Author Archives: Jay Butchko
Creditor Claims In Probate: The Basics
One of the goals of good estate planning is to avoid the probate process. But sometimes probate is necessary, and when it is, don’t be surprised if creditors come knocking, asking for their share of whatever was supposed to be inherited by the deceased’s beneficiaries. Secured Creditors One thing to keep in mind is… Read More »
Fairness And Equality: A Pot Trust Can Help With Both
If you have children, or a group of people that you want to plan for in your estate plan, you probably think of leaving your assets to each one individually. But you can also put all of your assets in one place, for all of them. This is called a pot trust, and it… Read More »
Keep Relatives From Fighting Over Your Estate Plan
One of the main goals in creating an estate plan, is to create a plan that minimizes or hopefully eliminates completely, the risk of fighting between your relatives and beneficiaries when you are gone. Contesting wills and trusts between relatives who feel they did not receive what they should have, does happen. But there… Read More »
Study Shows We’re Not Doing So Well At Getting Our Estate Plans Done
By now it should come as no surprise: estate planning is important. And we live in an age of social media, where messages like that one, can get out to the general public. But despite all the ways information gets out, you may be surprised to learn that when it comes to estate planning,… Read More »
Don’t Forget That Letter Of Last Instruction
Most of the documents that you will draft when creating your estate plan, will leave your assets or property to beneficiaries. But there is one document that isn’t for that purpose, but which is no less important than everything else in your estate plan. It’s called a letter of last instruction. Think of the… Read More »
Separation, Legal Separation, And Your Estate
It would be ideal and easy, from a probate standpoint, if people were either married, or divorced. But reality says otherwise, because often, people separate—they are, for all practical purposes, divorced, and treat and consider themselves as such, but there is no legal document dissolving the marriage, at least, not yet. But because some… Read More »
What Does A Trust Protector Do?
One of the great things about setting up a trust, is the ability to include conditions on who gets the assets of the trust, and when. So, for example, you could leave money to someone only if they graduate college, or money to someone so long as they continue to remain disabled, or money… Read More »
Strategies To Pay For Long Term Care
If you’re creating an estate plan, you don’t have to only plan for when you are gone. Part of estate planning includes paying for long term care: a time when you may be alive, but be in need of long term or nursing home care. Because of the significant expense of such care, it… Read More »
Your Business In Probate: What Happens To It?
If you are creating an estate plan, one asset that needs to be considered, if you have it, is your business. But a business isn’t like a house or a car; you can’t just easily leave it to whomever you designate. State laws say what happens to a company when you pass, and to… Read More »
Inflation And Your Estate Plan
Unlike many other areas of the law that deal with contracts or documents, estate planning is unique in that while the documents you draft are effective once they are legally executed, they may not be needed, or used, for years. Looking to the Future Even if the person making the estate plan is at… Read More »