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How to protect assets last minute from the nursing home · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics including estate planning, how to avoid probate,
• 0:13
  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
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight six six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:36
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd, How.
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  Speaker 3: Are you today? I am never better on you? I
• 0:53
  Speaker 3: am great? Thank you.
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  Speaker 2: What do you have for us this week?
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  Speaker 3: So a couple of real life stories to share. So
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  Speaker 3: first one is a siblings owning a home together, one
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  Speaker 3: living upstairs, one living downstairs, and they have their own
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  Speaker 3: families yep, and someone goes to the nursing home. Yeah,
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  Speaker 3: so we got to talk about how that kind of
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  Speaker 3: planning can cause problems, but there might be a silver lining.
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  Speaker 2: There's a lot of people like that that have those
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  Speaker 2: two families and sealthy and the parents leave it to
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  Speaker 2: the kids and then.
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  Speaker 3: They just live into one unit or the other. Nothing
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  Speaker 3: wrong with that. The second one is a little more interesting.
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  Speaker 3: It's selling versus keeping property last minute. So in this case,
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  Speaker 3: the children came in and dad was like eighty five,
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  Speaker 3: didn't have a lot of money, but had a nice
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  Speaker 3: three family that he's had forever in Summerville and lived
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  Speaker 3: on little one little floor and rented everything else and
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  Speaker 3: basically was told he has to sell the house and
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  Speaker 3: because he's going on medicaid, maybe not hard stop, right, folks,
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  Speaker 3: there are things that can be done last minute, and
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  Speaker 3: these are actually going to become two really good examples
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  Speaker 3: of last minute things that can be done to save
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  Speaker 3: houses or rental properties, or how do you save vacation
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  Speaker 3: homes or what about you know, life insurance. There's countable
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  Speaker 3: and non countable assets and there's even some last minute
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  Speaker 3: ways of transferring an asset and not having a five
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  Speaker 3: year waiting period and saving it. These are the information
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  Speaker 3: that's in this guide. Folks. It's the end of the month.
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  Speaker 3: It's the last chance to get this. It is perfect
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  Speaker 3: for people who have done planning or have not done planning,
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  Speaker 3: because either way, when you're entering a nursing home, there's
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  Speaker 3: assets that need to be protected last minute, So call
• 2:37
  Speaker 3: and get the guide. End of the Month eight six
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  Speaker 3: six eight four eight five six nine nine or Legal
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  Speaker 3: Exchange Show dot com 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: Last minute Medicaid eligibility Techniques. Let's take a look at
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  Speaker 3: Jim and Sally siblings. So well, Jim and Sally are
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  Speaker 3: married and they came in to do planning because they
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  Speaker 3: were prompted by the fact that Sally's sister, Jane, was
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  Speaker 3: headed to the nursing home. Jane is a widow but
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  Speaker 3: has two kids. The home for the sister was a
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  Speaker 3: duplex co owned by Jane and Sally. They both lived
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  Speaker 3: there but obviously on separate floors, and Jane also had
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  Speaker 3: about five hundred thousand dollars of investments and was seventy
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  Speaker 3: eight years old. Jim and Sally also had two kids,
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  Speaker 3: and they had of course the half interest in the home,
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  Speaker 3: which is about two million dollars so million for them,
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  Speaker 3: along with a rental property worth about a million. And
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  Speaker 3: they both had five hundred thousand in iras and investments
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  Speaker 3: that were and a million dollars of investments that were
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  Speaker 3: not qualified. So it looks like Jim and Sally are
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  Speaker 3: worth about one million, rental two million, three they're worth
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  Speaker 3: about four million. So they then said, you know, we
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  Speaker 3: want to do our planning. That they were told that
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  Speaker 3: they were going to have to lose their house, their home.
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  Speaker 3: They said Jane was going to have to lose her home,
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  Speaker 3: sell it because she's going to the nursing home, and
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  Speaker 3: no planning was done. And Jim and Sally said, well,
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  Speaker 3: we also want to do our own planning. We want
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  Speaker 3: to protect our own assets, so we're not faced with
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  Speaker 3: what Sally's faced with, I'm sorry with Jane is faced
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  Speaker 3: with right now. So this was the tall order that
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  Speaker 3: walked walked in the door.
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  Speaker 2: A lot of money to protect last minute.
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  Speaker 3: That's what's so interesting about what I do is that
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  Speaker 3: you know who knew this, this kind of thing would
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  Speaker 3: walk in the door. But these are the facts you're
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  Speaker 3: faced with. So what do we do? Well, we take
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  Speaker 3: a look first. I think Jane is the priority. Then
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  Speaker 3: we'll come back and talk about Jim and Sally. Jane's
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  Speaker 3: sort of the priority because she's going in the nursing home.
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  Speaker 3: So Jane's one half home would be safe for now.
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  Speaker 3: Why because she could simply check the box and say
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  Speaker 3: I intend to return home. That would be the first
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  Speaker 3: thing you would think about, right, But the state would
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  Speaker 3: still play a lien on that house. Well that's okay though, right,
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  Speaker 3: it would at least be not countable now, but then
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  Speaker 3: you know, there would be a recovery from it later on,
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  Speaker 3: So the lian would be on the house and it
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  Speaker 3: would be for the for to be taken care of
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  Speaker 3: and paid off after Jane dies.
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  Speaker 2: But nursing home monthly costs at a much lower rate
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  Speaker 2: in the meantime.
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  Speaker 3: Yeah, but the lean, like you say, the lian is
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  Speaker 3: kind of your friend, right, It's you know, when you're
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  Speaker 3: on Medicaid, it pays about sixty five hundred dollars a
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  Speaker 3: month versus fifteen thousand dollars a month for a private
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  Speaker 3: pay rate. So let's say she's got three thousand a
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  Speaker 3: month in Social Security coming in, right, that's not bad,
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  Speaker 3: but there's still going to be a lean, so it
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  Speaker 3: would be sixty five minus to three, and the lien
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  Speaker 3: is twenty five yep. Third, Yeah, thirty grand a year.
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  Speaker 3: Not horrible at the end of the day. However, there's
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  Speaker 3: something called a sibling exception. I love loopholes. It might
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  Speaker 3: work better here. So I said, if you own property
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  Speaker 3: with a sibling and you have an equity interest in
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  Speaker 3: that property and you live there for one year prior
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  Speaker 3: to the other sibling entering a nursing home, which it
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  Speaker 3: sounds like they have. They certainly have. They have the
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  Speaker 3: equity interest, they both own it, and they've been living
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  Speaker 3: there a long time. Then you can transfer the home
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  Speaker 3: to the healthy sibling and there is no five year
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  Speaker 3: waiting period. It's a freebie. You can also transfer it,
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  Speaker 3: which is what I would recommend with a retained life estate,
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  Speaker 3: so that when the person in the nursing home this case,
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  Speaker 3: Jane passes away, it's in her half is still included
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  Speaker 3: in her estate. You get a step up in basis
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  Speaker 3: to eliminate the capital gain, but it's not recovered against
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  Speaker 3: because it's avoids probate. So it's a great additional way
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  Speaker 3: of doing this. So you get to step up in
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  Speaker 3: basis and no lean on a state recovery. The downside
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  Speaker 3: is there's always a downside. Jane's got two kids, right.
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  Speaker 2: It's just going to ask you how do they solve
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  Speaker 2: for that?
