Transferring your Co-Op’s stock and lease to your trust is usually a frustrating a time consuming endeavor. But knowing the process, costs, timeframes, and requirements can save your family 5x the frustration and costs when you pass away.
Blog of The Law Offices of Daniel Timins
Chadwick Boseman: Why (I Think) He Didn’t Have a Will
We view one measure of the tragedy experienced by another person’s death based on the age they died. So the passing of Chadwick Boseman at age 43 was in some ways more saddening than the recent passing of Sean Connery who was 90 (especially if you also consider Connery’s painfully-candid interview with Barbara Walters which, if you haven’t seen it, may also make you a little less saddened by his passing). Of course, we can also view that level of tragedy by that person’s estate planning, or lack thereof, and the media certainly jumped on the fact Boseman died without a Last Will and Testament. But based on a string of unfortunate circumstances and facts not reported by the media,
Should I Change My Tax Planning Before the Election?
Biden, Trump, McConnell, Pelosi, who will win? Does a “Blue Tide” really mean more taxes on you? And if there is a Democrat trifecta in the Administration and Congress, what are they going to do with taxes? Do you secretly want to see Chris Cuomo fight Tucker Carson in a steel cage match to determine the winner of the 5th Congressional District? What can you do to protect your assets now!??! My take: Who knows, so do not rush to do anything dumb. Betting on who will win elections and basing tax planning on assuming what policies the not-yet-winners will follow has proven time-and-again to be a waste of brain power. Some of the worst tax savings strategies have
On My Second Marriage…with Children from My First
I’ve got news for half of you out there: You are going to get divorced (or are happily already divorced, he didn’t deserve you anyway). Approximately 50% of New York couples I meet have been divorced and most are on their second (and sometimes third) marriage. The desire to take care of one’s spouse, especially the spouse that spent her “golden years” with you sounds fair: While your first spouse was there for you during some of the most active years of your life – i.e. back in the days you could order dessert without blowing up like a balloon – they are not there for your aging years when gravity finally takes its toll out on your physique. But hey: You
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
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
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