Author Archives: Jay Butchko
Estate Planning Basics: Important Decisions to Discuss with Your Estate Planning Lawyer
The time to talk to an estate planning lawyer is now. The earlier you start making decisions about your estate plan, the better. Even if you are healthy and still working, your children are still young, and your assets are modest, it is not too soon. If circumstances change after you formulate your estate… Read More »
What is an Intentionally Defective Grantor Trust, and Could it Be Right for You?
An Intentionally Defective Grantor Trust (IDGT) is a type of irrevocable trust, generally created for the benefit of the grantor’s spouse, children, and/or grandchildren. This type of trust exploits a tiny loophole between estate law and income tax law that allows the trust to be a fully irrevocable grantor trust for estate law purposes,… Read More »
The Dangers of DIY Wills
The prospect of creating a will can be off putting, as no one likes to think about their own death—let alone spend money planning for it. It can be tempting to use one of the many DIY will services available online. However, in many cases, these one-size-fits-all fill-in-the-blank wills cause far more cost and… Read More »
Estate Planning for Small Businesses
The challenges that small businesses have to face are unending. Right from hiring staff to marketing to managing customers, it all requires great attention. Unlike big organizations, customers just don’t line up because the visibility of small businesses is often less. Taking care of both the present and future responsibilities is an important task…. Read More »
What Happens to Your Estate if You Die Without a Will in Florida?
Think only the rich or people with children need wills? To protect your loved ones if something happens to you, it is profoundly important to have at least a basic, formal will that dictates how you want your estate to be distributed upon your death. This ensures that your property and assets are disseminated… Read More »
Corporate Leases For Small And Big Businesses
Space for housing and businesses is an urgent requirement in recent times owing to the increasing population. A good number of people migrate to urban areas looking for jobs, thus contributing to the already pressing issue of lack of physical area. Businesses, especially the newer ones, rely mostly on rental spaces as it is… Read More »
Role of Buy-Sell Agreements in Businesses
Many people don’t realize the necessity of a buy-sell agreement until they are faced with a critical situation. Business owners have a buy-sell agreement or buyout agreement between the co-owners of the business. It is a legal agreement to save the situation during emergencies. The agreement serves its purpose in cases where a co-owner… Read More »
What Every Business Owner Should Know About a Breach of Contract
Whether the breach of contract has to do with an insurance company, a commercial company, an employment agreement, or any other type of situation, the reality is that an unfulfilled contract can have serious economic repercussions for all parties in question. If you are accused of having violated the terms of a contract or… Read More »
Understanding the SECURE Act
Retirement is a major milestone for the working population and planning for it wisely decides the quality of life post-retirement. The passing of the SECURE Act has been a ray of hope for many Americans as it facilitates better retirement savings. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed as… Read More »
What is a “Miller Trust?”
Trust can come in a variety of forms and are often used to qualify for a Medicaid or Medicaid Donating Home plan in Florida. Eligible trust funds are the irrevocable professional trust funds required by Medicaid in certain circumstances. Qualified income relationships are also called QIT or Miller Trust. How is Miller Trust created?… Read More »
