Blog Posts - Finlayson Law Firm P.C.

Learn More About Life Insurance With These Tips

11/19/2020

Taking out a life insurance policy is a way of protecting your loved ones should you pass. No one wants to think about their passing, but when it comes to life insurance, waiting is not an option. A family without life insurance could become financially devastated at an already difficult time. Choosing the right policy is important. Here are some tips to help you sort through all of your options.

When creating a divorce settlement that requires one parent to maintain life insurance in order to keep custody of children, create the insurance policy before signing the divorce settlement. This speeds up the settlement process and insures that any kinks in the making of the insurance policy are dealt with before the custody issues.

When choosing a life insurance policy, it is important that you assess your and your family's financial needs. Separate what you think you know from what the insurance salesman is telling you. You understand your situation better than any salesperson, which means you know how much coverage you require.

If you worry a lot about your family, you should get life insurance for your own peace of mind. In the event of your death, your family would get money from your life insurance. If you are not earning enough money to support your family after you are gone, you should look into life insurance as an alternative.

Don't lie or withhold information on your life insurance application. If an insurance provider finds out that you did not disclose a medical condition or a certain type of lifestyle on your application, they can void your policy. If you die, this can then leave family members left behind in a difficult position.

When getting life insurance, make sure to get a policy that offers mortgage protection. What this does is help pay off your mortgage or any other debts when you pass away. This is important because it helps relieve your loved ones of your financial debts when you are no longer alive.

If you have a life insurance policy that is well founded, meaning you have a growing balance, you may be able to borrow against it to get the money that you need for a down payment on a house. If you do not want to borrow against it, you could even cash it out and start over on it again.

What You Leave Behind: Estate Planning

10/5/2020

More than half of all American adults do not have a will. This means they do not have plans for their finances, family and estate after they pass away. This can be especially troublesome if they pass suddenly or fall into a state where they cannot make their own decisions. Nobody wants to think about these things happening and so subconsciously we tend to stay away from such planning but the inevitable is.. well inevitable. It is important that you face fears and start thinking about where your money, family, and real estate will end up when you pass. This is especially true for some of us who own businesses, employ children and other family, have multiple homes, are financially responsible for children or others and have finances you would like to see go to your family.

Here in Albuquerque we specialize in estate planning amongst other things. We are here to help you navigate the uncomfortable yet necessary process of getting things in order. Here are some topics that might apply to you when thinking about estate planning.

Planning for the “fair” or “equal” treatment of all of the children in a blended family:
The death of both parents in an unfortunate accident can leave the fate of your children up to a judge. This is not ideal if you have close relatives you would like to see your children with in a time of unfortunate circumstance. Children and step-children may be treated differently in different situations. In a blended family your finances may not be appropriated the way you intend. When you pass away without a will, state law determines who gets your assets.

Getting a family owned business transferred to your children working in the business, while treating your other children equally:
If you haven't properly prepared your family business to be transferred to another family member in a time of your passing, this can lead to massive confusion on partnerships, employed children, and other children in the family. If you are planning to give the family business in inheritance, this does not happen automatically. You will need a will to determine which children get what and where your business partners stand if you have any.

Continuing the charitable donations you made during your lifetime:
Are you passionate about the charitable donations you've been participating in? Do you have a certain amount that you would like given to respective organizations after you pass? These are important things to think about for your financial planning and will. What are your "last wishes" when it comes to you and philanthropy? Talk to us to help sort out the details and leave a legacy that will inspire others.

Finding the best way to care for an adult child with special needs after your passing:
For adults that may need lifetime care, losing a parent or guardian can be detrimental in more ways than one. Losing your parent is already a devastating loss but losing one that did not have any plans for them after passing can cause confusion and chaos for the ones left behind. Financially and physically, where those children end up will be determined by someone who does not know your family and may not know what is best. Think about those that will continually need lifetime assistance, even after you are gone.

We hope all these points are something you will take into consideration when looking at the future. Let us help and schedule an appointment today!

Advice On Selecting The Best Attorney For Your Problem

9/30/2020

Do you need a reliable ABQ lawyer to represent you in court? It can be confusing to determine which lawyer to hire to best meet your needs. Read on to learn more that will help you in selecting a lawyer.

Make sure to request a lawyer's work history prior to making a hiring decision. Having a practice does not make them a good lawyer. Be certain to understand his or her background so that you have confidence in their capabilities.

