Author Archives: Jay Butchko
Dos and Don’ts of Will Writing
The first step in the will writing process is submitting to the fact that it is best to write a will at all. This is especially the case for individuals who have a large amount of assets. For most people, it is better to have their property pass by a will than to have… Read More »
Guardianships: An Overview
Caring for an elderly parent, grandparent or friend who has lost their mental capacity can be a difficult undertaking. This is especially the case when the elderly individual cannot be trusted to make sound financial and personal care decisions. The implementation of a guardianship is one of the best courses of action to help… Read More »
Beware Senior Telephone Scams
Recently, one of our senior clients received an urgent telephone call from someone posing as the “son” of her friend. He even used that son’s name. He sounded desperate and was “in trouble with the law” because his car caused property damage. He accidentally left his wallet in the car that was towed away. … Read More »
Combining Estate Planning And Retirement Planning
Oftentimes, estate planning and retirement planning go hand in hand. In order to both have enough money to live on in retirement and have an estate left over to pass on to heirs, it is important to do all this planning hand in hand. One good reason why estate planning when retirement planning is… Read More »
Estate Planning Using A Buy Sell Agreement
When two or more people are considering starting a business together, or are part of closely held business, they should enter into a buy sell agreement. A buy sell agreement is an agreement between business owners that governs what happens to an owner’s shares in the business upon his death or other departure from… Read More »
Probate Of A Foreign Will In New York
People who live in other states or countries and move to New York later in life may want to know whether their wills will be valid in New York. Foreign wills can be accepted and probated in New York as long as the wills meet the requirements in the state. For example, if a… Read More »
Life Insurance And Estate Planning
Life insurance policies should always be considered when making an estate plan or as part of a retirement plan. While life insurance policy options were limited in the past, there are a few more options in today’s market that make them more attractive. There are several issues to consider when deciding how a life… Read More »
Can Debt Be Inherited?
Even when a person is current with payments on debt owed, he may still be concerned about the possibility of his heirs or beneficiaries inheriting his debt or not having an inheritance because the creditors take any available property after the debtor’s death. Not many debts are “inherited” by others after a debtor passes… Read More »
Minors And Inheritance Of Property In New York
For some, estate planning is all about ensuring that their children are well taken care of when the parents pass away. When putting an estate plan together, parents may expect that the children will be adults before they can inherit. However, if the parents have young children, it is advisable to plan for the… Read More »
Life Estate As An Estate Planning Tool
Planning for the distribution of assets after death is often about making plans to take care of other people. This may mean balancing the needs of various beneficiaries and making plans that may grant gifts to multiple beneficiaries at different times. For example, imagine a testator wants to leave his home to his long-term… Read More »