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How residency changes impact your estate plan · The Legal Exchange

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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,
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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
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 sixty 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.
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Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan
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Speaker 2: Power's financial advisor with the Armstrong Advisory Group, and I'm
0:44
Speaker 2: joined by Todd Lutsky, a partner with the law firm
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Speaker 2: of Cushing and Dolan with a master's in taxation.
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Speaker 3: Todd, Welcome, how are you?
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Speaker 4: I'm never better in you?
0:54
Speaker 3: I am great? Thank you. What do you have for
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Speaker 3: us today?
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Speaker 4: A couple of things. First, we're going to go to
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Speaker 4: Alaska and then we're going to go to Connecticut.
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Speaker 3: I don't know that we've ever gone to Alaska before.
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Speaker 4: I think, so Alaska's got very interesting statutes, very interesting
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Speaker 4: credit or protection statutes. And then this one, it's not
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Speaker 4: really about that. It's about you know, where are you
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Speaker 4: a resident of when you die? A very interesting situation.
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Speaker 4: And between Paul and Eleanor, we'll find out one is
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Speaker 4: in a Washington state and one is in Alaska and
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Speaker 4: they kind of get married, divorced and back together again
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Speaker 4: and who should get what and where are you a
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Speaker 4: resident of and which law applies and it's not so easy,
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Speaker 4: but when you think you've changed residency. So folks, we'll
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Speaker 4: talk about that and talk about how that impacts your planning.
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Speaker 4: And then we're going to go to Connecticut, where we
1:40
Speaker 4: have an appellate court case. By the way, Alaska Supreme Court,
1:43
Speaker 4: just so you know, that's exciting in Connecticut, it's an
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Speaker 4: appellate court case. But another one it's sort of a
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Speaker 4: strange marriage latent marriage life situation where Vincent and Maryam
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Speaker 4: you know, get married and there's a big age difference
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Speaker 4: eighty two and fifty two, and he wasn't really in
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Speaker 4: good health when he got married, and then they tried
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Speaker 4: to annul the marriage and wasn't annulled. Was it not annulled?
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Speaker 4: And I think in general, folks, you got to think
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Speaker 4: about what happens when you remarry. There's so many things
2:13
Speaker 4: you need to think about and what you need to
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Speaker 4: do when you remarry to make sure your wishes occur
2:20
Speaker 4: the way you want them to. So we're going to
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Speaker 4: learn I think a lot in these two cases. They
2:23
Speaker 4: are very interesting, and in addition to that, we have
2:27
Speaker 4: a relatively new guide. They're still in the beginnings of
2:30
Speaker 4: the month, but basically IRA's folks, everybody has them. I
2:35
Speaker 4: want to talk about them. How do you deal with
2:37
Speaker 4: them in your estate plan? They are not easy. They
2:41
Speaker 4: have income tax issues, they have estate tax issues and
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Speaker 4: protection from the nursing home issues. All three can be
2:50
Speaker 4: addressed with this new guide. Why name your estate and
2:54
Speaker 4: IRA beneficiary and don't do it alone. Do it with
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Speaker 4: a testamentary trust, which is a will built into the trust,
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Speaker 4: and you will see how you can actually get both
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Speaker 4: estate tax savings, no adverse income tax problems, and protection
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Speaker 4: from the nursing home after one spouse dies and hasn't
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Speaker 4: gone to the nursing home. Folks, lots to learn about
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Speaker 4: in this it's relatively new from the from the Secure
3:22
Speaker 4: Act that came out in twenty twenty two, Call and
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Speaker 4: get the Guide eight six six eight four eight five
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Speaker 4: six nine nine or Legal Exchange Show dot Com again
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Speaker 4: eight six six eight four eight five six nine nine
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Speaker 4: or Legal Exchange Show dot Com. All right back to Alaska.
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Speaker 4: So in this case, what do we have. We have
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Speaker 4: Paul and Eleanor. They married in nineteen eighty nine in
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Speaker 4: Washington and divorced a few years later, but they stayed
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Speaker 4: in touch, you know, pretty close. Then they got close
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Speaker 4: again after Eleanor divorced her second husband. They vacationed together,
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Speaker 4: they hung out together. Of course, he's in Alaska and
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Speaker 4: she's in Washington. Then later on Paul has some health issues,
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Speaker 4: gets a kidney transplant, has some other complications, and kind
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Speaker 4: of heads on down to Washington to be with Eleanor
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Speaker 4: who's taking care of her him. In twenty seventeen August,
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Speaker 4: Paul creates a will naming Eleanor. The pr makes sense
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Speaker 4: and gives a small amount of give some of his
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Speaker 4: assets to Eleanor, some of his assets to his brother,
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Speaker 4: and some of his assets to the kidney Foundation. Because
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Speaker 4: he had a kidney transplant. All makes sense. Now we
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Speaker 4: go to October twenty seventeen, and you know, his kidneys
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Speaker 4: are failing. He's having bad issues, and he's with Eleanor.
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Speaker 4: Eleanor's helping him. And then Paul asks Eleanor, you know,
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Speaker 4: in November of twenty seventeen, you know, what do you
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Speaker 4: want for Christmas? And she says, well, I want to
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Speaker 4: marry you. Oh. So they get married on November twentieth.
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Speaker 4: He dies the next day.
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Speaker 3: Wow.
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Speaker 4: Yeah, it was not a long marriage. So now what right, Well,
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Speaker 4: now we've got problems, don't we. So the issue is
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Speaker 4: what state law applies here? And do we even have
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Speaker 4: a will? Right? So remember the will he created was
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Speaker 4: when he was not married. Then he got married. How
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Speaker 4: does the after marriage statute apply to a will? Folks?
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Speaker 4: This is state specific, very state specific. Okay, Well, this
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Speaker 4: after marriage statute in Alaska, if Alaska law applies, gives
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Speaker 4: the entire estate to Eleanor. Apparently you're the spouse and
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Speaker 4: you get everything because you're married. But he got married
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Speaker 4: after the will was created. What does the marriage do
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Speaker 4: to the old will? Right? So, oh, you get everything
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Speaker 4: in Alaska. So she's s thirled right. Washington st after
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Speaker 4: marriage statute states that she would not be entitled to inherit.
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Speaker 4: So that's a that's a problem. I guess she'd be
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Speaker 4: stuck with the old will. I guess that's what it means.
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Speaker 4: Worst case scenario. Okay, Well, they go to the They
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Speaker 4: go to superior court in Alaska, and the Superior Court
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Speaker 4: in Alaska said that the law that Alaska law governs
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Speaker 4: intrinsic validity and Washington law governs formal ability validity of
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Speaker 4: the will, and they determined that an after marriage statute
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Speaker 4: is an is not intrinsic. Therefore, you're stuck with Washington
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Speaker 4: law and Eleanor loses. The Supreme Court said, well, the
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Speaker 4: will stated that if in his will, by the way,
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Speaker 4: he specifically stated he wanted Alaska law to apply. So
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Speaker 4: now Alaska law applies, and specifically the Alaska law should apply.