If there is a lawyer that's looking for you to hire them and you didn't ask them to, stay away from them. This is likely to be some sort of scam, particularly if you are dealing with an expensive issue. Do research on your own to find a a good lawyer that is ready to help but not actively seeking you out.

You don't just want to choose the first lawyer you find. When it comes to legal representation, you must treat your situation with respect by taking time to research each lawyer you're thinking of using. Some that may be recommended could have possibly lost licenses due to malpractice. Don't make a haphazard mistake that's easily avoided. For referrals look to loved ones and those you trust. If possible, ask friends or relatives in the local ABQ area who have dealt with similar issues in the past. It will save you time and should help you get someone working on your case that much sooner.

Pay attention to your lawyer's advice, but also make it clear they work for you. If you are uncomfortable with anything, don't be afraid to speak up. The lawyer will want to get you the best outcome, but they are balancing many different clients at once. Do not go with a lawyer you are not comfortable with. If you don't feel comfortable with the fee arrangement, don't hire the lawyer. Do not sign blank checks or agree to a fee structure you do not understand. Before you get involved, ask what the costs are estimated at.

Ask all lawyers that you visit for proof that they have won cases like the one you are fighting. Stating that he or she specializes in that type of case does not mean they have experience. If this knowledge can't be found online, don't hesitate to ask your potential lawyer. He or she should be more than happy to provide you with these answers. Otherwise, run away!

Now that you have read this information, it is time to put it to use. Start your search for a lawyer keeping everything you've just learned in mind. No matter what your case is about, it's important, so your decision needs to match the importance of your case.

Planning for Retirement & What to Expect

8/31/2020

Are you ready for retirement? Perhaps you are young and do not believe you need to worry. It's important that you understand that the earlier you start and the more you learn about retirement planning, the better off your retirement will be. With some careful planning, there are people who get to retire early.

Determine just how much money you will need in retirement. Most people need around seventy percent of their current income just to cover basic necessities during their retirement years. People who already receive a low income may need around 90%.

Try to start a savings account as young as possible to plan for retirement. Something with minimal risk and a high interest rate is best. The younger you start planning, the greater your opportunity will be to save. If you can begin to regularly contribute to savings in your 20s, you'll be well on your way to a nice nest egg.

Don't forget to plan your life too, as you financially prepare for retirement. Most people learn early on that saving is very important, but they fail to take into account all the time they will have on their hands. Plan for hobbies, classes and volunteering, so you've got some productive things to do with your time!

Think about partial retirement. It may be wise to think about partial retirement if you are interested in retiring but are not in a financial position to do so just yet. This means cutting down your hours at your current job. This allows you more leisure time while you continue earning money. You can always take full retirement later on.

How will you retire? Are you going to live life simply and be frugal, or are you going to travel the world and spend your last years in splendor? Both are great choices but you need to be ready for what life throws at you. The best way to be ready for the unexpected is to have plans in place.

Do's and Don'ts for You and Your Lawyer

7/31/2020

Like the majority of everyday people, you probably are not versed in everything law. However, many people will need a lawyer in their life at one time or another and there are imperative do's and don'ts to your relationship with your lawyer. Not every lawyer and lawfirm will be as trustworthy and professional as some and this article is here to help you navigate your way.

If you find that a lawyer is actively seeking you out, refrain from hiring them. Usually this is a person that wants to scam you, especially if your case involves you paying a lot of cash. Really study up and choose a lawyer that's right for you in your local Albuquerque area.

Try getting a lawyer with a retainer so you will be prepared for any type of legal issues. Hiring a lawyer on retainer allows you to choose one without the burden of needing one immediately. Getting a lawyer that's on retainer will also allow you to know that you're able to get expert legal advice should you require it when you require it. I

f you are involved in a legal matter concerning real estate, whether you rent or own, you should hire a lawyer who specializes in real estate. Having the right lawyer means your case will be managed quickly, well and probably successfully. Getting a lawyer in your field, or the field you have invested in is the best course of action. It's also imperative to get a local Albuquerque lawyer if you are in the area.

