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Why Estate Plans Fail When Life Changes · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 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
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:38
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome, Todd.
• 0:52
  Speaker 2: How are you today?
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  Speaker 3: I'm never better, I've been better, but I'm okay.
• 0:56
  Speaker 2: You're hanging in there.
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  Speaker 3: I'm hanging in there. Wait a rally. Couple of things.
• 1:00
  Speaker 3: We do have a new guide but before we get there.
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  Speaker 2: New guide for May. It's especially in my mind, the
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  Speaker 2: start of summer. Yeah, well, I don't care.
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  Speaker 3: It's tell mother nature. Yeah, I know, we'll see. I
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  Speaker 3: agree with you. But a couple of great cases. Actually,
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  Speaker 3: this one is a Massachusetts appellate court case, new out
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  Speaker 3: on durable powers of attorney and how to use them
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  Speaker 3: for gifting and is it okay? This is a really
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  Speaker 3: good case. Went all the way up to the appellate
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  Speaker 3: case and you're gonna see how about five point six
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  Speaker 3: million dollars was gifted. So it's not a minor case.
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  Speaker 3: And it does deal with a power of attorney and
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  Speaker 3: how they work and how to use them. So we'll
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  Speaker 3: come back to that. Very interesting. And then there's a
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  Speaker 3: Nebraska Supreme Court case. How about I just title this
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  Speaker 3: one as the perils of not planning after remarriage. But
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  Speaker 3: actually it's a little more than that. This couple got
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  Speaker 3: more caught up in doing some kind of a premarital agreement.
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  Speaker 3: Oh like a yeah, after you know, so one spouse
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  Speaker 3: died and then not surviving spouse remarried. Yeah, and they
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  Speaker 3: got caught up in this pre marital agreement so much
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  Speaker 3: so that they never updated their estate planning documents. I'm like, oh, well,
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  Speaker 3: let's see how that works out for you. In fact,
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  Speaker 3: it's not a really good sign. So, folks, it's interesting
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  Speaker 3: because that case actually is exactly what our new guide
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  Speaker 3: is about this month, the estate planning potholes to avoid, Right,
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  Speaker 3: that's one of them. Folks. If you get remarried, please
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  Speaker 3: update your estate plan. What if you move I'm going
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  Speaker 3: to Florida, I'm going to New Hampshire, I'm going to
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  Speaker 3: change residency. Update your estate plan. There's a lot more
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  Speaker 3: to changing residency than you think. You need to do
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  Speaker 3: things right, what if you lose a spouse, right, never
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  Speaker 3: mind remarry, you just lose a spouse. You need to
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  Speaker 3: update your estate plan. Just think about your estate plan
• 2:52
  Speaker 3: being ten years old. Don't rely on a nominee realty
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  Speaker 3: trust or thinks that you don't have enough assets that
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  Speaker 3: you don't need to trust.
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  Speaker 1: Right.
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  Speaker 3: I might have young kids, you might have disabled children.
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  Speaker 3: You might want to control things from future divorces. There's
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  Speaker 3: reasons for trusts other than just taxes. Right, So there's
• 3:09
  Speaker 3: so many things in this guide. I've put together a
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  Speaker 3: list of as many things as I could think of
• 3:15
  Speaker 3: that you should stop and rethink your plan if you
• 3:19
  Speaker 3: have one in place, and of course if you haven't
• 3:22
  Speaker 3: won in place. It explains how to do basic estate planning,
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  Speaker 3: so it helps you get your your estate plan off
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  Speaker 3: the ground. State planning potholes to avoid, folks new for
• 3:30
  Speaker 3: the month Get it eight six six eight four eight
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  Speaker 3: five six ninety nine or Legal Exchange Show dot com
• 3:38
  Speaker 3: again eight six six eight four eight five six ninety
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  Speaker 3: nine or Legal Exchange Show dot com and learn what
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  Speaker 3: potholes you should avoid. Also go to our Instagram page
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  Speaker 3: Cushing Doen PC for more information. Perfect Massachusetts. Let's head
• 3:54
  Speaker 3: over here, let's stay.
• 3:55
  Speaker 2: Here, stay here, right around the corner.
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  Speaker 3: So in this case we have Francis who had four kids,
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  Speaker 3: three with her first husband and one with her second husband.
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  Speaker 3: Tracy was the one with the second Otherwise they had
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  Speaker 3: three kid three boys, and the husband was Daniel that
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  Speaker 3: was the second husband. Francis then always got along with Frank,
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  Speaker 3: one of the boys, but over the years had difficult
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  Speaker 3: relationships with varying degrees of difficulty with all the other kids.
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  Speaker 3: But by two thousand and one, her relationship with Tony
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  Speaker 3: and Chris, two of the boys from the first marriage,
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  Speaker 3: improved greatly, but her relationship never really improved. With Tracy,
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  Speaker 3: the one child from the second marriage, it remained strained. Okay, Well,
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  Speaker 3: in twenty thirteen, she decided to update her estate plan
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  Speaker 3: good and she appointed under the power of attorney Tony
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  Speaker 3: and those are the two boys she got along with
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  Speaker 3: the attorney. Yeah, I put both boys on. And the
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  Speaker 3: power of attorney had special language and what did and
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  Speaker 3: it had gifting language. I'm going to quote it. It
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  Speaker 3: allowed for outright gifts to persons who, in the opinion
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  Speaker 3: of the attorney in fact, would be donees that I
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  Speaker 3: may choose, okay, translate English. So Francis is the one
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  Speaker 3: granting the power and she's saying in this in English.
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  Speaker 3: This means that Chris and Tony are the attorneys in fact,
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  Speaker 3: and they're allowed to make gifts to people that Francis
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  Speaker 3: would believe would be good donees. Okay, So they get
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  Speaker 3: to decide and no limitation on the amount. Language. It's
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  Speaker 3: good language. I'm not opposed to the language. Okay. So
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  Speaker 3: now we know what the power of Attorney says Francis.
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  Speaker 3: She's still alive, right. She told Chris and Tony that
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  Speaker 3: large tax savings could be achieved by gifting, but we're
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  Speaker 3: going to revisit that down the road. She said. We
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  Speaker 3: don't have to talk about it now. But my only
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  Speaker 3: concern when I'm doing this is who's with me in
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  Speaker 3: my old age. That's what's really important to me. That's
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  Speaker 3: what Francis says. Okay, Well, fast forward to twenty sixteen
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  Speaker 3: and due to tax law changes, Tony and Chris met
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  Speaker 3: with an estate planning attorney, and this estate planning attorney said, yes,
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  Speaker 3: significant mass estate tax can be done. Savings can be
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  Speaker 3: done if you implement a gifting program, which they did
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  Speaker 3: in installments. Over the years, they gifted five point six
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  Speaker 3: million dollars to themselves, so Tony. So at that point,
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  Speaker 3: Tony and Chris did not discuss this with the family,
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  Speaker 3: but they believed that they were doing acting consistently with
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  Speaker 3: her wishes and her intent. Well, certainly after her death, Tracy,
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  Speaker 3: the one who she never got along with, sued, Now
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  Speaker 3: she might have been an estranged who knows. She sued
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  Speaker 3: Tony and Chris alleging that they were not authorized to
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  Speaker 3: make these gifts and they were improperly motivated. But the
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  Speaker 3: probate court and the appellate court both agreed that Tony
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  Speaker 3: and Chris met their burden of proof that they acted
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  Speaker 3: in good faith and with what Francis believed they would
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  Speaker 3: what Francis would have wanted, which is not on truths,
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  Speaker 3: what the facts said, make gifts to save tax dollars.
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  Speaker 2: And and she'd even mentioned it to them before.
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  Speaker 3: Mentioned to them before. And you're the powers of attorney.
