Author Archives: Jay Butchko
U.S. Supreme Court: North Carolina May Not Tax New York-Based Trust
A trust is a common estate-planning tool where a person–usually known as the grantor or settlor–transfers assets to a trustee. The trustee is then legally obligated to administer the trust property on behalf of one or more beneficiaries named by the settlor in the trust documents. The trust typically also contains language indicating which… Read More »
Who Serves as Executor of My Estate If I Do Not Have a Will?
Many New Yorkers put off making a will until it is too late. When this happens, a person is said to die “intestate.” State law then determines who has the right to be named as executor or personal representative of the deceased person’s estate. For some people this may not be a bad thing…. Read More »
New York’s Elective Share Rule and “Sham” Marriages
Under New York law, it is not possible for a person to completely disinherit their own spouse without their consent. The surviving spouse has the right to take an “elective share” of the deceased spouse’s estate. This applies even if the deceased spouse left a will purporting to expressly disinherit the surviving spouse. However,… Read More »
Power of Attorney Extras for Advanced Planning
For millions of Americans, a power of attorney document is nothing more than a “worst-case scenario” item that allows loved ones to make decisions in the event of hospitalization or other emergencies. But for high net-worth individuals and those seeking to maintain eligibility for Medicaid, powers of attorney take on a whole new dimension…. Read More »
5 Things a Trust Can Do that a Simple Will Cannot
So, you’ve finally decided it is time to update your estate plan (or create one for the first time). Maybe you’ve looked online or read up on how to get your Will done quickly, and you are starting to wonder if a Will can actually accomplish all the things you want it to. If… Read More »
Six Things You Need to Know About Adult Guardianships in New York
If you have a loved one who has lost the ability to make healthcare and financial decisions due to a cognitive or physical limitation, you need to understand how a guardianship works and whether it’s right for your situation. Often, people end up needing guardianships because they failed to plan appropriately, while other times… Read More »
What is a Medicaid Look Back Period?
When you apply for institutional Medicaid benefits in New York, Medicaid will look at your income and assets for the last 60 months (5 years). You might have heard that it’s just 3 years, but that changed years ago. It is currently 5 years. Medicaid looks to any uncompensated transfers during that period of… Read More »
Three People You Should Not Name as Your Agent Under a Power of Attorney
If you are approaching your golden years and thinking about establishing an estate plan, you’ve probably at least given some thought to having a durable power of attorney. If you have done your homework then you know a power of attorney is a legal instrument designed to give someone else the power to make… Read More »
Understanding End-of-Life Terminology
For the family of a person on hospice or nearing the end of life, there are many emotions to deal with. Grief, sadness, depression, anxiety, and maybe even a bit of guilt can plague loved ones. Perhaps you are dealing with concerns about your loved one’s estate and how you will manage it when… Read More »
Beware The Rising Costs of Prescriptions as You Age
We are always told to save for retirement, because you just never know how long you might live. We are told to save enough to not only live well in retirement, but also enough to offset for inflation. As the price of coffee, gas, and groceries continue to escalate, we are told to assume… Read More »