If using async & await and desire to use a time out without blocking, then an alternative and simpler approach from the answer provide by mcandal is to execute the connect on a background thread and await the result. For example:
Task<bool> t = Task.Run(() => client.ConnectAsync(ipAddr, port).Wait(1000));
await t;
if (!t.Result)
{
Console.WriteLine("Connect timed out");
return; // Set/return an error code or throw here.
}
// Successful Connection - if we get to here.
See the Task.Wait MSDN article for more info and other examples.