Follow your attorney's advice, but do not forget that you hire him to work for you. Do not be scared to say something if you're unhappy with things they say. Keep in mind that some lawyers have many cases to take care of and use a wide variety of strategies. It is important to choose a lawyer who has enough time for you and uses values you consider as positive. Do not be afraid of asking your lawyer any questions you have. A lawyer that is good will give you detailed updates often. If you don't get answers that you're looking for when working with a lawyer, it may be time to consider hiring another one. You shouldn't have to chase down your lawyer for information about your case as it should be readily available to you.

Do not use a lawyer that requests for you to sign blank checks and retainer fees. If you go along with this, your lawyer has great control over the fate of your finances. Take special care to protect your interests. Generally speaking, a trustworthy lawyer who is upfront and transparent about their fees should not have any reason for you to sign blindly away on a blank check.

Getting through the legal system is sometimes hard work and confusing too. The information above will get you on the right track. If you have lots of knowledge about finding lawyers and how to work with them, you will feel much more confident as things proceed.

Why Should I Start Estate Planning?

6/23/2020

Much more than just “making a Will or Trust,” Estate Planning is planning for the various stages of your life. Of course, this includes deciding what will happen to your property when you die. But because life is about so much more than your “stuff”, so is Estate Planning.
Estate Planning also includes making your own choices now, while you are able, about how you’d like to be treated if you are incapacitated or at the end of your life. It’s about designating people you trust to step in and manage your health or financial affairs if you can no longer do it yourself.
Estate Planning can include making sure you legally avoid taxes, protecting your assets from creditors, have your property correctly titled, and have enough insurance coverage.
Estate Planning might also be about:

Protecting your children from a “bad” marriage, from creditors or from themselves.
planning for the “fair” or “equal” treatment of all of the children in a blended family.
getting a family owned business transferred to your children working in the business, while treating your other children equally as well.
continuing the charitable donations you made during your lifetime.
finding the best way to leave money for an adult child with special needs.

If you need help estate planning or have questions on when and how you should start planning for you and your family just ask us! We are here to help start your process!

Creating & Having a Living Will

5/7/2020

Should everyone have an Advance Health Care Directive (Living Will)?
Everyone who is eighteen years or older should have an Advanced Health Care Directive. You may recall the national attention surrounding Terri Schiavo, a young woman who spent seven years in a persistent vegetative state. During these years, her husband and parents fought in the courts about whether to remove her feeding tube. At one point, the feeding tube was removed, only to be reinserted several days later after legal decisions were made. The feeding tube was finally permanently removed, and Ms. Schiavo died almost two weeks later.
Nobody wants to have a situation like this happen to them. If you are unable to make healthcare decisions due to mental or physical incapacity (Alzheimer's, stroke, heart attack, etc.), a properly drafted Advance Health Care Directive will not only designate a person of your choosing to make healthcare decisions for you, but it will also contain clear instructions on what you want. You can make your own decisions about whether or not you want pain medication, hydration, artificial nourishment and other life support if you are in a persistent vegetative state or dying.

What happens if I don’t have an Advanced Health Care Directive?
It can be a nightmare for your family and friends if you haven’t designated someone to make health care decisions for you. Usually the Court will designate a guardian to make your health care decisions. There are often legal battles between family members over who would be the best guardian. One example of this is when the incapacitated person is married but has adult children from a prior marriage. In a situation like this, it is not uncommon for the adult children to petition the Court for guardianship, especially if the incapacitated person hasn’t been married to the new spouse for very long. In situations like this, family members often stop speaking to each other. Once the Court gets involved, it usually stays involved until you recover or die and the Court, not your family, will control how your assets are used to care for you and also how and where you receive your care. This process can be expensive, and the end result will most likely not be what you would have chosen for yourself if you were not incapacitated.

Should I use the Living Will document from my doctor’s office?
We don’t recommend it. Most of these that we’ve seen don’t contain the critically important HIPAA language, and this can prevent your agent from being able to review your medical records or get information about your health from your doctor so your agent can make informed decisions about your care.

Click to schedule an appointment or call our office now, we are always ready to discuss your legal concerns.

What Exactly Is a Will & Why Do I Need One?

4/23/2020

A Will is a legal document that contains your instructions for what you want to happen to your assets when you die. A will must be validated by the probate court before it can be enforced. Accordingly, if you use a Will as the core of your estate plan (and many of our clients do), you are anticipating a future probate.

