Author Archives: Jay Butchko
Planning for Long-Term Care in New Jersey: How Does Medicaid’s “Spend Down” Requirement Work?
Long term care costs are almost unfathomably high. According to data from Caring.com, a private room in a nursing home costs an average of more than $11,000 per month in New Jersey. Medicaid is a government program that provides support for long-term care. However, it is a strictly means-tested program. You may be required… Read More »
Estate Planning: What is an Irrevocable Trust?
A trust can be an effective estate planning tool. When set up properly, trusts can offer a number of different benefits—from protecting assets to avoiding probate. An irrevocable trust is one type of trust. At Poulos LoPiccolo PC, we have deep experience with trust planning. Here, our New Jersey & New York estate planning… Read More »
Can You Revoke a Power of Attorney (POA) in New Jersey?
A power of attorney (POA) is a legal document that allows another trusted person to act on your behalf. Setting up a POA is an essential part of estate planning. This raises an important question: Can you revoke a POA in New Jersey? The short answer is “yes”—as long as a person is of… Read More »
Three Warning Signs that a Will in New Jersey Might Be Invalid
A will is a foundational estate planning document. Every adult in New Jersey can benefit from a properly drafted will. If you are 18 years of age and of sound mind, you have the right to make (or change) a will. Under New Jersey law (NJ Rev Stat § 3B:3-2), a will should be:… Read More »
Estate Planning in New Jersey: Should I Set Up a 529 Plan for a Child or Grandchild?
The cost of college continues to rise. Given that many parents, grandparents, and other close loved ones want to provide access to affordable advanced education for children, a 529 plan can be a great tool. You may be wondering: Is a 529 plan the right choice for my situation? The answer depends on several… Read More »
The Four Big Estate Planning Mistakes Small Businesses Owners Must Avoid
Small businesses owners help to form the backbone of our economy. According to data from the Small Business Administration (SBA), small companies are responsible for nearly half of private sector employment nationwide. If you are a small business owner, it is crucial that you have a comprehensive, customized estate plan that protects your personal… Read More »
New Jersey Appellate Court Rules in Favor of Employee in Expenses Reimbursement Case
Recently, a New Jersey appellate court issued an important decision in favor of an employee in a case centered on an employer’s failure to reimburse certain expenses. In the case of Sands v. Board of Review, Department of Labor and Workforce Development, the court found that the employer’s failure to reimburse an employee for… Read More »
FTC Finalizes Rule Banning Non-Compete Agreements (Litigation Expected)
On April 23rd, 2024, the Federal Trade Commission (FTC) announced major new restrictions on non-compete agreements. The agency is seeking to dramatically reduce non-compete agreements on the grounds that they improperly stifle competition and reduce wages. With that being said, business interests groups have already sued to block the implementation of the regulation Here,… Read More »
Does New York Recognize Wills from Other States?
A significant percentage of American adults do not live in the state where they were born. According to the latest data cited by U.S. News and World Report, nearly half of Americans have changed their state of residency. If you moved to New York, you may be wondering: Is my will still valid? The… Read More »
Four Estate Planning Tips for Long-Term Cohabitating Couples in New Jersey and New York
It has become far more common for people to live together as part of a romantic relationship without actually getting married. According to data collected by the Pew Research Center, the number of long-term cohabitating romantic couples has more than doubled in the past three decades. For cohabitating couples, there are some specialized estate… Read More »