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Second marriages and your estate plan · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  Speaker 1: and protecting your money from a nursing home. If you
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  Speaker 1: need assistance in any of these areas, or have a
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: eight six six eight four eight five six ninety nine
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  Speaker 2: Welcome into Legal Exchange with Todd Latzky. I'm Susan Powers,
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  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
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  Speaker 2: joined by Todd Lutsky, a partner with a law firm
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  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you?
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  Speaker 3: I'm never better in you?
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  Speaker 2: I am great? Thank you. Ay have for us this week, got.
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  Speaker 3: A couple of cases we're going to go. It's actually
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  Speaker 3: a Southern District of Ohio case where we're dealing with
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  Speaker 3: a second marriage, a prenup and then changes that happen
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  Speaker 3: after a prenup, and is the prenup enough to handle
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  Speaker 3: divorce and dying? I think people mix up the two, Yeah,
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  Speaker 3: a lot, and I think we need to clear that
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  Speaker 3: up a little bit in this Southern District of Ohio
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  Speaker 3: case and the planning that goes along with it. And
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  Speaker 3: then we head over to Nevada where we have a
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  Speaker 3: Supreme Court case where it deals with trust sitis and
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  Speaker 3: no contest clauses. So what is that? So trust citis
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  Speaker 3: is generally where the court what laws govern the trust.
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  Speaker 2: Like if you live in Massachusetts mass laws and you
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  Speaker 2: move to Florida, then Florida does well.
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  Speaker 3: Maybe how do you do that? And how do you
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  Speaker 3: change citis? And can you do it? And does it
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  Speaker 3: affect a no contest clause? And is one state governing
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  Speaker 3: no contest clause is different than another state? Yeah, it
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  Speaker 3: should be interesting. And is there a way to ask
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  Speaker 3: for a change of citis without triggering a no contest clause?
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  Speaker 3: Stay tuned.
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  Speaker 2: I want an iron clad no contest, no shenan against
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  Speaker 2: for these boys.
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  Speaker 3: But folks, these are just some of the issues that
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  Speaker 3: come up in estate planning. And when we're talking about
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  Speaker 3: estate planning, one of the bigger issues that come up
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  Speaker 3: is how to deal with things like an IRA and
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  Speaker 3: life insurance. So seem to be two problematic assets that
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  Speaker 3: nonetheless are part of your estate and you have to
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  Speaker 3: deal with them. So if you are thinking about protecting
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  Speaker 3: assets from the nursing home, and you are doing your
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  Speaker 3: estate planning, so you want to do both estate tax
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  Speaker 3: planning and nursing home planning at the same time, and
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  Speaker 3: you have an IRA, this guide is for you because
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  Speaker 3: it's going to show how you can name the beneficiary
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  Speaker 3: of your IRA your estate, how to do it, when
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  Speaker 3: to do it, and why you can get not only
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  Speaker 3: a state tax savings from the IRA, but also a
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  Speaker 3: fifty percent chance i'm going to say, of protecting it
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  Speaker 3: from the cost of long term care, which is not
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  Speaker 3: hard to do with an IRA, and you can do
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  Speaker 3: the same thing with life insurance. But with life insurance,
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  Speaker 3: as soon as you die, it goes into a testamentary
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  Speaker 3: trust and then it would be protected from the cost
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  Speaker 3: of long term care. And yes, the trust testamentary trusts
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  Speaker 3: are explained in here as well. Folks. I can't say
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  Speaker 3: enough about the guide eight six six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange show dot com.
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  Speaker 3: Name your estate, the beneficiary of your IRA, and why
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  Speaker 3: it's important eight six six eight four eight five six
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  Speaker 3: ninety nine or Legal Exchange show dot com. Let's head
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  Speaker 3: over to Ohio, the Southern District of Ohio. So we
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  Speaker 3: have Alex and Joanne who get married in June of
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  Speaker 3: two thousand and eight. By the way, I'll just throw
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  Speaker 3: out that he's fifty eight years old and she's eighty one,
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  Speaker 3: So just yeah, a little little age difference there. And
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  Speaker 3: the prenup is done, and the prenup states that Alex
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  Speaker 3: would get Joanne's Florida condo following Joanne's death. I remember
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  Speaker 3: she's the eighty one year old in exchange for his
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  Speaker 3: waiving his spousal rights down the line against a will.
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  Speaker 3: So he's giving up the right to challenge his forced
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  Speaker 3: rights as a spouse in exchange for getting this hospital. Well,
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  Speaker 3: in twenty fifteen, Joanne executes a will which followed the
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  Speaker 3: terms of the prenup. Makes sense, house goes to Alex
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  Speaker 3: twenty twenty. She starts to have some decline. Remember she
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  Speaker 3: was eighty one way back when so twenty twenty, she's
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  Speaker 3: like ninety something. Now, okay, she suffers a fall, and
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  Speaker 3: in twenty twenty three, Joanne's adopted daughter rekindles the relationship.
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  Speaker 3: Convenient adopted, not step will make a distinction of that
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  Speaker 3: going forward. Then Joanne starts involving herself, you know, in
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  Speaker 3: Joanne Laurie I'm sorry, starts out involving herself in Joanne's
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  Speaker 3: legal financial, medical affairs. Joanne begins making changes to her
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  Speaker 3: own estate planning documents. Well I'm not sure she's doing
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  Speaker 3: it on her own. So the documents then come out.
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  Speaker 3: There's a new power of attorney appointing Laurie the daughter,
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  Speaker 3: a condicil to the will done.
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  Speaker 2: So she's still married at this point, right, oh yeah, yeah.
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  Speaker 3: Okay, a codicil to the wills done, appointing the condo
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  Speaker 3: to Laurie. Ooh oh boy. And then indeed is executed
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  Speaker 3: by Laurie as power of attorney for Joanne, transferring the
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  Speaker 3: condo to Laurie's new trust that I'm sure benefits Laurie,
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  Speaker 3: or condo to not Laurie's new trust, but to Joanne's
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  Speaker 3: new trust, which probably benefits Laurie.
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  Speaker 1: Well.
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  Speaker 3: February twenty twenty four. About a year later, Joanne dies
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  Speaker 3: Alex then files a declared judgment seeking for enforcement of
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  Speaker 3: the prenup, which makes sense. Lourie files a motion to dismiss,
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  Speaker 3: saying he failed to state a claim. The District Court
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  Speaker 3: denies Lurie's motion, stating that you know, if a contract
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  Speaker 3: exists and it's unambiguous, then the court consider emotion to dismiss.
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  Speaker 3: But it found the terms of this this prenup to
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  Speaker 3: be ambiguous and sufficient facts were pled to survive the
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  Speaker 3: motion to dismiss. Send it back and let's find out
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  Speaker 3: who gets what here. So I don't give you no
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  Speaker 3: answer one.
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  Speaker 2: I told you about these cases that just never ending
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  Speaker 2: stories over here.
