Blog of The Law Offices of Daniel Timins

Guest Blog: Why you should place your home in a Trust

If you are a homeowner in your 50’s or older, you should transfer your real property into an Asset Protection Trust. Having your name on the deed (title) of the home exposes you to risk of lawsuits, creditors like Medicaid and other medical providers, and of course your heirs will have to deal with the costly and lengthy probate process after your death. If however, you place your home into an Irrevocable Asset Protection Trust, you are protecting your home and ensuring an easy and quick transition of the property to your children (or to whomever you designate) after your passing. When your name appears on a deed to a home, the property belongs to you. If you are involved

Read More

Guest Blog: Doing Separate Finances Right (in Marriage)

Many couples today are managing their finances separately. They may be doing this because of dual income households, second marriages or relationships with children from a prior relationship. This arrangement may work well while the couple remains unmarried and as long as the relationship remains strong.  However, what happens if the couple gets married and then decides later to divorce? In New York, during marriage, all income earned and accumulated is deemed to be “marital property,” and as such, is subject to distribution in the event of divorce.  This is true even if the couple has been managing their finances separately – maintaining their own savings accounts; holding individual retirement and investment accounts; and keeping separate credit cards and other debt. As a family and divorce attorney,

Read More

Guest Blog: The Most Powerful Legacy to Leave Your Heirs (Even If You’re Not Rich!)

When clients hear about my concentration in tax law, most of them offer a false belief that they don’t have enough assets to merit the services of a tax attorney.  While it’s true that the tax law often favors the mega-wealthy, the Internal Revenue Code is full of nifty (and perfectly legal) techniques the everyday family can use to maximize wealth.  Perhaps my favorite way for the common citizen to get ahead on both income taxes and even estate taxes is by optimizing retirement accounts. Retirement accounts come in all shapes and sizes, but in general, they can be put into two broad categories: inherited retirement accounts (IRAs) and non-IRAs.  The concept underlying both varieties is the same: the government

Read More

Guest Blog: A History of our Border Crisis

The separation of children from their parents at our border has a long and nebulous history.  What makes the situation so confusing is that it doesn’t involve any single “law” so much as a series of interrelated laws, judicial decisions, and policy changes over twenty years or so concerning the admission and detention of asylum seekers at the U.S. border. The story begins in 1996 with the passage of the last major immigration law, the Illegal Immigration Reform and Immigrant Responsibility Act (IIRIRA, pronounced “Ira-Ira”), which created two sets of rules concerning the detention of those seeking asylum. The first set of rules governs the detention of so-called arriving aliens, non-citizens who present themselves at a U.S. port of entry.  If

Read More

When More Money Actually Is More Problems

People let’s get over it: More money usually isn’t more problems. And if it happens to lead to more problems it is usually the kind of problems you want (I have never heard a man say that he wanted a slower Ferrari, or a woman complain that her gold and diamond tennis bracelet were too big, but I suppose it is possible). HOWEVER, there actually are a few circumstances where I can say that too much money actually does cause problems: Whenever a cliff tax is involved.   As a rule of nature, cliffs only effect people when they fall off of them, but many people face financial cliffs without knowing about them and, in the dark of night, fall

Read More

DISCLAIMER: Attorney Advertising. Please note that prior results do not guarantee a similar outcome. This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.