Author Archives: Jay Butchko
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 »
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 »