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Second Marriages, Bad Estate Planning, and the Lawsuits That Follow · 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
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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
• 0:16
  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
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  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
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:36
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today? I'm never better in you. I'm great,
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  Speaker 2: Thank you. What do you have for us this week?
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  Speaker 2: A couple of things.
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  Speaker 3: I've got a Minnesota Appellate court case, one in which
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  Speaker 3: just a second marriage and no planning, and even a
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  Speaker 3: nursing home gets involved here and there's a remarriage, so
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  Speaker 3: there's planning, remarriage, no planning. We'll wait till you see
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  Speaker 3: how this unwinds. It's just it's just designed to be
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  Speaker 3: a message and disaster at the end of the day.
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  Speaker 3: And then we head over to Nebraska where well, they
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  Speaker 3: actually did a nice joint revocable trust and did an
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  Speaker 3: estate plan and then of course there was a divorce
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  Speaker 3: and then a remarriage, but they still had a joint
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  Speaker 3: revocable trust in place. And then the son ends up
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  Speaker 3: actually there wasn't a divorce, but the son ends up
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  Speaker 3: suing the mother after father is not doing so well.
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  Speaker 3: I'm like, well this this can't go well. So but
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  Speaker 3: the but the trust was designed to do what it's
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  Speaker 3: supposed to do and allow flexibility. You'll see how the
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  Speaker 3: joint trust works out great. But we'll also learn you know,
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  Speaker 3: about what not to do as a child.
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  Speaker 2: Frankly is sometimes more important than what to do.
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  Speaker 3: Yes, what not to do sometimes is a good idea,
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  Speaker 3: So so stay tuned for this quos. I think we
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  Speaker 3: have some interesting cases, and of course we are in
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  Speaker 3: the month of March.
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  Speaker 2: Just don't say it. No spring, that's good, it's spring.
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  Speaker 2: This is good, this is good news. My boys are
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  Speaker 2: turning twenty one. We're just going to bury our heads
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  Speaker 2: in the sand over that.
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  Speaker 3: Lots of partying going on here over at the Powershouse.
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  Speaker 3: So yeah, So a new guide, folks, one of ones
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  Speaker 3: that I think is very important for a lot of
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  Speaker 3: people because life estates get tossed around. That term gets
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  Speaker 3: tossed around all the time. Oh, put your house in
• 2:37
  Speaker 3: a life estate. Well, it may or may not be
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  Speaker 3: the best thing to do. In fact, there's plenty of
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  Speaker 3: pros and cons listed in this. Calculating the consequences of
• 2:45
  Speaker 3: a life estate talks about how much control you might
• 2:48
  Speaker 3: give up, how much control you don't give up. It
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  Speaker 3: talks about what you can and what you cannot do
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  Speaker 3: in terms of selling a house, whether you want to
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  Speaker 3: you know, do you keep your capital gains exclusions you
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  Speaker 3: get a step up in base, is you know really
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  Speaker 3: important things? And do you put it into a trust
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  Speaker 3: as the remainder or do you actually gift it to
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  Speaker 3: the kids. There's two ways to create a life estate.
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  Speaker 3: I like to say the right way and the wrong way.
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  Speaker 3: Get the guide learn whether our life estate is something
• 3:16
  Speaker 3: that's right for you, or if you have one, maybe
• 3:18
  Speaker 3: how to get rid of it folks eight six six
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  Speaker 3: eight four eight five six nine nine or Legal Exchange
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  Speaker 3: Show dot com again eight six six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange show dot com
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  Speaker 3: and you can download it right there, or go to
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  Speaker 3: our Instagram page Cushing Dolan PC for more information. Minnesota,
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  Speaker 3: let's go there, Still still cold there. So in this case,
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  Speaker 3: we have Neil and Martha married until twenty eleven when
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  Speaker 3: they get divorced. They have two kids together. In February
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  Speaker 3: of twenty seventeen, Neil creates a durable power of attorney,
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  Speaker 3: naming Martha ex wife in case you're following the board
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  Speaker 3: trying to make a chart ex wife as power of attorney.
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  Speaker 3: I'm like, okay, it doesn't make sense. Maybe they're still close. Yeah,
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  Speaker 3: But then in August of twenty seventeen, Neil married Sondra.
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  Speaker 3: Oh okay, so now.
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  Speaker 2: How does Soandra feel about the ex having the power
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  Speaker 2: of attorney?
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  Speaker 3: I wonder got a second second wife, and in July
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  Speaker 3: of twenty twenty three years later. I don't think my
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  Speaker 3: point in reading this is a lot of years went by,
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  Speaker 3: but I don't think there was ever any state planning
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  Speaker 3: updates after either A after the divorce or B after
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  Speaker 3: the remarriage. So in July of twenty twenty three, Neil
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  Speaker 3: has a stroke and goes to a nursing home. Yeah,
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  Speaker 3: not a lot of good planning done June earned sorry.
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  Speaker 3: In January of twenty twenty four, Martha, ex wife, petitions
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  Speaker 3: the court to appoint sister Diane as guardian and conservator
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  Speaker 3: for Neil, which makes me scratch my head. If you
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  Speaker 3: have a power of attorney, why you need the guardian
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  Speaker 3: or conservator. But we'll come back to that. And then
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  Speaker 3: they petitioned the court to sell Neil's home and personal
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  Speaker 3: property to pay for his care at the nursing home. Well,
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  Speaker 3: that's what happens when you don't plan, so that was granted.
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  Speaker 3: Then Neil dies in December of twenty twenty four. Diane
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  Speaker 3: then petitions to close out the guardianship and the conservatorship.
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  Speaker 3: And remember her sister appointed Diane to do the final
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  Speaker 3: accounting and that was approved in February of twenty twenty five. Well,
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  Speaker 3: in March of twenty twenty five, there was a hearing
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  Speaker 3: because they had to reopen the accounting because they showed
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  Speaker 3: that three hundred and thirty seven thousand dollars of non
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  Speaker 3: marital funds were transferred to the kids be a power
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  Speaker 3: of attorney or POD rather from the ex No, from
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  Speaker 3: the estate. Yeah, from the estate of the deceit in Neil,
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  Speaker 3: so it went to his kids, which seems like you
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  Speaker 3: can do that. You have a payable on death. Sondra
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  Speaker 3: agreed that the transfer of those non marital assets were
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  Speaker 3: transferred and that was okay. Remember Sondra's the new wife, right,
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  Speaker 3: Sondra's the new wife. Five days after the closeout, Sondra
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  Speaker 3: files for supplemental pleading about an accounting and that Martha
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  Speaker 3: had sold property marital property and was unauthorized to do so,
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  Speaker 3: and she wanted to claim espousal share against the estate.
