Author Archives: Jay Butchko
5 Reasons To Form An LLC For Your Rental Property
If you own rental property or are thinking about buying rental property, you may wonder whether it is best to keep the property in your own name or contain it within an LLC. For several reasons, it could benefit you in the long run to create an LLC for your property. An LLC (Limited… Read More »
401K And IRA Considerations When Planning For Medicaid: How Can You Keep These Accounts And Still Qualify?
If you or a family member are planning for Medicaid coverage and eligibility, the process can seem overwhelming at first. Since Medicaid is a needs-based program that reviews an individual’s income and assets, many wonder: how do I even qualify? You may have heard stories about others spending themselves into poverty just to get… Read More »
How Family Limited Partnerships Can Help With Estate Planning In New York
Estate planning involves a wide variety of aspects, including wills, trusts, advance healthcare directives and other crucial considerations. If you own a family business, estate planning can be even more complicated. You want your business and its assets to transfer smoothly to your next of kin, but without proper planning the IRS may consider… Read More »
Closing On Real Estate In New York: What To Expect From Start To Finish
Whether you are a buyer or a seller, closing a real estate sale can be an exciting – and anxious – time for all involved. A real estate closing is a seemingly simple mechanism that allows the property to transfer from one owner to the next, but is preceded by weeks of preparation and… Read More »
Disclosures In Real Estate: What Is A Seller Required To Disclose In A New York Property Sale?
Property sales are one of the most important – but complex – transactions one can be involved with. For the seller, there is the preparation and anxiety associated with putting a home on the market and getting it ready to show. For the buyer, there is the process of viewing homes and ultimately selecting… Read More »
5 Reasons A New York Landlord Might Need An Attorney
Unless you own a large real estate portfolio with millions in rental income generated each year, it is not likely you have an attorney on retainer to handle problematic issues that can arise for landlords in New York. Like running any business operation, you hope to earn revenue while minimizing unexpected costs and liabilities… Read More »
Transferring Real Estate To Heirs Through A Life Estate Deed In New York
A common real estate conundrum involves how to maintain real estate during your lifetime while effectively passing it to your heirs after you pass on. Typically, this is done through a will that devises your home to an heir or set of beneficiaries. However, this necessarily involves the probate process and can delay the… Read More »
Asset Protection V. Estate Planning: What Is The Difference?
Asset Protection Asset protection refers to the process of shielding assets (such as real property, stocks, bonds, business interests, etc) from creditor claims, levies, liens, and seizures. Developing a plan with an experienced law firm will help to ensure your assets are covered in a smart and – most importantly – legal manner so… Read More »
Digital Assets And Accounts In Estate Planning
Creating an estate plan to distribute your savings and assets after death may seem straightforward at first. You’ll create a will listing your belongings and property holdings. Retirement accounts, 401k plans, stock holdings, trusts, and the like are all routine considerations as well. Perhaps you haven’t taken those first steps at all — a… Read More »
10 Common Mistakes In Asset Protection
Whether you are just starting to consider an asset protection plan, or have already begun, you may be aware of some important things to check off your list. You’ll also need to remember some things to avoid as you plan ahead, and common mistakes others make: Not Making an Estate Plan in Combination with… Read More »