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  Speaker 3: That's the problem. Right, So Jane has two kids that
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  Speaker 3: obviously could be disinherited. Now we'll come back to that,
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  Speaker 3: but also remember there's a five hundred thousand dollars money
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  Speaker 3: that Jane had that we have to deal with. So
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  Speaker 3: while we can make the house non countable and non
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  Speaker 3: leanable by making this transfer, Jane still has to buy
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  Speaker 3: an annuity for the five hundred thousand dollars. The annuity,
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  Speaker 3: you simply converts the asset into an income stream that
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  Speaker 3: you go through a financial person, an insurance person, and
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  Speaker 3: you buy this annuity converts it to an income stream
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  Speaker 3: that goes to pay the nursing home. Which would be
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  Speaker 3: interesting in this case because between the rent, social Security
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  Speaker 3: and this Medicaid annuity saying, there might be very little
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  Speaker 3: lean right on that house, and Jane's eligible for Medicaid,
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  Speaker 3: so we can get Jane eligible for medicaid. The question
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  Speaker 3: just is do we transfer the house under the sibling
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  Speaker 3: exception or do we allow a lean to be placed
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  Speaker 3: on Yeah, so it's something you'd have to think about
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  Speaker 3: and talk about. Are these people close? Is it a
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  Speaker 3: good face? Is Sally a good on?
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  Speaker 2: Is she gonna gift it back to those nieces and nephtgig?
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  Speaker 3: Well, remember she lives there too, so he keep that
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  Speaker 3: in mind. All right, So let's go to Jim and
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  Speaker 3: Sally so we can take care of Jane. There's some
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  Speaker 3: last minute things we can do. Well they come in,
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  Speaker 3: We're gonna set up two irrevocable trusts for them. We're
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  Speaker 3: gonna transfer all the real estate in, leave the iras
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  Speaker 3: outside the trust. They're gonna keep control over these assets.
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  Speaker 3: They're going to avoid probate. They're gonna now not only
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  Speaker 3: reduce but probably eliminate their Massachusetts to state tax because
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  Speaker 3: they can shelter with the trust through the use of
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  Speaker 3: the marital share and the remainder share about four million
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  Speaker 3: dollars from a state taxes and they're worth about four
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  Speaker 3: million dollars. So this is going to be a real
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  Speaker 3: win for Jim and Sally. They're going to be able
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  Speaker 3: to not be faced with this last minute problem that
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  Speaker 3: they're learning from Jane in Jane's failure to plan. Now,
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  Speaker 3: the real benefit is Jane did not give the house
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  Speaker 3: to her right So if Jane did not give the
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  Speaker 3: house to her, then they would have to, you know,
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  Speaker 3: condominiumize it likely when Jane dies and buy out there,
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  Speaker 3: you know, or they either have to buy out Jane's half,
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  Speaker 3: or they have to condominimize it and say I'm going
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  Speaker 3: to keep my half and live with some stranger. So
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  Speaker 3: that that's the bad deal end of it. However, now
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  Speaker 3: the trust you need to talk with you. If she's
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  Speaker 3: a good aunt, this trust will simply say that when
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  Speaker 3: they die, one half of that particular property goes to
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  Speaker 3: the kid, goes to the nieces and nephews. You can
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  Speaker 3: do that. If not, you might be able to transfer
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  Speaker 3: it back to them while they're living so they can
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  Speaker 3: share it. But remember that was how it was going
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  Speaker 3: to be anyway they would have done that. If they
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  Speaker 3: did their planning on their own, they each would have
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  Speaker 3: taken care of both sides of the family anyway, and
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  Speaker 3: you'd be faced with sharing this within laws with family.
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  Speaker 3: So they just have to work that out. But folks,
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  Speaker 3: this gives you options last minute and this is a
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  Speaker 3: great example. There's more like this in the guide eight
• 10:16
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• 10:20
  Speaker 3: Legal Exchange show dot com.
• 10:22
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:24
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We have much
• 10:31
  Speaker 2: more to come when we return to the Legal Exchange
• 10:34
  Speaker 2: with Todd Lutsky.
• 10:35
  Speaker 1: Changes to Medicaid occur almost every year, and if you're
• 10:38
  Speaker 1: not informed, your assets could be at risk, especially if
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  Speaker 1: numerous strategies that can protect your assets from the nursing home,
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  Speaker 1: be your primary home, a vacation home, or any rental
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  Speaker 1: advisory services. You're listening to the Legal Exchange with Toddlutsky,
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lotsky. I'm
• 13:58
  Speaker 2: Susan Powers of financial advice with the Armstrong Advisory Group,
• 14:02
  Speaker 2: and I'm joined by Todd Letsky, a partner with the
• 14:04
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where we headed now, Todd, we.
• 14:10
  Speaker 3: Are going to go to another real life story dealing
• 14:14
  Speaker 3: with selling a house versus keeping a house. Last minute,
• 14:19
  Speaker 3: when you're faced with nursing home care, what do we
• 14:22
  Speaker 3: want to do? Here because this person was given different advice.
• 14:27
  Speaker 3: So here's what happened. The kids come in and Dad's
• 14:30
  Speaker 3: about eighty five years old. He had just entered the
• 14:32
  Speaker 3: nursing home. And they said, likely he's going to be
• 14:34
  Speaker 3: their long term. Okay, he said, they really had. The
• 14:40
  Speaker 3: only asset Dad really has is this one three family
• 14:44
  Speaker 3: in Somerville. Okay, he lived upstairs but rented the two
• 14:50
  Speaker 3: floors below commercial and residential rental. Well now what Well,
• 14:57
  Speaker 3: he basically has no other money and just just this building.
• 15:02
  Speaker 3: And they said, what do you have to do? They
• 15:05
  Speaker 3: went to another attorney and the attorney said that you're
• 15:08
  Speaker 3: going to have to, you know, likely sell this building
• 15:11
  Speaker 3: to pay for the nursing home. Well, you know, he
• 15:14
  Speaker 3: had purchased a building long ago, so this was a problem.
• 15:18
  Speaker 3: This is why I tell people, right, you can't be
• 15:19
  Speaker 3: an elder law lawyer and not be a tax lawyer. Right.
• 15:23
  Speaker 3: Taxes drive everything. Right. So they had gone to this lawyer,
• 15:27
  Speaker 3: told me to have to sell it, then they're going
• 15:29
  Speaker 3: to pay the nursing home. But I said, well, you
• 15:31
  Speaker 3: have purchased it a long time ago, and it was
• 15:34
  Speaker 3: a very small price when you bought it. Not to
• 15:36
  Speaker 3: mention the fact that you've been renting it out for
• 15:39
  Speaker 3: like twenty five years. What that means in English is
• 15:42
  Speaker 3: you fully depreciated the basis, well except for the little
• 15:45
  Speaker 3: piece that you might own upstairs. But just for easy numbers,
• 15:47
  Speaker 3: let's ignore that you have a very low basis, which
• 15:50
  Speaker 3: means big taxes, big capital gain. Right, so if I
• 15:54
  Speaker 3: sell it, I'm going to get killed on capital gains taxes. Well,
• 15:58
  Speaker 3: it turns out that he gets he gets about twenty
• 16:01
  Speaker 3: five hundred dollars a month Social Security and about five
• 16:06
  Speaker 3: thousand dollars a month rent, So seventy five hundred dollars
• 16:10
  Speaker 3: a month is coming in, you know. So how can
• 16:12
  Speaker 3: we save the building and get on Medicaid and not
• 16:18
  Speaker 3: forget about taxes?