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Speaker 4: And therefore Eleanor wins, the charity is out, and the
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Speaker 4: brother is out because if Alaska law applies, you get everything.
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Speaker 2: Interesting, very interesting, because if he'd been ill, you would
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Speaker 2: think that he would revise his documents saying, hey, Eleanor
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Speaker 2: gets everything.
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Speaker 3: If that worre isn't.
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Speaker 4: Dent right, Well, he died the next day after the marriage.
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Speaker 2: No, I know it, but he could have revised it beforehand,
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Speaker 2: saying yeah, I want to leave everything to her before
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Speaker 2: they got married.
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Speaker 3: That wouldn't have to be dependent on that.
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Speaker 4: This is a tough case. Yeah, this is a tough case,
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Speaker 4: but again a very interesting set of facts.
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Speaker 3: She ends up getting everything.
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Speaker 4: You know, tips and lessons, right, that's what we care about. Yeah,
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Speaker 4: this is a weird situation, but we don't want to
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Speaker 4: be in weird situations in our lifetime. So planning in general,
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Speaker 4: stating what you want to happen, unless you were saying, Susan,
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Speaker 4: do what you want done, create your plan very important.
7:47
Speaker 4: Remember folks, when you remarry you have to think about
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Speaker 4: the impact on your estate plan. Now, this time, he
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Speaker 4: didn't have a lot of time to fix things. I
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Speaker 4: get it, but remember an old will could be gone.
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Speaker 4: If you have kids from another marriage, you want to
8:01
Speaker 4: make sure you take care of them. You want to
8:03
Speaker 4: make sure you change your designated beneficiaries on your life insurance,
8:07
Speaker 4: on your IRA. Right, if you have joint accounts, you
8:11
Speaker 4: don't want to you know what do you want the
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Speaker 4: joint account with the new spouse on or not on
8:16
Speaker 4: you know, to me, you create a trust and you
8:18
Speaker 4: take care of all of these situations. You can take
8:21
Speaker 4: care of each other, you can take care of kids
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Speaker 4: from a prior marriage. You get your wishes in order,
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Speaker 4: and you don't have these headaches. I mean, that's really
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Speaker 4: what you're what you're trying to do now. In all fairness,
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Speaker 4: changing residency also has other issues. So in this case,
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Speaker 4: they were trying to figure out what law applies. They
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Speaker 4: did say he was domiciled in Washington, but his will
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Speaker 4: said I wanted Alaska laws to apply.
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Speaker 3: Can you pick any state you want to apply if
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Speaker 3: you don't live there.
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Speaker 4: You know, I don't really know. I've never come up
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Speaker 4: with that.
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Speaker 2: In Massachusetts, I'm saying, hey, I want, yeah, the amsure
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Speaker 2: laws to apply because there's no state tax.
9:01
Speaker 1: I'm gonna have to say it.
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Speaker 3: I think it's not optional, Steady.
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Speaker 4: I don't know on that one. But in any event, folks,
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Speaker 4: when you do change residency, let's talk about what you
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Speaker 4: can learn and not leave it to guesswork. Right, When
9:11
Speaker 4: you want to be in a different state and you
9:14
Speaker 4: want that state to be your resident state, you need
9:18
Speaker 4: to update your basic estate planning documents. The will the healthcare,
9:21
Speaker 4: the power of attorney, not necessarily the trust. Get those updated,
9:25
Speaker 4: change your voter registration, change your driver's license, join some clubs,
9:31
Speaker 4: spend your six months in a day there. You know,
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Speaker 4: do everything you can to show you're a resident of
9:39
Speaker 4: that state.
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Speaker 3: Val Your tax is there.
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Speaker 4: Right exactly now. If you have real estate, remember you
9:45
Speaker 4: could have real estate in multiple states, you know you
9:48
Speaker 4: need to make sure how you handle that. Just because
9:50
Speaker 4: you change the residency in Massachusetts, you better put that
9:52
Speaker 4: in an LLC or you're going to be taxed in
9:54
Speaker 4: mass as an out of state resident within state property. Folks,
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Speaker 4: lots to think about when you're changing your residency. It
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Speaker 4: can certainly affect your estate plan, and lots to think
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Speaker 4: about on how to handle your IRA asset when you're
10:07
Speaker 4: doing your estate plan, And that's what this guide is about.
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Speaker 4: Learn how to protect it from a nursing home, avoid taxes,
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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
10:29
Speaker 2: financial advisor, with the Armstrong Advisory Group. We've got much
10:32
Speaker 2: more to come when we return to the Legal Exchange
10:35
Speaker 2: with Todd Lutsky.
10:37
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Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
13:58
Speaker 2: Susan Paris needs to advisor with the Armstrong Advisory Group,
14:02
Speaker 2: and I'm joined by Todd Lutsky, a partner with the
14:05
Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
14:09
Speaker 3: Where are we headed now, Todd.
14:11
Speaker 4: We're going to head over to the Connecticut State appell
14:15
Speaker 4: At Court. Another strange marriage case, folks, but I couldn't
14:20
Speaker 4: resist it when I read it, So here's how it works.
14:23
Speaker 4: Vincent and Miriam married February seventh, twenty nineteen he's eighty
14:29
Speaker 4: two and she's fifty two. He's already my hero. He
14:34
Speaker 4: had surgery two days before the wedding and hospitalized two
14:38
Speaker 4: days after the wedding. In March, Vincent begins annulment actions, saying, hey,
14:44
Speaker 4: I wasn't competent at the time I got married. I
14:48
Speaker 4: want an annulment. Motions are filed and he says I
14:52
Speaker 4: want to return exclusive possession of the house and my
14:55
Speaker 4: personal items to me, and he wants to prevent her
14:58
Speaker 4: from collecting rent on his other rental properties. Okay, first
15:03
Speaker 4: thing that jumps off at me is he's got multiple
15:06
Speaker 4: pieces of property, some rental properties, and doesn't sound like
15:08
Speaker 4: he's got much planning done, so this is already an issue,
15:12
Speaker 4: right Well, Okay, that was March. Now August, same year,
15:16
Speaker 4: twenty nineteen, he dies without a will. Well in September,
15:22
Speaker 4: Oh well, in September of twenty nineteen, Miriam files an
15:25
Speaker 4: action to dismiss the annulment action, which never really went anywhere.
