Author Archives: Jay Butchko
How To Transfer Property To Your Family Without Losing Your Medicaid Eligibility
Some estate planning advice can most charitably be called aspirational. Set up a revocable trust and transfer your property to it, so your vast fortune will not technically belong to you! Give away $27 million in personal gifts during your lifetime, so that your heirs will not have to pay as much tax on… Read More »
The Decision To Sell Your House Or Rent It Out After You Relocate For Retirement Is Not Just About Money
Some people cannot envision living anywhere except New York City, but the more sensible among us realize that one day we will have had enough of the crowds, the sky-high prices, and the steep escalators in and out of the subway stations. Owning a house or a condominium in New York City is no… Read More »
Aging In Place Can Be Prohibitively Expensive In New York City
The fact that everything is expensive is old news for New Yorkers. People from elsewhere sound hopelessly naïve when they are impressed by how much money you make, because your dollar does not go very far in the Big Apple. A corned beef sandwich at a New York deli, with no sides other than… Read More »
An Estate Planning Lawyer’s Perspective On Financially Supporting Your Adult Children
Estate planning lawyers are not here to dictate your values to you. You are the same person you have always been, with the same goals you have always had. Your estate planning attorney’s role is to help you achieve those goals. If your children require your financial support, even if they are beyond their… Read More »
New York Octogenarian Loses Life’s Savings In Romance Scam
Unwise financial decisions are often an early sign of dementia in the elderly, but even healthy seniors are more vulnerable to romance scams than the general population. When seniors are lonely, their days on earth are numbered, and their families are far away, thousands of dollars seems like a small price to pay for… Read More »
Simple Living In Retirement Is Not Just An Aspiration But A Necessity
Trying to save for retirement while living paycheck to paycheck is an exercise in frustration. Unless you were born into wealth, chances are that you are living paycheck to paycheck; a household income of $100,000 is not enough to spare American families this predicament, especially if you are using income that could go to… Read More »
Talking To Your Parents About Their Estate Plan Is Even More Awkward When You All Live Under The Same Roof
Making financial plans with someone while also living under the same roof with that person is one of life’s great challenges. One of the reasons that business partners can get along so easily is because, when the workday ends, they do not get to tell each other how much money to spend on groceries… Read More »
Most Of Your Retirement Investments, But Not All Of Them, Should Be Boring
The goals of everyone’s estate plan are essentially the same, namely to ensure that the retirees making the plan will be able to pay for medical care in their old age, to reduce unnecessary tax liabilities in life and during probate, and to prevent family disputes among family members over end-of-life care and inheritance. … Read More »
Family Caregiver Training Could Be The Missing Piece In Your Estate Plan
Whether your plans for retirement involve aging in place, surrounded by your children and grandchildren, or moving to a sunny locale where the proceeds from the sale of your family home can buy you a comfortable existence in a seniors only community and long-term care insurance can pay for your residence in an assisted… Read More »
Note To Baby Boomer Parents Whose Estate Plan Includes Buying The Perfect Real Estate Property For Their Kids: Back Off
For New Yorkers, nowhere else could ever be home. This has been true since the days when the factories of the Big Apple first began to cover New York’s impressive skyline with smoke, and it is still true, despite all the economic changes that have taken place since then. You have heard all the… Read More »