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  Speaker 1: Right?
• 16:21
  Speaker 3: That's really where we are in this approach. But folks,
• 16:24
  Speaker 3: I just want to take a minute before I give
• 16:27
  Speaker 3: you the answer to tell you that this is exactly
• 16:30
  Speaker 3: the same kind of thing you're going to learn in
• 16:32
  Speaker 3: this guide. This is just one of the ways to
• 16:35
  Speaker 3: deal with a piece of property that might be that's
• 16:39
  Speaker 3: in the guide. There's other last minute techniques for other
• 16:42
  Speaker 3: types of assets, like a home or a vacation home
• 16:47
  Speaker 3: or life insurance. Along with possible transfers that avoid the
• 16:54
  Speaker 3: five minute of five minute. I wish it was five
• 16:57
  Speaker 3: minutes for the five year waiting period that goes along.
• 17:01
  Speaker 3: There's ways around that, but not many, but they're in here.
• 17:05
  Speaker 3: So if you're going to the nursing home, get this guide.
• 17:07
  Speaker 3: It's the end of the month, last chance to get it.
• 17:09
  Speaker 3: Don't just write the check eight six six eight four
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  Speaker 3: eight five six nine nine or legal Exchange show dot
• 17:18
  Speaker 3: com again eight six six eight four eight five six
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  Speaker 3: nine nine or legal Exchange Show dot com. End of
• 17:26
  Speaker 3: the month. Folks that said, let's turn our attention back
• 17:30
  Speaker 3: to these folks and say, what are we going to do?
• 17:33
  Speaker 3: Are we going to sell the property like they were told?
• 17:37
  Speaker 3: Or is there a better way? So let's take a look.
• 17:40
  Speaker 3: In this case. It's interesting because there'd be two options
• 17:42
  Speaker 3: I would think of first and foremost. One, Well, he
• 17:45
  Speaker 3: lives there. It's one building, and that is home. The
• 17:48
  Speaker 3: whole building is really his home, even though he only
• 17:50
  Speaker 3: lives on one floor. You could argue, since it's all
• 17:53
  Speaker 3: on one deed, that that's his home. Well, if it's
• 17:57
  Speaker 3: your home, then all you do is check at I
• 18:00
  Speaker 3: intend to return home, and that would make it non countable. No,
• 18:05
  Speaker 3: in general, that will be the first step. However, you
• 18:09
  Speaker 3: got to worry about it for a single person, which
• 18:11
  Speaker 3: is what he is. And again the rules are different,
• 18:13
  Speaker 3: as I said, and the guy that explains this, single
• 18:15
  Speaker 3: people versus married couples have different rules. So the house
• 18:21
  Speaker 3: for a single person, by checking the box would ordinarily
• 18:24
  Speaker 3: make it non countable. But because it's worth about two
• 18:28
  Speaker 3: point five million, which is more than the valuation limitation
• 18:32
  Speaker 3: of a million thirty three thousand, give or take, well
• 18:36
  Speaker 3: that would be a hard stop. Nope, that would make
• 18:38
  Speaker 3: the house countable because it's over that amount. Because it's
• 18:42
  Speaker 3: over that amount as a single person. So all right,
• 18:46
  Speaker 3: that approach doesn't work in this case. Okay, let's make
• 18:49
  Speaker 3: it a rental property. Okay, well it already is, right,
• 18:52
  Speaker 3: so this is great. So if we treat it as
• 18:55
  Speaker 3: a rental property, and this is there's no value meation
• 19:01
  Speaker 3: with the rental property. And the reason it's non countable
• 19:05
  Speaker 3: is it generates income. He's sential to self support boom.
• 19:09
  Speaker 3: Non countable, but leanable. So we got to talk about that.
• 19:13
  Speaker 3: And remember long they've been renting it out for a
• 19:17
  Speaker 3: long time, so it's got really little basis now he's
• 19:21
  Speaker 3: got less than two thousand dollars of other assets, and
• 19:24
  Speaker 3: therefore he should be eligible for medicaid right away once
• 19:29
  Speaker 3: he's rented. Right, So what again, just to go back
• 19:32
  Speaker 3: and recap, he was told to sell it, right, What
• 19:34
  Speaker 3: horrible advice. I'm at a point now where I don't
• 19:37
  Speaker 3: feel like I need to sell this at all. Well,
• 19:40
  Speaker 3: let's explore this lean thing. Yeah, because how's it going
• 19:43
  Speaker 3: to work when he actually goes in? Yeah, that that's
• 19:45
  Speaker 3: kind of the issue. Right. So okay, now he's eligible
• 19:47
  Speaker 3: for medicaid. Now what happens. Well, instead of paying fifteen
• 19:50
  Speaker 3: thousand dollars a month, you're going to pay maybe sixty
• 19:54
  Speaker 3: five hundred. But wait a minute, Todd, he's got seventy
• 19:57
  Speaker 3: five hundred dollars a month coming in between rent and
• 20:00
  Speaker 3: Social Security, right, so he's already over Yeah, that's too
• 20:05
  Speaker 3: much income. Sixty five hundred dollars a month that the
• 20:07
  Speaker 3: nursing home would take for medicaid. Well, thankfully they have
• 20:11
  Speaker 3: this thing called a deductible, which is kind of neat.
• 20:16
  Speaker 3: It's a six month rule where you'll take your seventy
• 20:19
  Speaker 3: five hundred dollars a month and you'll pay the nursing
• 20:22
  Speaker 3: home at the private rate. So if the private rate
• 20:25
  Speaker 3: is fifteen and you're paying seventy five hundred a month,
• 20:29
  Speaker 3: at the end of six months, you will have paid
• 20:31
  Speaker 3: approximately three months of the nursing home bill at the
• 20:36
  Speaker 3: private rate. Well, since you're and they do this every
• 20:39
  Speaker 3: six months, so at the end of six months, they're
• 20:42
  Speaker 3: going to say, all right, on our books, we've paid.
• 20:45
  Speaker 3: You've paid us sixty you've paid us three months. You
• 20:48
  Speaker 3: still owe us for three months. The nursing home says, okay,
• 20:52
  Speaker 3: Medicaid says, we will now pay you for those three months.
• 20:56
  Speaker 3: But at the Medicaid rate, how it drops for three
• 21:01
  Speaker 3: months to sixty five hundred a month. Yeah, home run.
• 21:04
  Speaker 2: So it's a little back and forth, little.
• 21:06
  Speaker 3: Back, and you do it every six months, every six months, right,
• 21:09
  Speaker 3: So let's play out the string. So if you if
• 21:12
  Speaker 3: you took sixty five hundred a month times three, that's
• 21:15
  Speaker 3: about nineteen five that's twenty grand, right, So if you're
• 21:19
  Speaker 3: paying twenty grand times two years or twenty grand, it's
• 21:25
  Speaker 3: twenty grand. Because remember it's every six months, so you're
• 21:28
  Speaker 3: only paying forty thousand dollars at the end of at
• 21:33
  Speaker 3: the end of a year, at the end of two years. Yeah, wow,
• 21:37
  Speaker 3: that's not bad. You imagine what a nursing home would
• 21:40
  Speaker 3: cost if I was paying fifteen thousand a month for
• 21:43
  Speaker 3: two years.
