Timins Law Group Blog

So Many Medicaid Trusts

Posted on July 16, 2020

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

Posted on July 2, 2020

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

Wills vs Trusts

Posted on June 30, 2020

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

Medicaid Eligibility for Caregivers and Older Adults

Posted on June 30, 2020

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

Portfolio Construction in Times of the Coronavirus

Posted on June 3, 2020

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

Posted on May 28, 2020

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

Posted on May 22, 2020

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

Top 10 Guide To Reshaping Your Finances During Turbulent Times

Posted on May 20, 2020

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

Posted on May 6, 2020

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