Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Daniel A. Timins
The (Only) 3 Reasons You Should Have an Irrevocable Trust Original
estate planning Should you really agree to give up control of your assets? There are some good reasons to get this type of trust, but there are some major drawbacks as well. Despite what you may have heard, you probably do not need (or want) an irrevocable trust. When you create an irrevocable trust you are creating a document you cannot change easily, and the property you transfer to the trust is no longer in your control.
12 times when you should update your will Original
I can't tell you how often I meet with clients who tell me they have been meaning to update their wills for years but never got around to doing it. Their numbers are only surpassed by the people who didn't think they needed to update their legal documents, and their omissions become clear once they passed away and their family discovers the will is woefully inappropriate.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 877-782-0193 to upgrade your subscription. × Keep reading for FREE! Enjoy more articles by signing up or logging in. No credit card required.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 877-767-5187 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 866-735-5631 to upgrade your subscription. × Keep reading for FREE! Enjoy more articles by signing up or logging in. No credit card required.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 866-735-5631 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 866-839-6397 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 866-839-6397 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 877-576-4664 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 800-798-1730 to upgrade your subscription.
12 times when you should update your will
12 times when you should update your will × You have run out of free articles. You can support our newsroom by joining at our lowest rate! Already a subscriber? Log in or Activate your account. Loading&hellp; {{html}} Thanks for being a subscriber. Sorry, your subscription does not include this content. Please call 877-576-4664 to upgrade your subscription.
12 Different Times When You Should Update Your Will
Slide Show By Daniel A. Timins, Esq., CFP®, Owner | May 26, 2020 Advertisement Advertisement I can’t tell you how often I meet with clients who tell me they have been meaning to update their wills for years but never got around to doing it. Their numbers are only surpassed by the people who didn’t think they needed to update their legal documents, and their omissions become clear once they passed away and their family discovers the will is woefully inappropriate.
Four Ways to Disinherit Family Members
If you don't want your deadbeat brother or even an estranged spouse inheriting your estate, you have to tread carefully. I recently saw an estate where the decedent hated his brothers so much that he left his girlfriend a dossier of their lifetime legal quarrels, including handwritten and typed recitations of their fights and disputes.
Should You Treat Your Kids Equally in Your Will? 12 Financial Planners Weigh In
"I always knew Mom and Dad loved you best." That's not what parents want to hear ... but it's what a lot of kids feel, even though their parents swear that they love their children equally. When parents sit down to write their wills, that is the issue they must face head on. So, how do they do the right thing, keep the peace and not play favorites? Should they even try?
How Gifting Your Home Can Create Tax Consequences
While many Baby Boomers have saved large amounts of money in their IRAs and brokerage accounts, their elderly parents tended to rely on fixed sources of income, such as pensions and Social Security. The elderly are also adverse to stock market volatility and invest instead in income-generating investments, such as annuities. So, it should be no surprise that the elderly’s largest transferrable asset tends to be their home.
Should You Treat Your Kids Equally in Your Will?
"I always knew Mom and Dad loved you best." That's not what parents want to hear ... but it's what a lot of kids feel, even though their parents swear that they love their children equally. When parents sit down to write their wills, that is the issue they must face head on. So, how do they do the right thing, keep the peace and not play favorites? Should they even try?
Estate Planning 101: 5 Lessons for New Parents
Whether you are adopting or giving birth to a child, overseeing a minor's life is fraught with expansive (and expensive) tasks: Feeding, fretting, toileting and procuring seem to consume the new parent. So, while it is understandable why new parents are laser focused on their newborn's immediate needs, they should have the wherewithal to remember the importance of making preparations for their child if something were to happen to themselves. Here are five steps to get new parents started.
Estate Planning 101: 5 Lessons for New Parents
You've prepared the nursery, stocked up on diapers and even sent your baby shower thank-you notes. Now it's time to check a big one off your to-do list: Preparing for the unexpected. Whether you are adopting or giving birth to a child, overseeing a minor’s life is fraught with expansive (and expensive) tasks: Feeding, fretting, toileting and procuring seem to consume the new parent.
5 Reasons to be Skeptical of UTMA Accounts | Investopedia
Parents and grandparents sometimes look for tax-efficient ways to give money to younger family members while also minimizing legal fees. The challenge arises where the recipient is a minor, because minors cannot own property in their own name until age 18, with some exceptions. A Uniform Transfer to Minors Act (UTMA) account, which leaves funds to the child when he/she turns 21, used to be viewed as an appropriate way to leave funds to the minor when they reached adulthood.