15:29
Speaker 4: We're still married, and there was a big delay until
15:32
Speaker 4: about twenty twenty when they actually admitted the administrator to
15:36
Speaker 4: his estate, and then he reopened the complaint on the annulment. Well,
15:41
Speaker 4: April twenty twenty two, wow, or like three years into
15:46
Speaker 4: this thing. Really, the court found that Vincent had a
15:49
Speaker 4: defective heart hypertension, heart failure valves that were bad. He
15:55
Speaker 4: had lost blood to the brain and basically was medically
15:59
Speaker 4: in compromised. And you know, he could not have consented
16:05
Speaker 4: to the marriage. So the marriage is like it never happened.
16:09
Speaker 4: It's this void and so that's what the appellate court,
16:14
Speaker 4: or that's what the court said. Then they appealed m
16:18
Speaker 4: the appellate court affirmed probably the right decision, right because
16:23
Speaker 4: the annulment affected not only the marital status, but there
16:27
Speaker 4: were property rights involved. Member he filed to get exclusive
16:31
Speaker 4: possession of his property rights back, and since he died
16:34
Speaker 4: without a will and took actions to protect his assets
16:39
Speaker 4: before he died, the personal representative of the estate really
16:42
Speaker 4: has a fiduciary responsibility to preserve his wishes and determine
16:48
Speaker 4: in fact who these assets rightfully belonged to.
16:53
Speaker 2: It's kind of crazy to me because it sounds like
16:55
Speaker 2: he has you know a bit of an estate here,
16:57
Speaker 2: like from a worth perspective, do not have trusts in
17:01
Speaker 2: place and an actual estate plan.
17:04
Speaker 3: LLC's crazy.
17:06
Speaker 4: I mean, I can think of tons of things that
17:08
Speaker 4: are missing here, and certainly a big age different second marriage.
17:11
Speaker 3: Janna Nicole is coming in. She's going to try and
17:13
Speaker 3: keep all that property.
17:14
Speaker 4: You've got lots to think about, folks, when you're in
17:18
Speaker 4: a situation like this, and even if you're not, you've
17:20
Speaker 4: got lots to think about in your own estate planning world, folks.
17:23
Speaker 4: And one of those items I want you to learn
17:25
Speaker 4: how to deal with in estate planning is your IRA.
17:28
Speaker 4: Most people have them, and quite frankly, other than a house,
17:31
Speaker 4: it might be your biggest asset. There's a new guide
17:34
Speaker 4: out why name your estate and IRA beneficiary. It's not
17:38
Speaker 4: something you would normally think to do. It's relatively new
17:41
Speaker 4: in the estate planning world. But if you're contemplating estate
17:46
Speaker 4: planning and protecting assets from a nursing home, I don't
17:50
Speaker 4: think you would do this if you're doing revocable trusts.
17:53
Speaker 4: Only if you're thinking about protecting it from the nursing home,
17:56
Speaker 4: then you can talk about naming the estate to beneficiary.
17:59
Speaker 4: It will reduce your estate taxes because it'll be sheltered,
18:03
Speaker 4: It will provide protection from UH, it would not provide
18:07
Speaker 4: any adverse income tax consequences. When you take your rmds
18:12
Speaker 4: and you do, you will be able to protect it
18:15
Speaker 4: from the nursing home, most importantly, without creating a five
18:19
Speaker 4: year waiting period for the surviving spouse. Learn how to
18:23
Speaker 4: do all of that with your IRA. Get the guide
18:26
Speaker 4: eight six six eight four eight five six nine nine
18:31
Speaker 4: or Legal Exchange Show dot com again eight six six
18:34
Speaker 4: eight four eight five six nine nine or Legal Exchange
18:39
Speaker 4: Show dot com. What can we learn from this disaster?
18:45
Speaker 4: Couple of things. First and foremost, folks, as you said earlier, Susan,
18:50
Speaker 4: he had lots of real estate. He had rental properties.
18:53
Speaker 4: I don't know if they're in multiple states. Who knows? Right?
18:56
Speaker 4: Number one, he's not married. Number two, you know, but
19:00
Speaker 4: at least he should have set up an LLC to
19:03
Speaker 4: protect himself against lawsuits from these tenants. Folks. We say
19:10
Speaker 4: it time and time again, even when children come in
19:14
Speaker 4: and say, you know, mom and dad died and we
19:16
Speaker 4: inherited their rental properties. Okay, well I'm glad you got him,
19:20
Speaker 4: And they say, well, first thing I tell him is
19:23
Speaker 4: you better put them in an LLC, because think about it,
19:26
Speaker 4: if three kids inherit rental properties and they keep renting
19:29
Speaker 4: it and someone gets hurt, they're going to sue all
19:34
Speaker 4: three families, rest and all three of all their assets. Folks,
19:39
Speaker 4: this is not a good way to own it. And
19:41
Speaker 4: for this person, he should have or they should have
19:44
Speaker 4: just protected it, you know from so LLC's would have
19:47
Speaker 4: been the way to go there. Now, I don't know.
19:50
Speaker 4: This is clearly a second marriage. Eighty two and fifty
19:53
Speaker 4: two is a big age spread. Maybe he had kids
19:56
Speaker 4: from a prior.
19:56
Speaker 3: Marriage, probably older than his bride.
20:00
Speaker 4: It's a good point. Very well could be or same age,
20:04
Speaker 4: and in this case you might need a trust to
20:06
Speaker 4: provide for them. Yeah, obviously to avoid probate and maybe
20:10
Speaker 4: reduce the state taxes. I don't know. If you're going
20:13
Speaker 4: to get married now, you really got to consider how
20:16
Speaker 4: and what to do to protect both sides.
20:19
Speaker 2: Yeah, my family provide for her when you pass, but
20:23
Speaker 2: still preserve your kid's inheritance at the same time.
20:26
Speaker 4: And to me, those are really a lot to think
20:29
Speaker 4: about when you're getting remarried, and especially at that age
20:33
Speaker 4: and so critical. But here what was the real issue?
20:38
Speaker 4: Married or not also makes a big difference. So this
20:41
Speaker 4: is for all you folks out there that might just
20:43
Speaker 4: be you know, having lost your spouses later in life
20:46
Speaker 4: and are now you have a significant other and you're
20:49
Speaker 4: not married. It makes a difference, right, So here what mattered.
20:53
Speaker 4: It turns out that the will was void, so he
20:57
Speaker 4: died without a will. He had no estate planning in place. Well,
21:02
Speaker 4: now the marital status is everything to Miriam, right, so
21:07
Speaker 4: now you would have to look to the intestate succession
21:10
Speaker 4: statute if you're not married, right, it really affects the
21:15
Speaker 4: EP because at this point Miriam would be completely out
21:19
Speaker 4: the estate planning or the estate planning. Yeah, you would
21:25
Speaker 4: be completely out, Miriam because the intestate succession statue, which
21:30
Speaker 4: they would have to look to because he died without
21:32
Speaker 4: a will, would usually go Each state is different, but
21:36
Speaker 4: it would start looking at next closest next of kin.