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  Speaker 3: So this one is another no answer case and it
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  Speaker 3: got to go back. But it makes sense. I mean,
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  Speaker 3: you can't file emotion to dismiss. You've got to address
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  Speaker 3: the prenup here. But folks, the tips and lessons we
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  Speaker 3: want from this is, you know, whenever you have a
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  Speaker 3: second marriage, clearly you got to get your estate plan
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  Speaker 3: in order, right. You got to make sure you put
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  Speaker 3: your estate plan together. And by the way, pups generally
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  Speaker 3: covered divorces doesn't always need to cover estate planning or death,
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  Speaker 3: but it covers divorce.
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  Speaker 2: Yeah. See, I never knew a prenup could cover anything
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  Speaker 2: but a divorce.
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  Speaker 3: Yeah, And there's some gray area here, right, so you
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  Speaker 3: should always, like I say, get your state plan in
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  Speaker 3: order after a second marriage. Now, remember, Joanne could have
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  Speaker 3: provided if she did her planning, got her plan updated,
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  Speaker 3: that the house can be held in trust. Where was
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  Speaker 3: the trust earlier, Joanne? Yeah, then you know, a year
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  Speaker 3: before you died, could either go to Alex or in
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  Speaker 3: the event, it could be held in trust for Alex,
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  Speaker 3: provided he pays all the expenses, and then it could
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  Speaker 3: go to the adopted daughter later. M hm. So you
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  Speaker 3: could take care of that. Well, that's a problem, you
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  Speaker 3: might say, because Todd, there's a huge age difference. It's
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  Speaker 3: possible that the daughter is the same age as the stepfather, but.
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  Speaker 2: She already agreed to give him that place as part
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  Speaker 2: of their prena.
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  Speaker 3: I know. And that's but I'm just playing out some facts, right,
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  Speaker 3: So even if there was an age difference, they could
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  Speaker 3: have agreed otherwise to say, the house goes directly to Alex,
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  Speaker 3: but give all the money to the daughter right now
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  Speaker 3: so that she doesn't have to wait as long, Yeah,
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  Speaker 3: to get something, and the stepfather has a place to
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  Speaker 3: live and taking care of which kind of makes sense
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  Speaker 3: because even if is your stepfather, and what are you
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  Speaker 3: gonna do make this guy homeless? I mean, it's kind
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  Speaker 3: of if that's where they're living, then that's where they're living.
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  Speaker 3: The bigger problem I have here is, yes, I would
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  Speaker 3: say absolutely argue that you got to enforce the prena,
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  Speaker 3: But where's the undue influence argument?
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  Speaker 2: Yeah, you're not kidding.
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  Speaker 3: I mean it seems to me that this is clear
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  Speaker 3: under influence. The daughter has a fiduciary relationship because she's
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  Speaker 3: the daughter, helps mom change her estate planning documents. M
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  Speaker 3: H gets herself appointed power of attorney, then suggests a trust.
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  Speaker 3: Then actually, as power of attorney, transfers the deed to
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  Speaker 3: the trust. At the end of the day, she has
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  Speaker 3: more assets than she would have ever had. While that
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  Speaker 3: is the definition of undue influence, and she had been
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  Speaker 3: estranged before eh, mom was on the deathbed. So it's like, yeah,
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  Speaker 3: I agree, force pseudo and force suprenup agreement because that's
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  Speaker 3: a contract. But it would seem to me that if
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  Speaker 3: you challenge the validity of the documents because of undue
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  Speaker 3: influence and those documents are no longer any good. Then
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  Speaker 3: you fall back to the old will that was good,
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  Speaker 3: and that will gives him the house, right, So I
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  Speaker 3: think he's probably gonna win this because maybe in the
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  Speaker 3: remand during the case that we're not hearing yet, he
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  Speaker 3: will make these undue influence arguments. And just lastly, remember, folks,
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  Speaker 3: step people step kids are usually automatically excluded unless you
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  Speaker 3: include them. But in many documents ours included. We define
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  Speaker 3: adopted child to be a child. Yes, an adopted child
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  Speaker 3: is actually in So think of it that way when
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  Speaker 3: you're doing your planning. And folks, when you're thinking about
• 10:06
  Speaker 3: your planning, think about life insurance and iras and how
• 10:10
  Speaker 3: to name them the IRA the beneficiary of your estate.
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  Speaker 3: To get better planning eight six six eight four eight
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  Speaker 2: You've been listening to Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
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  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
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  Speaker 2: Welcome back into the Legal Exchange with Todd Latsky. I'm
• 13:56
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined by Todd Leutsky, a partner with a
• 14:02
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where are we going now, Todd.
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  Speaker 3: We're going to head over to a Supreme Court case
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  Speaker 3: in Nevada, Nevada. Okay, Yeah, what's going on there? So
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  Speaker 3: in Nevada we have a trust citis case. What the
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  Speaker 3: heck is that Richard is the sole benefit beneficiary of
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  Speaker 3: the Richard H. Goldstein irrevocable trust, call it the rhG Trust.
• 14:32
  Speaker 3: This trust was created after his father's family trust. After
• 14:36
  Speaker 3: he died in the family trust, you know, this is
• 14:39
  Speaker 3: his share sure built in we talk about the parent
• 14:42
  Speaker 3: now drafting the documents all the time. Well, now we're
• 14:45
  Speaker 3: looking at it from the other end. We're looking at
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  Speaker 3: it from the son who is a beneficiary under the
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  Speaker 3: parent's estate.
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  Speaker 2: Plan, his inheritance.
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  Speaker 3: This is his inheritance. Well, Richard lives in Nevada, and
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  Speaker 3: the trust is created in Missouri, and it's cited in Missouri.
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  Speaker 3: That's where the r rhG Trust is governed. Bank of
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  Speaker 3: America is the sole trustee and has the sole discretion
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  Speaker 3: over the trust administration and the sole power to change
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  Speaker 3: the trust citis. rhG Trust no has a no contest
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  Speaker 3: clause in it that would simply cause Richard to lose
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  Speaker 3: any of his interest in the trust if he files
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  Speaker 3: a suit challenging the preparation, implementation, or execution of any
• 15:39
  Speaker 3: trust or a state planning document. Now that's interesting because
• 15:44
  Speaker 3: he obviously wants to do something. Let's find out. So
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  Speaker 3: in May of twenty twenty one, Richard asks Bank of
• 15:55
  Speaker 3: America if they would simply change the situs of the
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  Speaker 3: trust to Nevada, which is where he lives. Bank of
• 16:01
  Speaker 3: America denied the request. Well, in May of twenty twenty three,
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  Speaker 3: Richard filed in Nevada's district court to try to have
• 16:08
  Speaker 3: Nevada assume jurisdiction over the trust and to construe for
• 16:13
  Speaker 3: him the trust in a way that permitted him to
• 16:17
  Speaker 3: file a petition to change the SITIS without triggering the
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  Speaker 3: no contest clause. So query whether filing to change SITIS
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  Speaker 3: is affecting the implementation of the trust. Don't really know.