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  Speaker 2: Wow.
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  Speaker 3: Well, the district court declined to address this, stating that
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  Speaker 3: the mother had closed out. Martha had closed out the
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  Speaker 3: estate and they never got court permission, so they declined
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  Speaker 3: to do it, and on appeal the appellate court affirmed, saying, hey,
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  Speaker 3: you never went ahead and got court permission to extend
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  Speaker 3: the filing time and therefore or we're not going to
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  Speaker 3: hear the case for Saundra cur current wife is basically out.
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  Speaker 2: So this is really a disaster. Yeah, it is so.
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  Speaker 3: I mean, there's a lot going on here, but folks,
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  Speaker 3: let's just play out the string. Let's break it down
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  Speaker 3: for you, right. First of all, there's a divorce. Why
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  Speaker 3: are you naming the ex wife as power of attorney?
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  Speaker 3: I don't know, but she would have had the power
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  Speaker 3: to sell all assets, marital or otherwise. Sure, so you
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  Speaker 3: named her the power of attorney, she'd be allowed to
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  Speaker 3: do that if you need to pay for his care,
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  Speaker 3: sell the house, folks, that's what happens when you don't plan.
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  Speaker 3: So here the assets were sold, that was in question,
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  Speaker 3: and it was after, you know. The question is whether
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  Speaker 3: or not it was after the sister Diane had become
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  Speaker 3: guardian or conservator. Either way, it shouldn't matter. The guardian
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  Speaker 3: or the conservator could sell it, or Diane or Martha
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  Speaker 3: could have as power of attorney sold it. So that's
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  Speaker 3: that's really not an issue now in this case. I
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  Speaker 3: always ask why did you need to become guardian or
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  Speaker 3: conservator If you had a power of attorney in place already,
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  Speaker 3: then you don't need a conservatorship because you have the
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  Speaker 3: power over money, and that's what a conservatorship is, power
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  Speaker 3: over money going through a court. Well, there could be
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  Speaker 3: a reason why in this case, Neil had remarried. So
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  Speaker 3: maybe to protect yourself as power of attorney from being
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  Speaker 3: sued by people who might not like you. Then you
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  Speaker 3: give up your power of attorney and become a conservator
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  Speaker 3: Why so you have court supervision looking at everything you do.
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  Speaker 2: So that conservatorship negates the power attorney. Okay, so that
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  Speaker 2: supersedes it up.
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  Speaker 3: So I'm trying to think that might be a why
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  Speaker 3: to do it. And these are just things for you
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  Speaker 3: listeners to think about if you're ever in this situation
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  Speaker 3: now here. They might have needed a guardianship because if
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  Speaker 3: there was no health care proxy in place, then you
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  Speaker 3: don't have power over the person and you would have
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  Speaker 3: needed either a health care proxy or a guardianship in
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  Speaker 3: order to put this person in the nursing home. So
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  Speaker 3: that's probably why they got the health care proxy.
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  Speaker 2: It makes sense.
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  Speaker 3: But folks, when you remarry, you need to plan. That's
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  Speaker 3: really the issue.
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  Speaker 2: Red flag you gotta do something new. Think about this.
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  Speaker 3: If you had done planning, you could have protected your
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  Speaker 3: own kids. Neil right from your and your new spouse, Sondra,
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  Speaker 3: if you had just done an irrevocable trust, an irrevocable
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  Speaker 3: medicaid trust, and you put the house in there, now
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  Speaker 3: what now the house is protected from the nursing room,
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  Speaker 3: doesn't have to be resold. You could preserve it, right,
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  Speaker 3: So now you've saved it, and you could have it
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  Speaker 3: set up so that your spouse could continue to live there,
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  Speaker 3: and you could preserve that so that ultimately it goes
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  Speaker 3: to your children, right. I mean, folks, a little planning
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  Speaker 3: here would have went a really long way in preventing
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  Speaker 3: all of these disasters and filings and guardianships, et cetera. Folks,
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  Speaker 3: sometimes people only do a little planning where they put
• 10:06
  Speaker 3: together a life estate. If you've done a life estate,
• 10:08
  Speaker 3: you want to get this guide and learn whether you've
• 10:10
  Speaker 3: done the right thing or the wrong thing, how it works,
• 10:13
  Speaker 3: How life estate works eight six six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange show dot com.
• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:23
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:30
  Speaker 2: more to come when we return to the Legal Exchange
• 10:33
  Speaker 2: with Todd Lutsky.
• 10:36
  Speaker 1: Life estates are sometimes used to protect your home as
• 10:38
  Speaker 1: part of your future, but it's important to understand how
• 10:41
  Speaker 1: they really work before making any changes to your state plan.
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  Speaker 1: Cushing and Dolan are experts and elder law and taxation.
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  Speaker 1: in your home while transferring future ownership, but decisions like
• 10:59
  Speaker 1: putting the property in your children's names versus using a
• 11:02
  Speaker 1: trust can have very different consequences when it comes to taxes, control,
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  Speaker 1: and protection from creditors. Before you sign any deed or
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  Speaker 1: transfer property, be sure you understand your options. Call Cushing
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• 11:36
  Speaker 4: As you navigate life after divorce, planning for your family's
• 11:40
  Speaker 4: future becomes even more important.
• 11:42
  Speaker 2: HI.
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  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. From
• 11:45
  Speaker 4: everyday expenses to thinking about how college will be funded,
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  Speaker 4: it's important to have a clear plan for how all
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  Speaker 4: of your upcoming costs will be handled over time. Divorce
• 11:53
  Speaker 4: also means adjusting to a new financial reality where one
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  Speaker 4: household becomes too and your budget saving strategy and long
• 12:00
  Speaker 4: term goals may need to be reevaluated. Our new guide
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  Speaker 4: calling eight hundred three nine three four zero zero one.
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  Speaker 4: That's eight hundred three nine three four zero zero one,
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  Speaker 4: or you can request the guide online at Armstrong Advisory
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  Speaker 4: dot com.
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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  Speaker 1: registered investment advisor. Nothing in the ad or in any
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  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
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  Speaker 1: You're listening to the Legal Exchange with Todd Lusky, an
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  Speaker 1: expert in elder life planning and taxation. Need help with
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  Speaker 1: your estate plan? Call Todd right now and make an appointment.
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  Speaker 1: Eight six six eight four eight five six ninety nine.
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  Speaker 1: That's eight sixty six eight four eight five six ninety nine.