21:40
Speaker 4: If you're not a spouse, you're not even on the chart,
21:43
Speaker 4: so you're not going to get anything. So this is
21:47
Speaker 4: important to Miriam. So at this point she's out altogether.
21:50
Speaker 4: He died without a will. Now, if in fact there
21:53
Speaker 4: was a will and they were married, I'm sorry, no will,
21:58
Speaker 4: but they were actually married, the marriage was not void. Well,
22:02
Speaker 4: now she's on the chart at least and high up
22:07
Speaker 4: on most state charts as to what you get, right,
22:11
Speaker 4: So there's going to definitely be something that she gets.
22:13
Speaker 4: And if there's you know, it could be you know,
22:16
Speaker 4: half to the kids, half to her. It could it
22:19
Speaker 4: could be. Each state is different. You really got to
22:21
Speaker 4: look at it. But at least she's on the chart
22:23
Speaker 4: and would get something out of that. So good. Now,
22:28
Speaker 4: what what I suggest here is obviously if they got married,
22:32
Speaker 4: they should have done a trust. And even if you didn't, right,
22:34
Speaker 4: but if you're married and it's a second marriage, please
22:39
Speaker 4: set up a trust. Now it's not about taxes and probate.
22:42
Speaker 4: While those are nice benefits to have and they would
22:44
Speaker 4: be there, the real thing is to prevent all this headache.
22:49
Speaker 4: Control the real estate. Figure out how your significant other
22:53
Speaker 4: now new spouse is going to benefit, you know, let
22:56
Speaker 4: her have the income, let her enjoy the property. You know,
23:00
Speaker 4: talk about whether there's a right to sell or not sell,
23:03
Speaker 4: but protect it all and then when they die you
23:05
Speaker 4: can have it directed to your side of the family,
23:08
Speaker 4: depending on what you want done, so you can take
23:11
Speaker 4: care of everybody with a trust. Folks, think about what
23:15
Speaker 4: you do when you get remarried. Relook at your estate plan. Meanwhile,
23:20
Speaker 4: just pull out your IRA and look at your IRA
23:23
Speaker 4: and figure out how it's going to fit most effectively
23:26
Speaker 4: into your estate plan. So get the guide Why name
23:29
Speaker 4: your estate and IRA beneficiary and learn how to do
23:32
Speaker 4: that eight six six eight four eight five six ninety
23:36
Speaker 4: nine or Legal Exchange show dot com.
23:39
Speaker 2: You've been listening to Todd Lutsky, a partner with the
23:41
Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
23:45
Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
23:49
Speaker 2: be answering your listener questions when we return to the
23:52
Speaker 2: Legal Exchange with Todd Lutsky.
23:55
Speaker 1: Spouses generally serve as the beneficiary to your IRA or
23:58
Speaker 1: life insurance policy. Your estate the beneficiary has quite a
24:02
Speaker 1: few benefits. Cushing and Dolan are experts elder log and
24:05
Speaker 1: they can help you protect your assets from probate and
24:07
Speaker 1: the nursing home. By naming your estate as a beneficiary,
24:10
Speaker 1: you can avoid the probate process, less than the chance
24:13
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24:16
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24:19
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24:24
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24:27
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24:30
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24:33
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24:35
Speaker 1: nine nine, or you can request the guide online by
24:38
Speaker 1: visiting our website at Legal Exchainshow dot com. That's Legal
24:42
Speaker 1: Exchange show dot com. The proceeding was paid for and
24:45
Speaker 1: the views expressed are solely those of Cushing and Dolan.
24:47
Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
24:49
Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
24:52
Speaker 1: Advisory do not endorse each other and are not affiliated.
24:55
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27:28
Speaker 1: You're listening to the Legal Exchange and it's time for
27:31
Speaker 1: Ask Todd, the segment where Todd will answer your questions
27:34
Speaker 1: about anything and everything that's included in the estate planning process.
27:39
Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
27:44
Speaker 2: Welcome back, Todd. We have a few questions from listeners
27:47
Speaker 2: for you. First question comes from Mara in Cotuit, mass
27:51
Speaker 2: and Mora writes, my husband recently went on hospice years ago.
27:55
Speaker 2: We created two irrevocable trusts with you. Is there anything
27:59
Speaker 2: we should be doing now to prepare for his passing?
28:02
Speaker 2: What do I need to do after he passes?
28:06
Speaker 4: Well, I mean, I think a good thing a quick
28:09
Speaker 4: check would be just to you know, look at all
28:11
Speaker 4: the assets that are in the trust, take a good inventory,
28:15
Speaker 4: see what's there, and then take a look at what's
28:20
Speaker 4: not in the trust, because there's always going to be
28:22
Speaker 4: items not in the trust. And you know, if there's
28:27
Speaker 4: spare bank accounts and maybe a small brokerage account that
28:31
Speaker 4: you left outside the trust, you know, make sure that
28:34
Speaker 4: it's jointly owned with the spouse. Just that way, it
28:38
Speaker 4: avoids probate and you don't have any headaches. You know.
28:41
Speaker 4: I'm also going to say, you know, take a look
28:43
Speaker 4: at at your IRA. And that's something that you can
28:48
Speaker 4: really look at here because now you are actually at
28:51
Speaker 4: a point where you know somebody is passing. Now, I'm
28:53
Speaker 4: assuming you could be on hospice, but be competent. Right,
28:56
Speaker 4: it could just be cancer. It could be something that
28:59
Speaker 4: affects your your health but not your mind. And so
29:03
Speaker 4: if that's the case, maybe we know the iras are
29:06
Speaker 4: not in the trust. So that's definitely an item you
29:10
Speaker 4: have to look at now. Of course, ensure that the
29:12
Speaker 4: beneficiaries are set up, but now maybe change them. Now
29:17
Speaker 4: you might have an opportunity to say, this new law,
29:21
Speaker 4: the new Secure Act, maybe you can set up if
29:24
Speaker 4: he's got a large IRA, is it him? Yeah, husband,
29:27
Speaker 4: if he's got a large IRA and I don't know
29:33
Speaker 4: hundred thousand, I don't know what it is, but I
29:35
Speaker 4: want to have and he's over age seventy three, that's
29:39
Speaker 4: an important element of this decision. Then you can have
29:44
Speaker 4: him do a new will, which is a testamentary trust
29:48
Speaker 4: will be built into that will. Again, assuming he's competent,
29:52
Speaker 4: then you change his designated beneficiary on the IRA to
29:57
Speaker 4: the estate of the husband. Now it will pass through probate. Yeah,
30:03
Speaker 4: one item, I get it into this testamentary trust. But
30:08
Speaker 4: what will happen is the minimum distributions will continue to
30:12
Speaker 4: come out over his lifetime, which is fine. I mean
30:17
Speaker 4: when I say his lifetime, his ghost life expectancy. So
30:20
Speaker 4: if he died at eighty, it'll come out over an
30:22
Speaker 4: eighty year old life expression. See, so there's no real
30:25
Speaker 4: adverse impact on the income tax side. It then will
30:29
Speaker 4: be in this testamentary trust, sheltered in a bypass share
30:33
Speaker 4: from estate taxes when the surviving spouse dies, So that
30:37
Speaker 4: could be helpful in reducing the Massachusetts estate tax if
30:41
Speaker 4: you haven't crammed down two million in the trust already.