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  Speaker 3: So the appellate court and they said, yeah, go ahead
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  Speaker 3: and do that, so you can make gifts. Remember this
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  Speaker 3: is important. Think about your power of attorney for a minute.
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  Speaker 3: We put the ability to make gifts in our trust,
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  Speaker 3: I mean, in our powers of attorney. It's important you
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  Speaker 3: can save taxes later in life by making gifts. But
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  Speaker 3: remember you can also restrict it. You could, you know,
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  Speaker 3: prevent self dealing, not gift to yourself. You can limit
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  Speaker 3: the amount that you gift. You could put the language
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  Speaker 3: in there. And remember either way, there's fiduciary duties here.
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  Speaker 3: So the attorney in fact does have to act in
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  Speaker 3: good faith and in the best interest of the person
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  Speaker 3: that granted them the power. So there's some checks and
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  Speaker 3: balances here, and the court saw that and notice that,
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  Speaker 3: so you know, and remember these things become effective the
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  Speaker 3: moment you sign them. You don't have to be incapacitated
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  Speaker 3: to use the power of attorney. In fact, we're not
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  Speaker 3: entirely sure Francis wasn't didn't lose capacity, right, she could
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  Speaker 3: have had capacity. Min only question is how did she
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  Speaker 3: not see her accounts going down five point six million?
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  Speaker 3: So you know, but again I don't know that she
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  Speaker 3: was opposed to it, So she could have been very
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  Speaker 3: competent and this could have still been going on. But
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  Speaker 3: it was strange that they didn't talk to her about it.
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  Speaker 3: But nevertheless, the point is that powers of attorney work.
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  Speaker 3: They're powerful, very powerful, and folks, you should have them
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  Speaker 3: as a part of your estate plan. But be careful
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  Speaker 3: who you.
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  Speaker 2: Pick peace wisely? Right, how do you pick?
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  Speaker 3: But I'm going to focus on one thing that we
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  Speaker 3: didn't talk about, the taxes. Gifting is fine, but it's
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  Speaker 3: not always the best thing to do. So I hope
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  Speaker 3: these people they did consult with an attorney, so hopefully
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  Speaker 3: they ran the numbers and what type of assets?
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  Speaker 1: Right?
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  Speaker 3: Yeah, that's what I mean. What do I mean by this? Todd?
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  Speaker 3: What why am I even talking about it? Just say
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  Speaker 3: for the moment that they gave away five point six
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  Speaker 3: million dollars of zero basis assets just to make a point.
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  Speaker 2: So highly appreciated as all gains.
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  Speaker 3: Yeah, the tax on that would be the built in
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  Speaker 3: gain capital gains tax would be about one point six million.
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  Speaker 2: That was on how much.
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  Speaker 3: Five point six million? About one point six million would
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  Speaker 3: be the capital gains tax that you're trapping by giving
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  Speaker 3: it away, right and still maybe not eliminating mass tax
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  Speaker 3: if you keep it and die five point six And
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  Speaker 3: if that was the total estate minus two, the tax
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  Speaker 3: in mass would be five hundred and seventy six thousand. Wow. Yeah,
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  Speaker 3: I'd rather pay the mass tax and get a step
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  Speaker 3: up in basis. So while gifting works, folks, it's not
• 10:00
  Speaker 3: always the best run the numbers and folks, there's many
• 10:03
  Speaker 3: other potholes to avoid. Get the new guide before you
• 10:06
  Speaker 3: get going on your estate plan. This will help you
• 10:09
  Speaker 3: avoid some potholes when you're drafting and doing your estate
• 10:12
  Speaker 3: plan eight six six eight four eight five six nine
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  Speaker 3: to nine or Legal exchange show dot com. You can
• 10:19
  Speaker 3: download the guide right there and get started on your
• 10:21
  Speaker 3: estate plan. Today.
• 10:23
  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
• 10:28
  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
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  Speaker 2: with Todd Lutsky.
• 10:37
  Speaker 1: Long term care costs can reach thousands of dollars per
• 10:40
  Speaker 1: month and can put a serious strain on your savings.
• 10:43
  Speaker 1: The experts at Cushing and Dolan often see families caught
• 10:46
  Speaker 1: off guard by that reality. Without the right plan in place,
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  Speaker 1: those costs can quickly eat through a lifetime of your
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  Speaker 1: hard work. But here's the shocker. Many estate plans don't
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  Speaker 1: protect your assets from those expenses. The right strategy may
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  Speaker 1: involve specific types of trusts designed to help protect your assets,
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  Speaker 1: but timing matters. Cushing and Dolan has a brand new
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  Speaker 1: breaks down some of the most common and costly mistakes
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  Speaker 1: Some of the biggest estate planning mistakes are the ones
• 13:11
  Speaker 1: you don't even know you're making. That Cushing and Dolan,
• 13:13
  Speaker 1: they've seen it all. Plans that aren't complete, that only
• 13:16
  Speaker 1: rely on a will, or lack of funding of a trust.
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  Speaker 1: These are the kind of mistakes that can lead to probate,
• 13:22
  Speaker 1: unnecessary taxes, or even putting your assets at risk. As
• 13:26
  Speaker 1: your life changes, so should your estate plan, marriage, grandkids,
• 13:30
  Speaker 1: new assets, and even changes in tax lack can impact
• 13:33
  Speaker 1: how your plan should be structured. That's why Cushing and
• 13:35
  Speaker 1: Dolan created a brand new guide called Detour a Head
• 13:38
  Speaker 1: estate planning Potholes to avoid. It walks you through the
• 13:41
  Speaker 1: most common and costly mistakes and how to help protect
• 13:44
  Speaker 1: your assets, your family, and your future. Call eight sixty
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  Speaker 1: six eight four eight five six nine nine to get
• 13:49
  Speaker 1: your free copy today. That's eight six six eight four
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  Speaker 1: eight five six nine nine, or you can request the
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  Speaker 1: guide online at Legal exchange show dot com. The proceeding
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  Speaker 1: was paid for in The views expressed are solely those
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  Speaker 1: of Cushing and Dolan. Cushing and Dolan into Armstrong Advisory
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  Speaker 1: may contact you offering legal or investment services. Cushing and
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  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
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  Speaker 1: are not affiliated. You're listening to the Legal Exchange with
• 14:11
  Speaker 1: Todd Lunsky, an expert in elder life planning and taxation.
• 14:14
  Speaker 1: Need help with your estate plan? Call Todd right now
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  Speaker 1: and make an appointment. Eight sixty six eight four eight
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  Speaker 1: eight five six ninety nine.
• 14:24
  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
• 14:28
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:31
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:34
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:38
  Speaker 2: Where we headed now.
• 14:39
  Speaker 3: Todd, Nebraska. Hmmm, that's kind of out in the middle
• 14:44
  Speaker 3: of the country. Yep, let's take a peek. It's a
• 14:47
  Speaker 3: Supreme Court case, so it's the perils of not planning.
• 14:50
  Speaker 3: So in this case, Paul and Diane married till twenty
• 14:54
  Speaker 3: eleven when Diane died. But just before Diane died in
• 14:58
  Speaker 3: twenty ten, Why they waited so long, I don't know.
