Author Archives: Jay Butchko
Estate Planning For Estranged Parents
Advertisements for estate planning products and estate planning law firms tend to present an unrealistically rosy picture of family life. Yes, it is hard to talk to your adult children about money, and it is even harder to talk to them about mortality, but the TV commercials and the full-page ads in AARP publications… Read More »
Congratulations, Homeowners, You Already Have An Important Element Of Your Estate Plan
The two feelings that tend to motivate people to get started on their estate plan are the awareness of their mortality (thank you, junk mail from the AARP) and feelings of financial security. The first step in estate planning is to acknowledge that your time on Earth and your financial resources are finite. If… Read More »
Be Specific When Indicating Who Should Become Your Guardian If And When You Need One
There is more than one way to interpret the statement that estate planning is about planning for life, not just planning for death. The websites of estate planning law firms call to mind the optimistic interpretation, where you and your spouse enjoy your retirement years in good health and give generous gifts to your… Read More »
Heed The Sweet Song Of Lady Bird Deeds
Estate planning begins with a honeymoon period of design thinking about the ways that you can use your money to make yourself and others happy. After that phase ends, though, and you get into details about how much everything will cost, it is easy to get mired in pessimism about everyone else’s greed. If… Read More »
The Case For Not Telling Your Children How Much They Stand To Inherit From You
The promise of a desirable reward can sow discord in otherwise harmonious relationships. If you are a member of Generation X, you probably saw the episode of the Garfield and Friends Saturday morning cartoon about the Buddy Bears, three brothers who never disagree. The trouble starts when Garfield offers to buy them a pizza,… Read More »
Special Needs Trusts: A Responsible Way To Provide For Family Members With Special Needs
Some people are surprised to find out that, in their 30s, they are not too young to get started on their estate plans, but to the parents of children with special needs, this has been obvious since a doctor first told the parents that the child would need to depend financially on the parents… Read More »
3 Types Of Personal Property And How They Affect Your Estate Plan
You may have heard the advice that decluttering is an effective form of estate planning, but you might have written it off as cheap propaganda by social media influencers who are not young and agile enough for TikTok dances, so they base their influencer persona on being tough on clutter. You have probably heard… Read More »
You Can Transfer Your Ownership Interest In The Family Business To The Next Generation Outside Of Probate
The limited liability company (LLC) is an increasingly popular type of business structure. It offers a lower tax burden for its owners, and the company can have as many or as few partners as you choose; the partners can be people or companies. The biggest reason for the popularity of the LLC business structure,… Read More »
There Are Worse Things Than Being A Millennial Golden Girl
The old generation loves to fret about how the values of millennials differ from those of Baby Boomers, but estate planning lawyers accept that everyone’s financial values are unique. So what if you splurge on avocado toast but consider disposable dinner napkins wasteful? You need an estate plan as much as your parents do. … Read More »
Life Insurance: An Estate Plan For The 99 Percent
Estate planning lawyers emphasize the importance of keeping your assets out of probate when possible. When an asset passes to the beneficiary without probate, the beneficiary receives it more quickly and usually does not have to pay taxes on it. Placing assets in a trust and designating certain types of accounts as transfer on… Read More »