5 Things to Do the Moment a Loved One Passes Away
When a person passes away and his or her family members have dealt with their initial emotions, the real work begins. If there is any bright side of someone dying, it's that their loved ones may be receiving money.
5 Things to Do the Moment a Loved One Passes Away
You might not be thinking about the practical tasks that need to be accomplished as soon as possible, but these steps are critical to safeguard an estate and ensure that it is passed down as smoothly as possible. When a person passes away and his or her family members have dealt with their initial emotions, the real work begins. If there is any bright side of someone dying, it’s that their loved ones may be receiving money.
Reasons to Avoid Irrevocable Life Insurance Trusts
No one wants to pay more taxes than they have to, so some people commit large sums of money and implement long-term, inflexible strategies to maximize tax savings. One of these strategies is using irrevocable life insurance trusts (ILITs). These trusts own life insurance policies while denying the creator direct control over of the trust. By divesting the creator control of the trust the IRS allows the life insurance proceeds to pass to the the beneficiaries estate tax free.
How to Perform the Duties of Executor of an Estate
Administering to a deceased person's estate requires a lot of thankless work. Most people only act as an executor once or twice in their life -- you might only probate your surviving parent's will and possibly your spouse's will, if you survive him/her -- so it's not a process you do often enough to practice at it.
How to Perform the Duties of Executor of an Estate
If you have been named executor in a will, you have quite a bit of work ahead of you. Here is how probate works, plus tips to get the job done right. Administering to a deceased person’s estate requires a lot of thankless work. Most people only act as an executor once or twice in their life — you might only probate your surviving parent’s will and possibly your spouse’s will, if you survive him/her — so it’s not a process you do often enough to practice at it.
7 Tips for Choosing the Right Executor
It's an important question: Who can be trusted to take care of your estate when you're gone? When you pass away and your will is accepted for probate, your executor "steps into your shoes," meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others.
7 Tips on Choosing the Right Executor
It’s an important question: Who can be trusted to take care of your estate when you’re gone? When you pass away and your will is accepted for probate, your executor “steps into your shoes,” meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others.
7 Steps for Choosing the Right Executor
It's an important question: Who can be trusted to take care of your estate when you're gone? When you pass away and your will is accepted for probate, your executor "steps into your shoes," meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others.
7 Tips for Choosing the Right Executor
What traits make for a good executor, and who by default is unable to serve? It’s an important question: Who can be trusted to take care of your estate when you’re gone? When you pass away and your will is accepted for probate, your executor “steps into your shoes,” meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others.
7 Tips for Choosing the Right Estate Executor
When you pass away and your will is accepted for probate, your executor steps into your shoes, meaning he can take all the legal actions you used to do. This includes selling your property, paying creditors, filing lawsuits, reviewing medical records and distributing your assets to other people. Clearly, acting as an executor is an important job, so who should you choose to handle your final personal affairs? What traits make for a good executor and who, by default, is unable to serve?
5 Avoidable Mistakes in the Will You Write
Do-it-yourselfers need to be careful not to trip over these common hurdles as they craft their own last will and testament. I have seen my share of client-drafted wills. While most people opt to have a lawyer draft their last will and testament, there is no requirement that an attorney do so.
5 Avoidable Mistakes in the Will You Write
I have seen my share of client-drafted wills. While most people opt to have a lawyer draft their last will and testament, there is no requirement that an attorney do so. If you do opt to draft your own will, make sure to avoid the following five mistakes that I repeatedly see in layman-drafted documents: The core idea of a will is that you can leave your money to whomever you choose. However, most people don't understand that your nearest family members are allowed to contest your will in court.
5 Reasons Not to Name “My Estate” As Your IRA’s Beneficiary
I have met several people who believe naming their estate as the beneficiary of their IRA is an erudite, sophisticated decision. When I ask why they did this they explain that naming their estate as their IRA’s beneficiary provides creditor protection, ensures rapid administration and ensures distributions are fair and simple. Nothing could be further from the truth.
5 Types of People You Should Gift to With a Will
A "testamentary trust" created by your will gives your assets, and the vulnerable people you want them to go to, added protections. Despite what you may think, you may never need a will. Your last will and testament only transfers assets through probate that have no automatic beneficiary the moment you die. Instead, many people attempt to avoid probate by naming beneficiaries directly on their accounts.
5 Types of People You Should Gift to Using Your Will
Despite what you may think, you may never need a will. Your last will and testament only transfers assets through probate that have no automatic beneficiary the moment you die. Instead, many people attempt to avoid probate by naming beneficiaries directly on their accounts. However, while this does minimize costs and delays associated with probate, it often does nothing to protect these assets. A living trust could do that.
