Blog of The Law Offices of Daniel Timins

Wills & Your Charitable Gifting

This new webinar will go into detail about Wills & Estate Planning. Some of the topics we will go over are: Talk about what is NOT transferred by a will Review what a Will does transfer Discuss how a Will acts / perform its purpose Contrasts Wills and Trusts Examine good (and bad) ways to make charitable gifts   The webinar’s speakers are: Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

Hey, Mom & Dad: No One Wants Your Stuff

No one wants your stuff after you die. Your restored love seat from 1894, your 3rd generation silverware and fine china dining set, your mud-stained Jimi Hendrix t-shirt from the Monterey Pop Festival, these cherished items that gave you cherished memories and a sense of purpose on this planet are little more than garbage and a hinderance in the eye of other people. So why is it some people go to such great lengths to leave certain items of personal property to specific individuals? Case in point: I met with a couple who squabbled amongst one-another how to split up the family artwork. These people were not art collectors, they were average Joes and Janes who on a whim bought stuff

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So Many Medicaid Trusts

What exactly is a Pooled Income Trust? Is it true I can shelter my assets in an Income Only Trust and still qualify for Medicaid? And how can I safely leave money to my disabled family member without causing the government to discontinue their benefits? And what steps can my family take to shelter our hard-earned assets? This Webinar will briefly review what Medicaid benefits cover, and then focus on the characteristics of each type of Medicaid trust, explain when to utilize which trust, appropriate assets to hold in each trust, discuss taxation consequences, and illustrate how planning before October 1, 2020 could save your family tens of thousands of dollars. Types of trusts discussed shall include:: Medicaid Asset Protection

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You Don’t Really Want an Asset Protection Trust

I get a lot of calls from people asking if I can set up an Asset Protection Trust for them. These people usually owe taxes or child support, are contemplating divorce, have recently been the responsible party in an accident or injury to someone else, or anticipate their risky business practices will lead to lawsuits in the future. Despite what they may think, most people in these situations do not want their property owned by an Asset Protection Trust. Asset Protection Trusts are permitted and created in a handful of states (currently 16) such as Delaware, Nevada, Ohio, Alaska and Rhode Island. Trusts created in other states do not have the same level of protection. The idea is that you

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Wills vs Trusts

What are the differences between Wills and Trusts? And what about Wills that create Trusts? Can Trusts save money on taxes, protect me from creditors, or allow my family member to qualify for Medicaid? Is a Will sufficient? Which is right for me? This webinar will discuss the many, many differences between Wills and Trusts, dispel several myths, and give you a better idea of how both documents function during your life and thereafter. Sub-topics include: How to properly fund living trusts versus testamentary trusts Whether a will is preferable if you have minor family members What should you watch out for if you have mostly foreign family members   The webinar’s speaker is: Daniel Timins, Esq., CFP® Law Offices

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Medicaid Eligibility for Caregivers and Older Adults

For many New Yorkers over 60 facing financial uncertainty, Medicaid can come to the rescue. If your care receiver breaks a hip or has a stroke and now the family needs to apply for Medicaid for that person’s long-term care needs, what is the next step? Finding the necessary documents that Medicaid requires– such as marriage certificates, photo identification, proof of Social Security, tax returns, copies of financial statements–can create roadblocks. Daniel Timins, Esq., will explain what you can do now to prepare to apply for Medicaid to protect the future. For more events like this and others, visit us online at https://pssusa.org/events/. To view past webinars, visit us online at https://pssusa.org/resources/. To join our mailing list and see what

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Portfolio Construction in Times of the Coronavirus

A Discussion on the Current Market Environment and Comments Looking Ahead for 2020. Topics include: Market & Economic Update Portfolio Construction & rebalancing Strategies Moving Forward   The webinar’s speakers are: Michael Luftman, ChFC®, CASL® Fortis Lux Financial Executive Vice President – Head of Wealth Management Financial Planner, Investment Advisor Representative   Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

Riding Out the Storm

How to build your investments over the long term during tempestuous times. Topics of discussion will include: Behavior Biases Can Work Against You Market Resilience Your portfolio aligned with your values and financial goals Building your wealth in times of volatility   The webinar’s speakers are: Darrel W. Upson, CIMA® Financial Advisor | Managing Partner Hudson Peak Wealth Advisors Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

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