• 15:01
  Speaker 3: Paul decided to do a will, leaving most of his
• 15:03
  Speaker 3: assets to Diane. Well. I suspect they didn't know Diane
• 15:07
  Speaker 3: was dying. Okay. Nice. Why they did only a will,
• 15:12
  Speaker 3: I don't know, but they should have done more. Paul
• 15:15
  Speaker 3: later began dating Barbara after the death of Diane. They
• 15:20
  Speaker 3: verbally agreed that Barbara would sell her home and live
• 15:23
  Speaker 3: with Paul. Okay. Barbara also agreed to contribute money to
• 15:28
  Speaker 3: the renovation of this home. Okay. October twenty sixteen, they
• 15:33
  Speaker 3: got married premarital agreement they get focused on. They enter
• 15:38
  Speaker 3: into it one month before the wedding, stating that separate
• 15:43
  Speaker 3: property would remain separate unless it was transferred to themselves
• 15:48
  Speaker 3: as joint tenants with the right of survivorship. It also
• 15:51
  Speaker 3: waived their fo share their rights against the other one's
• 15:54
  Speaker 3: estate wave that except, of course, for the jointly held property,
• 15:58
  Speaker 3: and provisions reg god guarding the personal residence and maintenance
• 16:02
  Speaker 3: funds set forth in paragraph nine point four A above. Oh,
• 16:07
  Speaker 3: sidebar nine point four A did not exist in the document,
• 16:11
  Speaker 3: so that's a problem super drafting. Yeah, okay, all right,
• 16:15
  Speaker 3: so we kind of know that the agreement. April twenty
• 16:20
  Speaker 3: twenty three, Paul dies. By the way, Paul never updated
• 16:26
  Speaker 3: his will that he did in twenty ten, leaving everything
• 16:28
  Speaker 3: to Diane. Great, just keep that in the back of
• 16:31
  Speaker 3: your mind, okay. Paul's son, Lance from the first marriage
• 16:36
  Speaker 3: right became the pr and Barbara, of course, sued for
• 16:39
  Speaker 3: forty percent of the sale proceeds of the house based
• 16:42
  Speaker 3: on an oral agreement with Paul, and for reimbursement for
• 16:45
  Speaker 3: the money contributed to the remodeling. Well. The court denied
• 16:50
  Speaker 3: her claims, stating that she was trying to add language
• 16:53
  Speaker 3: to the marital agreement not discussed till after it was signed,
• 16:57
  Speaker 3: and the marital residence remained separate property, it never became
• 17:02
  Speaker 3: jointly held with the rights of the drivership, and there
• 17:06
  Speaker 3: was no mention of a statutory maintenance fund in the agreement. Well,
• 17:12
  Speaker 3: she appealed, m Well, the Appellate and the Supreme Court
• 17:16
  Speaker 3: both affirmed that the agreement was unambiguous in that there
• 17:20
  Speaker 3: was no need to reform it. Right, Sorry, Barbara, but
• 17:26
  Speaker 3: maybe you should have done some estate planning. Yeah, when
• 17:29
  Speaker 3: you remarried, for sure, and not got so hung up
• 17:32
  Speaker 3: on the premarital agreement. Oh it gets better. We'll continue,
• 17:37
  Speaker 3: but folks, before we do, I just want to mention
• 17:39
  Speaker 3: this new guide again. This is the perils of not planning. Well,
• 17:43
  Speaker 3: this is the potholes to avoid. Right, this was a remarriage.
• 17:46
  Speaker 3: One of the potholes to avoid is, Hey, if you've
• 17:48
  Speaker 3: done planning and you remarry, pick up your plan and
• 17:52
  Speaker 3: redo it. If your spouse dies, redo your plan. If
• 17:56
  Speaker 3: you want to relocate to another state to avoid a
• 17:58
  Speaker 3: state taxes, There's a lot more to it then just moving.
• 18:01
  Speaker 3: Update your plan, right, what if when one dies? Please
• 18:05
  Speaker 3: don't take all the assets out of one trust and
• 18:06
  Speaker 3: put them in the other. That's a horrible thing to do.
• 18:09
  Speaker 3: You ruin your estate plan. Don't rely on joint ownership
• 18:13
  Speaker 3: of assets as an estate plan, you know. Don't think
• 18:15
  Speaker 3: that your nominee realty trust is the end all be
• 18:18
  Speaker 3: all for your estate plan. Folks, there's so much you think.
• 18:21
  Speaker 3: Don't think your estate is too small and you don't
• 18:24
  Speaker 3: need a trust. There's a lot of other reasons to
• 18:26
  Speaker 3: do trusts than just taxes. Could be nursing, home planning, probate,
• 18:30
  Speaker 3: et cetera, bloodline planning. Folks. This is a great guy
• 18:34
  Speaker 3: to get you started in your estate plan. Learn what
• 18:36
  Speaker 3: not to do, and don't make the mistakes when you're
• 18:39
  Speaker 3: doing your plan. Eight six six eight four eight five
• 18:43
  Speaker 3: six ninety nine or Legal Exchange Show dot com again
• 18:47
  Speaker 3: eight six six eight four eight five six nine nine
• 18:51
  Speaker 3: or Legal Exchange Show dot com. And you can go
• 18:54
  Speaker 3: to Cushing and doll on PC our Instagram page for
• 18:57
  Speaker 3: more information. All right, are you ready? I share? Am?
• 19:01
  Speaker 3: It gets better?
• 19:02
  Speaker 2: Everyone's sitting on the edge of their seat right now.
• 19:04
  Speaker 3: Okay, so let's talk about this. What are we learning here?
• 19:07
  Speaker 3: What's the tips and lessons second marriage. Well, you have
• 19:11
  Speaker 3: a premarital agreement, they're okay, you can do them, you know,
• 19:14
  Speaker 3: But I always say, don't get so hung up on
• 19:17
  Speaker 3: them that you avoid or forget to do your own
• 19:20
  Speaker 3: estate planning.
• 19:21
  Speaker 2: Most of those premarital agreements, todd they're what gets kicked
• 19:26
  Speaker 2: in in the event of a divorce. Right, not necessarily
• 19:29
  Speaker 2: deaf correct.
• 19:31
  Speaker 3: Right, But they can cross it. They can do both.
• 19:33
  Speaker 3: They can kind of do both. But you're right, Yeah,
• 19:35
  Speaker 3: they're right. So here it appears to me that they
• 19:39
  Speaker 3: both had assets. Otherwise they wouldn't be doing premarital and
• 19:43
  Speaker 3: go out of their way to make an issue over
• 19:46
  Speaker 3: separate property. Remember, right, and I assume they both had
• 19:50
  Speaker 3: families from each side that they wanted to provide for. Okay, Well,
• 19:55
  Speaker 3: if you had just done some estate planning, right, you
• 19:58
  Speaker 3: could have set up with an attorney and put together
• 20:02
  Speaker 3: two separate trusts, one for each of you. This way
• 20:07
  Speaker 3: you could have kept your assets separate the way you
• 20:10
  Speaker 3: wanted to in case of a divorce. It would have
• 20:13
  Speaker 3: not sort of violated the premarial agreement. So you still
• 20:17
  Speaker 3: have your separateness that you wanted in the assets, and
• 20:22
  Speaker 3: the trust could have provided for each other and their
• 20:26
  Speaker 3: own family. So like here, you could have been separate
• 20:31
  Speaker 3: but held that You could have held the home separately
• 20:33
  Speaker 3: but in trust right, so at that point, you know,
• 20:38
  Speaker 3: Barbara could have lived there. You could have had money
• 20:41
  Speaker 3: in the trust, or you could have made Barbara pay
• 20:43
  Speaker 3: to maintain it, or you could have set aside money
• 20:45
  Speaker 3: in the trust to maintain the property. Then when she
• 20:48
  Speaker 3: passes away, it goes to his kids. If that's you know,
• 20:52
  Speaker 3: what was his house. Remember she moved into it and
• 20:55
  Speaker 3: they never made it joint. So that would be a solution,
• 21:00
  Speaker 3: and I think this way the kids could actually get more.