• 13:54
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:57
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:01
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:03
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:07
  Speaker 2: Where we head now, Todd, we are going to head
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  Speaker 2: over to Nebraska. Can't you bring me anywhere warm? No?
• 14:13
  Speaker 3: No, we don't go warm places. So this is an
• 14:17
  Speaker 3: appellate court case here where basically they had a state
• 14:20
  Speaker 3: planning in place, and it really works, and you'll see
• 14:23
  Speaker 3: how it works. It's great, but you probably don't want
• 14:27
  Speaker 3: as a child to be suing parents while you're alive.
• 14:30
  Speaker 3: That's usually a not a good result, I would say.
• 14:35
  Speaker 3: So let's let's jump over to the fact pattern here.
• 14:38
  Speaker 3: So Marlene and Lorraine in February of twenty nineteen hired
• 14:44
  Speaker 3: attorney Bill to update their state plan.
• 14:47
  Speaker 2: Fine.
• 14:48
  Speaker 3: The goals were to allow their son to continue to
• 14:53
  Speaker 3: operate the farm Nebraska farm makes sense, and to provide
• 14:58
  Speaker 3: an inheritance for their other sons, Chad and eventually wanting
• 15:02
  Speaker 3: these assets to pass to the grandkids. Well, that sounds
• 15:07
  Speaker 3: like great estate planning. They executed a joint revocable trust. Again,
• 15:13
  Speaker 3: great idea. I love the joint revocable trust. We've talked
• 15:16
  Speaker 3: about it a lot. And then Lorraine and Corey the
• 15:21
  Speaker 3: Sun executed one of the sons executed a joint tendancy
• 15:27
  Speaker 3: personal property agreement. Okay, March of twenty twenty Marlene individually
• 15:34
  Speaker 3: and as Lorraine's attorney in fact, So Lorraine must not
• 15:38
  Speaker 3: be doing well, So as Lorraine's attorney in fact, amend
• 15:44
  Speaker 3: the trust so that the net income from the trust
• 15:47
  Speaker 3: would be distributed to both Corey, the one who's running
• 15:50
  Speaker 3: the farm, and Chad instead of just to Corey. Okay, well,
• 15:55
  Speaker 3: that seems like a reasonable thing. Apparent would want to
• 15:58
  Speaker 3: amend their document four and note the ability to amend it.
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  Speaker 3: July twenty twenty Lorraine dies. Which, by the way, March
• 16:09
  Speaker 3: of twenty twenty the amendment was done, so not far away.
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  Speaker 3: July of twenty twenty, I'm sorry, yeah. July of twenty twenty,
• 16:17
  Speaker 3: Lorraine dies. Twenty twenty one. Litigation ensues between Marlene, apparently
• 16:23
  Speaker 3: mom and son Corey over the estate plan. Now that
• 16:29
  Speaker 3: eventually settled out in twenty twenty four. Apparently there was
• 16:33
  Speaker 3: no problem. They came to some conclusion. I have some
• 16:36
  Speaker 3: words to say about that. Later, after three years prior
• 16:41
  Speaker 3: to the settlement, though, well, the litigation was still going on,
• 16:45
  Speaker 3: Corey decided to sue the law firm, saying they were negligent.
• 16:49
  Speaker 3: Bill Member Bill the lawyer, yep, Bill was negligent in
• 16:53
  Speaker 3: drafting the family trust. Clearly he said the family wanted
• 16:58
  Speaker 3: an irrevocable trust, not a revocable trust. They did a
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  Speaker 3: joint revocable trust. Well, needless to say, Bill filed for
• 17:07
  Speaker 3: summary judgment in the district Court approved Bill's summary judgment
• 17:10
  Speaker 3: in favor of the attorney, as the attorney owed no
• 17:14
  Speaker 3: duty of care to the sun, only owe a duty
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  Speaker 3: of care.
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  Speaker 2: To the client to the parents.
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  Speaker 3: Well, the Sun decided to appeal, and the appellate court
• 17:24
  Speaker 3: naturally affirmed, basically pointing out that the engagement letter, the
• 17:28
  Speaker 3: all important engagement letter, was clear as to the goals
• 17:34
  Speaker 3: of the client, basically to do their estate planning, and
• 17:38
  Speaker 3: said what they wanted done. And the attorney only has
• 17:42
  Speaker 3: the ability to zealously represent the parents, not both the
• 17:46
  Speaker 3: parents and the kids.
• 17:48
  Speaker 2: So his engagement letter didn't say if you're some things,
• 17:51
  Speaker 2: it's okay, we're gonna do this. No, it didn't. So
• 17:56
  Speaker 2: did please tell me Corey got disinherited? Come so they
• 18:00
  Speaker 2: can still j.
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  Speaker 3: This is all the facts. They just said that they
• 18:03
  Speaker 3: settled in twenty twenty four.
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  Speaker 2: So that's why I said, I have to go on
• 18:06
  Speaker 2: the road and find all these cases and get the
• 18:09
  Speaker 2: aft the where are they now stories?
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  Speaker 3: I know I have to find out. I'm going to
• 18:13
  Speaker 3: comment on that settling party. But folks, there's a lot
• 18:16
  Speaker 3: going on here. You know, a great case joint revocable
• 18:19
  Speaker 3: trust that exactly what it's supposed to do. You know,
• 18:22
  Speaker 3: there's a lawsuit against the you know the lawyer. I mean,
• 18:25
  Speaker 3: obviously that didn't go anywhere so, but just a lot
• 18:28
  Speaker 3: going on here, folks. And so this has a plan
• 18:32
  Speaker 3: for folks that might just do a life estate thinking
• 18:35
  Speaker 3: it's a quick, easy fix, may or may not be folks.
• 18:39
  Speaker 3: Get the guide Calculating a life Estate Calculating the consequences
• 18:42
  Speaker 3: of a life estate. It's new for the month, brand
• 18:45
  Speaker 3: new guide. It basically shows you the two ways to
• 18:48
  Speaker 3: calculate them. Giving the remainder interest to kids or the
• 18:52
  Speaker 3: remainder interest to a trust. I'd like to say the
• 18:57
  Speaker 3: right way and the wrong way. Giving it to kids
• 18:59
  Speaker 3: is not always a good idea. Think about how much
• 19:01
  Speaker 3: control you lose, How do you sell it? What are
• 19:04
  Speaker 3: the tax ramifications if you do sell the property? Can
• 19:07
  Speaker 3: you sell it? Did you make a gift when you
• 19:09
  Speaker 3: created this life estate?
• 19:10
  Speaker 2: You know?