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  Speaker 3: It's kind of a gray area, but I could see
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  Speaker 3: the connection there. Okay, well, Bank of America. So Bank
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  Speaker 3: of America said no, files emotion to dismiss because the
• 16:45
  Speaker 3: court lacked personal jurisdiction over Bank of America because we're
• 16:48
  Speaker 3: not there. Richard argued that you don't need personal jurisdiction,
• 16:52
  Speaker 3: You only need what they call in rem jurisdiction, regardless
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  Speaker 3: of what that is. The District court said no. Bank
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  Speaker 3: of America granted Bank of America's motion, and the Supreme
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  Speaker 3: Court affirmed it, saying you don't have to change, basically
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  Speaker 3: stating that Richard failed to show that Bank of America
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  Speaker 3: had sufficient minimum contacts with Nevada in order to get
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  Speaker 3: the personal jurisdiction over Bank of America to gain the
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  Speaker 3: ability to govern the trust. So you can't do it. Wow,
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  Speaker 3: So this trust is going to stay, right, where it
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  Speaker 3: is in Missouri, and Richard's going to have to live
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  Speaker 3: with the terms.
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  Speaker 2: Well, I don't understand. I mean, maybe it's a tax
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  Speaker 2: thing because Nevada is a tax free state. In Missouri.
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  Speaker 2: If not, the trust easier.
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  Speaker 3: Well, taxes could always play a point, But I think
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  Speaker 3: there was more to do with this no contest clause.
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  Speaker 3: Didn't really tell us he probably doesn't want the no
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  Speaker 3: contest clause. Maybe there's a different Maybe the laws of
• 17:54
  Speaker 3: one state view no contest clauses differently than other states,
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  Speaker 3: more strict less strictly.
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  Speaker 2: How are they construed though, Because he's the only beneficiary,
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  Speaker 2: it's not like he's challenging for a bigger share unless
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  Speaker 2: there were others.
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  Speaker 3: It is strange. You're right, I did say he's the
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  Speaker 3: sole beneficiary of the trust.
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  Speaker 2: Allot, that's just his share and there's a bigger trust
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  Speaker 2: above it.
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  Speaker 3: Yeah, and we'll have to talk. That's what we're going
• 18:16
  Speaker 3: to explore now, folks, because.
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  Speaker 2: This hit them on the phone.
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  Speaker 3: I'd really like to know. I've got a lot of
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  Speaker 3: questions on this case. So the bigger question, though, folks,
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  Speaker 3: is this is this is a trust that was created.
• 18:26
  Speaker 3: We're going to see how it works. So, first of all,
• 18:28
  Speaker 3: trusts work. This is another example of it working, controlling
• 18:32
  Speaker 3: the beneficiary's enjoyment of these assets. And this guide we're
• 18:38
  Speaker 3: given away is another piece of the estate planning puzzle
• 18:41
  Speaker 3: is addressed here deals with life insurance and iras. So
• 18:46
  Speaker 3: if you're trying to do both estate tax planning and
• 18:49
  Speaker 3: nursing home protection, this guide's for you because it explains
• 18:53
  Speaker 3: how naming your estate the direct beneficiary of your life
• 18:56
  Speaker 3: insurance and or the direct beneficiary of your IRA, how
• 19:02
  Speaker 3: to do it, how it works, and how it works
• 19:06
  Speaker 3: with a testamentary trust involved, which is a trust built
• 19:09
  Speaker 3: into your will to provide you with nursing home protection
• 19:13
  Speaker 3: on these assets that are tough to protect and no
• 19:17
  Speaker 3: adverse income or state tax consequences. But you got to
• 19:21
  Speaker 3: follow the rules. Get the guide eight six six eight
• 19:24
  Speaker 3: four eight five six ninety nine or Legal Exchange Show
• 19:28
  Speaker 3: dot com again eight six six eight four eight five
• 19:32
  Speaker 3: six nine nine or Legal Exchange Show dot com. Let's
• 19:37
  Speaker 3: explore this, because you're right, Susan. There's a lot of
• 19:39
  Speaker 3: questions that seem to be unanswered in this case. You're right.
• 19:43
  Speaker 3: If he's the sole beneficiary of the trust, why are
• 19:45
  Speaker 3: we even fighting here, Well, maybe there's I think it
• 19:48
  Speaker 3: has to do with with the powers that may or
• 19:52
  Speaker 3: may not have been given to him in the trust. So,
• 19:55
  Speaker 3: first of all, what is citus citus is the state
• 19:59
  Speaker 3: laws that govern the trust. Now, generally, can you change
• 20:05
  Speaker 3: trustee citus, Yes you can, but you need to change
• 20:10
  Speaker 3: trustee sitis. There needs to be a trustee, a beneficiary,
• 20:13
  Speaker 3: a grant tour someone living in that state to be
• 20:18
  Speaker 3: able to have the state laws apply. So, for example,
• 20:23
  Speaker 3: donor here in Massachusetts creates a trust resides here, but
• 20:28
  Speaker 3: the kids the beneficiaries are out of state. Well that's okay,
• 20:32
  Speaker 3: the donor lives here at the donors trust and certainly
• 20:36
  Speaker 3: when certainly there's minimum contacts right now with the state.
• 20:41
  Speaker 3: Look at you, Susan jumping ahead.
• 20:42
  Speaker 2: I have to because I have clients in the same
• 20:44
  Speaker 2: exact situation.
• 20:45
  Speaker 3: So now if the donor dies and the trustees are
• 20:49
  Speaker 3: now out of state, and the beneficiaries are now out
• 20:52
  Speaker 3: of state, and let's say nobody lives in this state,
• 20:56
  Speaker 3: well now I don't think we have minimum contacts with
• 20:59
  Speaker 3: the state. So then you've got to look to the
• 21:01
  Speaker 3: state where the beneficiaries are, maybe where the trustees are
• 21:05
  Speaker 3: and say, there's minimum contacts there, so we want to
• 21:08
  Speaker 3: have those state laws apply change the state citus. And
• 21:13
  Speaker 3: remember a lot of states are motivated to do this
• 21:19
  Speaker 3: for what you said earlier, Susan. They want to be
• 21:21
  Speaker 3: able to tax the income generated by that trust. So
• 21:26
  Speaker 3: they want the laws of that state to govern.
• 21:29
  Speaker 2: So that's where you pay your taxes wherever the citus is.
• 21:32
  Speaker 3: Yeah, okay, so if the citus remained in Massachusetts, then
• 21:36
  Speaker 3: obviously it could be that the money could be taxed
• 21:39
  Speaker 3: in mass but they wanted taxed in another state. And
• 21:42
  Speaker 3: some states have better taxes.
• 21:44
  Speaker 2: In some states has no tax, so I kind of
• 21:46
  Speaker 2: get that part of it.
• 21:47
  Speaker 3: So Nevada doesn't have an income tax, now do they?
• 21:50
  Speaker 3: I don't know. So that's that's fine.
• 21:51
  Speaker 2: How much gambling they've they've they fut the bill for that.