• 21:04
  Speaker 3: You know, he could have set up, you know, a
• 21:07
  Speaker 3: separate fund inside the trust that either allocated a portion
• 21:12
  Speaker 3: of the money outright to this Barbara spouse saying here,
• 21:16
  Speaker 3: I want you to have something right. Or you could
• 21:19
  Speaker 3: have set up the marital share in the remainder share
• 21:22
  Speaker 3: and provided her a nice income stream from these assets
• 21:26
  Speaker 3: and then maybe dictated the access that you want to
• 21:31
  Speaker 3: grant to principle. Yes, you could say for you know, health, education,
• 21:36
  Speaker 3: maintenance and support. You could have had a child from
• 21:40
  Speaker 3: your your side of the marriage serve as co trustee
• 21:43
  Speaker 3: with her to allow distributions to come out to her,
• 21:47
  Speaker 3: you know, as needed. So again taking care of both sides,
• 21:54
  Speaker 3: but preserving assets for your own side of the of
• 21:57
  Speaker 3: the marriage when you die, for your children, right, So,
• 22:01
  Speaker 3: and she could have done the same thing on her side.
• 22:04
  Speaker 3: So this also serves the state taxes. Right. If they've
• 22:06
  Speaker 3: done this and they both had assets, and they come
• 22:09
  Speaker 3: together and they're married, I don't care that they're staying
• 22:11
  Speaker 3: their separate assets. When you die. You need to have
• 22:14
  Speaker 3: a state planning done and double your exemption so that
• 22:17
  Speaker 3: you can save a state taxes, whether it be Massachusetts
• 22:20
  Speaker 3: or your state or federal. This inherently allows more assets
• 22:25
  Speaker 3: to your side of the family.
• 22:27
  Speaker 2: Yes, you're preserving it, so it's a voluntary tax to
• 22:29
  Speaker 2: the government. If you don't do a state planning and
• 22:31
  Speaker 2: you're married.
• 22:32
  Speaker 3: Yeah, I mean, at the end of the day, they
• 22:35
  Speaker 3: would have wanted to take care of each other and
• 22:37
  Speaker 3: take care of their families and get more to their family.
• 22:40
  Speaker 3: So if you're going to be married, you might as
• 22:42
  Speaker 3: well double the exemption, right, you might as well do
• 22:45
  Speaker 3: planning to take advantage of.
• 22:46
  Speaker 2: That, because on the state level, like in Massachusetts, they
• 22:49
  Speaker 2: would have walked away from two million dollars of exemption
• 22:53
  Speaker 2: if they have no plan in place, right, no trust
• 22:55
  Speaker 2: in place. It's crazy.
• 22:56
  Speaker 3: Yeah, So why do that when you could do your planning?
• 23:00
  Speaker 3: So and folks, the other thing that that really kills
• 23:02
  Speaker 3: me is is they got so caught up in the
• 23:06
  Speaker 3: pre premarital agreement and they didn't do their estate plan
• 23:10
  Speaker 3: that left an old will in place. What happened the
• 23:15
  Speaker 3: old will? So the old will exists, and it said
• 23:20
  Speaker 3: I leave everything to my ex wife, my wife who's dead.
• 23:23
  Speaker 3: Ye oh, so it probably says all to my wife
• 23:26
  Speaker 3: if living otherwise to my kids. So she's disinherited completely out.
• 23:32
  Speaker 2: And she waved her right, she.
• 23:35
  Speaker 3: Waved her right to challenge the estate in the premarital agreement.
• 23:38
  Speaker 3: So wow, not only by not doing this, for getting
• 23:41
  Speaker 3: hung up, you really ended up sort of hurting yourself
• 23:45
  Speaker 3: with this. Says, now this old will is going to
• 23:47
  Speaker 3: exist and everything's going to go to to the to
• 23:51
  Speaker 3: his kids because his first wife is dead. So the
• 23:54
  Speaker 3: alternative would be, wow, folks, this is a huge pothole.
• 23:58
  Speaker 3: Get the guide to avoid all kinds of potholes when
• 24:01
  Speaker 3: you're doing your estate plan eight six six eight four
• 24:04
  Speaker 3: eight five six ninety nine or Legal Exchange show dot com.
• 24:09
  Speaker 2: You've been listening to Todd Lotski, a partner with the
• 24:12
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 24:15
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 24:18
  Speaker 2: be answering your listener questions when we return to the
• 24:21
  Speaker 2: Legal Exchange with Todd Lotsky.
• 24:24
  Speaker 1: Long term care costs can reach thousands of dollars per
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• 27:26
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 27:29
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:32
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:36
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:41
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:45
  Speaker 2: First question comes from Joan in Braintree, mass and Joan Wrights.
• 27:49
  Speaker 2: My father has a nominee reality trust that his home
• 27:52
  Speaker 2: was transferred into around six years ago. He is listed
• 27:55
  Speaker 2: as the primary beneficiary and I am listed as the
• 27:58
  Speaker 2: contingent beneficiary when he passes. Will this protect his home
• 28:02
  Speaker 2: from the nursing home. If not, can we take it
• 28:05
  Speaker 2: out of this trust and move it into an irrevocable
• 28:08
  Speaker 2: trust at this point?
• 28:10
  Speaker 3: Yeah, So this is really one of those potholes that
• 28:14
  Speaker 3: I think people inherently make a mistake with because nomine
• 28:19
  Speaker 3: realty trusts are confusing. They're not really trusts. They're nominee trusts,
• 28:26
  Speaker 3: which means they're more of a principal agency relationship. In
• 28:30
  Speaker 3: other words, the trustee of the trust, let's assume it
• 28:34
  Speaker 3: was the father, probably was, yeap, has no power over
• 28:42
  Speaker 3: the trust unless directed by the beneficiary. Oh well, the
• 28:47
  Speaker 3: beneficiary is the father, right, Yeah, but it says so
• 28:51
  Speaker 3: now you've got the trustee and the beneficiary being the
• 28:53
  Speaker 3: same person, and so really the owner it flows right
• 28:57
  Speaker 3: through to the beneficiary, really still owns the property, putting
• 29:02
  Speaker 3: in this trusted nothing. It floated right back to Dad.
• 29:05
  Speaker 3: But more than that, having the trustee and the beneficiary
• 29:10
  Speaker 3: being the same person in a nominee realty trust merger happens.
• 29:14
  Speaker 3: The trust kind of merges out of existence because he's everything,
• 29:19
  Speaker 3: he owns it, and he's the trustee now of a
• 29:21
  Speaker 3: nominee trust. Different for real trust. Right, But so so okay,
• 29:28
  Speaker 3: I guess now I can answer the question, did it
• 29:31
  Speaker 3: protect it from the nursing Well, no, absolutely not, because
• 29:35
  Speaker 3: he really is the owner, right and he really isn't
• 29:36
  Speaker 3: even avoiding probate. It's in his hands. He owns it.
• 29:39
  Speaker 2: But even though he's got so, if his son were
• 29:42
  Speaker 2: listed as the primary beneficiary, that'd be a different story, wouldn't.
• 29:46
  Speaker 3: It, Yeah, because then he would have given it away.
• 29:48
  Speaker 3: He wouldn't have owned his house at all. Oh, he
• 29:50
  Speaker 3: would have made a completed gift to.
• 29:52
  Speaker 2: It, which is probably not his attention because its beneficiary.
• 29:54
  Speaker 2: That's when you die, right.
• 29:55
  Speaker 3: And they all think that when they put it in
• 29:57
  Speaker 3: here they go, no, I didn't mean to give it
• 29:59
  Speaker 3: to him till I died. I go, well, that isn't
• 30:01
  Speaker 3: what you did, right you You gave it to him,
• 30:03
  Speaker 3: because a nominee trust does just that. It flows the
• 30:06
  Speaker 3: property right through to the beneficiary immediately, not when you die,
• 30:10
  Speaker 3: I immediately. And so remember the beneficiary is the one
• 30:14
  Speaker 3: that tells the trustee what to do in a nominee trust, right,
• 30:18
  Speaker 3: not in real trusts, but in a nominee trust. So
• 30:22
  Speaker 3: be careful, folks, if you have a nominee trust, don't
• 30:25
  Speaker 3: think your estate plan is done, because it's probably doing nothing.
