Author Archives: Jay Butchko
Revocable Trusts Are Not a Tax Haven
Setting up an irrevocable trust is intimidating for almost everyone except for people who have grown up around them. The word “irrevocable” is scary, even for people who do not think of themselves as commitment phobic. Watching a trust manage your money while you are unable to change your mind about it feels too… Read More »
The “I Would Prefer Not To” Estate Plan
When journalists talk about the Great Resignation, they usually use the term “quiet quitting” in the same article. When young people join the Great Resignation, they are defiantly walking away from the materialistic ambitions that, they have realized, are getting them nowhere. Giving up is only one aspect of resignation, though; resignation is also… Read More »
You Don’t Have to Be Elderly or Infirm to Benefit From a Power of Attorney
When an elderly person is suffering from ill health, there are usually a lot of whispers among the person’s relatives about power of attorney (POA) documents. If the person is too ill to make financial decisions or transactions and does not already have a POA signed, then it is too late, and family drama… Read More »
New York Is Officially the Most Expensive State to Retire
Some retirees immediately fly south for retirement and never look back, but a substantial number of New Yorkers feel that no place besides New York can ever be home. Despite this, they would be happy to never again have to navigate the slippery steps of a brownstone after a snowstorm. Especially when your job… Read More »
Skilled Nursing Facilities and Your New York Estate Plan
When is a nursing home not a nursing home? You never have to think about this unless you face a major health crisis or unless you are a caregiver for an elderly relative or for a family member with a severe chronic illness. Clients often approach their initial consultations with estate planning lawyers with… Read More »
Simplify Your Estate Plan by Listing Successor Beneficiaries
Every time you invest a few hours in drafting an estate planning document, you are saving your family many hours of work and large sums of money in the future, and you may even be preventing years of family enmity. Of course, when you experience a major change in your family situation, it is… Read More »
A Sobering Look at Retirement Expenses in New York
New Yorkers do not suffer fools gladly, and stating the obvious is one of the marks of a fool. Therefore, if you go to New York and start complaining about how expensive everything is, you are unlikely to endear yourself to the locals. On the other hand, complaining about how expensive everything is in… Read More »
Legal Requirements for a Will in New York State
Writing your will is a good first step in estate planning. If you write your will by hand, or even type it on your computer, and never show it to anyone for the rest of your life, then after you die, your family and friends will know what you want to happen to your… Read More »
Reconciling With an Estranged Family Member Is a Reason to Update Your Estate Plan
Money can poison relationships between relatives as much as it can poison relationships between friends. In some ways, the less you tell your family about the contents of your will, the better. Before you designate a family member as personal representative of your estate, make sure that he or she is willing to take… Read More »
Bankruptcy and Your Estate Plan
Everyone has the right to file for bankruptcy, and everyone who is old enough to know the word “bankruptcy” needs an estate plan. Therefore, if you are looking for a reason to procrastinate getting started on your estate plan, bankruptcy will not fly. Successful estate planning does not require you to be rich, but… Read More »