30:45
Speaker 4: And lastly, and maybe most importantly, it's not only available
30:49
Speaker 4: for the surviving spouse, which we want, but immediately protected
30:55
Speaker 4: from the cost of long term care if the surviving
30:58
Speaker 4: spouse gets sick.
30:59
Speaker 2: So no look back period, none, and no massive upfront
31:03
Speaker 2: tax implications like you're emptying out an irate.
31:05
Speaker 4: Absolutely correct. Now, if you left it directly to the spouse, yeah,
31:11
Speaker 4: she'd have it, but it'd remain at risk. Just like
31:14
Speaker 4: it was before, right, Folks, really try to understand how
31:19
Speaker 4: this works. I know there's a lot of rules that
31:22
Speaker 4: go with naming an ira the estate as a beneficiary.
31:27
Speaker 4: Really got to get the guide and follow these rules
31:29
Speaker 4: and understand whether or not that could make tremendous sense
31:34
Speaker 4: for your estate. Plan. Again, might not be for everybody,
31:37
Speaker 4: but take a look, especially if you want to protect
31:39
Speaker 4: it from the nursing home or like you said, Susan,
31:42
Speaker 4: you've got somebody who you happen to know is is
31:44
Speaker 4: you know on hospice and you might be able to
31:46
Speaker 4: do something last minute. Get the guide, folks eight six
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Speaker 4: six eight four eight five six nine to nine or
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Speaker 4: Legal Exchange Show dot com again eight six six eight
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32:03
Speaker 2: Our last question comes from Sonia and Boilston, mass And
32:06
Speaker 2: Sonia writes, my husband and I have a revocable trust
32:09
Speaker 2: that we created with you. This year, you transferred our
32:12
Speaker 2: home and we moved our investments into the trust. But
32:15
Speaker 2: I'm unsure what to do with the life insurance. It
32:18
Speaker 2: is paid up whole life insurance policy on my husband's life.
32:22
Speaker 2: Should I be the beneficiary or should our trust be?
32:26
Speaker 2: If we name the trust, will I still have access
32:28
Speaker 2: to those funds when he passes or do they need
32:31
Speaker 2: to stay in the trust?
32:33
Speaker 4: You know, life insurance is really another tricky asset like
32:37
Speaker 4: an irure. And in this case, it looks like we've
32:40
Speaker 4: done revocable trust planning for these folks. So that's very
32:44
Speaker 4: different than irrevocable trust planning. So in this case, whether
32:49
Speaker 4: this was paid up or not paid up, I know
32:53
Speaker 4: that was a fact in here, but I want to
32:54
Speaker 4: expand the answer to the listeners whether that's paid up
32:59
Speaker 4: or not paid up. When you're dealing with a revocable trust,
33:02
Speaker 4: simply naming that person's trust. Again, I don't know if
33:06
Speaker 4: we did a joint trust or a trust for husband
33:10
Speaker 4: and wife.
33:10
Speaker 3: If it sounds like one joint line.
33:12
Speaker 4: So if it's one joint one, we want to make
33:14
Speaker 4: sure you simply name the designated beneficiary on that life
33:18
Speaker 4: insurance policy to be that trust. If you did two trusts,
33:23
Speaker 4: you would certainly want to name the insureds trusty as
33:28
Speaker 4: the designated beneficiary. Now you don't have to worry about
33:33
Speaker 4: whether it's paid up or not, and you don't really
33:35
Speaker 4: have to change the owner. Okay, it doesn't matter what
33:39
Speaker 4: matters is that when you die, by having the beneficiary
33:44
Speaker 4: the trust, you're a of avoiding probate b getting an
33:49
Speaker 4: asset into the trust so that it can be sheltered
33:53
Speaker 4: from estate taxes Versus if you don't do that and
33:57
Speaker 4: you name the spouse, it's going to simply passed directly
34:01
Speaker 4: to the spouse, avoiding probate and not being sheltered for
34:06
Speaker 4: a state taxes because it would pass under this unlimited
34:10
Speaker 4: marital deduction. So we you know, then it's just going
34:14
Speaker 4: to sit there and you know, be subject to a
34:16
Speaker 4: state tax when the survivor dies. Is not helpful. But
34:20
Speaker 4: by naming the trust as the beneficiary, now those assets
34:25
Speaker 4: will flow into the trust, they'll avoid probate, and they'll
34:29
Speaker 4: find their way to either the remainder share or the
34:34
Speaker 4: q TIP share. The marital share. If it goes into
34:38
Speaker 4: the remainder share, up to two million in Massachusetts would
34:42
Speaker 4: get there and that would be included in the estate
34:45
Speaker 4: of the survivor. So you see how that can help
34:48
Speaker 4: fund the trust, help cram down more assets. On the
34:52
Speaker 4: first death, the two million would go into the remainder
34:55
Speaker 4: share and it would be sheltered from both federal and
35:00
Speaker 4: state estate taxes when the survivor dies, because it's it's
35:05
Speaker 4: sheltered there. Now going forward, you asked, what about the spouse.
35:10
Speaker 3: She yeah, she wants to access it.
35:13
Speaker 4: So in these revocable trusts, although it becomes irrevocable when
35:18
Speaker 4: the survive when the first spouse dies, whether it's joint
35:21
Speaker 4: trust or his own trust, it's going to become irrevocable,
35:27
Speaker 4: but the surviving spouse is the trustee most of the time.
35:33
Speaker 4: So if that's the case, now the surviving trust, even
35:37
Speaker 4: though you hear the word irrevocable here, don't be frightened
35:39
Speaker 4: by it because the surviving spouse is in complete charge. Now,
35:44
Speaker 4: the surviving spouse has the ability to control all the
35:47
Speaker 4: money and all the assets in the bucket, can manage
35:50
Speaker 4: and invest them, buy and sell property if she wants to,
35:54
Speaker 4: and take out all the income. So again there's a
35:58
Speaker 4: million dollar life insurance policy, it's to be kicking out,
36:00
Speaker 4: you know, fifty grand a year in income.
36:02
Speaker 3: What about the principle and.
36:05
Speaker 4: Can go ahead and take out the principle And there's
36:08
Speaker 4: usually language in there that says, as she needs it
36:11
Speaker 4: to maintain her standard of living that she enjoyed when
36:14
Speaker 4: her spouse.