• 30:28
  Speaker 2: Do you think this is because some folks they may
• 30:31
  Speaker 2: have a real estate attorney that they use for different
• 30:34
  Speaker 2: things in life, and they rely on them to do
• 30:36
  Speaker 2: this trust like they're using a real estate attorney to
• 30:39
  Speaker 2: be their estate planning attorney, which.
• 30:42
  Speaker 3: For sure, they just it's just one of those things
• 30:44
  Speaker 3: where you close on a deal and they say, here,
• 30:45
  Speaker 3: just throw this into a nominee trust. You'll you know,
• 30:48
  Speaker 3: you'llt least have a trust. Yeah, yeah, you really don't.
• 30:51
  Speaker 3: And so the answer then becomes, can we fix it? Well, yeah,
• 30:56
  Speaker 3: he could? It fixed itself, really fixed itself. He's really
• 30:58
  Speaker 3: the owner to what it's prepared to take it out
• 31:00
  Speaker 3: of the trust, put it back in his name one
• 31:02
  Speaker 3: hundred percent, and then he can prepare a deed transferring
• 31:05
  Speaker 3: it to one of these Medicaid irrevocable.
• 31:07
  Speaker 2: Trust because they're concerned about the nursing hall.
• 31:10
  Speaker 3: Yeah, and he should go get a consult with an
• 31:12
  Speaker 3: attorney to learn how the Medicaid trust works, and you
• 31:15
  Speaker 3: know whether there should be a life estate included or not,
• 31:18
  Speaker 3: and so forth. But you know, put it in, get
• 31:22
  Speaker 3: the five year clock running, move forward, avoid probate, and
• 31:26
  Speaker 3: you know, depending on the size of the estate offeas single.
• 31:28
  Speaker 3: At this point, I don't know, He'll just do one trust.
• 31:30
  Speaker 2: But yeah, okay, so something can be done.
• 31:33
  Speaker 3: Something can be done, and so folks, I think overall
• 31:37
  Speaker 3: you really need to This is a great example and it,
• 31:39
  Speaker 3: by the way, it's in our guide to stay planning
• 31:41
  Speaker 3: potholes to avoid one of them listed there is a
• 31:44
  Speaker 3: Nominee Realty trust. It says, don't rely on it, and
• 31:47
  Speaker 3: it explains to you how the Nominee Realty Trust operates,
• 31:52
  Speaker 3: what it's really doing for you, which is nothing we
• 31:55
  Speaker 3: just learned. So so yes, that's in the guide. But
• 31:59
  Speaker 3: also other things to think about. You're relocating to another state.
• 32:04
  Speaker 3: Check your estate plan. You got a spouse who died, right,
• 32:08
  Speaker 3: You've got children who you are maybe getting divorced, and
• 32:11
  Speaker 3: it resonates saying, maybe I should modify my plan to
• 32:14
  Speaker 3: protect for divorces. Right, you think you don't have enough money, Oh,
• 32:18
  Speaker 3: I'm under two million in Massachusetts. I don't need an
• 32:21
  Speaker 3: estate trust plan. Well maybe you do. Maybe you want
• 32:24
  Speaker 3: to protect it from the nursing home. Folks, So many
• 32:26
  Speaker 3: things to think about as you enter into the estate
• 32:29
  Speaker 3: planning world. Get this guide to learn What Not to
• 32:31
  Speaker 3: Do eight six six eight four eight five six nine nine,
• 32:37
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 32:41
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:45
  Speaker 3: Show dot com and download it there.
• 32:47
  Speaker 2: Our last question comes from Karen, also in Braintree. Karen writes,
• 32:51
  Speaker 2: I transferred most of my after tax money into my
• 32:55
  Speaker 2: irrevocable trust four years ago. I'd like to lend my
• 32:58
  Speaker 2: daughter some money to buy a house. Can I give
• 33:01
  Speaker 2: her a loan from the trust? Can I have it
• 33:03
  Speaker 2: forgiven if I pass away and consider it as part
• 33:07
  Speaker 2: of her inheritance?
• 33:09
  Speaker 3: So the quick answer is yes. Good. So the trust
• 33:14
  Speaker 3: does allow for loans to be made, whether secured or not. Okay, okay,
• 33:22
  Speaker 3: or at least our trust does. However, our trust does
• 33:27
  Speaker 3: in fact prohibit the trust from lending money to the
• 33:32
  Speaker 3: donor or the donor right, So please don't interpret this,
• 33:39
  Speaker 3: Karen that Mom and Dad that the trust can lend
• 33:44
  Speaker 3: to them. That would be bad, really bad. So we
• 33:48
  Speaker 3: eliminate that. But can you lend to a child, Well, sure,
• 33:51
  Speaker 3: you can make discretionary distributions of principle. Remember, the trustee
• 33:56
  Speaker 3: in our trust allows for discretionary distribution of principle to
• 34:02
  Speaker 3: the to the kids of all generations usually or whatever
• 34:06
  Speaker 3: you might want it to be, to the kids of
• 34:08
  Speaker 3: all generations. So yes, not only can you give it
• 34:11
  Speaker 3: to them, but I like the idea of lending it.
• 34:14
  Speaker 3: Why the trust is saying, remember, as a trustee, you
• 34:17
  Speaker 3: have to be investing as a prudent person would invest,
• 34:21
  Speaker 3: and so as a trustee you might say, you know
• 34:23
  Speaker 3: what if I can grab five percent interest from a
• 34:27
  Speaker 3: seemingly reliable source, not a bad investment, I'm going to
• 34:32
  Speaker 3: lend the money to my child. And you know, I
• 34:35
  Speaker 3: assume the trustee is going to lend the money. I
• 34:38
  Speaker 3: don't know that the mom or dad is the trustee
• 34:40
  Speaker 3: on this trust. Assuming one of the children are right,
• 34:43
  Speaker 3: the trustee is going to lend to the to the child, again,
• 34:48
  Speaker 3: probably at the donors direction. Sure, so we know who's
• 34:53
  Speaker 3: in control here, folks, the parents. And then take back
• 34:57
  Speaker 3: this note. Then I think think you might need to
• 35:00
  Speaker 3: modify the note or modify the trust. So you'd have
• 35:04
  Speaker 3: to probably exercise a limited power of appointment in the
• 35:10
  Speaker 3: will to change the trust. That would say something like,
• 35:15
  Speaker 3: you know, I'm still treating my kids equally. However, with
• 35:21
  Speaker 3: regard to the balance of a promisory note. Whatever the
• 35:25
  Speaker 3: outstanding balance of this promissory note is on the date
• 35:29
  Speaker 3: of death. And let's say, you know, Chrissy is the
• 35:32
  Speaker 3: one who got the note. You know, we then have
• 35:36
  Speaker 3: to treat the outstanding balance of that note as an
• 35:41
  Speaker 3: advancement on the inheritance on her inheritance, right, because we're
• 35:45
  Speaker 3: going to forgive the note. So if we treat it
• 35:48
  Speaker 3: as an advancement, that just means, let's just use a number,
• 35:51
  Speaker 3: say it was one hundred thousand dollars outstanding on the
• 35:54
  Speaker 3: note on the date of death. The language would still
• 35:58
  Speaker 3: say equally to the kids. However, this one hundred thousand
• 36:02
  Speaker 3: dollars advancement means you reach into the bucket of money
• 36:07
  Speaker 3: and the trust and allocate one hundred thousand dollars to
• 36:10
  Speaker 3: the other kids first got it out of the bucket,
• 36:15
  Speaker 3: shrinking the overall bucket, but raising or elevating these other
• 36:19
  Speaker 3: kids to be equal yep, with Chrissy, who already got
• 36:23
  Speaker 3: the hundred.