• 21:54
  Speaker 3: I'm sure they do. So that would you know, that
• 21:57
  Speaker 3: would work and that might be part of the reason. Now,
• 22:01
  Speaker 3: remember this is a subtrust right, so the kids also
• 22:04
  Speaker 3: likely could have the trustee could also likely have control
• 22:08
  Speaker 3: over the distributions to this child. And so that says
• 22:11
  Speaker 3: sole discretionary distributions. But remember those are really great because
• 22:16
  Speaker 3: those allow you to have the child not own it. Yeah,
• 22:20
  Speaker 3: it could pass to grandchildren as state tax free divorce
• 22:24
  Speaker 3: proof that kid Richard could get divorced or have a
• 22:26
  Speaker 3: creditor chasing him of some kind and leaving the money
• 22:29
  Speaker 3: in here means it's not going to be taken from
• 22:32
  Speaker 3: him to pay the creditor. So to me, this is great.
• 22:35
  Speaker 3: I love this sole discretionary powers that are that are
• 22:39
  Speaker 3: in this trust. But remember when you're drafting this, and
• 22:44
  Speaker 3: you should think about it, and we do all the time,
• 22:47
  Speaker 3: that maybe there should be language giving the children great power,
• 22:53
  Speaker 3: the power to remove and replace.
• 22:55
  Speaker 2: We have great power comes.
• 22:57
  Speaker 3: Great responsibility, no Spider Man references. But in this case,
• 23:03
  Speaker 3: you know, if that's in there, then you could remove
• 23:05
  Speaker 3: Bank of America and put another independent trustee again independent,
• 23:10
  Speaker 3: not related or support it. So, folks, there's plenty of
• 23:13
  Speaker 3: power you could give the kids in there. And again
• 23:15
  Speaker 3: I don't know if that power existed in this trust
• 23:17
  Speaker 3: or not, but again, trust planning works, folks. Learn how
• 23:21
  Speaker 3: to protect your IRA and your life insurance from the
• 23:24
  Speaker 3: Nursing Home call and get the guide eight six six
• 23:28
  Speaker 3: eight four eight five six ninety nine or Legal Exchange
• 23:32
  Speaker 3: show dot com and you can download it for free.
• 23:34
  Speaker 2: Right there, You've been listening to Todd Lutsky, a partner
• 23:37
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 23:41
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
• 23:45
  Speaker 2: is going to be answering your listener questions when we
• 23:47
  Speaker 2: return in just a few moments on the Legal Exchange
• 23:51
  Speaker 2: with Todd Lutsky.
• 23:52
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
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  Speaker 1: tells a story, a story of hard work, smart choices
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• 24:42
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• 24:43
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
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• 24:49
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  Speaker 5: Inflation, housing costs and rising interest rates are putting pressure
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• 26:54
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 26:57
  Speaker 1: Ask Todd, the segment where Tom will answer your questions
• 27:01
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:05
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:10
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:13
  Speaker 2: for you. Our first question comes from Paul in Westboro,
• 27:16
  Speaker 2: mass And Paul writes, a married friend of mine with
• 27:20
  Speaker 2: assets of two to three million wants an estate plan,
• 27:23
  Speaker 2: but her husband is not interested Rowe. She has four
• 27:27
  Speaker 2: children from a previous marriage that she would like to
• 27:30
  Speaker 2: include in her estate. Her name is on the house,
• 27:33
  Speaker 2: but that's about all. Can she set up a trust
• 27:36
  Speaker 2: in her name only? She is sixty four and still
• 27:39
  Speaker 2: working and he is seventy five and retired. She is
• 27:42
  Speaker 2: concerned that if she were to die first, her kids
• 27:45
  Speaker 2: would be left out permanently from any assets.
• 27:48
  Speaker 3: Well, that of course is the risk you have with
• 27:50
  Speaker 3: every second marriage if you don't plan, right, you have
• 27:54
  Speaker 3: to just assume, folks, if you get married and you
• 27:57
  Speaker 3: don't plan, that risk is going to exist, right, There's
• 28:01
  Speaker 3: no way around it short of planning. So yes, I
• 28:05
  Speaker 3: think at a bare minimum, your friend needs to to
• 28:08
  Speaker 3: do some planning. Now. The fact that the husband's not
• 28:11
  Speaker 3: interested is not helpful, but not completely going to foreclose
• 28:16
  Speaker 3: her ability to plan. So she would have to come
• 28:20
  Speaker 3: in and say, I'm doing a state planning only for me.
• 28:23
  Speaker 3: Problem is, doesn't sound like she has a lot of
• 28:25
  Speaker 3: other assets. At least from when I heard this, it
• 28:28
  Speaker 3: sounds like I'm going to assume the home is in
• 28:31
  Speaker 3: her name, which is what you said, and I'm assuming
• 28:34
  Speaker 3: it's all in her name.
• 28:36
  Speaker 2: Maybe I don't know, maybe it is.
• 28:38
  Speaker 3: So let's say she at least owns the entire house,
• 28:40
  Speaker 3: and maybe.
• 28:41
  Speaker 2: Yeah, because it says her name is on the house,
• 28:42
  Speaker 2: but that's about all yep.
• 28:45
  Speaker 3: So So if if that's the case, and she at
• 28:49
  Speaker 3: least owns the house, well she can put the house
• 28:51
  Speaker 3: in her trust maybe joint.
• 28:53
  Speaker 2: Other assets could be joint. Do you think the not
• 28:56
  Speaker 2: the house, but the other assets could be joint. That's
• 28:58
  Speaker 2: why she's afraid her kids will be because it'll all
• 29:02
  Speaker 2: go back to him.
• 29:03
  Speaker 3: Well, let's play out that string, right, So let's assume
• 29:06
  Speaker 3: the other assets are joint, the investment accounts, the bank accounts,
• 29:09
  Speaker 3: the brokerage accounts. She could technically set up the trust
• 29:14
  Speaker 3: on her own, and let's just say for now it's
• 29:17
  Speaker 3: a revocable trust. She could be the donor and the trustee.
• 29:21
  Speaker 3: We don't need him to sign. She could put her
• 29:23
  Speaker 3: house into that trust, and then she can actually go
• 29:27
  Speaker 3: because if they're joint, I believe the joint owner can
• 29:31
  Speaker 3: walk in and take out half the money. You don't
• 29:33
  Speaker 3: need the other joint owner's name to sign if it's
• 29:37
  Speaker 3: just joint, so she could go in. Technically, she could
• 29:42
  Speaker 3: go in and take all the money, but I'm not
• 29:44
  Speaker 3: suggesting that. Sure of course she should go in and
• 29:48
  Speaker 3: take her half and put it in to a new account,
• 29:52
  Speaker 3: but in her trust name. Now she can design that
• 29:57
  Speaker 3: trust to take care of her spouse. Is not saying
• 30:01
  Speaker 3: I don't want to not take care of my spouse.