• 19:11
  Speaker 3: Did you expose it to your children's creditors? Are there
• 19:13
  Speaker 3: going to be a step up in basis?
• 19:14
  Speaker 2: Folks?
• 19:15
  Speaker 3: So much to think about these life estates, and most importantly,
• 19:20
  Speaker 3: when to even use them. Call and get the guide
• 19:23
  Speaker 3: eight sixty six eight four eight five six nine nine
• 19:27
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 19:31
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 19:35
  Speaker 3: Show dot com, or go to our Instagram page Cushing
• 19:38
  Speaker 3: Dolean PC for much more information.
• 19:43
  Speaker 2: Ready, I sure, I am.
• 19:45
  Speaker 3: What can we learn? What are the tips and lessons
• 19:48
  Speaker 3: from this case? So first, folks, let's look at this
• 19:50
  Speaker 3: joint trust. I love it does a great job. Kudos
• 19:53
  Speaker 3: to the family.
• 19:55
  Speaker 2: Right.
• 19:55
  Speaker 3: The design was to keep both parents in control during
• 19:58
  Speaker 3: their life. What you It allowed one parent to change
• 20:03
  Speaker 3: the trust as life events changed. Beautiful here they actually
• 20:09
  Speaker 3: realized that some of the income should be shared with
• 20:12
  Speaker 3: the other son. Seems like a great idea, make the change.
• 20:16
  Speaker 3: I don't know why you wouldn't do that. It also
• 20:19
  Speaker 3: provided that the assets to be held in trust for
• 20:22
  Speaker 3: the kids, and ultimately it was designed, as it said,
• 20:26
  Speaker 3: to get the assets when they're left over to the grandkids.
• 20:31
  Speaker 3: So likely they didn't get into the details of the
• 20:34
  Speaker 3: language of the trust, but I'll fill in some gaps here.
• 20:38
  Speaker 3: You know, likely this trust would have provided creditor protection
• 20:42
  Speaker 3: for both kids, run the farm, manage the property, invest
• 20:48
  Speaker 3: But how you get it might have been through a
• 20:51
  Speaker 3: discretionary or a disinterested trustee. Therefore, not owning it protects
• 20:57
  Speaker 3: it from future divorces creditors of the kids. You can
• 21:01
  Speaker 3: enjoy it, Corey taking it for himself.
• 21:03
  Speaker 2: I don't know what.
• 21:04
  Speaker 3: I don't know what he suited about even but at
• 21:07
  Speaker 3: the end of the day, great planning. And then when
• 21:11
  Speaker 3: the kids die, it avoids a state tax inclusion in
• 21:14
  Speaker 3: their estate. Why because they never actually owned it. So
• 21:18
  Speaker 3: if they didn't own it, it's not going to be,
• 21:21
  Speaker 3: you know, a taxable event. So we could have some
• 21:24
  Speaker 3: serious generational building wealth here tax free. Then where does
• 21:28
  Speaker 3: it go, Oh, nicely down to the grandkids. Bloodline planning
• 21:33
  Speaker 3: and likely continued on depending on your state if it
• 21:37
  Speaker 3: didn't have a rule against perpetuities. This could go on
• 21:40
  Speaker 3: and on sure for generations, with protection for each generation.
• 21:44
  Speaker 3: So I thought it was well done overall on the
• 21:47
  Speaker 3: planning side. Now thessuing the parents part.
• 21:52
  Speaker 2: I'm so stuck on that, Todd. I can't even stop
• 21:54
  Speaker 2: thinking about that because likely the income was going to Marlene,
• 21:57
  Speaker 2: not to him. Yet this is for when they die.
• 22:00
  Speaker 3: This is very confusing, Susan, I totally.
• 22:02
  Speaker 2: Get it, totally disinherit that kid.
• 22:05
  Speaker 3: So here says even after one parent dies, Remember these
• 22:08
  Speaker 3: are what's built into our trusts and this is a
• 22:10
  Speaker 3: great planning tool. Right, So even after one parent died,
• 22:14
  Speaker 3: if that was the case, In this case, the person
• 22:16
  Speaker 3: didn't quite die but was disabled. Same idea, right couldn't
• 22:19
  Speaker 3: really decide so even if one person had died, though,
• 22:23
  Speaker 3: and the trust became irrevocable, the surviving parent in these
• 22:27
  Speaker 3: joint trusts can or should have a limited power of
• 22:33
  Speaker 3: appointment to change beneficiaries of this joint trust. So we
• 22:38
  Speaker 3: give all our parents that, sure, so you can always
• 22:42
  Speaker 3: rethink new grandkids come along. There's a reason one kid struggling.
• 22:46
  Speaker 3: Maybe I need to leave a little more to one
• 22:48
  Speaker 3: kid than another. You want the parent, whoever surviving, to
• 22:52
  Speaker 3: have that power. Okay, let's assume that power existed. Why
• 22:57
  Speaker 3: on earth are we settling with this kid? Right, there's
• 23:00
  Speaker 3: no settling.
• 23:02
  Speaker 2: You're just disinheriting.
• 23:03
  Speaker 3: You're done, and I'm changing the trust, right, So I don't.
• 23:08
  Speaker 2: Gad you want to come run the farm.
• 23:10
  Speaker 3: Anyways, Folks, At the end of the day, the engagement
• 23:14
  Speaker 3: letter just a little bit on the lawyer front. We
• 23:16
  Speaker 3: do the engagement letter for people for that very reason.
• 23:18
  Speaker 3: It educates them on what we just talked about. It's
• 23:21
  Speaker 3: a blueprint, and yeah, it protects us too. That's always helpful. Folks,
• 23:25
  Speaker 3: call and get the guide, learn about calculating the Consequences
• 23:29
  Speaker 3: of a Life Estate eight six six eight four eight
• 23:32
  Speaker 3: five six nine nine or Legal Exchange show dot com.
• 23:37
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:39
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:43
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:46
  Speaker 2: be answering your listener questions when we return to the
• 23:49
  Speaker 2: Legal Exchange with Todd Ludsky.
• 23:53
  Speaker 1: Life estates are sometimes used to protect your home as
• 23:55
  Speaker 1: part of your future, but it's important to understand how
• 23:58
  Speaker 1: they really work before making any changes to your state plan.
• 24:01
  Speaker 1: Cushing and Dolan are experts and elder law and taxation.
• 24:04
  Speaker 1: Their new guide, called Calculating the Consequences of Life Estates
• 24:07
  Speaker 1: explains the pros and cons and why careful planning is
• 24:10
  Speaker 1: so critical. A life estate can allow you to remain
• 24:13
  Speaker 1: in your home while transferring future ownership, but decisions like
• 24:16
  Speaker 1: putting the property in your children's names versus using a
• 24:19
  Speaker 1: trust can have very different consequences when it comes to taxes, control,
• 24:23
  Speaker 1: and protection from creditors. Before you sign any deed or
• 24:26
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 24:30
  Speaker 1: and Dolan at eight sixty six eight four eight five
• 24:32
  Speaker 1: six ninet nine and ask for your free guide today.
• 24:35
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 24:38
  Speaker 1: or you can request the guide online by visiting Legal
• 24:40
  Speaker 1: exchange show dot com. The proceeding was paid for and
• 24:43
  Speaker 1: the views expressed are solely those of Cushing and Dolan.
• 24:45
  Speaker 1: Cushing and Dolan and Armstrong Advisory may contact you offering
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• 25:53
  Speaker 4: Divorce isn't just a legal process, it's a financial reset. Hi,
• 25:56
  Speaker 4: this is Mike Armstrong from the Armstrong Advisory Group and
• 25:59
  Speaker 4: our new guy. Divorce and your Financial Plan walks you
• 26:02
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  Speaker 4: mistakes when splitting accounts, update beneficiaries, and start building a
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  Speaker 4: plan that works for your next chapter. Divorce is complicated
• 26:12
  Speaker 4: enough without all of its financial ramifications. The decisions you
• 26:15
  Speaker 4: make now can have lasting consequences for your future, because
• 26:18
  Speaker 4: after a divorce, it's not just about who gets what.
• 26:21
  Speaker 4: It's about making sure your financial life is truly separated
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• 26:40
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:43
  Speaker 1: registered investment advisor. Nothing in the ad or in any
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  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 26:47
  Speaker 1: your own financial tax into state planning advisors before making
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  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
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  Speaker 1: advisory services. You're listening to the Legal Exchange and it's
• 26:56
  Speaker 1: time for Ask Todd, the segment where Tod will answer you.
• 27:00
  Speaker 1: There are questions about anything and everything that's included in
• 27:02
  Speaker 1: the estate planning process. Once again, here's Tod Lutsky and
• 27:07
  Speaker 1: Susan Powers.
• 27:09
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:13
  Speaker 2: First question comes from Jennifer in Canton, mass And Jennifer writes,
• 27:17
  Speaker 2: my mother put her home in my name around ten
• 27:20
  Speaker 2: years ago to protect it from the nursing home. She
• 27:23
  Speaker 2: is now relocating and needs to sell the home and
• 27:26
  Speaker 2: needs all of the funds to purchase her new home.
• 27:30
  Speaker 1: Row.
• 27:30
  Speaker 2: Yeah, exactly. Her cost basis is around one hundred thousand
• 27:33
  Speaker 2: and the home is worth eight hundred thousand. Now, how
• 27:37
  Speaker 2: can I undo this transfer that she made to me?
• 27:40
  Speaker 2: I have a child in college, and this will wipe
• 27:42
  Speaker 2: out any financial aid that I was hopeful to receive
• 27:46
  Speaker 2: if the sale shows up as income to me.
• 27:50
  Speaker 3: Yeah, mm hmm, this is a bad idea. Yeah, so
• 27:55
  Speaker 3: this was not a life estate arrangement. This was just
• 27:57
  Speaker 3: an outright gift, right yep, So, folks, this is the
• 28:01
  Speaker 3: one thing you really don't want to do, right you really?
• 28:04
  Speaker 3: I mean, life estates are more are problematic, but this
• 28:08
  Speaker 3: is even more bad than a life estate, right because
• 28:13
  Speaker 3: you've kind of given up all control here. But the
• 28:16
  Speaker 3: good news, if there is any is it sounds like
• 28:18
  Speaker 3: they've got a cooperating family, right.
• 28:20
  Speaker 2: It sounds like definitely, it sounds like that she would
• 28:23
  Speaker 2: love to get out of that arrangement. Yeah.
• 28:25
  Speaker 3: It sounds like the daughter who now has the house
• 28:29
  Speaker 3: is happy to not have the house. Yes, So that
• 28:32
  Speaker 3: doesn't always happen, folks. So I know that wasn't the question, Susan,
• 28:35
  Speaker 3: But I want the listeners to know that sometimes when
• 28:38
  Speaker 3: you do this, children now have taken over. They could
• 28:41
  Speaker 3: throw you out. They don't have to give the house back,
• 28:43
  Speaker 3: they don't have to do any They could get divorced,
• 28:46
  Speaker 3: you could lose half your house. Is this is not
• 28:50
  Speaker 3: a good relation, a good reason to do this for
• 28:53
  Speaker 3: a lot of reasons. But there's a tax reason too.
• 28:58
  Speaker 3: Even if it was sold the way it was said.
• 29:01
  Speaker 3: Let's say the mother says, just sell the house, honey,
• 29:04
  Speaker 3: I just need the money, and she sells the house
• 29:07
  Speaker 3: because she wants to be out of it. The daughter
• 29:09
  Speaker 3: is going to have a seven hundred thousand dollars gain.
• 29:12
  Speaker 3: And if the daughter doesn't live there, the daughter's not
• 29:15
  Speaker 3: going to have any capital gains exclusion. You know, when
• 29:19
  Speaker 3: you own your home, if you're single, you get a
• 29:21
  Speaker 3: two hundred and fifty thousand dollars capital gains exclusion for
• 29:25
  Speaker 3: selling your primary residence, provided you've owned and used it
• 29:30
  Speaker 3: as such for two of the last five years. If
• 29:33
  Speaker 3: you're married, that number jumps to five hundred thousand. So
• 29:37
  Speaker 3: that's a great exclusion. But daughter doesn't live there, so
• 29:41
  Speaker 3: daughter's going to have to pay tax on seven hundred
• 29:44
  Speaker 3: thousand of gain. Let's just say, for fun, seven times
• 29:48
  Speaker 3: three is two hundred and ten thousand dollars of tax.
• 29:52
  Speaker 3: So now what happens. One, there's a big tax bill. Two,
• 29:57
  Speaker 3: daughter has two hundred and ten thousand dollars less money
• 30:02
  Speaker 3: to give back to to give back to mom. Can
• 30:04
  Speaker 3: she give it back?
• 30:05
  Speaker 2: Yes? Does she have to know?