5 Ways NOT to Gift to Children ... and 5 Better Ideas
Giving to children can be a weakness. We often want to help children actualize their financial goals and give them an easier life than we might have had. However, gifting to children can also be a disaster: We all realize that many children are irresponsible with money, do not have enough life experiences yet to protect it, and are targets of those interested in getting a piece of the money you gave them.
5 Ways NOT to Gift to Children … and 5 Better Ideas
Parents who mean well sometimes put their children in a position to blow it. Giving to children can be a weakness. We often want to help children actualize their financial goals and give them an easier life than we might have had. However, gifting to children can also be a disaster: We all realize that many children are irresponsible with money, do not have enough life experiences yet to protect it, and are targets of those interested in getting a piece of the money you gave them.
Who Should You (Not) Leave Your IRA To?
Based on tax treatment and required minimum distribution rules, these are the three best and four worst beneficiaries to name for your individual retirement accounts. Individual retirement accounts are some of the most sensible investment vehicles. They are tax deferred, protected from most creditors and can easily be transferred to a beneficiary outside of probate.
Who Should You (Not) Leave Your IRA To?
Individual retirement accounts are some of the most sensible investment vehicles. They are tax deferred, protected from most creditors and can easily be transferred to a beneficiary outside of probate. In addition, they do not have a true maturity date: For traditional IRAs, you have to take required minimum distributions (RMDs), mandatory withdrawals of a certain percentage of the account every year, starting the year after you reach age 70½ and increase as you age.
5 Simple Steps to Decrease Your Estate Costs
Like so many undertakings in life, leaving loose ends when it comes to your estate planning can lead to lost opportunities, stressful last-minute fixes or, ultimately, failure to achieve the desired end result—more money left to your family, friends or choice charities. It can cost your estate dearly, and sometimes no amount of time or money can rectify the problems left by half-hearted efforts. Here are some steps you can take to minimize your future estate costs.
Protect Your Family Assets from Ex-In-Laws-Kiplinger
Part of parenting is allowing children to learn their own lessons about managing money when they grow up to be adults. But parenting is not about them learning lessons with your money, so put a big wall in between your money and your future in-laws. Yes, we are talking love and marriage and, heaven forbid, divorce. But you need to protect your family's assets from the worst kind of creditor: the ex-spouse and ex-in-law.
Maybe You Don't Need a Will
What do Prince, Abraham Lincoln, Howard Hughes, Pablo Picasso and Bob Marley all have in common? Yes, they were all wealthy men. Also, they all died without a will. Leaving no will can often lead to hard feelings and awkward holiday gatherings for the survivors. And when there is no will, the state has its own estate plan for you known as intestacy whereby your family members receive everything. For example, Howard Hughes' surviving relatives were his 22 cousins, who all shared equally in his estate.
Maybe You Don't Need a Will
You can use simpler and more private methods to leave certain assets to your loved ones after you die. What do Prince, Abraham Lincoln, Howard Hughes, Pablo Picasso and Bob Marley all have in common? Yes, they were all wealthy men. Also, they all died without a will. Leaving no will can often lead to hard feelings and awkward holiday gatherings for the survivors. And when there is no will, the state has its own estate plan for you known as intestacy whereby your family members receive everything.
Why Guaranteed Income for Life Doesn't Always Offer the Best Retirement Options
Focusing on accumulating assets may give you opportunities to benefit from government tax incentives and programs, and to transfer wealth to loved ones. Today's retirees are probably the last generation that will benefit from reasonable lifelong pensions. With pension income, plus Social Security, octogenarians are aging knowing they can cover their needs (food, clothing, utilities and some modest amenities) for the rest of their lives.
Estate Planning Advice Inspired by Prince
He was no Michael Jackson—at least in this area of personal finance. So take a lesson from the tragic demise of the Purple One and prepare better for your own death. Prince's musical legacy to the world is irrefutable; his financial legacy is far less certain. The tragedy of losing Prince Rogers Nelson on April 21 is exacerbated by his reported lack of a will and proper estate planning. In some ways, it's understandable that he had not taken the time to outline his wishes in the event of his death.
What You Need to Know About Applying for Medicaid
Even if you are eligible, you shouldn't rush into applying for coverage. Here are five scenarios to consider in your planning. At some point in our mid-sixties, our financial focus shifts from making more money to preserving the resources we have already accumulated. For many people who feel they have more than enough to live on, planning focuses on how to best transfer wealth to our children.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Daniel A.
Contact Daniel A., search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack