Blog of The Law Offices of Daniel Timins

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   

Thinking About Divorce? Sign Your Will First

Unless there is a prenuptial agreement stating your husband or wife gets nothing when you pass away, if you are married when you die your spouse often has several rights to your estate. Some states, such as New York, entitle your spouse to at least 1/3 of your gross estate even if you leave them nothing, and if you own property with them jointly they get all of that property when you die. And even worse, if you don’t do any estate planning your spouse may be the sole beneficiary of your estate. So if your marriage is failing I suggest that you fire the first shot at your partner and disinherit them before you file for divorce. For people

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Top 10 Guide To Reshaping Your Finances During Turbulent Times

This webinar will cover how different age groups (young professionals, prime income earners, retirees) are approaching the post-Covid world of finances and financial planning. Panicking about the financial choices you should take in the near future? What steps should you determine whether you are financially secure? Considering your age and investment horizon, is it time to buy, sell or stay put? One shoe does not fit every foot. Learn what other people in your position are doing to maintain their financial security. The webinar’s speakers are: Matthew DelPriore, CFP® Fortis Lux Financial Director of Finance Planning Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

Life Insurance

Life Insurance and the types of policies available to accomplish your personal, business and estate planning needs. Topics of discussion will include: Types of Life Insurance available today Proper uses of each type of policy to efficiently achieve your goals Creating liquidity for family Advantages of combining life and long term care policies   The webinar’s speakers are: Stephen Cohen, CFP®, JD* Fortis Lux Financial Financial Advisor Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

Medicaid & Elderly Planning After Covid19

Informational webinar regarding Medicaid and Elder Law Planning after the Coronavirus Pandemic of 2020 Topics of discussion will include: Current Medicaid home care application and eligibility New changes in Community Medicaid post 10/1/2020 New penalties and what exemptions still exist If you apply post 10/1/2020, what are strategies to utilize while waiting out the 30 month penalty How planning pre and post 10/1/2020 is beneficial for both community and institutional Medicaid   The webinar’s speakers are: Irina Yadgarova, Esq. Law Offices of Irina Yadgarova, PLLC Elder & Estate Associates Michael LaMagna, Esq. Riker Danzig Estate Planning & Elder Law Attorney Daniel Timins, Esq., CFP® Law Offices of Daniel Timins Estate and Elder Law Attorney   

Landlords: Beware of Old, Loner Tenants

New York landlords can have a lot of problems with older tenants. Not only do older tenants often have stabilized rents which leave the landlord with a 75% haircut on the rent they collect, older tenants also tend to call in more complaints against their landlords. And just to stick it to their landlord one last time, older tenants often make it impossible for the landlord to re-lease the apartment for months after their deaths. I know, crying for landlords is like crying for the football fan at the Superbowl because he is watching from a luxury box on the 40-yard line instead of the 50 yard line. And I am probably not going to earn a lot of street

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