• 30:07
  Speaker 3: But if she gives it back, now there's a taxable
• 30:10
  Speaker 3: gift by daughter. Now she might not pay any tax
• 30:14
  Speaker 3: because she has a fifteen million dollar exemption. So on
• 30:17
  Speaker 3: the on the transfer, she's paying capital gains tax, but
• 30:21
  Speaker 3: she might not have to pay a gift tax on
• 30:23
  Speaker 3: top of the capital gains tax. So you know, my
• 30:28
  Speaker 3: problem is that again she's got that exemption, so but
• 30:31
  Speaker 3: she'll have to file. So now all those ifs happen
• 30:36
  Speaker 3: to work out here for her, Mom has two hundred
• 30:39
  Speaker 3: and ten thousand dollars less.
• 30:41
  Speaker 2: And she needed the whole thing back, she's not going
• 30:43
  Speaker 2: to get it.
• 30:43
  Speaker 3: According to this, she needed the whole thing back to
• 30:45
  Speaker 3: buy the new house, so she won't have it.
• 30:48
  Speaker 2: So that's a problem.
• 30:49
  Speaker 3: And then she has to mortgage, and of course it's
• 30:50
  Speaker 3: still at risk for the nursing home. Now all over again,
• 30:53
  Speaker 3: if she was trying to protect it from the nursing home.
• 30:55
  Speaker 3: She's blown that whole thing.
• 30:56
  Speaker 2: Grandchild can't go to college. I mean, come on, but
• 31:00
  Speaker 2: horrible things come from this.
• 31:02
  Speaker 3: Now, can you do it? If you put it back?
• 31:06
  Speaker 3: You know, yes, you can put it back. It's a
• 31:09
  Speaker 3: taxable gift going back. Daughter's not going to pay any
• 31:11
  Speaker 3: gift tax because she's going to use up her exemption.
• 31:16
  Speaker 3: Problem is Mom can now sell it, but I'm not
• 31:19
  Speaker 3: sure if mom hasn't owned it for ten years, how
• 31:22
  Speaker 3: can mom argue that this is her primary residence for
• 31:25
  Speaker 3: two of the last five years, in which she owned
• 31:28
  Speaker 3: and used it as her primary residence for two of
• 31:31
  Speaker 3: the last five years. I don't know that she can
• 31:33
  Speaker 3: claim that. So if that's the problem, the capital gains
• 31:36
  Speaker 3: tax is still going to exist. There's still going to
• 31:39
  Speaker 3: be a two hundred and ten thousand dollars loss here,
• 31:42
  Speaker 3: and she still she'll have the money, but she'll be
• 31:44
  Speaker 3: in really no better position than she would have been
• 31:47
  Speaker 3: had the daughter sold it, except now at least the
• 31:49
  Speaker 3: daughter can have the kid go to go to college.
• 31:53
  Speaker 2: Wow. Wow, nightmare. Wow.
• 31:55
  Speaker 3: This is a really big problem. So folks, do not
• 32:00
  Speaker 3: give away your house if you're gonna do nothing else.
• 32:03
  Speaker 3: Instead of giving away your house, at least do a
• 32:05
  Speaker 3: life estate, which is what this guide is about. It
• 32:07
  Speaker 3: explains how to do it. I'm not telling you life
• 32:10
  Speaker 3: estate planning is the way to go. I'm telling you
• 32:12
  Speaker 3: a lot of people do life estates, and that's why
• 32:15
  Speaker 3: this guide is so darn important. Calculating the consequences of
• 32:19
  Speaker 3: a life estate. Set it up two ways. One remainder
• 32:23
  Speaker 3: to the kids, one remainder to a trust. Trust way
• 32:27
  Speaker 3: better than putting in the hands of the kids and
• 32:30
  Speaker 3: all the issues we just talked about, control, selling, taxes, gifts.
• 32:34
  Speaker 3: You need to understand what you're getting into when you
• 32:37
  Speaker 3: set up these life estates and what you're giving up.
• 32:40
  Speaker 3: Call and get the guide eight six six eight four
• 32:43
  Speaker 3: eight five six nine nine or Legal Exchange Show dot
• 32:47
  Speaker 3: com again eight six six eight four eight five six
• 32:51
  Speaker 3: nine nine or Legal Exchange Show dot com, or go
• 32:54
  Speaker 3: to our Instagram page Cushing Golan PC for much more information.
• 32:59
  Speaker 2: Our last question comes from Susan in Tewksbury, mass And
• 33:02
  Speaker 2: Susan writes, I own a home which is in an
• 33:04
  Speaker 2: irrevocable trust, and I am the only trustee. I am
• 33:08
  Speaker 2: eighty years old. Should I have another trustee on it
• 33:11
  Speaker 2: as well. I'm concerned if I have to go to
• 33:13
  Speaker 2: a nursing home, is the home safe from them attaching
• 33:16
  Speaker 2: it with only me as the trustee. Also, I have
• 33:20
  Speaker 2: about four hundred thousand in retirement funds. Can I put
• 33:23
  Speaker 2: them into the trust as well to protect them from
• 33:26
  Speaker 2: being attached? So let's start with the last one. First.
• 33:33
  Speaker 3: She's eighty and she wants to add to her irrevocable
• 33:37
  Speaker 3: trust first, can you? Yeah, certainly you can always add
• 33:41
  Speaker 3: to your revocal anyone who's got one, folks, you can
• 33:43
  Speaker 3: always add to it. When I meet clients and we
• 33:46
  Speaker 3: set it up, we try to put as much in
• 33:48
  Speaker 3: as you possibly can at the first go round. Why,
• 33:53
  Speaker 3: while she can add stuff to this trust, there will
• 33:56
  Speaker 3: be a new five year waiting period for the four
• 34:00
  Speaker 3: hundred thousand that she wants to put in or two
• 34:02
  Speaker 3: hundred or one hundred or whatever she chooses to put in,
• 34:06
  Speaker 3: so that that's going to.
• 34:08
  Speaker 2: Exist whatever's left after taxes.
• 34:10
  Speaker 3: But it doesn't affect what's already in there. Okay, So
• 34:14
  Speaker 3: that's helpful, But it's a new waiting period for the
• 34:16
  Speaker 3: new addition.
• 34:17
  Speaker 2: Okay, So yes to that. So she does have to
• 34:20
  Speaker 2: take it out of the IRA to get it in.
• 34:21
  Speaker 3: Oh, I'm sorry, I missed that part. Yes, it was
• 34:24
  Speaker 3: in an IRA, yep, okay, So that explains why it
• 34:27
  Speaker 3: wasn't in to begin with. You can't put iras in
• 34:31
  Speaker 3: without paying an income tax, so can she? Yes, five
• 34:34
  Speaker 3: year waiting period doesn't make sense to It depends if
• 34:37
  Speaker 3: you want to pay income tax on all that money.