36:15
Speaker 2: Was alive, what if she wants a little bit higher
36:17
Speaker 2: standard of living when.
36:18
Speaker 4: He does, that's when the living really begins.
36:21
Speaker 3: I want to spend so much, and that's true.
36:24
Speaker 4: You you really never have to get there because there's
36:27
Speaker 4: really no one complaining. But in our trusts, we give
36:31
Speaker 4: the surviving spouse the power to appoint a independent trustee
36:37
Speaker 4: of her choosing, not related or subordinate, who simply can
36:41
Speaker 4: exercise discretion and empty the entire bucket if you needed to.
36:46
Speaker 4: But remember, while you can do that, you won't need
36:51
Speaker 4: to mostly and it could cause the state tax problems.
36:54
Speaker 4: So folks learn how to do your estate plan, not
36:58
Speaker 4: only with that, but with IRA assets very important. Get
37:01
Speaker 4: the guide eight six six eight four eight five six
37:06
Speaker 4: nine nine or Legal Exchange Show dot com.
37:10
Speaker 2: If you have a question you would like to ask Todd,
37:12
Speaker 2: visit his website Legal Exchange Show dot com and click
37:15
Speaker 2: on the ask Tod tab. Maybe I'll be able to
37:18
Speaker 2: read your question on the air, and hopefully his answer
37:20
Speaker 2: will stop you from becoming one of his next real
37:23
Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
37:27
Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
37:30
Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
37:34
Speaker 2: back with more after this quick break on the Legal
37:36
Speaker 2: Exchange with Todd Lutsky.
37:39
Speaker 1: Spouses generally serve as the beneficiary to your IRA or
37:42
Speaker 1: life insurance policy, but naming your estate the beneficiary has
37:45
Speaker 1: quite a few benefits. Cushing and Dolan are experts Eilder
37:49
Speaker 1: Lack and they can help you protect your assets from
37:51
Speaker 1: probate and the nursing home. By naming your estate as
37:53
Speaker 1: a beneficiary, you can avoid the probate process, less than
37:56
Speaker 1: the chance of creating any income tax issues on your rmds,
38:00
Speaker 1: and enjoy enhanced the state tax reduction. Call Cushing and
38:03
Speaker 1: Dolan right now at eight six six eight four eight
38:05
Speaker 1: five six nine nine and ask for their brand new
38:08
Speaker 1: guide called why Name your Estate and IRA Beneficiary? Learn
38:11
Speaker 1: about these benefits and others, and provide peace of mind
38:14
Speaker 1: for you and your family during your retirement years. That
38:16
Speaker 1: number again is eight six six eight four eight five
38:19
Speaker 1: six nine nine, or you can request the guide online
38:22
Speaker 1: by visiting our website at Legal Exchange Show dot com.
38:25
Speaker 1: That's Legal exchangshow dot com. The proceeding was paid for
38:29
Speaker 1: and the views expressed are solely those of Cushing and Dolan.
38:31
Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
38:34
Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
38:37
Speaker 1: Advisory do not endorse each other and are not affiliated.
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39:40
Speaker 5: To fully maximize your social Security benefits, it's important to
39:43
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39:46
Speaker 5: is Mike Armstrong from the Armstrong Advisory Group, and when
39:49
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39:52
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39:56
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39:59
Speaker 5: if you have tax free or after tax options in retirement,
40:02
Speaker 5: you can structure your financial plan to manage your future
40:05
Speaker 5: tax burden. Collecting social security too early without careful planning
40:08
Speaker 5: could limit your ability to manage taxes later in life.
40:11
Speaker 5: Our new free guide is called Social Security and Taxes
40:14
Speaker 5: and it unpacks these issues and more. Get your free
40:17
Speaker 5: copy today by calling eight hundred three nine three four
40:21
Speaker 5: zero zero one. That's eight hundred three nine three four
40:24
Speaker 5: zero zero one.
40:25
Speaker 1: The proceeding was paid for by Armstrong Advisory Group. A
40:28
Speaker 1: registered investment advisor. Nothing in the ad or in any
40:30
Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
40:33
Speaker 1: your own financial, tax, and estate planning advisors before making
40:36
Speaker 1: any investment decisions. Armstrong may contact you to offer investment
40:39
Speaker 1: advisory services. Your tune to the Legal Exchange with Todd Lutsky.
40:43
Speaker 1: If you are a loved one needs a nursing homestay,
40:45
Speaker 1: call Todd right now at eight sixty six eight four
40:48
Speaker 1: eight five six ninet nine and let him make sure
40:50
Speaker 1: your assets are protected. That's eight six six eight four
40:53
Speaker 1: eight five six nine nine, or visit him online at
40:56
Speaker 1: Legal Exchange show dot com.
41:00
Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
41:03
Speaker 2: Susan powers of financial advisor with the Armstrong Advisory Group,
41:07
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
41:12
Speaker 2: Masters in taxation. Todd, I have my own real life
41:16
Speaker 2: story for you today.
41:17
Speaker 4: I hope I can help well.
41:19
Speaker 2: I have faith that you do that you can. So
41:22
Speaker 2: we have mutual clients. Husband's eighty one and his wife
41:25
Speaker 2: is seventy four. They created two irrevocable trusts with you
41:30
Speaker 2: back in twenty twenty one.
41:32
Speaker 4: That was a good step in the right direction.
41:34
Speaker 2: Yes, absolutely, and they funded their trust. They have their
41:37
Speaker 2: home and they are worth around six twenty five and
41:41
Speaker 2: two investment accounts worth about three million. Outside of their trust,
41:45
Speaker 2: they both have an iray. His is worth about eight
41:48
Speaker 2: hundred and his wife's is worth around three hundred. Both
41:53
Speaker 2: of their trusts have creditor protection built into them for.
41:56
Speaker 3: Their only child, like proof that staying sure.
42:00
Speaker 4: I've got it.
42:01
Speaker 3: He's not great with money, so they wanted to make
42:03
Speaker 3: sure that.
42:04
Speaker 4: Oh so both divorce and bad with money.
42:07
Speaker 3: Absolutely good.
42:08
Speaker 2: They were listening to the show last weekend and sent
42:11
Speaker 2: an email asking if they should consider now naming their
42:15
Speaker 2: estate as the beneficiary on their irais instead of each other.
42:20
Speaker 2: And if they do that, would they still maintain the
42:23
Speaker 2: creditor protection for their son's inheritance.