• 30:04
  Speaker 3: I do, but at least this way I can have
• 30:07
  Speaker 3: the trust become irrevocable the moment I die. I could
• 30:12
  Speaker 3: put the trustee on as her kids yep. Arguably if
• 30:17
  Speaker 3: he doesn't want to participate. S I mean, I would
• 30:20
  Speaker 3: want him to be trustee if if he wanted to participate,
• 30:25
  Speaker 3: or him and one of her kids so that there's
• 30:28
  Speaker 3: two serving yep, so they each have some checks and
• 30:32
  Speaker 3: balances on each other. And then put language in the
• 30:35
  Speaker 3: trust that says, you know, the property located at XYZ
• 30:39
  Speaker 3: can be held in trust, maintained in trust as long,
• 30:43
  Speaker 3: you know, for the life of my spouse until such
• 30:47
  Speaker 3: time as he either moves out or doesn't want to
• 30:49
  Speaker 3: live there, dies, doesn't pay the bills, doesn't maintain the property,
• 30:53
  Speaker 3: you know, let's put some some strict language in there
• 30:56
  Speaker 3: for that. If any of those events happen, then the
• 31:00
  Speaker 3: property goes to my kids.
• 31:01
  Speaker 2: Because she's not looking necessarily to kick her husband and
• 31:04
  Speaker 2: have me evicted if she dies. She's just looking to say, yes,
• 31:07
  Speaker 2: stay here, but ultimately I want to go to my kids.
• 31:10
  Speaker 3: That's exactly what this language is do. And even the money,
• 31:13
  Speaker 3: the money that's in there could be held and invested
• 31:15
  Speaker 3: where he could have an income from it. Maybe principle
• 31:18
  Speaker 3: as needed to maintain his standard of living. So again
• 31:21
  Speaker 3: with a check and balance as trustee, with one kid
• 31:24
  Speaker 3: of hers and him serving, I think we can get there.
• 31:27
  Speaker 3: So and all of that done. Now we're taking care
• 31:30
  Speaker 3: of her side of the family, taking care of him,
• 31:34
  Speaker 3: and at the same time providing a state tax planning,
• 31:38
  Speaker 3: because whatever's in there at least is going to be
• 31:39
  Speaker 3: sheltered and that makes his estate less. And of course
• 31:44
  Speaker 3: those assets that are now joined that are in his
• 31:46
  Speaker 3: name alone, he'll have to figure out. That'll kind of
• 31:49
  Speaker 3: force him to figure out what he wants to do
• 31:51
  Speaker 3: with his stuff. So I think there's planning that can
• 31:55
  Speaker 3: be done. It's not as easy, but then again, state
• 31:57
  Speaker 3: planning isn't always easy, of which dealing with iras and
• 32:02
  Speaker 3: life insurance is also not always easy in your estate plan.
• 32:06
  Speaker 3: But this guide explains how to name life insurance the
• 32:10
  Speaker 3: direct beneficiary your estate and the IRA the beneficiary your estate.
• 32:17
  Speaker 3: Has to be done with following several rules based on
• 32:20
  Speaker 3: your age using a testamentary trust, but at the end
• 32:24
  Speaker 3: of the day, you'll be able to shelter these assets
• 32:28
  Speaker 3: from estate taxes. You'll be able to protect them from
• 32:33
  Speaker 3: the cost of nursing home care, which is a huge
• 32:36
  Speaker 3: hurdle for iras, and you can do it all without
• 32:39
  Speaker 3: causing any problems with required minimum distributions on the income
• 32:43
  Speaker 3: tax side and or any estate tax negative consequences. Folks,
• 32:49
  Speaker 3: it's relatively new. Stuff came out in twenty twenty two.
• 32:53
  Speaker 3: Learn how to do it eight six six eight four
• 32:56
  Speaker 3: eight five six nine to nine or Legal Exchange Show
• 32:59
  Speaker 3: dot com. Get the guide and learn how this works
• 33:03
  Speaker 3: eight six six eight four eight five six ninety nine
• 33:07
  Speaker 3: or Legal Exchange Show dot com.
• 33:09
  Speaker 2: Our last question comes from Rita in Newburyport, mass And
• 33:12
  Speaker 2: Rita writes, my mom is eighty four and needs to
• 33:16
  Speaker 2: go into a nursing home. She has mobility issues, but
• 33:19
  Speaker 2: other than that, she is relatively healthy. She has around
• 33:22
  Speaker 2: four hundred thousand in the bank and we are wondering
• 33:25
  Speaker 2: if there's anything that can be done now to try
• 33:28
  Speaker 2: and protect this money. Are we too late?
• 33:31
  Speaker 3: So it sounds like it says needs to go into
• 33:33
  Speaker 3: a nursing home now, So you're never too late, you know,
• 33:38
  Speaker 3: So eighty four, it seems like the facts are like
• 33:41
  Speaker 3: there's a big lift here. It's not too late. So
• 33:45
  Speaker 3: at this point, you know, I'm guessing that you said
• 33:51
  Speaker 3: she has just the four hundred thousand no real estate.
• 33:53
  Speaker 2: Or she she didn't specify.
• 33:56
  Speaker 3: So if she owns a home or not, Now that's
• 33:58
  Speaker 3: the big issue, right, Yeah, So if there's a home,
• 34:02
  Speaker 3: the home can be considered non countable. When you're entering
• 34:07
  Speaker 3: a nursing home, even if you're single, which I suspect
• 34:09
  Speaker 3: she is at this point, Yes, waidoed or whatnot, it
• 34:13
  Speaker 3: can be considered non countable as long as the value.
• 34:16
  Speaker 3: The new rule under the BBBA Act says that the
• 34:21
  Speaker 3: value of the home can't be more than a million dollars,
• 34:25
  Speaker 3: even though in mass it was higher than that before
• 34:27
  Speaker 3: this act. So if it's a million or less and
• 34:32
  Speaker 3: it's her primary residence and she intends to return home,
• 34:35
  Speaker 3: we can make the house at least non countable, not
• 34:39
  Speaker 3: necessarily non leanable, but non countable, so it won't prevent
• 34:45
  Speaker 3: her from getting on Medicaid, which I think is the goal. Yep.
• 34:49
  Speaker 3: Then we turn our attention to the four hundred thousand
• 34:52
  Speaker 3: dollars rights.
• 34:53
  Speaker 2: What she can have two grand?
• 34:55
  Speaker 3: Yeah, so how do you go from Yeah, so you
• 34:58
  Speaker 3: got to get that down to two thousand. Do so
• 35:00
  Speaker 3: you got three hundred and ninety eight thousand dollars to
• 35:02
  Speaker 3: deal with well in that front, at eighty four, I
• 35:07
  Speaker 3: would probably look into a medicaid annuity. I think she'll
• 35:11
  Speaker 3: be fine. You could probably still get seven eight year
• 35:17
  Speaker 3: term based on her life expectancy. If I had to guess,
• 35:20
  Speaker 3: I have to look at the tables. But as long
• 35:23
  Speaker 3: as we buy that medicaid annuity, we can convert that
• 35:27
  Speaker 3: into an income stream and she will be able to
• 35:31
  Speaker 3: become eligible for Medicaid.
• 35:33
  Speaker 2: So it's no longer considered an asset.
• 35:35
  Speaker 3: Right the moment you take that. Let's say there's three
• 35:37
  Speaker 3: hundred ninety eight thousand dollars, and we divided by eight years,
• 35:41
  Speaker 3: divided by twelve months, you're going to get a number.
