Finlayson Law Firm P.C.
Finlayson Law Firm P.C.
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    • David A. Finlayson
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  • Blog
  • Home
  • Attorney Profile
    • David A. Finlayson
  • Areas Of Practice
    • Estate Planning
    • Trust Administration
    • Asset Protection
    • Probate Law
  • Contact Us
  • Blog

Top Tips for Protecting Your Assets

4/6/2021

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All assets are at risk. Plain and simple. But all assets can be protected as well. While it's easy to imagine a lawsuit around every corner, especially if you are gaining assets, there are also multiple ways to ensure that your assets are protected and are more protected as they grow. Here are some tips below to get started.

The forming of the business entity -
limited liability company (LLC)
This can be a great way to protect your assets from creditors and lawsuits. Common in real estate, creating an LLC ensures that an LLC member's investment is usually at risk but not their personal assets. This can help in the protection of your personal assets if things go south in your LLC. This doesn't mean that there is never any risk to personal assets when it comes to LLC's debts.

Effective estate planning
Estate planning is a good practice on it's own as it's important to categorize and have a plan for your Albuquerque estate but it can also help when it comes to other assets you have and want to keep safe. Potential lawsuits are everywhere, removing your large assets from reach of those possibly looking to sue can be a huge deterrent to even start the process. This includes steps like writing a will and creating trusts. Getting a local ABQ lawyer to help walk you through these necessary steps will skyrocket your chances of successful protection.

Retirement funds
Federal law dictates that retirement accounts (like 401k's & IRA's) are protected from lawsuits, creditors and bankruptcy. Adding to these accounts as much as you can is a smart, effective, and consistent way to ensure you have a nest egg to fall back on if an unfortunate lawsuit came your way.

Liability Insurance
There are dozens of types of insurance and depending on the type of assets you hold, some may be more beneficial than others. Having liability insurance aids in the payout of damages and also usually includes the payment of legal fees involved in the lawsuit. This is your first line of defense when it comes to protecting your assets. Updating your insurance to keep up with your asset value as it grows is key.

There are many types of insurance, retirement funds, and methods of planning out there and it can get overwhelming fast. Get a local ABQ lawyer who knows the ropes, specializes in estate and asset protection, and can get your assets set up for the upmost protection. Let's chat today!
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How Should I Pay My Lawyer?

3/3/2021

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You have several choices among lawyers with experience in the relevant area of law, there are a number of factors to consider in choosing which attorney to hire, and one important factor may be fees.


There are many different possible fee structures.

    a. Pro Bono - this is where a lawyer is providing representation for free (“for the public good”). Public defenders may be able to provide pro bono service, but only if your income and assets are low enough to qualify. 

    b. Contingency Fee – this is where an attorney does not require you to pay an up- front fee, and agrees to represent you for a portion of any eventual financial recovery. In this situation, the attorney takes on most of the risk of the case. The more money the lawyer makes for you, the more money the lawyer makes for themselves. Only certain types of cases can be handled on a contingency fee basis.

    c. Low Bono/Reduced Fee – this is where an attorney provides a discounted rate to a low or moderate income client in legal need who does not qualify free legal help from legal services organizations like Legal Aid. Civil Justice has a network of private lawyers who are committed to providing affordable low bono/reduced fee representation, or contingency fee representation in appropriate cases.
  
    d. Flat Fee – this is where an attorney agrees to handle a matter for a set amount.  That set amount makes your costs for representation more predictable.  But because some complex matters involve very unpredictable factors, flat fees may not be available in many types of cases.
  
    e. Hourly – this is where an attorney will track their time and bill the client for the work performed.  A lawyer will frequently ask for a “retainer,” which is like a down-payment on the attorney’s fees.  For example, if a lawyer’s hourly rate is $200.00 an hour and the retainer is $1,000.00, the first five hours of the lawyer’s time would be covered by the retainer and then the client will need to pay more for any additional time.

Pay structure can be a huge factor on which lawyer you can afford to work with and ultimately which lawyer you choose. Not every pay structure works for every type of case or every persons financial situation. For example, if someone was suing a business for loss of money or assets, a large flat fee or hourly cost with a large retainer would likely not be their best option. Something like a contingency fee may be more appropriate for that matter. Everyone's case is different and every lawyer is different you just have to find the right one for you.
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​Finding Good Legal Advice Will Pay Off

2/4/2021

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If you've found yourself searching for a lawyer, you want to make sure that you find the right one. You don't want to waste your time, and you don't want to end up losing your case. Instead, you want positive results, and for this you need the best lawyer for the job.

You really do not want to pick the first lawyer you come across. Be certain you research properly, since there might be bad consequences if you don't do that! You should ask people you know if they can recommend a good lawyer in ABQ.

Always get a lawyer's history prior to signing up with their practice. Just because a lawyer is a lawyer doesn't mean they're good at what they do. Make sure that you know his record so that you can be confident that he will be able to do his job well.

A good tip to keep in mind when thinking about hiring a lawyer is to write down several questions that you wish to ask him or her. You want to find out what their philosophy is and so on, and asking questions will help give you a clear idea about them.