• 21:43
  Speaker 2: You do that in three months, you pay more than
• 21:45
  Speaker 2: that in three months.
• 21:46
  Speaker 3: Three months, you're done. So now I've only paid forty
• 21:49
  Speaker 3: thousand dollars you know. Actually no, no, it's twenty thousand
• 21:53
  Speaker 3: times two. So that's forty a year. It's eighty for
• 21:57
  Speaker 3: two years, eighty thousand dollars. Ye, private pay. This is
• 22:02
  Speaker 3: a home run. So now at the end of the
• 22:05
  Speaker 3: time he lives in there for two years, I got
• 22:07
  Speaker 3: to pay the nursing home. Well, not the nursing home,
• 22:10
  Speaker 3: pay the state right back about eighty grand. Yeah, and
• 22:14
  Speaker 3: the building's worth now three million. It was worth two
• 22:17
  Speaker 3: five and it's worth three million. I'm writing that check
• 22:21
  Speaker 3: every day.
• 22:21
  Speaker 2: I wonder if you could somehow say, okay, I'm not
• 22:24
  Speaker 2: going to live there anymore. I need to hire a
• 22:26
  Speaker 2: property management company so that you can bring yourself down
• 22:29
  Speaker 2: by one thousand a month to fit underneath that sixty
• 22:32
  Speaker 2: five hundred.
• 22:33
  Speaker 3: Maybe I'm not going to go there because I'm comfortable.
• 22:37
  Speaker 3: I'm going there. I'm very comfortable with the savings. We
• 22:41
  Speaker 3: got here. Yes, and it gets better, folks, Just quickly
• 22:44
  Speaker 3: the capital gains now. Right, if the kids want to
• 22:47
  Speaker 3: sell this and it's worth three million dollars, they got
• 22:50
  Speaker 3: a full step up in basis. All that built in
• 22:52
  Speaker 3: gain is gone. The kids can say, we don't want
• 22:54
  Speaker 3: to be a landlord anymore. We're going to sell the building.
• 22:57
  Speaker 3: Take We've just saved probably nine one hundred thousand dollars
• 23:01
  Speaker 3: in capital gains tax. Wow. Happy to write a check
• 23:04
  Speaker 3: for eighty to the state and walk away all day
• 23:06
  Speaker 3: every day. And remember we only got to give Massachusetts
• 23:09
  Speaker 3: ten percent of the amount over two million, so we
• 23:12
  Speaker 3: got to pay a little mass tax. Who cares one
• 23:14
  Speaker 3: hundred grand? Home run folks, So just remember there are
• 23:20
  Speaker 3: things that can be done last minute better than writing
• 23:24
  Speaker 3: a check selling a building. Who knows what it's the
• 23:27
  Speaker 3: end of the month. Please get the guide eight sixty
• 23:30
  Speaker 3: six eight four eight five six ninety nine or Legal
• 23:34
  Speaker 3: Exchange show dot com.
• 23:36
  Speaker 2: You've been listening to Todd Lutski, a partner with the
• 23:39
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:42
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:46
  Speaker 2: be answering your listener questions. When we return to the
• 23:49
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:53
  Speaker 1: Changes to medicate occur almost every year, and if you're
• 23:55
  Speaker 1: not informed, your assets could be at risk, especially if
• 23:59
  Speaker 1: you were your spouse need nursing home care. Cushing and
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  Speaker 1: Dolan are experts in elder lam and their new guide
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  Speaker 1: or you can request it online by visiting Legal Exchange
• 24:39
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• 24:43
  Speaker 1: proceeding was paid for in the views expressed are solely
• 24:45
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• 24:49
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• 24:52
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• 27:29
  Speaker 1: and it's time for Ask Todd, the segment where Todd
• 27:32
  Speaker 1: will answer your questions about anything and everything that's included
• 27:35
  Speaker 1: in the estate planning process. Once again, here's Todd, Lutsky
• 27:40
  Speaker 1: and Susan Powers.
• 27:42
  Speaker 2: Welcome back, Todd. Have a few questions or listeners for you.
• 27:45
  Speaker 2: First question comes from Lori and Wooburn Mass and Laurie writes,
• 27:49
  Speaker 2: my husband and I created one irrevocable trust with you
• 27:52
  Speaker 2: around twelve years ago. Good my husband recently passed away.
• 28:00
  Speaker 2: Is there anything I need to do from a legal
• 28:02
  Speaker 2: perspective if our total assets are under the two million
• 28:05
  Speaker 2: dollar Massachusetts exemption amount. And this is a mutual client,
• 28:09
  Speaker 2: so if you need more info, I can certainly give
• 28:11
  Speaker 2: you that.
• 28:12
  Speaker 3: So here's the key, folks. We've got one irrevocable trust.
• 28:17
  Speaker 3: Remember twelve years ago, so certainly twelve years ago they
• 28:21
  Speaker 3: were probably in order for me to have done one
• 28:25
  Speaker 3: irrevocable trust. Twelve years ago, when the Massachusetts estate tax
• 28:29
  Speaker 3: law was a million dollar exemption each, they were probably
• 28:35
  Speaker 3: under a million they were then, So even if that
• 28:39
  Speaker 3: grew a little now, so let's say they're at a
• 28:42
  Speaker 3: million eight under two.
• 28:44
  Speaker 2: Yeah it's under two. It's a little less than that,
• 28:46
  Speaker 2: but yes, they are under two.
• 28:49
  Speaker 3: Having the one trust that it's the same concept as
• 28:52
  Speaker 3: my point, because now two million is the exemption. So
• 28:57
  Speaker 3: even if they if they had come in today and
• 28:59
  Speaker 3: they worth a million five, I still would have done
• 29:02
  Speaker 3: the one trust trust, is my point. Ye, And so
• 29:04
  Speaker 3: because the exemption increased, so that that really matters. So
• 29:09
  Speaker 3: now the question I don't know, and maybe you can
• 29:12
  Speaker 3: fill me in on this, Susan, is like, what's actually
• 29:15
  Speaker 3: in the trust. Is it just a house question?
• 29:17
  Speaker 2: The trust is a home worth about eight hundred thousand.
• 29:23
  Speaker 2: There is an investment account worth about one hundred and
• 29:28
  Speaker 2: fifty thousand, and that's it.
• 29:32
  Speaker 3: So this is what changes the game.
• 29:34
  Speaker 1: Right.
• 29:34
  Speaker 3: If you were going to say, yeah, it was only
• 29:36
  Speaker 3: a home, there's no rent, there's nothing, it's just a house,
• 29:38
  Speaker 3: that changes the answer. But you added the fact that
• 29:42
  Speaker 3: there's money in it. Yes, So that means that this
• 29:44
  Speaker 3: trust has a tax ID number. Yes. So when someone
• 29:49
  Speaker 3: and this is why, folks, it's so important that you
• 29:51
  Speaker 3: call when someone dies just to check in. The answer
• 29:56
  Speaker 3: might be, yeah, there's very little to do on the
• 29:58
  Speaker 3: first death. Survivors still living, right, Yes, very little to
• 30:02
  Speaker 3: do on the first death, No problem, great, just check in.
• 30:06
  Speaker 3: But by checking in in this case, I'm going to say, yeah, yeah,
• 30:10
  Speaker 3: you're under the two million dollar threshold. So there's no
• 30:14
  Speaker 3: tax filing. So no estate tax return, no estate tax return.
• 30:18
  Speaker 3: Need wipe your brow. None, federally, none, state, wipe your brow.
• 30:24
  Speaker 3: But this trust that we put together has a marital
• 30:27
  Speaker 3: share and a remainder share built in it to shelter
• 30:33
  Speaker 3: half the assets that are in that trust on the
• 30:36
  Speaker 3: first death. Only half okay, because only one died and
• 30:41
  Speaker 3: it's an irrevocable trust. So in this case, if there's
• 30:44
  Speaker 3: nine hundred and fifty thousand, call it a million. Sure
• 30:48
  Speaker 3: for easy math nine, I'm going to put five hundred
• 30:51
  Speaker 3: thousand in the remainder share, and five hundred thousand is
• 30:56
  Speaker 3: going to remain in the q TIP share or just
• 30:59
  Speaker 3: in the main trust. And so that five hundred thousand
• 31:02
  Speaker 3: and the remainder share is going to need a new
• 31:04
  Speaker 3: ID number, and I'm going to shelter it. Why because
• 31:08
  Speaker 3: it has to file an income tax return every year.
• 31:10
  Speaker 3: Now again, well one of them will. So if I
• 31:14
  Speaker 3: was to put you know, in this case, four hundred thousand,
• 31:18
  Speaker 3: well it's still going to it's going to have some
• 31:20
  Speaker 3: money in it. So because the q tip's going to
• 31:22
  Speaker 3: have really nothing.
• 31:23
  Speaker 2: Do you have to split it half house half investments
• 31:26
  Speaker 2: or could you do like just part of the house.
• 31:29
  Speaker 2: You couldn't be tax id so they wouldn't have to
• 31:31
  Speaker 2: file taxes.
• 31:33
  Speaker 3: You could, except you are you're going to have to
• 31:36
  Speaker 3: put at least five hundred thousand in there, and half
• 31:38
  Speaker 3: the house is only four hundred, so you have to
• 31:40
  Speaker 3: put some of the money in. Got it? There would
• 31:43
  Speaker 3: be no way around it, right, you couldn't.
• 31:45
  Speaker 2: Sheltered like two thirds of the house in now.
• 31:48
  Speaker 3: I think the formula says you got to put in, okay,
• 31:50
  Speaker 3: the amount needed, so so you know, but so what,
• 31:53
  Speaker 3: you got to file an income tax return once a
• 31:55
  Speaker 3: year for that. You were filing one anyway for the
• 31:58
  Speaker 3: year of vocable trust. Every year it's different. You're just
• 32:00
  Speaker 3: going to continue to file one for that particular bucket.
• 32:03
  Speaker 3: The other bucket's probably only going to have real estate
• 32:06
  Speaker 3: in it and it won't have anything to file. But
• 32:08
  Speaker 3: you do need to just shelter those two transfer the assets.
• 32:12
  Speaker 3: Now that's sheltered, that five hundred thousand will never be
• 32:15
  Speaker 3: taxed again when passed when Lori passes, so we don't
• 32:18
  Speaker 3: have to worry about her creeping over the two million
• 32:22
  Speaker 3: dollar mark, right, and that five hundred thousand in there
• 32:25
  Speaker 3: now will file an income tax return each year and
• 32:28
  Speaker 3: life will go on. No tax is due on the
• 32:31
  Speaker 3: first death, no probate, no headache, and really the survivor
• 32:37
  Speaker 3: can just continue to live really just like they were before.
• 32:41
  Speaker 3: So she would still have access.
• 32:42
  Speaker 2: She didn't happen to take the income off of the trust,
• 32:45
  Speaker 2: but she could if she wanted to just like now.
• 32:47
  Speaker 3: Great question. Just like before, her access to the income
• 32:51
  Speaker 3: from the main trust is the same as her access
• 32:54
  Speaker 3: to the income from this remainder share for her benefits.
• 32:57
  Speaker 3: Got it, So there is no negative here. But the
• 33:01
  Speaker 3: phone call made sense because the trust is no longer
• 33:04
  Speaker 3: a Grand Tour trust. You get a new ID number
• 33:07
  Speaker 3: for a non Grand Tour trust and shelter the fill
• 33:10
  Speaker 3: the buckets. That's it, okay, But the call made sense
• 33:13
  Speaker 3: right because it did everything. It pushed the estate plan
• 33:16
  Speaker 3: across the goal line, and the nursing home plan is
• 33:20
  Speaker 3: still working. Wife, go about your business. Everybody's perfect comfortable, now, folks,
• 33:27
  Speaker 3: that's how it works when you do planning. But we
• 33:30
  Speaker 3: are at the end of the month and we are
• 33:32
  Speaker 3: giving away the last minute Medicaid eligibility. Right, So even
• 33:36
  Speaker 3: if this person went into the nursing home that did planning,
• 33:39
  Speaker 3: there's still going to be stuff outside the trust that
• 33:41
  Speaker 3: needs protected. People who have never done planning a lot
• 33:45
  Speaker 3: more is going to be outside the trust that needs
• 33:47
  Speaker 3: to be protected. So this guide is really for everyone
• 33:50
  Speaker 3: because if you've done planning or not done planning, you
• 33:53
  Speaker 3: need to know how to protect what's not protected. This
• 33:56
  Speaker 3: guide explains some last minute transfer techniques that you can
• 34:00
  Speaker 3: do to avoid the five year waiting period. Therein here
• 34:04
  Speaker 3: some examples on countable and non countable assets for married
• 34:08
  Speaker 3: couples versus single people. Also different and how they're treated
• 34:12
  Speaker 3: home vacation, home rental, life insurance four to oh one
• 34:16
  Speaker 3: case folks, they're treated differently and different ways of making
• 34:22
  Speaker 3: them countable and non countable. Don't write the check end
• 34:25
  Speaker 3: of the month. Get the guide eight six six eight
• 34:28
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 34:33
  Speaker 3: dot com. Last Chance to get it eight six six
• 34:36
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 34:40
  Speaker 3: Show dot com.
• 34:42
  Speaker 2: Our last question comes from James and Medford, mass And
• 34:45
  Speaker 2: James writes, I would like to update my trust to
• 34:48
  Speaker 2: eliminate a beneficiary and add three others. Is this allowed
• 34:52
  Speaker 2: to happen if you have a trust without having to
• 34:55
  Speaker 2: rewrite the entire trust.
• 34:57
  Speaker 3: There's a huge question that you that I have have
• 35:00
  Speaker 3: to answer. Ask you here. It depends. It's going to
• 35:04
  Speaker 3: depend on how you answer this question. Yes, because I
• 35:06
  Speaker 3: think there's a big piece of information that might be
• 35:09
  Speaker 3: missing from this client's question or this person's question. Excuse me,
• 35:13
  Speaker 3: It says, add three others, others.
• 35:17
  Speaker 2: So we don't know who those others are.
• 35:20
  Speaker 3: That's the real question, that's the burning question.
• 35:23
  Speaker 2: So well explain why that makes a difference.
• 35:26
  Speaker 3: So let's say this was set up by James, and
• 35:29
  Speaker 3: James has three kids and three grandkids, and we drafted
• 35:33
  Speaker 3: the document to say, upon James's death, I want to
• 35:37
  Speaker 3: treat my kids equally common, very common, or my grandchildren
• 35:43
  Speaker 3: if they're not living, and so it would divide into
• 35:46
  Speaker 3: three buckets, and then if they're not living, it would
• 35:49
  Speaker 3: go to the to the grandkids. Perfectly fine, And James
• 35:53
  Speaker 3: comes in and says, wait a minute, I really want
• 35:56
  Speaker 3: to leave more to my grandchildren. I like them a
• 35:58
  Speaker 3: little better. Yeah, they're more fun. I give them back.