• 35:45
  Speaker 3: That number is a monthly check that she will be
• 35:47
  Speaker 3: receiving for the next eight years every month. And because
• 35:53
  Speaker 3: of that, it converted that asset to an income stream.
• 35:58
  Speaker 3: And so now as long as that income coming from
• 36:01
  Speaker 3: that annuity, which is not going to be huge, plus
• 36:04
  Speaker 3: her Social Security is less than say sixty five or
• 36:07
  Speaker 3: seven sixty five hundred or seven thousand dollars up, she's
• 36:11
  Speaker 3: gonna get on Medicaid, okay, and there will be a
• 36:13
  Speaker 3: payback provision. So in the event she passes away, the
• 36:17
  Speaker 3: state will be named as the primary beneficiary for the
• 36:20
  Speaker 3: amount paid on her behalf, so there is a payback,
• 36:23
  Speaker 3: but it slows the bleeding. Folks. Learn how to protest
• 36:26
  Speaker 3: for money. You want to protect an IRA and life insurance,
• 36:29
  Speaker 3: you got to get the guide and learn how it
• 36:31
  Speaker 3: works eight six six eight four eight five six nine
• 36:34
  Speaker 3: nine or Legal Exchange Show dot com.
• 36:38
  Speaker 2: If you have a question you would like to ask Todd,
• 36:40
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:44
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:46
  Speaker 2: read your question on the air, and hopefully his answer
• 36:49
  Speaker 2: will stop you from becoming one of his next real
• 36:51
  Speaker 2: life stories. You've been listening to Todd Lutski, a partner
• 36:55
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 36:59
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We're going
• 37:03
  Speaker 2: to take a quick break, but we'll be back with
• 37:05
  Speaker 2: more on the Legal Exchange with Todd Ludski.
• 37:09
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 37:12
  Speaker 1: tells a story, a story of hard work, smart choices,
• 37:16
  Speaker 1: and the future you envision for your family. One way
• 37:19
  Speaker 1: to help that story end well is to make a
• 37:21
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 37:24
  Speaker 1: Cushing and Dolan IRA and Life Insurance Planning Estate tax
• 37:28
  Speaker 1: Strategies in Nursing Home Protection explains how naming your estate
• 37:31
  Speaker 1: is the beneficiary of your IRA or life insurance cannot
• 37:34
  Speaker 1: a layer of tax efficiency in nursing home protection while
• 37:37
  Speaker 1: still allowing your spouse access when it matters. It's about
• 37:40
  Speaker 1: keeping more of what you've built, working for your loved
• 37:43
  Speaker 1: ones now and in the years to come. Get your
• 37:46
  Speaker 1: free copy today by calling eight six six eight four
• 37:49
  Speaker 1: eight five six nine nine. That's eight six six eight
• 37:52
  Speaker 1: four eight five six nine nine, or you can request
• 37:54
  Speaker 1: it online from our website Legal exchange show dot com.
• 37:58
  Speaker 1: The proceeding was paid for in the musics rest are
• 38:00
  Speaker 1: solely those of Cushing and Dolan. Cushingan Dolan, d Ormstrong
• 38:02
  Speaker 1: Advisory may contact you offering legal or investment services. Cushing
• 38:05
  Speaker 1: and Dolan and Armstrong Advisory do not endorse each other
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  Speaker 8: This is Michael Valila, adjudent of the Disabled American Veterans
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  Speaker 4: Artificial intelligence is changing the way companies invest in how
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  Speaker 4: a complex landscape for investors. This is Mike Armstrong from
• 39:53
  Speaker 4: the Armstrong Advisory Group and we're hosting two financial seminars
• 39:57
  Speaker 4: this fall to help you understand what it all means.
• 40:00
  Speaker 4: Join us at Margaritaville Resort, Cape cod on October ninth,
• 40:03
  Speaker 4: or at the showcase Super Lucks and Chestnut Hill on
• 40:05
  Speaker 4: October sixteenth. Call eight hundred three nine three four zero
• 40:08
  Speaker 4: zero one to reserve your seat. We'll talk about how
• 40:11
  Speaker 4: diversification and preparation may help you navigate uncertainty. So your
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  Speaker 4: plan is ready, don't miss this chance to get a
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  Speaker 4: clearer picture of your financial future. Register today by calling
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  Speaker 4: eight hundred three nine three four zero zero one. We're
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  Speaker 4: on our website Armstrong Advisory dot com.
• 40:27
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:31
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 40:34
  Speaker 1: your own financial, tax, intestate planning advisors before making any
• 40:36
  Speaker 1: investment decisions. Armstrong may contact you to offer investment advisory services.
• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:46
  Speaker 1: Todd right now at eight six six eight four eight
• 40:49
  Speaker 1: five six nine nine and let him make sure your
• 40:51
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• 40:54
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:57
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into Leal Exchange with Todd Lutsky. I'm Susan Powers,
• 41:04
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm joined,
• 41:07
  Speaker 2: of course by Todd Lutsky, a partner with the law
• 41:10
  Speaker 2: firm of Cushing and Dolan with a master's in taxation.
• 41:14
  Speaker 2: I have my own real life story for you today,
• 41:16
  Speaker 2: Todd to talk about. So we have mutual clients. They
• 41:20
  Speaker 2: are eighty one right, there's they are eighty one and
• 41:25
  Speaker 2: seventy four. They created two irrevocable trusts with you back
• 41:30
  Speaker 2: in twenty eleven, so we're well past the five years.
• 41:33
  Speaker 2: So in their trust they have their home worth around
• 41:36
  Speaker 2: six twenty five, they each own half, and then they
• 41:39
  Speaker 2: have two investment accounts worth around three million.
• 41:42
  Speaker 3: So is the six twenty five half and half and
• 41:45
  Speaker 3: a million?
• 41:45
  Speaker 2: Two no, no, no twenty five, so it's three in change,
• 41:49
  Speaker 2: got it go ahead? And then they each have around
• 41:52
  Speaker 2: one and a half million in their trust investment accounts
• 41:57
  Speaker 2: okay outside of their trust, very nominal bank accounts. But
• 42:03
  Speaker 2: then he has an IRA worth around eight hundred and
• 42:07
  Speaker 2: then she has an IRA worth around three hundred, and
• 42:11
  Speaker 2: both of their trusts have creditor protection language in there.
• 42:14
  Speaker 2: They have an only son, so they wanted to divorce
• 42:17
  Speaker 2: proof and creditor protect. So they were listening to the
• 42:22
  Speaker 2: show and they sent an email asking, right, well, they
• 42:27
  Speaker 2: heard you talking about the testamentary trust because they have,
• 42:32
  Speaker 2: you know, over a million dollars in iras they couldn't
• 42:35
  Speaker 2: protect in advance, So they wanted to know if they
• 42:38
  Speaker 2: consider doing this testamentary trust, would they still be able
• 42:44
  Speaker 2: to maintain the creditor protection language that is in their trust.
• 42:49
  Speaker 2: The arevocable trust for their son.
