Add Value Choice Legal New Mexico Assignments Forms For Free

The grantee beneficiary takes a certified copy of the owner's death certificate to the county clerk's office to be recorded. This completes the trans- fer. Title is transferred without having to open a probate proceeding.

Probate is necessary when a person dies leaving property titled in his/her name (real estate, bank accounts, vehicles, stocks and bonds, etc.). This property is called the “decedent's estate.”

Most services performed in New Mexico are subject to gross receipts tax. This includes professional services offered such as architectural work and consulting services. These services are exempt from gross receipts tax: Receipts from feeding, pasturing, penning or handling livestock.

In New Mexico, estates valued at $50,000 or less may be exempt from probate under certain circumstances. Additionally, the process can be avoided if all property is structured to transfer automatically upon the owner's death or if assets are appropriately placed within a living trust before the individual's passing.

It's a legal requirement to provide a copy of a bill of sale for a motor vehicle transaction to the state Department of Motor Vehicles (DMV).

In New Mexico, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (similar to a will), naming someone to take over as trustee after your death (called a "successor trustee").

Probate proceedings are usually only required if the deceased person owned any assets in their name only. Other assets, also known as “non-probate” property, can generally be transferred to the other owner without probate. New Mexico offers probate shortcuts for smaller estates.

The first step in registering for a sales tax permit is determining if you even need one. In general, you need a sales tax permit in New Mexico if you have a physical presence or meet economic nexus requirements.

The resale certificate must also state the type business engaged in by the purchaser and the type items sold in the regular course of business. A resale certificate may be accepted from the out-of-state retailer even if the Texas retailer ships or delivers the taxable item directly to a recipient located inside Texas.