The Law Offices of Daniel Timins Blog

GUEST BLOG – Jennifer DiClemente of the American Cancer Society, Inc.: Charitable Planned Giving

Posted on March 16, 2015

Leaving a “planned gift” to charity is not always the first thing that comes to mind when you begin considering your estate plans. But utilizing this tool can be a powerful option for individuals, families and charities alike. These special gift arrangements often provide significant financial benefits such as increased income, lower income tax, bypass of capital gains, elimination of potential estate taxes, diversification of assets, and more—all while helping to support a cause you believe in. Anyone can take part in a planned giving program by remembering a charity in their estate plans. When you hear the expression “planned giving,” you can consider the face of a youthful female, busy raising three children. This is the way one of

GUEST BLOG – Dr. Jomarie Zeleznik: An Elder Attorney is Holding the Umbrella

Posted on March 4, 2015

Doris is 97 years old and has lived in the same cozy apartment in the Bronx for 38 years. Every night she takes an elevator ride to her daughter’s apartment for dinner. Three other children live within driving distance and only her oldest son lives far away. In this family give and accept are done without the words “obligation” or “burden.” Doris saved for a rainy day in old age, and like many middle class people of her generation she also saved to leave something for each of her five children. I am told she reads her financial reports weekly and is still earning from wise investment choices. Many years ago, Doris set up five separate accounts in her own

Watch for GUEST BLOGGING in March and April

Posted on March 2, 2015

I am fortunate enough to work with several affiliated professionals who help my clients deal with issues related to aging and the passing of loved ones. The comfort and convenience they provide my estate and elder law planning clients, as well as the substantial family assets they often save family members while simultaneously maintaining their loved one’s dignity, is the essence of what has made me so passionate about the practice of law. During the months of March and April these affiliated professionals shall be positing blogs here and allowing you access to their own blogs. I highly recommend all of these individuals, and encourage you to post your comments and ask your questions relating to their posts. -Daniel Timins, Esq.,

Medicaid Planning: Don’t Be Too Eager to Take Mom & Dad’s Money

Posted on February 24, 2015

When a parent gets to the point where they consider enlisting personal care, such as home cleaning, cooking, or even more advanced issues such as help bathing or toileting, their children have been considering it for a while. Oh, and the children not only don’t wish to pay for mom and dad’s care: The kids want mom and dad’s money, and want Medicaid to pay for the care. Children feel entitled to their parent’s money. Believe me, they do, even “perfect children.” And several parents agree with the philosophy of “I’ve worked hard, and I don’t want the government to take my money, so I’ll leave it to my kids instead.” Let me be clear: When your parents are in

Medicaid Planning for the Single Non-Parent: Huh?

Posted on February 24, 2015

The heading of this posting says it all: I see very little reason for a single individual with no children to do Medicaid planning. Now let me explain why: First, Medicaid is designed to transfer family wealth. And yes, a niece, nephew, brother or sister are all considered family. But it is very rare that siblings or aunt / uncles share the same bond and sense of responsibility that are indicative of the parent / child relationship. Parents will sacrifice a great deal for their children, but most aunts and uncles have much more limited boundaries. I do see exceptions, but they are rare. Now for the real heart of the topic, and don’t be surprised when you read this:

Smart Ideas for Making Your Agents Known (When Needed)

Posted on February 24, 2015

Too many attorneys fail to inform a person’s Power of Attorney, Health Care Agent, or Executor that he/she has been named as a person’s agent or, even worse, fail to tell their clients to inform these people of their responsibilities. These practitioners appear to have the attitude of “I’ve been paid, you have your legal documents, let’s both move onto the next thing in our lives.” While this does not rise to the level of legal malpractice, it certainly is inconsiderate and potentially dangerous, for the following reasons: These documents are not public record. If there is an emergency, how is a Health Care Agent going to be identified by the admitting health care facility? The documents may be hard

Requiem for ILITs (Irrevocable Life Insurance Trusts)

Posted on February 24, 2015

My study group of like-minded Trusts and estates attorneys recently got together to discuss the ins-and-outs of ILITs. After a somewhat half-hearted review of the features and benefits of these trusts, we slowly realized the sad truth: It was time to bury these time-honored tax-saving mechanisms. An Irrevocable Life Insurance Trust (“ILIT”) is—surprise—an irrevocable trust that both owns and is the beneficiary of a life insurance policy. When estate tax exemptions were much lower several years ago, meaning that more people were paying a “death tax,” these trusts were ideal because, at death, the life insurance policy was paid to the trust and, when done correctly, transferred the proceeds free from estate taxes. This, coupled with the absence of income

2015 Medicaid Series: Beware of Transferring Too Much Too Early

Posted on January 13, 2015

My next several posts will be centered on Medicaid planning. This will cover topics affecting people who are planning for future transfers to their children, people with ailing parents, as well as those who have neither living parents nor natural beneficiaries. Let’s start from the top. People preparing precautionary Medicaid planning for themselves are typically (hopefully) planning several years in advance: They have reached their mid-late seventies and are starting to enjoy a less frenetic lifestyle, or may have long-term health concerns that are just starting to manifest. They have worked hard for their money, have a possible surplus of assets, and have no desire to use these asset to pay for what they perceive Medicaid will cover in the

2014 IN REVIEW

Posted on December 23, 2014

Happy Holidays and New Year! I hope this letter finds you in good spirits. 2014 was a very busy year in the Trusts & Estates and Elder Law field. Most of my predictions were wrong (again). I tend to err on the side of caution, however, so when I am wrong my clients typically win. Please allow me to share some legal highlights of this past year with you, and some professional insights as to how 2015 may look in the Trusts & Estates and Elder Law arena: THE BAD NEWS: INHERITED IRA CHANGE: BENEFICIARIES NO LONGER PROTECTED Issue: In the past, your IRA and other retirement plans were protected from creditors, with the exception of a spouse whom you

2015: The Year Trusts and Estates Goes Elder

Posted on December 23, 2014

A new year is upon us, and for those of us in the estate planning world it is time to define who we are and what we shall do in the coming months. The modern concept of the American attorney who specializes in tax, trusts and estates dates back to 1913, the year the Sixteenth Amendment of our Constitution was ratified, allowing the federal government to tax people’s income. This was followed by the Revenue Act of 1916, allowing a “death tax” on people’s estates. For one hundred years the profession has concerned itself with using exemptions, loopholes and other transfer mechanisms focused primarily on maintaining intergenerational wealth by saving money on taxes. For the umpteenth year in a row