Author Archives: Jay Butchko
Four Things You Should Know About Special Needs Trusts In Massachusetts
Do you have a child or grandchild with special needs? If so, it is important to make additional considerations for him or her as part of your estate plan. A Special Needs Trust is a very valuable estate planning tool to help families support vulnerable loved ones without inadvertently causing them the loss of… Read More »
What Is A Life Care Plan?
Estate planning is about a lot more than putting a few legal documents in place. It is about organizing all of your affairs so that you and your family are properly protected—no matter what tomorrow might bring. Life care planning is a specialized sub-category of estate planning focused on those who have—or are expected… Read More »
Estate Planning: Three Benefits Of Setting Up A Charitable Remainder Trust
Do you want to leave money to charity as part of your estate plan? A Charitable Remainder Trust (CRT) may be your best option. The Internal Revenue Service (IRS) explains that a Charitable Remainder Trust is a type of irrevocable trust that allows you to “donate assets to charity and draw annual income for… Read More »
An Overview Of The Big Five Estate Planning Documents
You are never too young to start estate planning. Every adult in Massachusetts can benefit from a plan that effectively protects their rights, interests, finances, and future. You may be wondering: How do I get started with estate planning? The best step that you can take is to set up a confidential initial consultation… Read More »
Own Property In Multiple States? What You Need To Know About Recent Changes To The Massachusetts Estate Tax
The estate tax exemption in Massachusetts is far below the federal level. In fact, the Massachusetts estate tax exemption—$2 million—is one of the lowest in the entire country. Notably, the estate tax exemption recently doubled from $1 million. With that increase, came other changes—including a reform that impacts people who own property in other… Read More »
Can You Disinherit A Child From Your Will In Massachusetts?
An estate plan allows you to retain control of your property and assets. In Massachusetts, a person has broad discretion to organize his or her own affairs. While most people opt to keep their kids at the center of their estate plan, you have the right to disinherit a child—but, to meet legal standards,… Read More »
529 Plans And Estate Planning: What They Are, Why They Are Useful, And How To Set One Up
The cost of college continues to rise. A parent, grandparent, aunt/uncle, or other person who cares about a child’s future, you may want to provide financial support to their education. A 529 plan is one of the most cost effective estate planning tools to support a child’s future education. In this article, our Boston… Read More »
Revising An Estate Plan: Should I Write A New Will From Scratch Or Revise My Existing Will?
Every adult needs a well-drafted Will. If you have one—which the AARP notes that 60 percent of adults do not—you are in a good position. That being said, an outdated Will may not effectively protect your best interests. You should review, and if needed, revise, your estate plan on a regular basis. This raises… Read More »
Long-Term Care Planning In Massachusetts: Does Medicare Cover Nursing Homes?
Senior Living reports that the average monthly cost of a private room in a nursing home in Massachusetts now exceeds $14,300 per month. While that may be the average, the most common cost is $550 per day or $16,500 per month. Either figure is an extraordinarily high figure. This raises an important question: Does… Read More »
Where Should I Keep My Estate Plan?
Do you have an estate plan? You should. Unfortunately, CNBC cited data showing that two-thirds of American adults do not have one at all. You need a comprehensive, well-written, and properly crafted estate plan that is communicated to your closest loved ones. This raises an important question: Where should you keep your estate plan?… Read More »