Blog of The Law Offices of Daniel Timins

6 Steps Before You Fund Your Child’s Home Down Payment

I have had an increasing number of clients approach me asking an increasingly-difficult question: “Should I provide my child with funds for her first home down payment, or focus on my own lifetime needs and leave my (presumably larger) estate as an inheritance when I pass away?” This is not an easy decision, since it depend both on the parent’s finances and health issues, and the child’s cash flow and social issues.   Many middle-class parents realize their children’s purchasing power for real estate is significantly weaker than theirs was: Real estate prices have outpaced income growth over the last twenty years, while the number and cost of financial commitments (such as student loan debt and health insurance payments) have

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5 Reasons UTMA Accounts Are Bad

Parents and grandparents sometimes look for easy ways to give money to younger family members. The challenge arises when the recipient is a minor (minors cannot own property in their own name until 18, with some exceptions) and when the donor wants to minimize legal fees. A Uniform Transfer to Minors Act [“UTMA”] account, which leaves funds to the child when he/she turns 21, used to be viewed as an appropriate way to leave funds to a minor now that would be paid out later when he/she reached a more mature age. UTMAs are inexpensive: You only need to set up the account at a financial institution, name an adult custodian for the account, and let the custodian buy a

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8 Steps to Transfer Your Coop to a Revocable Trust

Coops are a pain in the neck to transfer, especially if you pass away and your Coop is being transferred by your Will: The Coop does not like accepting payments from non-tenants (because they don’t want to create an excuse for undesired tenancy outside of the proprietary lease and interview process), so months of unpaid fees and late charges begin to stack up waiting for the Surrogate’s Court to admit the deceased-owners Will to Probate. So, it should come as no surprise that someone thought “Hey, if I can transfer my Coop shares using a Revocable Trust, I can save a lot of time and family frustration.” And they were correct: If your Coop is owned by your Revocable Trust,

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How Do I Refinance a Home that is Now Owned by a Living Trust? Guest Blog by Abby Hackmann

Abby Hackmann handles the marketing work for Trusted House Finance. You can read more of her blogs at https://www.trustedhousefinance.com/blog/     Are you looking to refinance a home that’s owned by a living trust? The good news is that is it possible to refinance the home. It just might take a little more work than a typical home refinance and you must be authorized to do so.   If you aren’t sure if your home is owned by a living trust then it’s best to completely understand what a living trust is before you get started. A living trust is a legal document that protects a person’s home and other real estate assets from probate court. The trust will name the trustee,

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How to Write Your Own Eulogy

Only you can tell your story from your point of view. So, it comes as a surprise that many people have no written recounting of their life. In addition, it is sometimes easier to keep certain thoughts and feelings secret until you have passed away, but if you have taken no steps to memorialize how you want to deal with your loose ends, your unfinished business will remain unfinished.   Remember the difference between a Eulogy and an Obituary: An Obituary is often an objective, somewhat-cold fact-based notice of your death; a Eulogy is a speech at your funeral meant to paint a picture of who you really were.   A good Eulogy contains the following chapters:   Origin: When

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