• 34:40
  Speaker 3: So that's something you're going to have to think about
• 34:42
  Speaker 3: as to whether or not that even makes sense to do.
• 34:45
  Speaker 3: You know, you pull out four hundred thousand dollars, you're
• 34:47
  Speaker 3: going to lose you know, one hundred and twenty thousand maybe, Yeah,
• 34:51
  Speaker 3: one hundred thousand federal and state tax. I mean that
• 34:54
  Speaker 3: that's a lot.
• 34:54
  Speaker 2: That's a it's a lot.
• 34:56
  Speaker 3: It's a year in a nursing home. I mean, I
• 34:58
  Speaker 3: don't know if I'd want to go into the government
• 35:00
  Speaker 3: versus take care of myself. So so I'm going to
• 35:04
  Speaker 3: dial back on that one a little bit. Said, can you, Yes,
• 35:06
  Speaker 3: there's a five year waiting period. Yes, but should you
• 35:09
  Speaker 3: should you talk to your advisor?
• 35:11
  Speaker 2: Yeah? Should you? I don't know.
• 35:12
  Speaker 3: That's a that's a lot of a lot of tax
• 35:16
  Speaker 3: back to the house. So now the house issue sounds
• 35:20
  Speaker 3: like that's been in the trust long enough, it's all
• 35:23
  Speaker 3: protected from the nursing home. Her question is is it
• 35:25
  Speaker 3: protected from the nursing home just because she is serving
• 35:28
  Speaker 3: as trustee, which you know, over my thirty one year
• 35:32
  Speaker 3: career or so of doing this, yeah, we have some
• 35:35
  Speaker 3: times where they're serving as trustee. Sure that does not folks,
• 35:39
  Speaker 3: if you're listening, that does not make the house any
• 35:43
  Speaker 3: less countable than it would have been had you not
• 35:47
  Speaker 3: been trustee.
• 35:48
  Speaker 2: Would it be beneficial for her now, at this stage
• 35:51
  Speaker 2: of life to add a co trustee?
• 35:54
  Speaker 3: So yes, I think overall there when she says a
• 35:57
  Speaker 3: co trustee, I assume there's already a successor trustee, meaning
• 36:01
  Speaker 3: when she dies. So I just want to clear that
• 36:03
  Speaker 3: up for people that there's a difference between a co
• 36:06
  Speaker 3: current trustee and a successor. So yes, you can add you.
• 36:12
  Speaker 3: She can resign probably and just appoint someone else. It
• 36:14
  Speaker 3: never hurts to have that in place. Folks, call and
• 36:18
  Speaker 3: get the guide brand new for the month. Calculating the
• 36:21
  Speaker 3: consequences of life estates. In this case, she didn't do one,
• 36:24
  Speaker 3: which was great news. In this case she used to trust.
• 36:27
  Speaker 3: But if you've got one learn how they work eight
• 36:30
  Speaker 3: six six eight four eight five six nine nine or
• 36:34
  Speaker 3: Legal Exchange Show dot com to get your guide.
• 36:37
  Speaker 2: If you have a question you would like to ask Tod,
• 36:40
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:43
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:46
  Speaker 2: read your question on the air, and hopefully his answer
• 36:48
  Speaker 2: will stop you from becoming one of his next real
• 36:51
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 36:55
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 36:58
  Speaker 2: a financial advice with the Armstrong Advisory Group. We'll be
• 37:02
  Speaker 2: back with more after this quick break on the Legal
• 37:05
  Speaker 2: Exchange with Todd Lutsky.
• 37:08
  Speaker 1: Life estates are sometimes used to protect your home as
• 37:10
  Speaker 1: part of your future, but it's important to understand how
• 37:13
  Speaker 1: they really work before making any changes to your state plan.
• 37:16
  Speaker 1: Cushing and Dolan are experts in elder lawn taxation. Their
• 37:19
  Speaker 1: new guide, called Calculating the Consequences of Life Estates explains
• 37:23
  Speaker 1: the pros and cons and why careful planning is so critical.
• 37:26
  Speaker 1: A life estate can allow you to remain in your
• 37:28
  Speaker 1: home while transferring future ownership, but decisions like putting the
• 37:32
  Speaker 1: property in your children's names versus using a trust can
• 37:35
  Speaker 1: have very different consequences when it comes to taxes, control,
• 37:38
  Speaker 1: and protection from creditors. Before you sign any deed or
• 37:41
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 37:45
  Speaker 1: and Dolan at eight six six eight four eight five
• 37:47
  Speaker 1: six ninety nine and ask for your free guide today.
• 37:50
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 37:53
  Speaker 1: or you can request the guide online by visiting Legal
• 37:56
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 37:58
  Speaker 1: The views expressed are solely those of Cold and Dolan.
• 38:00
  Speaker 1: Cushing and Dolan and Armstrong Advisory may contact you offering
• 38:03
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 38:06
  Speaker 1: do not endorse each other and are not affiliated.
• 38:08
  Speaker 4: As you navigate life after divorce, planning for your family's
• 38:11
  Speaker 4: future becomes even more important.
• 38:13
  Speaker 1: HI.
• 38:13
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• 38:16
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• 38:22
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• 38:44
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• 38:50
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• 38:53
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• 38:56
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• 38:58
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• 40:42
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• 40:45
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• 40:47
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• 40:52
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• 40:55
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• 41:00
  Speaker 2: Come back into the Legal Exchange with Todd Lutsky. I'm
• 41:03
  Speaker 2: Susan Paris, a financial advisor with the Armstrong Advisory Group,
• 41:06
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:09
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:12
  Speaker 2: master's in taxation. Now the new month, Now the new
• 41:16
  Speaker 2: new guide, Todd. So this this guide is all about
• 41:20
  Speaker 2: calculating the consequences of life estates, which makes me think
• 41:23
  Speaker 2: they're all bad, but they're not. I want to dive
• 41:26
  Speaker 2: in mostly bad when it would make sense to use
• 41:29
  Speaker 2: that when you actually use them with your clients. But first,
• 41:32
  Speaker 2: can we just explain to people, preferably in English, not
• 41:36
  Speaker 2: necessarily an attorney speak, what is a life estate? Well,
• 41:39
  Speaker 2: you'll keep me in check. I will absolutely, It's one
• 41:42
  Speaker 2: of my favorite pastimes.
• 41:45
  Speaker 3: So a life estate is like a nugget of ownership
• 41:49
  Speaker 3: and a piece of property. Okay, okay, it's a it's
• 41:52
  Speaker 3: a you know, a portion of a of an ownership.