• 36:01
  Speaker 3: I don't have to listen to them. So I'd like
• 36:04
  Speaker 3: to now leave ten or twenty percent to my grandkids
• 36:07
  Speaker 3: and the balance to my kids equally. Can I do that? Absolutely,
• 36:12
  Speaker 3: because you have a power of appointment, and that power
• 36:16
  Speaker 3: of appointment generally defines the class. That class would say,
• 36:21
  Speaker 3: you know, children of all generations and charity. Well, that's
• 36:25
  Speaker 3: the only changes I can make.
• 36:27
  Speaker 2: So if it's cousin Vinnie right or buddy Fred right,
• 36:32
  Speaker 2: he can't add those folks into it with an airy
• 36:34
  Speaker 2: vocable right.
• 36:35
  Speaker 3: So this the way I would complete this is I
• 36:37
  Speaker 3: would say, yes, I can make it different amounts among
• 36:41
  Speaker 3: kids and the grandkids or even charities, and I can
• 36:44
  Speaker 3: add any charity. But if you're saying Todd that three
• 36:47
  Speaker 3: people that I want to add is two cousins and
• 36:51
  Speaker 3: a niece and a nephew or something or a new wife, Oh,
• 36:54
  Speaker 3: that's definitely out, or my new wife, the answer would
• 36:56
  Speaker 3: be no, you can't do that because they're not in
• 36:59
  Speaker 3: the class. Yeah. So, folks, these trusts are flexible but
• 37:05
  Speaker 3: do have some limitations. But for all of you, have
• 37:08
  Speaker 3: not planned one last time. It's the end of the month, folks.
• 37:11
  Speaker 3: If you're faced with nursing home care, please call and
• 37:13
  Speaker 3: get the guide eight six six eight four eight five
• 37:18
  Speaker 3: six nine to nine or Legal Exchange Show dot com.
• 37:21
  Speaker 3: Don't just write the check.
• 37:23
  Speaker 2: If you have a question you would like to ask Todd,
• 37:25
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:28
  Speaker 2: on the ass Tod tab. Maybe I'll be able to
• 37:31
  Speaker 2: read your questions so you won't be his next real
• 37:33
  Speaker 2: life stories. We've got lots more to come when we
• 37:36
  Speaker 2: return after this quick break on the Legal Exchange with
• 37:39
  Speaker 2: Todd Lets.
• 37:40
  Speaker 1: Key changes to Medicaid occur almost every year, and if
• 37:44
  Speaker 1: you're not informed, your assets could be at risk, especially
• 37:47
  Speaker 1: if you or your spouse need nursing homecare. Cushing and
• 37:50
  Speaker 1: Dolan are experts and elder lom and their new guide
• 37:52
  Speaker 1: is called Last Minute Medicaid Eligibility. It'll help you understand
• 37:55
  Speaker 1: the Medicaid process, which is critically important if you're retired
• 37:59
  Speaker 1: or getting closer at time. The guide has important information
• 38:02
  Speaker 1: regarding numerous strategies that can protect your assets from the
• 38:04
  Speaker 1: nursing home. It could be your primary home, a vacation home,
• 38:08
  Speaker 1: or any rental property you may own. You've worked hard
• 38:10
  Speaker 1: to achieve wealth, so don't take chances when it comes
• 38:12
  Speaker 1: to protecting it. Get your copy of Cushing and Dolan's
• 38:15
  Speaker 1: brand new guide called Last Minute Medicaid Eligibility call right
• 38:19
  Speaker 1: Now eight six six eight four eight five six nine nine.
• 38:22
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 38:25
  Speaker 1: or you can request it online by visiting Legal Exchange
• 38:28
  Speaker 1: Show dot com. That's Legal exchange show dot com. The
• 38:31
  Speaker 1: proceeding was paid for in The views expressed are solely
• 38:33
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 38:35
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 38:38
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:40
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• 39:41
  Speaker 4: Artificial intelligence isn't just the future, it's already shaping how
• 39:45
  Speaker 4: people think about their money. Hi, this is Chuck Zada
• 39:48
  Speaker 4: from the Armstrong Advisory Group. We've put together a new
• 39:51
  Speaker 4: guide called AI in your Financial Plan. In it, we
• 39:54
  Speaker 4: explore the ways that AI is being used in financial technology,
• 39:58
  Speaker 4: from apps the track spending to tools that can help
• 40:01
  Speaker 4: identify trends. It's a rapidly changing space, and this guide
• 40:05
  Speaker 4: is designed to help you understand some of the potential
• 40:07
  Speaker 4: benefits and risks that AI may present. Want to learn more,
• 40:11
  Speaker 4: call eight hundred three nine three for zero zero one
• 40:15
  Speaker 4: and request your free copy of AI and your Financial Plan.
• 40:19
  Speaker 4: That's eight hundred three nine three for zero zero one,
• 40:23
  Speaker 4: or visit Armstrong Advisory dot com.
• 40:26
  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, and estate planning advisors before making
• 40:37
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 40:40
  Speaker 1: advisory services. Your tune to the legal exchange with Todd Lutsky.
• 40:45
  Speaker 1: If you are a loved one needs a nursing homestay.
• 40:47
  Speaker 1: Call Todd right now at eight sixty six eight four
• 40:50
  Speaker 1: eight five, six nine nine and let him make sure
• 40:52
  Speaker 1: your assets are protected. That's eight sixty six eight four
• 40:55
  Speaker 1: eight five six nine nine. Or visit him online at
• 40:58
  Speaker 1: Legal Exchange show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:08
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. Todd, this guy that you're giving away
• 41:17
  Speaker 2: this month is all about last minute medicaid eligibility.
• 41:23
  Speaker 3: We've talked about the process.
• 41:25
  Speaker 2: Kind of bits and pieces here and there and what's
• 41:27
  Speaker 2: at risk and how to protect things last minute.
• 41:30
  Speaker 3: But I don't feel as if we.
• 41:32
  Speaker 2: Have recently walked through the actual medicaid application process and
• 41:38
  Speaker 2: what that actually looks like. So I thought I could
• 41:43
  Speaker 2: make up my own scenario and say, I, Susan am
• 41:47
  Speaker 2: calling you, Todd the attorney because my husband just went into.
• 41:53
  Speaker 3: The nursing home. Yeah, how does that? Where do we start? Yeah?
• 41:57
  Speaker 3: That's it? Really well, we probably don't talk about it
• 42:00
  Speaker 3: because of how complicated it is. Yeah, and I want
• 42:03
  Speaker 3: people to know that it's a process. Doesn't mean we
• 42:06
  Speaker 3: don't do it all the time, and we do. And
• 42:09
  Speaker 3: it's really more work for us, yes, than it is
• 42:12
  Speaker 3: for you. Although in the beginning it's going to feel
• 42:15
  Speaker 3: like you, Susan, are going to be doing a lot
• 42:18
  Speaker 3: more for the.
• 42:19
  Speaker 2: Child that's yeah, getting their parents.