• 42:51
  Speaker 3: Yeah. Yeah, so this has got a lot of stuff
• 42:54
  Speaker 3: going on, but the focus is just on the eight
• 42:56
  Speaker 3: hundred and.
• 42:57
  Speaker 2: The three the iras.
• 42:58
  Speaker 3: Yeah. So folks, remember they already have the two irrevocable
• 43:02
  Speaker 3: trusts that have assets in them, in this case a
• 43:04
  Speaker 3: good amount you know, a six twenty five house and
• 43:07
  Speaker 3: three million divide by two in these trusts.
• 43:09
  Speaker 2: So yeah, a lot of money in the trust.
• 43:11
  Speaker 3: You've got about a million eight in each trust in
• 43:14
  Speaker 3: terms of assets. So great, that's helping from the state,
• 43:19
  Speaker 3: tax planning, that's probate avoided, that's nursing home protected, that's
• 43:24
  Speaker 3: creditor controlled for their kids, divorce proofd right. So this
• 43:29
  Speaker 3: is these are doing all of those things, and I'm
• 43:32
  Speaker 3: just going to take them innute. I know it's not
• 43:34
  Speaker 3: part of the question, but just when I look at this,
• 43:39
  Speaker 3: I say, wow, because we've got all those benefits going on,
• 43:45
  Speaker 3: and they've had.
• 43:46
  Speaker 2: This trust for twenty eleven.
• 43:48
  Speaker 3: Wow, and their life hasn't been disrupted. No, not not
• 43:51
  Speaker 3: calling complaining about how burdensome the trust is or.
• 43:54
  Speaker 2: No, and they don't they have I don't. They don't
• 43:57
  Speaker 2: use the assets in the trust. They've done a little
• 43:59
  Speaker 2: bit gifting but other than that, they don't rely on.
• 44:02
  Speaker 3: But they could, by the way the money say for them.
• 44:05
  Speaker 2: Yeah, there was a short time they took the income
• 44:07
  Speaker 2: out and they decided they didn't really need it anymore.
• 44:10
  Speaker 2: So yeah, life goes on.
• 44:11
  Speaker 3: Yeah, So this is I think a side point, folks,
• 44:14
  Speaker 3: that these irrevocable trusts are doing all these things. This person,
• 44:17
  Speaker 3: this family has had it for years and basically their
• 44:20
  Speaker 3: life goes on unaffected. That for all you folks that
• 44:23
  Speaker 3: think you lose control and give up stuff, it's it's
• 44:25
  Speaker 3: not clearly not the case. Okay, So that's all off
• 44:29
  Speaker 3: the table. But and back then, we didn't have this
• 44:32
  Speaker 3: option we're about to talk about now. This option came
• 44:35
  Speaker 3: out in twenty twenty two under the Secure Act. Okay,
• 44:39
  Speaker 3: so the option is now to say, all right, what
• 44:42
  Speaker 3: do we do with his eight hundred or her three hundred?
• 44:44
  Speaker 2: Actually, if I can interrupt you for one second, just
• 44:46
  Speaker 2: to kind of show how these trusts change with you
• 44:50
  Speaker 2: as your life changed. Sure, when they first did it,
• 44:53
  Speaker 2: their some was younger, he was not married, he wasn't
• 44:55
  Speaker 2: even thinking about that. They since went back in and
• 45:00
  Speaker 2: did an amendment with your firm to divorce proof and
• 45:03
  Speaker 2: to credit or protect so that was added on later on,
• 45:06
  Speaker 2: so that it's it's adapted with their life that's changed
• 45:09
  Speaker 2: throughout the years.
• 45:11
  Speaker 3: Well, let me do this. Let me explain to you.
• 45:13
  Speaker 3: This is what I'm about to explain to you is
• 45:16
  Speaker 3: in this guide how to name your IRA the beneficiary
• 45:21
  Speaker 3: of your estate, what those rules are surrounding doing that,
• 45:25
  Speaker 3: How to name your life insurance if you have it.
• 45:28
  Speaker 3: The beneficiary is your estate coupled with that testamentary trust
• 45:32
  Speaker 3: which is also described in here, to show how those
• 45:35
  Speaker 3: two items work together to provide estate, tax planning, nursing
• 45:40
  Speaker 3: home protection on yes, an IRA, which has always been
• 45:43
  Speaker 3: hard to do, all without creating adverse income tax consequences
• 45:48
  Speaker 3: that surround iras. Folks, it's a mouthful. Get the guide
• 45:52
  Speaker 3: learn how it works eight six six eight four eight
• 45:56
  Speaker 3: five six nine to nine or Legal Exchange Show dot
• 45:59
  Speaker 3: com again eight six six eight four eight five six
• 46:03
  Speaker 3: nine nine or Legal Exchange Show dot Com. All right,
• 46:08
  Speaker 3: back to the these folks. All right, so we've got
• 46:11
  Speaker 3: let's take the eight hundred thousand dollars IRA. Looks like
• 46:14
  Speaker 3: it's husband's. First thing we would do is can we
• 46:17
  Speaker 3: name the estate the beneficiary? The first rule you need
• 46:19
  Speaker 3: to look at is how old is this person? Oh,
• 46:22
  Speaker 3: seventy four, eighty one.
• 46:24
  Speaker 2: Eighty one, and in feeling health too, it's.
• 46:27
  Speaker 3: Okay, so eighty one years old, as long as you
• 46:31
  Speaker 3: are seventy three. For the most part, I think there's
• 46:36
  Speaker 3: going to be some changes that make it seventy five
• 46:38
  Speaker 3: for younger people for older people. If you are age
• 46:43
  Speaker 3: seventy three, that is the required beginning date the RBD
• 46:47
  Speaker 3: in which you must take out minimum distributions from your IRA.
• 46:52
  Speaker 3: If you've reached that age, then you can name your
• 46:57
  Speaker 3: estate the beneficiary of the eye. That's important age because
• 47:03
  Speaker 3: the minimum distributions that will come out when you die,
• 47:07
  Speaker 3: right when you die will be based on your ghost
• 47:11
  Speaker 3: life expectancy. So if you died at eighty one, it
• 47:16
  Speaker 3: will come out over an eighty one year old's life expectancy. Okay,
• 47:20
  Speaker 3: if you had named a spouse. Now this is a
• 47:22
  Speaker 3: bigger age difference that I'm used to seeing, But if
• 47:25
  Speaker 3: you had named the spouse, it would come out over
• 47:27
  Speaker 3: the spouse's life expectancy. Generally, the age isn't too different,
• 47:31
  Speaker 3: and even here it's not too different enough to make
• 47:34
  Speaker 3: the minimum distribution an income tax problem. Okay, so that's great.
• 47:41
  Speaker 3: Now if you happen to name if you named your
• 47:45
  Speaker 3: estate thera, I'm sorry. If you named the beneficiar of
• 47:48
  Speaker 3: your IRA your estate and you were not seventy three
• 47:52
  Speaker 3: and died before you reached seventy three, yep, then these
• 47:57
  Speaker 3: IRA distributions will come out over five.