What happens if I die without a Will?
You actually already have a “Will”, but you didn’t design it. Anyone who dies without an estate plan that they created is given the default plan created by the New Mexico Law of Intestacy. If you die without a Will, a judge will appoint someone to be personal representative of your estate. This may not be the person you would choose if you had planned ahead. The Laws of Intestacy will determine where your property will go and when they get it. And if you have minor children, a judge will decide who will take care of them. The bottom line is that if you care about who handles and gets your property or how they get it, then you probably want a Will or Trust.

Another aspect of a will is if you have not passed away but you are unable to make healthcare decisions due to mental or physical incapacity (Alzheimer's, stroke, heart attack, etc.). Having a properly drafted Advance Health Care Directive will give your family, and healthcare workers direction on what your will is. This will not only designate a person of your choosing to make healthcare decisions for you, but it will also contain clear instructions on what you want.

Should I use the Living Will document from my doctor’s office?
We don’t recommend it. Most of these that we’ve seen don’t contain the critically important HIPAA language, and this can prevent your agent from being able to review your medical records or get information about your health from your doctor so your agent can make informed decisions about your care.

What is a Living Trust & What are the Benefits?

3/31/2020

A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets, and prevents the court from controlling your assets if you become incapacitated. What are some benefits to having a living trust?

Avoids probate at death, including multiple probates if you own property in other states
Can control who gets your property and how they get it
Provides maximum privacy
Quicker distribution of assets to beneficiaries
Can reduce or eliminate estate taxes
Inexpensive, easy to set up and maintain
Can be changed or cancelled at any time
More difficult to contest
Can protect dependents with special needs
Prevents unintentional disinheriting and other problems of joint ownership
Peace of mind

Should I have an attorney do my trust? Absolutely, but not every attorney can do the job correctly. A local ABQ attorney who has considerable experience in living trusts and estate planning will be able to give you valuable guidance and peace of mind that your trust is prepared and funded properly. We’ve seen many “Do It Yourself” Trusts. We haven’t yet seen one that can positively compare to those done by a competent Estate Planning Attorney.
Click to schedule an appointment or call our office now, we are always ready to discuss your legal concerns.

Finding a Lawyer in ABQ

2/12/2020

It's time to find an attorney, and that doesn't mean break out the yellow pages. Instead, you can better search for one online involving your specific case criteria and other requirements. Continue reading to find out more about how to find the right lawyer for your needs so that you are covered.

Ask for a free consultation. Many lawyers will offer a free consultation, so you can have your questions answered. During the consultation, you can also see if you are comfortable with that lawyer. Always go to more than one free consultation so you have a good mix of lawyers to choose from.

You have to be able to easily get in contact with your lawyer. If you're unable to reach your legal representation, it will be terribly inconvenient. Choose a lawyer who has an efficient support staff so getting in touch with them is easier.

If you notice that the lawyer you chose is not doing the job that you were expecting, do not be afraid to fire them. This is the person that you are paying, so at any point you can cut ties. If you are facing a legal matter, you only want the best on your side.

Stay as organized as possible when you are working with a lawyer. This means that you should have all of the documentation in relation to your case on hand at all times. If you are unorganized, your lawyer can lose valuable time planning a strategy for your case, which may result in a loss.

Go with a specialist when you really need one. If you are in a jam, and it's regarding something very specific a general practitioner may not have the know how to help you in the way that you deserve! Yes, a specialist may be more money, but your chances will be much better with the expertise that's brought to the table.

Stay away from lawyers who promise you an easy victory in court. Very few cases are absolutely indisputable and a lawyer who seems overconfident might be lying to you. Do not hesitate to meet with different lawyers to ask for advice before you hire one and do some research on the reputation of these lawyers before you hire one.

A good lawyer can feel like having insurance, and it can make or break your case. Therefore, it's important that you find the right one in order to meet you needs. Use everything you've learned here as you get started trying to find the right lawyer for your needs today.

Come take a seat with us and we can help you make the right decision. Click to schedule an appointment or call our office , we are always ready to discuss your legal concerns.

Office Hours

Monday - Thursday 8:30am - 5:00pm
Friday 8:30am - 4:00pm
Closed 12:00pm - 1:00pm

Contact Us

Phone: 505-373-3500
Fax: 505-373-3501
info@willsandtrustsnm.com

We offer appointments in:

Albuquerque
Farmington
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We are located on Jefferson St just one block North of San Antonio/Ellison at:
7301 Jefferson St NE Suite F
Albuquerque, NM 87109

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