errors a business can make is ignoring a lawsuit, which often leads to a default judgment. This outcome is not just a small hiccup; it’s a significant legal and financial setback that …
The Critical Importance of Keeping Your Operating Agreement Updated
In the dynamic world of entrepreneurship, an operating agreement serves as the constitutional backbone of a Limited Liability Company (LLC). It’s an essential document that details the ownership structure, operating procedures, and outlines how critical decisions are made within your business. But what many small business owners may overlook is the significance of keeping this foundational document up to date. …
Navigating Commercial Leases: Top 5 Considerations for Entrepreneurs and Business Owners
When venturing into the world of commercial real estate, signing a lease can be one of the most significant commitments an entrepreneur makes. Unlike residential leases, commercial agreements come with their own set of complexities and negotiation nuances that, if not carefully addressed, could lead to unforeseen challenges down the line. As a business owner, it’s imperative to approach this …
Find Out If Your Business Needs to Report to FinCen in 2024.
BLSW has the technology to give you a definite answer, for free, in minutes. The Corporate Transparency Act, or CTA, went into effect on January 1st, 2024. It requires “beneficial owners” of “new” (formed on 1/1/2024 or after) “small businesses” (less than 500 employees and US-revenue under $5M) to report the personal information to the Financial Crimes Enforcement Division of …
Understanding Creditor Rights: A Guide for Small Business Owners
Navigating the complexities of creditor rights is crucial for small business owners. Ensuring you understand these rights not only helps protect your interests but also solidifies your position during financial disputes. This blog aims to demystify creditor rights, bankruptcy laws, and debt collection processes while highlighting the importance of hiring an attorney. What are Creditor Rights? Creditor rights refer to …