You may find that your friends, family, and coworkers can provide a wealth of information when it comes to finding a local lawyer who can best fit your needs. Ask around and see what experiences people have had with particular lawyers in Albuquerque, or New Mexico as a whole. If they have any advice for you based on their circumstances it will be the best recommendation you could hope for. 

Make a budget when it comes to paying for legal fees. If you contact an attorney and they are above your price range, try to find someone else. While there is nothing wrong with going a little over your budget, you do not want to choose a lawyer that you will have trouble trying to pay.

You may be nervous about how much a lawyer, particularly one experienced in your case, will cost. But, don't be discouraged. If you get a good lawyer and they win, you can save a lot of money.

Do not pick a lawyer because you saw their ad on television or on a billboard. Many big firms that can afford this type of advertising use lawyers that are fresh out of school for most of their cases, but charge you for the experience held by its highest lawyers.

Do you feel like you can find the lawyer that is going to help you win your case now? It's important that you utilize the tips and advice you've learned here so that you can better make the right decision involving your needs. You want to feel like you have the best possible person on your side.
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You are a Successor Trustee... now what?

1/5/2021

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​So you've been through some life changes and all of a sudden you are a successor trustee.. It can seem scary and confusing especially if life is already throwing curve balls at you. So how does one become a successor trustee? In simple terms, people set up their living trust and set up before hand who will be in control of their assets when they pass. Generally you will know if you are named successor trustee. When something happens to the trustee and also the trustee's spouse the successor trustee selected will step in. If a corporate trustee is already the trustee or co-trustee, they will continue to manage the trust.

So what exactly does a successor trustee do?
When one becomes incapacitated, a successor trustee looks after ones care and manages financial affairs for as long as needed, using assets to pay the trustee's expenses. If the trustee recovers, they resume control. When they die, the successor trustee pays debts, files tax returns and distributes assets. All this can be done quickly and privately, according to instructions in the trust, without court interference. This is one major benefit of having a successor trustee. The court interference is minimum.

The Successor Trustee is not forced into this role. You may deny the responsibility and a next person will be chosen. However if you decide to move forward.. 

Here are some of your next steps:
It is your job to inform the family and any kin that you are the successor trustee.
You should be accumulating information about the assets and properties that you are now going to handle and ensure they are protected.
Notify current accounts, organizations and billing institutions that you have taken over financial responsibility.
If the person is in a disabled state and not passed you might have to help apply for any benefits that they may be entitled to while in the disabled state.
With you being their eyes and ears, it is up to you to see they get the best care possible if not passed and help to keep all bills, taxes, property and responsibilities of theirs up to date.

It is important that while learning about these trusts, wills and the steps involved that you understand the imperative nature of having a will or trust yourself. While you might be the one doing these things for someone else, there will likely come a time where you and your life's work require the same amount of care. Talk to us today to get more information on preparing for the future.
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What is Asset Protection Planning and Why Do It?

12/7/2020

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Asset protection planning is undertaken to protect your assets from being lost to creditors. Financial reversals can happen as a result of divorce or accident or many other reasons. Insurance is may be available as your first line of defense, but in many instances, the the loss exceeds available coverage. Planning for these accidents and life happenings will be your best course of action. You want your hard earned assets that you've acquired to be protected in the case of an unfortunate event. Personal and business related assets should both have protection.

When should asset protection planning be done?
Asset protection planning should be done before the accident or before you are facing any other financial difficulties. When the accident or unfortunate event occurs, the ball will likely already be rolling and in some cases planning is null and not recognized when situated or made legal too close to the incident. The earlier the better when it comes to planning to protect your assets and sometimes your livelihood from people and incidents. ​

What are some of the ways in which assets can be protected?

Asset protection planning can take many forms. In the business context, the form of the business entity can be an effective asset protection device. Effective estate planning can result in asset protection. Last, but not least are state law exemptions which protect certain assets or an amount of equity in those assets. Retirement funds and certain pensions are either already subject to protection from creditors or can be made so. Thus, to the extent that you can legally add funds to your retirement accounts, you are better protected from creditor attacks than if the money were in a bank account.

What are my next steps?
Talking to a financial planner and also talking to a lawyer who specifies in asset protection will help you get the best protection possible without draining your pocketbook. Finlayson Law is here to help! Asset protection is a question of balancing the planning time versus the benefits of such planning and in almost every case the time it takes to plan is well worth the desired outcome of keeping your money, business and accounts safe in the event something drastic happens to you, your family, or business. Finlayson Law can help guide you through this process as it can seem complicated and not a place you want to make wrong turns! We are knowledgeable, local to Albuquerque, and specialize in an array of specialties that will benefit you. Schedule an appointment today!
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Learn More About Life Insurance With These Tips

11/19/2020

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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.

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What You Leave Behind: Estate Planning

10/5/2020

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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!
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​Advice On Selecting The Best Attorney For Your Problem

9/30/2020

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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.
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Planning for Retirement & What to Expect

8/31/2020

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

7/31/2020

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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.
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Phone: 505-373-3500
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We offer appointments in:

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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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