• 36:24
  Speaker 2: So if there's a million dollars in the trust and
• 36:27
  Speaker 2: there's two kids, you would give one hundred thousand to
• 36:30
  Speaker 2: Chrissy's sibling, and then you would divide the rest.
• 36:33
  Speaker 3: Of the nine hundred. Yeah, the nine hundred would go
• 36:36
  Speaker 3: eat for four fifty.
• 36:37
  Speaker 2: Essentially one's getting five point fifty because Chrissy already got
• 36:40
  Speaker 2: one hundred thousand before.
• 36:41
  Speaker 3: That's exactly how that would work, got it. And these
• 36:44
  Speaker 3: are called advancements, and those are things that you need
• 36:46
  Speaker 3: to do. So, folks, when you're doing your estate plan,
• 36:50
  Speaker 3: there's going to be all kinds of problems you run into.
• 36:52
  Speaker 3: Avoid those problems. Get the guide eight six six eight
• 36:56
  Speaker 3: four eight five six ninety nine, or go to our
• 36:59
  Speaker 3: website Legal Exchange Show dot com. You can download it
• 37:02
  Speaker 3: right there. And check out our website PC Cushing Dolan
• 37:06
  Speaker 3: PC on Instagram.
• 37:08
  Speaker 2: If you have a question you would like to ask Todd,
• 37:10
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:14
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:16
  Speaker 2: read your question in the air, and hopefully his answer
• 37:19
  Speaker 2: will stop you from becoming one of his next real
• 37:22
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:25
  Speaker 2: with a law firm of Cushing and Dolan. I'm Susan Powers,
• 37:29
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and we'll
• 37:33
  Speaker 2: be back with more after this quick break on the
• 37:35
  Speaker 2: Legal Exchange with Todd Lutsky.
• 37:39
  Speaker 1: Long term care costs can reach thousands of dollars per
• 37:42
  Speaker 1: month and can put a serious strain on your savings.
• 37:44
  Speaker 1: The experts at Cushing and Dolan often see families caught
• 37:47
  Speaker 1: off guard by that reality. Without the right plan in place,
• 37:50
  Speaker 1: those costs can quickly eat through a lifetime of your
• 37:53
  Speaker 1: hard work. But here's the shocker. Many estate plans don't
• 37:56
  Speaker 1: protect your assets from those expenses. The right strategy may
• 37:59
  Speaker 1: involve specif types of trusts designed to help protect your assets,
• 38:02
  Speaker 1: but timing matters. Cushing and Dolan has a brand new
• 38:05
  Speaker 1: guide called Detour Ahead Estate Planning Potholes to Avoid. It
• 38:09
  Speaker 1: breaks down some of the most common and costly mistakes
• 38:12
  Speaker 1: people make and explains how to help protect your assets,
• 38:15
  Speaker 1: your family, and your future. Call eight sixty six eight
• 38:18
  Speaker 1: four eight five six ninet nine to get your free
• 38:20
  Speaker 1: copy today. That's eight sixty six eight four eight five
• 38:24
  Speaker 1: six nine nine, or you can request the guide online
• 38:26
  Speaker 1: at Legal exchange show dot com. The proceeding with paid
• 38:29
  Speaker 1: for in the views expressed are solely those of Cushing
• 38:31
  Speaker 1: and Dolan. Cushing and Dolan Into or Armstrong Advisory may
• 38:33
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 38:36
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 38:38
  Speaker 1: not affiliated AHI.
• 38:40
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. One
• 38:42
  Speaker 4: of the biggest challenges in financial planning is seeing the
• 38:45
  Speaker 4: full picture. When your investments are spread across multiple accounts,
• 38:48
  Speaker 4: it can be difficult to know how much you actually
• 38:51
  Speaker 4: have and whether your strategy.
• 38:52
  Speaker 3: Is really working.
• 38:53
  Speaker 4: You might be taking on more risk than you realize
• 38:55
  Speaker 4: or missing opportunities to better align your portfolio. Bring your
• 38:58
  Speaker 4: accounts together can help create clarity so you can see
• 39:01
  Speaker 4: your total assets, your true allocation, and make more informed
• 39:05
  Speaker 4: decisions about your financial future. Our new guide is called
• 39:08
  Speaker 4: Consolidating Investment Accounts. It walks you through how to get organized,
• 39:11
  Speaker 4: simplify your strategy, and build a more complete financial plan.
• 39:14
  Speaker 4: Call eight hundred three nine three for zero zero one
• 39:17
  Speaker 4: to get your free copy today. That's eight hundred three
• 39:20
  Speaker 4: nine three four zero zero one, or you can request
• 39:22
  Speaker 4: the guide by visiting Armstrong Advisory dot com.
• 39:25
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:27
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:30
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice consult
• 39:33
  Speaker 1: your own financial tax into state planning advisors before making
• 39:36
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:39
  Speaker 1: advisory services. It's important to update your estate plan as
• 39:42
  Speaker 1: changes occur in your life, or you can wind up
• 39:44
  Speaker 1: with significant issues that may affect your future. Get Kushning
• 39:48
  Speaker 1: and Dolan's new guide called Detour a head estate planning
• 39:50
  Speaker 1: Potholes to avoid Call eight six six eight four eight
• 39:53
  Speaker 1: five six nine nine and get your copy today or
• 39:56
  Speaker 1: request it online at legal exchange show dot com. The
• 39:59
  Speaker 1: proceeding with paid for in the views expressed are solely
• 40:01
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan Into or
• 40:03
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 40:06
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 40:09
  Speaker 1: other and are not affiliated.
• 40:10
  Speaker 3: Hi.
• 40:10
  Speaker 5: I'm Michael Valila, adjunent of the Disabled American Veterans Department
• 40:14
  Speaker 5: in Massachusetts. The DAV of Massachusetts provides thousands of hours
• 40:18
  Speaker 5: of voluntary services at our VA medical centers and soldiers homes,
• 40:21
  Speaker 5: and is the only DAV department in the country to
• 40:24
  Speaker 5: lead a veterans housing initiative for both single veterans and
• 40:27
  Speaker 5: those with families. These programs are critical to serving our
• 40:30
  Speaker 5: veterans and their time and need. You can help our
• 40:32
  Speaker 5: great American heroes by making a donation today. Please visit
• 40:36
  Speaker 5: Dav fivek dot Boston. That's Dav fivek dot Boston.
• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:47
  Speaker 1: Todd right now at eight sixty six eight four eight
• 40:49
  Speaker 1: five six ninet nine and let him make sure your
• 40:51
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• 40:55
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:58
  Speaker 1: Exchange show dot com.
• 41:00
  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,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:11
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. So Todd your new guide for the
• 41:18
  Speaker 2: month of May. A state planning potholes to avoid. Yes,
• 41:22
  Speaker 2: your number two mistake on here and these are in
• 41:24
  Speaker 2: no particular order, by the way, Folks, creating a trust
• 41:28
  Speaker 2: more than ten years ago and assuming it still meets
• 41:31
  Speaker 2: your goals and objectives. So I want to walk through
• 41:34
  Speaker 2: some of those life events that should be triggering a review,
• 41:39
  Speaker 2: potentially a revision of your estate planning documents.
• 41:42
  Speaker 3: So what you're saying there, though, is that if it's
• 41:45
  Speaker 3: been ten years, just do it. Forget any other just review.
• 41:48
  Speaker 3: Yeah right, yeah, absolutely, Otherwise there could be things that
• 41:52
  Speaker 3: might before ten years.