• 42:22
  Speaker 3: You need to help me, help you, Yes, in the
• 42:24
  Speaker 3: beginning is really what it comes down to. Because you know,
• 42:28
  Speaker 3: the first thing you need to do obviously is find
• 42:30
  Speaker 3: a lawyer. I mean, you got to call somebody, So
• 42:33
  Speaker 3: just get that out of the way, because try to
• 42:35
  Speaker 3: do this on your own, No, it's not going to work. Yeah,
• 42:38
  Speaker 3: can you fill out the application? Sure? Then deal with
• 42:41
  Speaker 3: the state, right and you know, we'll also have to
• 42:43
  Speaker 3: talk a little bit about the new BBB that passed
• 42:45
  Speaker 3: that had some changes in the medicaid world as well. Now,
• 42:52
  Speaker 3: the first thing you do is you obviously come in
• 42:54
  Speaker 3: and you would tell them. I would say, Susan, you
• 42:56
  Speaker 3: need to tell me all the assets.
• 42:58
  Speaker 2: So let me just back up for one quick second.
• 43:00
  Speaker 2: Do I come in because my husband's going to be
• 43:03
  Speaker 2: going into the nursing home or do we come in
• 43:06
  Speaker 2: once someone is in the nursing home.
• 43:08
  Speaker 3: Yeah, you know it would be if you know someone's
• 43:12
  Speaker 3: going in in the next thirty days. Okay, you're looking
• 43:15
  Speaker 3: looking for that home, but you know it's happening. Yeah,
• 43:17
  Speaker 3: you could come in.
• 43:18
  Speaker 2: Okay, perfect, but not Hey, I think my dad might
• 43:21
  Speaker 2: need something down.
• 43:22
  Speaker 3: The road in a year medicaid no, okay, But again,
• 43:26
  Speaker 3: depending on how much time you have, you might want
• 43:28
  Speaker 3: to come in and say, geez, do we want to
• 43:30
  Speaker 3: set up a trust and get a five year O
• 43:31
  Speaker 3: clock right? Or do we want to do a personal
• 43:34
  Speaker 3: care contract and maybe save money for a year. There's
• 43:36
  Speaker 3: some things you can do in that year. If you
• 43:40
  Speaker 3: think you only have a year before someone needs nursing
• 43:42
  Speaker 3: home care, yeah, there still might be something you can
• 43:45
  Speaker 3: put in place. A personal care contract comes to mind.
• 43:48
  Speaker 2: Okay, but let's say, for the sake of this demonstration,
• 43:52
  Speaker 2: my husband is in the nursing home and I'm sitting
• 43:55
  Speaker 2: down with you.
• 43:56
  Speaker 3: Where do we start? So we would start with assets, right,
• 43:59
  Speaker 3: So what are your ass that's and how are they owned? Now?
• 44:01
  Speaker 3: If you had some in a trust, great, those all
• 44:03
  Speaker 3: sort of be off the table. Yeah, I won't need
• 44:05
  Speaker 3: to look at those, but the ones that are either
• 44:08
  Speaker 3: not in a trust or if there's no trust, everything, yeah,
• 44:11
  Speaker 3: would need to be looked at. And I say that's
• 44:12
  Speaker 3: important because for a married couple.
• 44:15
  Speaker 2: Everything, everything is jumped on the table.
• 44:18
  Speaker 3: Right. It doesn't matter that you say, Todd, I've got
• 44:20
  Speaker 3: I'm the financial planner and the family, and I've got
• 44:22
  Speaker 3: all the assets in my name. I don't let my
• 44:24
  Speaker 3: husband see that stuff. I've got a tax free roth.
• 44:26
  Speaker 3: They can't get that, right, No, no, not true, not true.
• 44:30
  Speaker 3: So it won't matter whose names on the investment account,
• 44:33
  Speaker 3: or whose names on the bank account, or whose names
• 44:36
  Speaker 3: on the house. It's all one bah pile on the table. Okay.
• 44:41
  Speaker 2: So we go through all my assets and we figure
• 44:43
  Speaker 2: out what's at risk amongst that pile of assets, and
• 44:47
  Speaker 2: then it's an actual application.
• 44:50
  Speaker 3: Right, So let's do that first and foremost, we would
• 44:53
  Speaker 3: say your home would be not at risk because you're
• 44:56
  Speaker 3: living there soon and we're married. You're married, and it's
• 44:59
  Speaker 3: a primary residents and they're not going to lean it
• 45:01
  Speaker 3: and they're not going to take it. And now we're
• 45:04
  Speaker 3: left with a big stack of money. Yep, Now we walk.
• 45:07
  Speaker 3: You would reach into that big stack of money and
• 45:10
  Speaker 3: pull out. I'm going to say it changes every year.
• 45:12
  Speaker 3: It's approximately one hundred and fifty four thousand dollars of
• 45:17
  Speaker 3: money that you could literally pull out of that pile
• 45:20
  Speaker 3: and put into your bank account.
• 45:22
  Speaker 2: Okay, everything else is mine not at risk.
• 45:25
  Speaker 3: That's yours not at risk, along with your house. It's
• 45:28
  Speaker 3: not much. Good luck mine, good luck the rest of
• 45:31
  Speaker 3: your life. Good luck. So everything else in that pile
• 45:37
  Speaker 3: of money belongs to your husband, the six bouse, and
• 45:41
  Speaker 3: now we have to figure out what are we going
• 45:43
  Speaker 3: to do with that in order to get eligibility for him? Yep.
• 45:48
  Speaker 3: But try to take care of you a little please
• 45:51
  Speaker 3: and thank you as well, folks. That's what this guide
• 45:54
  Speaker 3: is all about this month again, end of the month.
• 45:57
  Speaker 3: It's the last chance to get it. When you're faced
• 45:59
  Speaker 3: with this situation situation, what is it that you can
• 46:02
  Speaker 3: do last minute to save assets. That's what Susan and
• 46:05
  Speaker 3: I are talking about in this hypothetical. It's exactly this
• 46:09
  Speaker 3: types of assets, countable versus non countable, married people versus
• 46:13
  Speaker 3: single people. Are there any transfers that I can make
• 46:17
  Speaker 3: and somehow avoid the five year waiting period? Now, yes
• 46:21
  Speaker 3: to all of those things, but you need to call
• 46:23
  Speaker 3: and get the guide and learn how so for people
• 46:25
  Speaker 3: who have planned people who have not planned. If you're
• 46:28
  Speaker 3: faced with going in a nursing home, it's the end
• 46:30
  Speaker 3: of the month, get this last minute Medicaid Eligibility Guide
• 46:34
  Speaker 3: eight six six eight four eight five six nine nine
• 46:39
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 46:43
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 46:47
  Speaker 3: Show dot com. Okay, so the house, we know that's
• 46:50
  Speaker 3: not at risk for me.
• 46:52
  Speaker 2: Let's say I have an IRA and then everything else
• 46:56
  Speaker 2: is in like an after tax investment account.
• 46:58
  Speaker 3: Okay, so it's your IRA, my IRA. So we would
• 47:03
  Speaker 3: have to probably do after we've pulled out the one fifty,
• 47:07
  Speaker 3: there's still money in your ERA and there's still money
• 47:09
  Speaker 3: on the table, we would probably have to do two
• 47:12
  Speaker 3: separate annuities, depending on your age. So assuming you're you,
• 47:17
  Speaker 3: and you are so let's you know, again, somebody probably
• 47:21
  Speaker 3: under eighty five. Depending on the size of the dollars
• 47:25
  Speaker 3: that we're talking about, all that matters, right, we would
• 47:29
  Speaker 3: probably buy an annuity, and we have to buy two, right,
• 47:32
  Speaker 3: one inside your IRA and one outside your IRA. The
• 47:36
  Speaker 3: reason we do that is we don't want to take
• 47:38
  Speaker 3: all the money from your IRA out to buy an annuity,
• 47:42
  Speaker 3: because then you have a huge income tax.