42:26
Speaker 4: Wow, this is jam packed. It is jam packed with stuff,
42:30
Speaker 4: So let's unwrap it a little. I want to jump
42:34
Speaker 4: down to the bottom part first, because it just makes
42:36
Speaker 4: a lot of sense, right when you're talking about a
42:39
Speaker 4: son's inheritance being credit or protected, right, and whether we're
42:43
Speaker 4: concerned about protecting assets from the nursing home or not,
42:47
Speaker 4: right in this particular case. And this is important whether
42:51
Speaker 4: it's a revocable trust or an irrevocable trust. So I'm
42:53
Speaker 4: really going to expand the answer here for the listeners. Right,
42:58
Speaker 4: If you've done estate planning and you have eight hundred
43:01
Speaker 4: thousand dollars IRA three hundreds, these are big numbers, right, So,
43:05
Speaker 4: and you've done estate planning and you've put language in
43:09
Speaker 4: your trust that says when you die again, revocable or irrevocable,
43:15
Speaker 4: it's going to go to my children, child whatever, and
43:18
Speaker 4: it's going to be held there to be protected from
43:20
Speaker 4: the cost of long term from the cost of creditors, yeah, right,
43:24
Speaker 4: meaning future divorces of the kids whatever. They're super problems.
43:28
Speaker 4: Financial problems, can be even disability issues. Right if it's
43:34
Speaker 4: if it's held in trust and you want assets to
43:38
Speaker 4: be protected for those people, understand your IRA, if you
43:45
Speaker 4: don't name the trust the beneficiary at a bare minimum
43:49
Speaker 4: the trust. So if it's a revocable trust, you would
43:51
Speaker 4: name the trust the beneficiary, then those assets will not
43:56
Speaker 4: get that protection. So you need to name the trust
44:00
Speaker 4: beneficiary to preserve the protection for the kids. If it's
44:05
Speaker 4: a revocable trust. Now, if it's an irrevocable trust, which
44:09
Speaker 4: is what we have here. Wow, now we want to
44:13
Speaker 4: do we want to figure out to do the same
44:15
Speaker 4: kind of thing. We either want to name the trust
44:16
Speaker 4: the beneficiary to protect it for the kids. Or we
44:21
Speaker 4: can add a little something by naming the estate the
44:25
Speaker 4: beneficiary of the IRA instead of the trust directly. Now
44:32
Speaker 4: we're going to add some extra benefits. Right. We would
44:36
Speaker 4: not just change the beneficiary though, to the estate of.
44:40
Speaker 4: You would need to come back in and we would
44:43
Speaker 4: need to do new wills, because if I'm going to
44:47
Speaker 4: name the estate the beneficiary, I need wills that include
44:52
Speaker 4: testamentary trusts. Now, it's a fancy term. I didn't learn
44:57
Speaker 4: the big words in law school. So this is really
44:59
Speaker 4: a I think maybe you did. This is really a
45:04
Speaker 4: will built into a trust. I'll call it a wind trust.
45:06
Speaker 4: It's just easier than testamentary trust. And so now you
45:09
Speaker 4: need that trust built into the will in order to
45:14
Speaker 4: capture this IRA money by naming it the estate of.
45:19
Speaker 4: And now when you do that, I'm going to explain
45:22
Speaker 4: all the benefits that you get from doing that. But
45:26
Speaker 4: first I'm going to tell you in case you can't
45:28
Speaker 4: keep listening. If you call and get this guide, you
45:31
Speaker 4: will get all of those answers. How to name your
45:35
Speaker 4: estate the IRA beneficiary, when to do it? Obviously married,
45:40
Speaker 4: it works. Dealing with irrevocable trust, to protect from a
45:43
Speaker 4: nursing home, it works. These would be the kind of
45:46
Speaker 4: folks that want to do this, that want to get
45:48
Speaker 4: this guide. Okay, and it will do the following. It
45:53
Speaker 4: will protect it from the cost of nursing home care
45:56
Speaker 4: for the surviving spouse without a five year weight huge win. Yes,
46:00
Speaker 4: it will go to probate. Yes, it will protect assets
46:03
Speaker 4: or shelter assets from state taxes of the surviving spouse
46:07
Speaker 4: because not everybody goes to a nursing home and no
46:10
Speaker 4: adverse income taxes. Folks, get the guide eight six six
46:15
Speaker 4: eight four eight five six nine nine or Legal Exchange
46:19
Speaker 4: show dot com again eight six six eight four eight
46:23
Speaker 4: five six nine nine or Legal Exchange Show dot com.
46:27
Speaker 2: So you would name the estate of for the primary
46:32
Speaker 2: beneficiary for both of them.
46:34
Speaker 4: Yeah, because we don't know who's going to die first,
46:36
Speaker 4: so that's a good point. And then when one dies,
46:38
Speaker 4: the survivor can change the beneficiary of their own okayra
46:43
Speaker 4: Yeah again, lots to think about here. But it's doable.
46:47
Speaker 4: This is why you don't do it on your own.
46:48
Speaker 4: You get help for this. This is this is heavy lifting.
46:52
Speaker 4: So back to this one. In this case, let's say
46:56
Speaker 4: we pick on the on the husband with the eight
46:58
Speaker 4: hundred thousands dollar IRA, but you're right, they both should
47:01
Speaker 4: do this. So now we've come in, we've created these
47:06
Speaker 4: new wills with the testamentary trusts built in. You name
47:10
Speaker 4: the husband's estate, so for the husband it would be
47:14
Speaker 4: estate of husband's name, designated beneficiary. That's literally what you
47:20
Speaker 4: put on there. Then that money's going to find its way.
47:24
Speaker 4: When he dies, it's going to flow through assuming he
47:26
Speaker 4: didn't go to the nursing home, it's going to flow
47:29
Speaker 4: through probate into this will. And in the will there's
47:34
Speaker 4: a testamentary trust. And yes there's some account changes that
47:38
Speaker 4: have to be done to accommodate this, but it's there now.
47:42
Speaker 4: Once it's there, the trustee of this testamentary trust will
47:48
Speaker 4: allocate the assets to likely something called the remainder share,
47:54
Speaker 4: depending on what's going on in the other trusts. Right,
47:57
Speaker 4: we can't shelter more than two million dollars in a
48:00
Speaker 4: remainder share. Everything over the two million dollars between the
48:05
Speaker 4: testamentary trust and the living revote irrevocable trust that we
48:10
Speaker 4: did those two b buckets there. Once that exceeds two million,
48:14
Speaker 4: the excess goes into the q TIP share. Once it's
48:17
Speaker 4: sitting in this testamentary trust, the surviving the trustee can
48:23
Speaker 4: make distributions out to the surviving spouse of both income
48:30
Speaker 4: and principle so important and so different than the living
48:35
Speaker 4: irrevocable trust.
48:36
Speaker 2: So it goes from the testamentary trust that owns the
48:39
Speaker 2: IRA to an after tax testamentary trust bucket and then
48:44
Speaker 2: that's where it gets sent out to.
48:46
Speaker 4: So it goes from the IRA himself to the Testamentary
48:50
Speaker 4: Trust remainder share. From there the trustee can make distribution.