• 41:54
  Speaker 2: Exactly an actor. So thank you for clarifying that. Yes,
• 41:57
  Speaker 2: absolutely so life events that can trigger a review or
• 42:02
  Speaker 2: revision of your documents. I think one of the biggest
• 42:05
  Speaker 2: ones for a lot of people is when they lose
• 42:08
  Speaker 2: their spouse. Now, this assumes they've done they've done their planning,
• 42:12
  Speaker 2: so they have a trust in place, maybe they have
• 42:14
  Speaker 2: two trust in place. What should someone be doing when
• 42:17
  Speaker 2: they lose their spouse.
• 42:18
  Speaker 3: It's so important so many clients, and obviously this is
• 42:21
  Speaker 3: happening a lot in our practice now because we've been
• 42:24
  Speaker 3: in business forty plus years.
• 42:27
  Speaker 2: Wow, and yeah, that makes you really old.
• 42:30
  Speaker 3: Well I wasn't there for the fort You just want
• 42:32
  Speaker 3: to clarify just you know, thirty enough. So so, but the
• 42:38
  Speaker 3: point is that there's a lot of estate plans that
• 42:41
  Speaker 3: are done and when a spouse dies, they forget to
• 42:46
  Speaker 3: come in, and then it might be years later. I'll
• 42:49
  Speaker 3: get a phone call and say, oh, did I tell
• 42:50
  Speaker 3: you my husband died? I would like to update my
• 42:54
  Speaker 3: plan and then and that's great. I'm glad they're calling
• 42:57
  Speaker 3: to at least update their plan. But what they forget
• 43:01
  Speaker 3: is that you're supposed to do something when the first
• 43:05
  Speaker 3: spouse dies with the plan, basically pushing it across the
• 43:10
  Speaker 3: goal line to fund the buckets inside the trust, to
• 43:15
  Speaker 3: shelter the assets for future estate taxes, state taxes. How
• 43:18
  Speaker 3: long do you have to do that? Todd? So, if
• 43:22
  Speaker 3: there's an estate tax filing, do meaning that the assets
• 43:26
  Speaker 3: in let's say the deceased spouse's trust exceed the Massachusetts
• 43:31
  Speaker 3: two million dollar exemption never mind federal. Yeah, but if
• 43:34
  Speaker 3: if they even exceed the Massachusetts two million dollar exemption
• 43:37
  Speaker 3: and not just inside the trust, inside the trust, plus
• 43:40
  Speaker 3: whatever the deceit owned outside the trust, you add those together.
• 43:45
  Speaker 3: If that exceeds two million, you technically need to file
• 43:48
  Speaker 3: in nine months from the date of death. Now, I
• 43:51
  Speaker 3: don't want people listening to panic, like in panic a little,
• 43:54
  Speaker 3: but it's not really panicking because at least with our documents,
• 44:00
  Speaker 3: the way we've done it, is there will be no
• 44:03
  Speaker 3: tax do on the first death, so the fact that
• 44:06
  Speaker 3: we might be filing three years late m doesn't matter.
• 44:11
  Speaker 2: But they need to take some asks right. First thing
• 44:15
  Speaker 2: losing a spouse, once you're ready to talk to folks
• 44:18
  Speaker 2: after is pick up the phone and call your attorney.
• 44:21
  Speaker 4: Right.
• 44:22
  Speaker 2: They'll guide you through step by step.
• 44:24
  Speaker 3: You gotta tell them because now you're gonna get a
• 44:27
  Speaker 3: new ID number for the trust. First thing, you're going
• 44:30
  Speaker 3: to create the remainder share, and you're going to take
• 44:33
  Speaker 3: assets from that remainder share and retitle them under a
• 44:37
  Speaker 3: new ID number, let's say said investment portfolio in the
• 44:39
  Speaker 3: name of the remainder share of that trust to shelter
• 44:42
  Speaker 3: it still available for you. We explain how the surviving
• 44:46
  Speaker 3: spouse can use what's in the remainder share, but you
• 44:49
  Speaker 3: don't own it, and so it's not going to be
• 44:52
  Speaker 3: taxed again when you die, no matter how much it
• 44:55
  Speaker 3: grows federal or state and that remainder share. So really
• 45:00
  Speaker 3: good thing to do and basically just set up everything,
• 45:04
  Speaker 3: but no tax doing. If you have to do it later,
• 45:07
  Speaker 3: still going to be no tax do so there's no
• 45:08
  Speaker 3: interest in penalties, so don't be afraid yeah, come in
• 45:11
  Speaker 3: get it done, even though it's years later. Folks, that's
• 45:15
  Speaker 3: one pothole. That's there's one discussion.
• 45:18
  Speaker 1: Hmm.
• 45:19
  Speaker 3: All the things that happen when one spouse dies, there's
• 45:21
  Speaker 3: so many other and there are other reasons to do
• 45:24
  Speaker 3: your look at your plan. Potholes to avoid don't rely
• 45:28
  Speaker 3: on a joint accounts, don't rely on a will, don't
• 45:31
  Speaker 3: rely on a nominee realty trust. Don't think that you
• 45:34
  Speaker 3: have not enough money to do an estate plan. Folks.
• 45:37
  Speaker 3: I could go on and on. I won't. I'll tell
• 45:39
  Speaker 3: you to call get the guide. Learn what to do
• 45:43
  Speaker 3: as you go down the estate planning path. It'll help
• 45:46
  Speaker 3: keep you in line and not have you make these
• 45:49
  Speaker 3: mistakes as you're doing your plan eight six six, eight four,
• 45:53
  Speaker 3: eight five six nine to nine or Legal Exchange Show
• 45:57
  Speaker 3: dot com again eight six six or eight five six
• 46:01
  Speaker 3: ninety nine or Legal Exchange Show dot com. For the
• 46:04
  Speaker 3: new guide for this month and for more information, go
• 46:07
  Speaker 3: to our web our Instagram page. Cushing Dolan PC.
• 46:12
  Speaker 2: So let's say you you know, you've got a married
• 46:15
  Speaker 2: couple they did their revocable trust planning. They had, you know,
• 46:19
  Speaker 2: teenagers at the time when they did their planning, and
• 46:22
  Speaker 2: now it's ten years later and one of their children
• 46:25
  Speaker 2: is getting married. And when they were young, they weren't
• 46:28
  Speaker 2: concerned about divorces and things like that. But now not
• 46:32
  Speaker 2: a fan of the daughter in law, not a fan
• 46:34
  Speaker 2: of the sudden law, the soon to be son in law.
• 46:38
  Speaker 2: What can be done from that perspective if you have
• 46:41
  Speaker 2: concerns about future divorces or creditors, maybe your kids aren't
• 46:44
  Speaker 2: good with money, how can you change things?
• 46:47
  Speaker 3: So I would take that one step further and say, yes,
• 46:49
  Speaker 3: when they're young, you might have done it one way,
• 46:51
  Speaker 3: but even when you're when you're older and you do
• 46:54
  Speaker 3: your estate plan as an older you know, say in
• 46:56
  Speaker 3: your sixties, and then a year later a child gets
• 47:01
  Speaker 3: divorced and that kind of resonates with you and you say, WHOA,
• 47:04
  Speaker 3: maybe I should do something different than I did before.
• 47:06
  Speaker 2: Never thought they'd get divorced. But now here's the reality.
• 47:09
  Speaker 3: So it could be anything. It doesn't have to just
• 47:10
  Speaker 3: be young. It could be anytime these these events take place. Yeah,
• 47:15
  Speaker 3: you should pick up the phone and see what you
• 47:18
  Speaker 3: can do. So if you have a revocable trust, certainly
• 47:22
  Speaker 3: easy change it. As I tell everybody, they get this
• 47:26
  Speaker 3: document they say, oh my god, it's so big one
• 47:28
  Speaker 3: of my I can't I can't read it. All good news,
• 47:30
  Speaker 3: you don't have to. You could do everything you could
• 47:32
  Speaker 3: always do when if you ever run into something you
• 47:34
  Speaker 3: can't do, we'll fix it. So in this case, if
• 47:37
  Speaker 3: you don't like the way you did it, change it.
