Author Archives: Jay Butchko
Is Optimism an Overrated Estate Planning Strategy?
Writing your will when you are young is a much better idea than not writing one. If you have minor children, the last thing you want is to leave open the possibility of your parents and your in-laws fighting in court for years over which family should get custody of your children if both… Read More »
3 Situations Where an Annuity Might Be Right for You
Annuities are not the world’s most glamorous estate planning tool. It would make sense to brag about your revocable trust, the way that people might boast about BMWs. Instead, think of products whose partisans are much less outspoken about their favorite products, but their love is obvious, anyway. Your neighbor who loves Hondas does… Read More »
Swedish Death Cleaning Isn’t Really About Death, but Neither Is Estate Planning
There are numerous good reasons to declutter your house. Some people declutter in order to have a tidy environment where they feel less stressed than they do when surrounded by clutter. Others find motivation in donating items they no longer need to secondhand stores where people who do need them can find them at… Read More »
Estate Planning For Late Bloomers
Happy birthday, sweet 49. This time next year, you will start receiving birthday greetings and a big pile of other correspondence from the AARP. Of course, you are probably wondering if you will ever be able to afford to retire. The financial struggles of millennials and Generation Z have been dominating the news headlines… Read More »
Instead of Spending Down Your Assets to Qualify for Medicaid, Spend Them on Long-Term Care Insurance
The picture of retirement for the current cohort of working adults is anything but rosy. It is getting harder to find jobs that pay for retirement savings or offer pensions, so that means that anything that you save for the future has to come out of your take home pay. Therefore, if you are… Read More »
Seniors, Beware: Uncle Sam Is The Worst Landlord
No matter how high your income is, retirement means giving up the possibility of the bonuses and promotions that made some years more exciting than others during your working years. If not employment income, though, then what? Many current members of the workforce do not have the luxury of choosing among ways to diversify… Read More »
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 »