Timins Law Group Blog

Your Inherited IRA Just Got Nerfed

Posted on December 30, 2019

Every few years the federal government passes last-minute legislation that totally messes up your estate plan. On December 20, 2019 President Trump signed Congress’s “Setting Every Community Up for Retirement Enhancement Act of 2019” into law. On top of the fact the government paid a 12 year old to sell the rights to his treehouse password in order to create a nitwitty acronym, the “SECURE Act” makes radical changes to how your post-mortem beneficiaries receive your retirement plans that might actually make you feel less secure. When your parent, family or friend dies and leaves you their IRA account you use to receive an “Inherited IRA”, meaning the original owner’s name remained on the account, but the account was change

A Legal Magic Trick: Revoking Irrevocable Trusts

Posted on November 27, 2019

The world changes, and so does our family, friends and charitable organizations. And we do too: We start to care more about relationships than money, health instead of inebriation, and sometimes come to an understanding with those people we disagree with. However, estate planning benefits do not always lend themselves to changed circumstances, so if you want creditor protection, government benefits, estate tax savings or the ability to control your family’s inheritance “from the grave” you usually need an irrevocable trust, I.e. one you cannot change even if you desperately need to change the documents. When you create certain irrevocable trusts, you cannot modify them. These trusts are (typically) either the trustee or the beneficiary but never both; you may

Getting Divorced? Leave Children’s Life Insurance to a Trust

Posted on November 15, 2019

As a member of the First Spouse Turned Demogorgon Club, I can tell you with hindsight that divorce can be a wonderful thing: No more arguments, no more awkward Thanksgivings with creepy in-laws, no more washing the dishes during prime football hours. But at the same time, divorce is almost never positive during the initial process, self-doubt and anger consumes you, and (ultimately) you will have to deal with financial matters, particularly if you have minor children. And when child support or maintenance is in the picture, your former best friend is going to want to make sure that cool hard cash is still there if you pass away during the payment period. So, purchasing life insurance to cover your

Nielsen Webinar Series – Estate Planning and Elder Law Part 1

Posted on November 1, 2019

Preserving Wealth During Your Life. Living Documents, Medicaid & Lifetime Money Transfers

Nielsen Webinar Series – Trusts & Estates Part 2

Posted on November 1, 2019

What is a Fair Executor Commission?

Posted on October 25, 2019

When we used to go out to dinner with my grandfather, he would always put some of his food on my plate. It wasn’t that it was cold or not tasty (though his love affair with tripe was engaged in by him and him alone), the thing was that it wasn’t what I had expected, the food that was placed on my plate was not always the part I would have preferred, and it always got entangled with my own eating affairs (I.e. the mash potatoes). Eating other people’s leftovers is often an unsavory task, but it can be about 1 gazillion times more palatable than having to deal with another person’s estate. Sometimes the deceased person was a hoarder

Is There Any Reason NOT to Do a Medicaid Trust in New York?!?!

Posted on September 13, 2019

Many aging individuals appreciate how much work they have done through their lives, how much risk they took, and how they were somehow able to save up enough money to live in retirement for over 20 years. Then, without warning, they have a stroke, or a fall, or are diagnosed with dementia, and it becomes clear to them that their aging health issues can erase their entire net worth in a mere few years. The family then finds out that receiving home care Medicaid is pretty easy, but to protect family assets from Medicaid nursing home care benefits requires you to be indigent for at least 5 years. And (unfortunately by predictably) the family home was never transferred or properly

The Many Risks of “Deathbed” Estate Planning

Posted on August 30, 2019

I can appreciate that planning for your own demise years before your death is not as exciting as planning your next K-Pop karaoke face-off (or any other activity imaginable for that matter). Yet many people fear death so much during their healthy and convalescing periods that they take no estate planning actions whatsoever in the hopes that ignoring this 12,000 pound gorilla will make it just go away. It doesn’t, so many estate planners are – frankly too often – called in during a new client’s final living days to draft their Will, create and fund trusts, or update beneficiary designation forms. These last-ditch “Deathbed” Will signings do not achieve their desired end result an inordinately-high amount of the time