48:55
Speaker 4: But it's important to get that. They know that the
48:57
Speaker 4: surviving spouse knows they can get both principal right and income,
49:01
Speaker 4: so all.
49:01
Speaker 3: Of it, no restrictions on any of it.
49:03
Speaker 2: Yeah, So what happens when they're surviving spouse dies and
49:07
Speaker 2: you've got this, you know, let's say there's seven hundred
49:10
Speaker 2: thousand left in this testamentary trust. Yeah, so is it
49:15
Speaker 2: still protected for the sun or is he going to
49:17
Speaker 2: be able to reach in and get the whole thing out.
49:19
Speaker 4: No, you put the same language in there protecting it
49:21
Speaker 4: for the for the kids as you had in the
49:24
Speaker 4: in the main irrevocable trust. You know that creditor protection language,
49:28
Speaker 4: the divorce proofing exactly, it just continues on for them. Okay,
49:32
Speaker 4: so wonderful. We've got both the creditor protection language ongoing
49:37
Speaker 4: for the surviving children. We've got a spouse who has
49:42
Speaker 4: access to the money, which we want. We've got minimum
49:46
Speaker 4: distributions coming out on an income tax basis based on
49:51
Speaker 4: the decedents ghost life expectancy, which likely is not an
49:55
Speaker 4: adverse situation, right, So it's what you want. And then
50:01
Speaker 4: the big kicker is not only is it sheltered for
50:03
Speaker 4: estate taxes, so the surviving spouse won't pay taxes on
50:07
Speaker 4: it when they die. If the surviving spouse gets sick,
50:11
Speaker 4: I don't care if it's the next day. It's automatically
50:15
Speaker 4: protected from the nursing home, which it would not be
50:18
Speaker 4: had you just given a tour. Folks lots to think about.
50:22
Speaker 4: Learn how to protect your IRA or treat your IRA
50:26
Speaker 4: correctly in your estate plan. Get the guide eight six
50:31
Speaker 4: six eight four eight five six nine nine or Legal
50:35
Speaker 4: Exchange Show dot com When to name your Estate the
50:38
Speaker 4: beneficiary eight six six eight four eight five six ninety
50:42
Speaker 4: nine or Legal Exchange Show dot com.
50:45
Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan,
50:47
Speaker 2: thank you so much.
50:48
Speaker 4: Thank you, Susan. Always a pleasure.
50:50
Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
50:53
Speaker 2: Advisory Group. Thank you for joining us and we'll see
50:56
Speaker 2: you again next week on the Legal Exchange with Todd Lutsky.
51:00
Speaker 1: Spouses generally serve as the beneficiary to your IRA or
51:03
Speaker 1: life insurance policy, but naming your estate the beneficiary has
51:06
Speaker 1: quite a few benefits. Cushing and Dolan are experts neelder
51:09
Speaker 1: log and they can help you protect your assets from
51:11
Speaker 1: probate and the nursing home. By naming your estate as
51:14
Speaker 1: a beneficiary, you can avoid the probate process, less than
51:17
Speaker 1: the chance of creating any income tax issues on your rmds,
51:20
Speaker 1: and enjoy enhanced a state tax reduction. Call Cushing and
51:23
Speaker 1: Dolan right now at eight six six eight four eight
51:26
Speaker 1: five six ninet nine and ask for their brand new
51:28
Speaker 1: guide called why Name your Estate and IRA Beneficiary? Learn
51:32
Speaker 1: about these benefits and others, and provide peace of mind
51:34
Speaker 1: for you and your family during your retirement years. That
51:37
Speaker 1: number again is eight six six eight four eight five
51:40
Speaker 1: six nine nine. Or you can request the guide online
51:43
Speaker 1: by visiting our website at Legal exchange Show dot com.
51:46
Speaker 1: That's Legal exchange Show dot com. The proceeding was paid
51:49
Speaker 1: for and the views expressed are solely those of Cushing
51:51
Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
51:54
Speaker 1: contact you offering legal or investment services. Cushing and Dolan
51:57
Speaker 1: and Armstrong Advisory do not endorse each other and are
51:59
Speaker 1: not affiliated.
52:00
Speaker 5: To fully maximize your social security benefits, it's important to
52:03
Speaker 5: understand how social security may affect your taxes. HI this
52:06
Speaker 5: is Mike Armstrong from the Armstrong Advisory Group, and when
52:09
Speaker 5: deciding to collect social security benefits, it's essential to consider
52:13
Speaker 5: how those benefits interact with your other income sources, your
52:16
Speaker 5: tax situation, and your long term financial goals. As an example,
52:19
Speaker 5: if you have tax free or after tax options in retirement,
52:22
Speaker 5: you can structure your financial plan to manage your future
52:25
Speaker 5: tax burden. Collecting social security too early without careful planning
52:29
Speaker 5: could limit your ability to manage taxes later in life.
52:32
Speaker 5: Our new free guide is called Social security and taxes,
52:34
Speaker 5: and it unpacks these issues and more. Get your free
52:37
Speaker 5: copy today by calling eight hundred three nine three four
52:41
Speaker 5: zero zero one. That's eight hundred three nine three four
52:44
Speaker 5: zero zero one.
52:45
Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
52:48
Speaker 1: registered investment advisor. Nothing in the ad or in any
52:50
Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
52:53
Speaker 1: your own financial tax into state planning advisors before making
52:56
Speaker 1: any investment decisions. Armstrong may contact you to offer investment
52:59
Speaker 1: advisory services.
53:00
Speaker 6: Last year, we introduced you to Mark Vonner, CEO of
53:02
Speaker 6: Veterans Development Corporation. Mark is a career military man and
53:06
Speaker 6: we're proud to have him back as the presenting sponsor
53:08
Speaker 6: of the twenty twenty four DAV five K Boston.
53:11
Speaker 7: I'm a proud partner of the Disabled American Veterans Department
53:14
Speaker 7: of Massachusetts. The DAV does incredible work, and it was
53:17
Speaker 7: one of the first organizations I became familiar with after
53:20
Speaker 7: my military service ended in nineteen eighty four. As I
53:23
Speaker 7: built my company, Veterans Development Corporation, I did it knowing
53:26
Speaker 7: that I'd be giving back to fellow vets who need jobs,
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Speaker 7: disabled veterans every day and is one of the key
53:34
Speaker 7: reasons why I'm such a big supporter of Dan Stack
53:36
Speaker 7: and the Disabled American Veterans Department of Massachusetts and this
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Speaker 7: year's DAV five k Boston. Please join me in supporting
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Speaker 7: this tremendous cause by taking part in this year's event
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53:47
Speaker 6: Veterans Development Corporation is proud to be the presenting sponsor
53:50
Speaker 6: of this year's DAV five k, taking place on Saturday,
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Speaker 6: November ninth at Fort Independence in South Boston. To register
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