• 47:45
  Speaker 1: Right.
• 47:45
  Speaker 3: But if we leave it in there and you just
• 47:48
  Speaker 3: reinvest inside there, only the payout is going to be
• 47:53
  Speaker 3: taxable home run. So we buy this medicaid annuity, one inside,
• 47:59
  Speaker 3: one outside. I'd convert these excess assets everything over the
• 48:04
  Speaker 3: one fifty. Oh yeah, and by the way, folks, this
• 48:06
  Speaker 3: excess assets, these could be sitting in a joint account,
• 48:09
  Speaker 3: so we have to move them to the spouse. Ah,
• 48:12
  Speaker 3: permissible transfer transfers between spouses have no five year waiting period.
• 48:19
  Speaker 3: So now we got to move all those assets first
• 48:21
  Speaker 3: to you, of course not your eye, right, it's already
• 48:23
  Speaker 3: in your name, and then buy the two annuities.
• 48:26
  Speaker 2: Okay, So you get my assets positioned so that when
• 48:31
  Speaker 2: we go to apply for medicaid for my husband, he will.
• 48:34
  Speaker 3: Qualify for that. He will look now like he's got
• 48:37
  Speaker 3: two grand in the bank, okay, And you've got everything
• 48:39
  Speaker 3: else the way you need to have it, so that
• 48:42
  Speaker 3: you look like you have a house and less than
• 48:44
  Speaker 3: one fifty.
• 48:45
  Speaker 2: So you filled up this application, I've given you information
• 48:49
  Speaker 2: about my assets. We position them. How long does this
• 48:52
  Speaker 2: whole process take.
• 48:53
  Speaker 3: So you can already. Imagine just gathering assets, removing assets
• 48:58
  Speaker 3: between names, and buying the annuity. That's going to take
• 49:02
  Speaker 3: thirty days, right, that's okay. But the quicker you get
• 49:05
  Speaker 3: that annuity purchase, that's the day you're eligible. Now what
• 49:09
  Speaker 3: now we file? Okay, Now we wait thirty more days
• 49:14
  Speaker 3: for what the state to sort of sniff over what's
• 49:18
  Speaker 3: what you gave them? And by the way, there's a
• 49:20
  Speaker 3: lot more. You got to give five years worth of
• 49:22
  Speaker 3: bank statements, five years worth of investment accounts. You got
• 49:25
  Speaker 3: to provide social Security card, bank social Security card, birth certificate.
• 49:31
  Speaker 3: You need to provide three years worth of tax returns.
• 49:34
  Speaker 3: I mean, there's a lot you're doing to help me
• 49:36
  Speaker 3: help you. First, Yeah, you got a two foot tall
• 49:40
  Speaker 3: applications becomes really large, So you got to then provide
• 49:45
  Speaker 3: me all that information to support everything I put on
• 49:49
  Speaker 3: that application. Yeah, then file it and then thirty days
• 49:53
  Speaker 3: later they sniff it over and they're going to come
• 49:55
  Speaker 3: back and say, here's what we really need. Great, here's
• 49:59
  Speaker 3: what else we need, and then we have thirty days
• 50:02
  Speaker 3: to get that from you, and then we submit it
• 50:06
  Speaker 3: and then we wait again, and usually another thirty days
• 50:09
  Speaker 3: goes by and at that point, if all has gone well,
• 50:13
  Speaker 3: likely we will get the letter of eligibility saying your
• 50:17
  Speaker 3: dad in this case, your your husband is approved for Medicaid. Okay,
• 50:22
  Speaker 3: it's it's a proper process, folks. To do it on
• 50:25
  Speaker 3: your own and deal with the state is tough. Don't
• 50:28
  Speaker 3: do it. Learn how to save your assets last minute
• 50:31
  Speaker 3: from Medicaid situations. Call and get the guide end of
• 50:34
  Speaker 3: the month eight six six eight four eight five six
• 50:38
  Speaker 3: ninety nine or Legal Exchange show dot com. It is
• 50:42
  Speaker 3: the last chance to get it.
• 50:44
  Speaker 2: Todd Letsky from the law firm of Pushing in Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Always a pleasure. Thank you, Susan.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:52
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:55
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:58
  Speaker 2: with Todd Letski.
• 51:00
  Speaker 1: Changes to Medicaid occur almost every year, and if you're
• 51:02
  Speaker 1: not informed, your assets could be at risk, especially if
• 51:06
  Speaker 1: you or your spouse need nursing home care. Cushing and
• 51:08
  Speaker 1: Dolan are experts in elder lam and their new guide
• 51:10
  Speaker 1: is called Last Minute Medicaid Eligibility. It'll help you understand
• 51:14
  Speaker 1: the Medicaid process, which is critically important if you're retired
• 51:17
  Speaker 1: or getting close to retiring. The guide has important information
• 51:20
  Speaker 1: regarding numerous strategies that can protect your assets from the
• 51:23
  Speaker 1: nursing home. It could be your primary home, a vacation home,
• 51:26
  Speaker 1: or any rental property you may own. You've worked hard
• 51:28
  Speaker 1: to achieve wealth, so don't take chances when it comes
• 51:31
  Speaker 1: to protecting it. Get your copy of Cushing and Dolan's
• 51:33
  Speaker 1: brand new guide called Last Minute Medicaid Eligibility Call right
• 51:37
  Speaker 1: Now eight sixty six eight four eight five six nine nine.
• 51:40
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 51:43
  Speaker 1: or you can request it online by visiting Legal exchange
• 51:46
  Speaker 1: Show dot com. That's Legal exchange show dot com. The
• 51:50
  Speaker 1: proceeding was paid for in The views expressed are solely
• 51:51
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 51:53
  Speaker 1: Armstrong 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: Artificial intelligence is constantly evolving and can even be a
• 52:03
  Speaker 5: revolutionary asset to a financial strategy.
• 52:06
  Speaker 6: HI.
• 52:06
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. Our
• 52:09
  Speaker 5: new guide is called AI and your Financial Plan. In it,
• 52:11
  Speaker 5: we explain how artificial intelligence continues to make inroads into
• 52:15
  Speaker 5: our daily lives and how the advent of its technologies
• 52:18
  Speaker 5: may affect an existing or future financial plan. AI serves
• 52:22
  Speaker 5: the public in a variety of ways, from apps to
• 52:24
  Speaker 5: monitor personal finances to tools that analyze investments. AI is
• 52:28
  Speaker 5: not the future anymore. Its effect is felt by businesses
• 52:31
  Speaker 5: of all kinds on a daily basis. Call us today
• 52:34
  Speaker 5: at eight hundred three nine three four zero zero one
• 52:36
  Speaker 5: and ask for your free guide. That number again is
• 52:38
  Speaker 5: eight hundred three nine three four zero zero one, or
• 52:41
  Speaker 5: you can request the guide online by visiting us at
• 52:44
  Speaker 5: Armstrong Advisory dot com.
• 52:45
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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