• 48:00
  Speaker 2: Years, which wouldn't be so hot if you have a
• 48:02
  Speaker 2: larger iron.
• 48:03
  Speaker 3: Eight hundred thousand dollars coming out over five years could
• 48:06
  Speaker 3: cause an income tax issue. So that's the income tax play.
• 48:09
  Speaker 3: But now we know what that rule is. Okay, no
• 48:11
  Speaker 3: problem here, then we simply put that together. The only
• 48:15
  Speaker 3: other change that this client's going to need to do
• 48:18
  Speaker 3: is their existing trusts are fine, that's not going to
• 48:21
  Speaker 3: be affected. That all the benefits that have been going
• 48:24
  Speaker 3: on with those existing trusts will remain unaffected. But if
• 48:28
  Speaker 3: I pull their file, I'm going to find a will
• 48:30
  Speaker 3: that is a poor overwill that puts assets into their
• 48:34
  Speaker 3: existing irrevocable trusts when they die, perfectly normal thing to
• 48:38
  Speaker 3: do until twenty twenty two. And now if they come in,
• 48:42
  Speaker 3: we can do a new will, and in the new
• 48:46
  Speaker 3: will there will be a trust built into the will.
• 48:49
  Speaker 3: That's the testamentary trust that we talk about. Yep. So
• 48:52
  Speaker 3: that's that new trust that's built into the will. So
• 48:55
  Speaker 3: now with the IRA not going directly to the spouse,
• 48:59
  Speaker 3: it will go directly to this will trust. Yes, it
• 49:02
  Speaker 3: will have to go to probate. It's one item, folks.
• 49:05
  Speaker 3: It's not a reason enough not to do this when
• 49:08
  Speaker 3: you compare it to the benefits you get. So now
• 49:12
  Speaker 3: that IRA hits this will trust change the account and
• 49:17
  Speaker 3: the language in this trust says income and principle both
• 49:22
  Speaker 3: better than the trust. They have. Income and principle can
• 49:26
  Speaker 3: go to the surviving spouse. So now the wife can
• 49:29
  Speaker 3: continue to enjoy this entire IRA, just like she could
• 49:34
  Speaker 3: the old way.
• 49:36
  Speaker 2: So no limits to what she can take out.
• 49:39
  Speaker 3: She can take out the income and the principle, and
• 49:41
  Speaker 3: the trustee can give it to her. Of course, the
• 49:43
  Speaker 3: regular income tax rules apply. It's now sheltered for a
• 49:47
  Speaker 3: state taxes, So in the event wife dies later, this
• 49:51
  Speaker 3: is tucked away in this trust, sheltered for a state taxes.
• 49:54
  Speaker 3: And more importantly, again wife's seventy four, maybe in a
• 49:58
  Speaker 3: year she has a nursing home need. It's protected from
• 50:01
  Speaker 3: the nursing home. Whereas right away, right away once he
• 50:04
  Speaker 3: passed no five year waiting period versus if it had
• 50:06
  Speaker 3: gone to the spouse, it would have created a it
• 50:09
  Speaker 3: would still be at risk. Yeah and so and lastly
• 50:13
  Speaker 3: when he when he dies and when she dies, the
• 50:16
  Speaker 3: assets can be held for the child. Same divorce proof
• 50:20
  Speaker 3: language as of the other trust folks. Lots you can get.
• 50:24
  Speaker 3: Lots of benefits come from learning how these iras and
• 50:28
  Speaker 3: life insurance ideas work coupled with your estate plan. Get
• 50:32
  Speaker 3: this guide IRA Naming your Estate the Beneficiary eight six
• 50:36
  Speaker 3: six eight four eight five six ninety nine or Legal
• 50:41
  Speaker 3: Exchange show dot com and download it there.
• 50:44
  Speaker 2: Todd Lutsky from the law firm of Cushing in Doolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutskey.
• 51:00
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 51:03
  Speaker 1: tells a story, a story of hard work, smart choices
• 51:07
  Speaker 1: and the future you envision for your family. One way
• 51:10
  Speaker 1: to help that story end well is to make a
• 51:12
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 51:15
  Speaker 1: Cushing and Dolan IRA and Life Insurance Planning Estate tax
• 51:18
  Speaker 1: Strategies in Nursing Home Protection explains how naming your estate
• 51:22
  Speaker 1: is the beneficiary of your IRA or life insurance can
• 51:25
  Speaker 1: at a layer of tax efficiency in nursing home protection
• 51:28
  Speaker 1: while still allowing your spouse access when it matters. It's
• 51:31
  Speaker 1: about keeping more of what you've built, working for your
• 51:33
  Speaker 1: loved ones now and in the years to come. Get
• 51:36
  Speaker 1: your free copy today by calling eight six six eight
• 51:39
  Speaker 1: four eight five six nine nine. That's eight six six
• 51:42
  Speaker 1: eight four eight five six nine nine, or you can
• 51:45
  Speaker 1: request it online from our website Legal exchange show dot com.
• 51:49
  Speaker 1: The proceeding was paid for and the views expressed are
• 51:51
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 51:53
  Speaker 1: Ormstrong Advisory may contact you offering legal or investment services.
• 51:56
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 51:58
  Speaker 1: other and are not affiliated.
• 52:00
  Speaker 5: Are you wondering where the economy is headed? GDP is growing,
• 52:03
  Speaker 5: but Tariff's inflation and job numbers are making headlines. Interest rates,
• 52:06
  Speaker 5: housing costs and policy changes are impacting all of us.
• 52:09
  Speaker 5: Even AI is changing. How markets move Hi. This is
• 52:12
  Speaker 5: Chuck Zauta from the Armstrong Advisory Group. We're hosting two
• 52:15
  Speaker 5: financial seminars this fall to help you make sense of
• 52:18
  Speaker 5: it all. Join us at Margaritaville Resort, Cape cod on
• 52:20
  Speaker 5: October ninth, or at the showcase super Lux in Chestnut
• 52:23
  Speaker 5: Hill on October sixteenth. To reserve your seat, call eight
• 52:26
  Speaker 5: hundred three nine three for zero zero one. We'll break
• 52:29
  Speaker 5: down the economic trends, market risks, and smart strategies you
• 52:33
  Speaker 5: need to plan for retirement and beyond. Diversification. Preparation and
• 52:36
  Speaker 5: smart decisions are several of the keys to navigating uncertainty.
• 52:39
  Speaker 5: Registered today by calling eight hundred three nine three for
• 52:43
  Speaker 5: zero zero one or on our website Armstrong Advisory dot com.
• 52:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or any Armstrong
• 52:51
  Speaker 1: guide specific financial, legal or tax advice. Consult your own financial,
• 52:54
  Speaker 1: tax into state planning advisors before making any investment decisions.
• 52:57
  Speaker 1: Armstrong make contact you to offer investment advisory services.
• 53:00
  Speaker 6: Mark Vonner is the CEO of Veterans Development Corporation. Mark
• 53:03
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• 53:06
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• 53:30
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  Speaker 6: many disabled veterans and their families has become a lifelong
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