• 47:40
  Speaker 3: So we could then put divorce proof language in credit
• 47:42
  Speaker 3: or protection, create separate buckets for the children.
• 47:45
  Speaker 2: So even if you've already done your trust, whether it's
• 47:48
  Speaker 2: revocable or irrevocable.
• 47:50
  Speaker 3: Correct, So first, let's address the revocable. Now let's address
• 47:54
  Speaker 3: the irrevocable. So it's going to depend on the kind
• 47:57
  Speaker 3: of irrevocable trust you've done. Okay, So if you've done
• 48:00
  Speaker 3: like irrevocable gifting trusts where you're taking assets and getting
• 48:05
  Speaker 3: them out of your estate first aid tax purposes, yep,
• 48:09
  Speaker 3: probably can't change those. You don't have much control over those,
• 48:11
  Speaker 3: right right, Those are probably not going to be able
• 48:13
  Speaker 3: to be changed. You might be able to stop funding
• 48:16
  Speaker 3: it and create another trust to mitigate that's okay. There
• 48:20
  Speaker 3: might be a way to decant the trust or change
• 48:23
  Speaker 3: it into another trust that has similar language. But yep,
• 48:26
  Speaker 3: you still have to be similar non judicial settlement agreements.
• 48:30
  Speaker 3: That's how you would approach those, But.
• 48:32
  Speaker 2: More people probably do like the Medicaid irrevocable trust.
• 48:35
  Speaker 3: So yeah, a lot of you folks might be listening saying, well,
• 48:37
  Speaker 3: I didn't do that kind. I wanted my assets. I
• 48:40
  Speaker 3: wanted to be in control of my assets, so I
• 48:41
  Speaker 3: did a Medicaid irrevocable trust where I retain a lot
• 48:44
  Speaker 3: of control. Oh that's different. So in those kinds of trusts,
• 48:48
  Speaker 3: we do have the ability to exercise a limited power
• 48:52
  Speaker 3: of appointment to change the beneficiaries of the trust, but
• 48:56
  Speaker 3: limited to who you put in a class when you started,
• 49:00
  Speaker 3: which is generally children of all generations. So oh yeah,
• 49:04
  Speaker 3: Now what I want to do is I want to
• 49:05
  Speaker 3: instead of paying it out to my kids when they die,
• 49:09
  Speaker 3: I want to draft it so it's held in trust
• 49:11
  Speaker 3: for their benefit but protected from their creditors exactly. And
• 49:16
  Speaker 3: we can still do that. Just be mindful that's done
• 49:19
  Speaker 3: through a will, so you will go to probate. You
• 49:22
  Speaker 3: have to file the will. You're the whole assets aren't
• 49:25
  Speaker 3: going to probate, it's just the will.
• 49:26
  Speaker 2: Okay, how about those folks that have done their trust
• 49:31
  Speaker 2: planning and now they've gone through their work careers and
• 49:36
  Speaker 2: they've accumulated a lot of assets and they've had a
• 49:38
  Speaker 2: substantial increase to their net worth. What kind of increase
• 49:44
  Speaker 2: do you need to see? What level of assets do
• 49:46
  Speaker 2: you need to see where you have to do a
• 49:48
  Speaker 2: different type of estate planning.
• 49:50
  Speaker 3: So it's interesting. I had a client come in recently
• 49:52
  Speaker 3: and that happened there. She's a single person at this point,
• 49:55
  Speaker 3: and they had planning done, but she lost her spouse
• 49:58
  Speaker 3: a while ago. We did some updates that happened, But
• 50:00
  Speaker 3: now she came in and she said, boy, my assets
• 50:02
  Speaker 3: are really grown and even as a single person on it,
• 50:05
  Speaker 3: like you know, five million. Is there a way to
• 50:07
  Speaker 3: save now? Remember there's no federal tax but a state tax. Yeah,
• 50:12
  Speaker 3: we talked about picking the right assets and setting up
• 50:14
  Speaker 3: a gifting trust to save Massachusetts a state tax. So yes,
• 50:18
  Speaker 3: it depends on the size of your estate as to
• 50:20
  Speaker 3: what kind of taxes you're trying to save. Perfect. Yes, folks,
• 50:25
  Speaker 3: these are just a sampling of the things you need
• 50:27
  Speaker 3: to pay attention to when you're starting down your estate
• 50:30
  Speaker 3: planning path. Call and get this guide and learn how
• 50:33
  Speaker 3: to get started with your plan eight six six eight
• 50:37
  Speaker 3: four eight five, six, nine nine or Legal Exchange show
• 50:41
  Speaker 3: dot com and you can download it right there.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Long term care costs can reach thousands of dollars per
• 51:03
  Speaker 1: month and can put a serious train on your savings.
• 51:05
  Speaker 1: The experts at Cushing and Dolan often see families caught
• 51:08
  Speaker 1: off guard by that reality. Without the right plan in place,
• 51:11
  Speaker 1: those costs can quickly eat through a lifetime of your
• 51:13
  Speaker 1: hard work. But here's the shocker. Many estate plans don't
• 51:17
  Speaker 1: protect your assets from those expenses. The right strategy may
• 51:20
  Speaker 1: involve specific types of trusts designed to help protect your assets,
• 51:23
  Speaker 1: but timing matters. Cushing and Dolan has a brand new
• 51:26
  Speaker 1: guide called Detour a head estate planning potholes to avoid.
• 51:30
  Speaker 1: It breaks down some of the most common and costly
• 51:33
  Speaker 1: mistakes people make and explains how to help protect your assets,
• 51:36
  Speaker 1: your family, and your future. Call eight sixty six eight
• 51:39
  Speaker 1: four eight five six ninety nine to get your free
• 51:41
  Speaker 1: coffee today that's eight sixty six eight four eight five
• 51:45
  Speaker 1: six nine nine, or you can request the guide online
• 51:47
  Speaker 1: at legal exchange show dot com. The proceeding with paid
• 51:50
  Speaker 1: for in the views express are solely those of Cushing
• 51:52
  Speaker 1: and Dolan. Cushing and Dolan Intoor Armstrong Advisory may contact
• 51:54
  Speaker 1: you offering legal or investment services. Cushing and Dolan and
• 51:57
  Speaker 1: Armstrong Advisory do not endorse each other and are not affiliated. HI.
• 52:00
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. Over
• 52:03
  Speaker 4: the years, it's easy to collect investment accounts, including old
• 52:06
  Speaker 4: four oh one k's in multiple iras, but at some
• 52:08
  Speaker 4: point it can get hard to keep track of what
• 52:11
  Speaker 4: you actually have. Too many accounts can lead to confusion,
• 52:13
  Speaker 4: overlapping investments, and sometimes missed opportunities. Our new guide is
• 52:17
  Speaker 4: called Consolidating Investment Accounts, and in it you'll learn how
• 52:20
  Speaker 4: to simplify your financial life, giving you a clearer picture
• 52:23
  Speaker 4: of your strategy, your risk, and your progress. The guide
• 52:26
  Speaker 4: will also walk through how to avoid common mistakes and
• 52:28
  Speaker 4: build a more organized, intentional plan. Call us today at
• 52:32
  Speaker 4: eight hundred three nine three for zero zero one and
• 52:35
  Speaker 4: get your free copy of our new guide called Consolidating
• 52:37
  Speaker 4: Investment Accounts that's eight hundred three to nine three for
• 52:40
  Speaker 4: zero zero one, or you can request the guide online
• 52:43
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