• 41:55
  Speaker 3: So for example, what what is it? Well, it's a
• 42:01
  Speaker 3: portion of an ownership. But what does it give you?
• 42:03
  Speaker 3: It gives you the right to live there the rest
• 42:06
  Speaker 3: of your life. No one can kick you out, which
• 42:10
  Speaker 3: is very similar to what you would have today as
• 42:13
  Speaker 3: a fee simple owner.
• 42:14
  Speaker 2: The right to live there.
• 42:14
  Speaker 3: Everybody can kick you out in your name, right to
• 42:17
  Speaker 3: fee simples, right just in your name. So okay, I
• 42:20
  Speaker 3: get that. What else does it give you? It gives
• 42:23
  Speaker 3: you the right to income. So let's say you had
• 42:27
  Speaker 3: a two family mm hm, and you live on the
• 42:29
  Speaker 3: first floor and rent the second floor. Well, then you
• 42:34
  Speaker 3: are allowed to collect the rent directly into your bank account. Okay,
• 42:41
  Speaker 3: even if you put the remainder interest of the property
• 42:43
  Speaker 3: somewhere else, you can collect the rent. So you get
• 42:46
  Speaker 3: to collect rent and you get to live there and
• 42:49
  Speaker 3: that's pretty much your life.
• 42:51
  Speaker 2: So how do you actually create this, because it's not
• 42:54
  Speaker 2: done with you. I mean you're just changing a deed
• 42:57
  Speaker 2: to do this. How do you actually create a life astae?
• 43:01
  Speaker 3: So to create a life estate, there are there are
• 43:03
  Speaker 3: actually two ways, the right way, the wrong way, A
• 43:12
  Speaker 3: and B. So one way is and maybe we'll start
• 43:17
  Speaker 3: with the wrong way. Uh, one way is in the
• 43:19
  Speaker 3: way most people do it. So, folks, if you're listening,
• 43:22
  Speaker 3: you probably have done it this way. If you have
• 43:26
  Speaker 3: a life estate, you prepared a simple deed quld claim
• 43:29
  Speaker 3: deed saying, you know, I Todd Lotskey here by grant
• 43:33
  Speaker 3: the property to my kids. And you see the kid's name,
• 43:39
  Speaker 3: no owners different, it's right on the deed. The deed says,
• 43:44
  Speaker 3: I grant to my children and I reserve the right
• 43:50
  Speaker 3: to live there the bottom described property.
• 43:53
  Speaker 2: So it's right on the deed.
• 43:54
  Speaker 3: So you've actually given what they call the remainder interest
• 44:01
  Speaker 3: or the future interest of the property to your children
• 44:05
  Speaker 3: and you keep this nugget of ownership, just a little
• 44:08
  Speaker 3: nugget that we talked. Well, that nugget of value changes
• 44:11
  Speaker 3: over time. We'll have to talk about that. As I
• 44:13
  Speaker 3: do want to get off track. But the value of
• 44:16
  Speaker 3: that nugget goes up and down. Bait well mainly goes
• 44:18
  Speaker 3: down the older you get right, because it's based on
• 44:21
  Speaker 3: your life, your life expectancy.
• 44:24
  Speaker 2: That's one way. I don't love that way, A lot
• 44:27
  Speaker 2: of bad thing. That just feels like you're still giving
• 44:30
  Speaker 2: it away to your kids. Maybe just a little teeny
• 44:33
  Speaker 2: tiny less bad, then giving it out right little less bad,
• 44:37
  Speaker 2: but yeah, still bad. Lower.
• 44:40
  Speaker 3: And we'll have to talk about the pros and cons
• 44:41
  Speaker 3: of both of these as we go through the whole month. Folks,
• 44:44
  Speaker 3: we're never going to get through all this and one
• 44:45
  Speaker 3: day that's mostly done, and I don't love it. The
• 44:50
  Speaker 3: other way that's less bad, that's better if you're going
• 44:54
  Speaker 3: to do them, is do a trust, doing a state plan.
• 44:57
  Speaker 3: Put together your irrevocable Medicaid income only trust that we
• 45:00
  Speaker 3: speak about a lot, set that up, then transfer the
• 45:04
  Speaker 3: property by deed I Todd Lutsky give to the trustee
• 45:08
  Speaker 3: of the Lutsky Family irrevocable trust. Boom and it goes
• 45:13
  Speaker 3: and I reserve a nugget of ownership called a life estate,
• 45:16
  Speaker 3: and the deed now my kids don't own it to
• 45:19
  Speaker 3: your kids.
• 45:20
  Speaker 2: Very big difference. Is it only with an irrevocable trust
• 45:24
  Speaker 2: you would do that, not with a revocable.
• 45:25
  Speaker 3: Yeah, you would never please folks. If you have a
• 45:28
  Speaker 3: revocable trust and you have a life estate, that's just
• 45:30
  Speaker 3: a complete waste.
• 45:31
  Speaker 2: Don't no reason to do that.
• 45:33
  Speaker 3: Okay, okay, folks, we're just sort of tapping the tip
• 45:39
  Speaker 3: of the you know, life estate iceberg here. Quite frankly,
• 45:43
  Speaker 3: there's a lot to learn about these, and a lot
• 45:45
  Speaker 3: of people have them. So brand new guide Calculating the
• 45:48
  Speaker 3: consequences of a life estate. Learn the two ways to
• 45:51
  Speaker 3: give it away, which we just described, the two ways
• 45:54
  Speaker 3: to set it up. Learn when to use it. There's
• 45:56
  Speaker 3: about three times I suggest you use life estates that's
• 46:00
  Speaker 3: in here, and when you do it, you'll learn about
• 46:02
  Speaker 3: what you've given up, the control, the taxes, the gifting, selling.
• 46:06
  Speaker 3: Can I sell everything you need to know about what
• 46:10
  Speaker 3: you have when you have a life estate, and maybe
• 46:13
  Speaker 3: even how to get rid of it if you don't
• 46:15
  Speaker 3: love it. Folks, call and get the guide eight six
• 46:18
  Speaker 3: six eight four eight five six nine nine or Legal
• 46:22
  Speaker 3: Exchange Show dot com again eight six six eight four
• 46:26
  Speaker 3: eight five six nine nine or Legal Exchange Show dot
• 46:30
  Speaker 3: Com new for the month, or go for our Instagram
• 46:33
  Speaker 3: page Cushing Dolan PC and you can get way more
• 46:37
  Speaker 3: information there.
• 46:39
  Speaker 2: So who should actually consider using this because it's it's
• 46:42
  Speaker 2: it doesn't sound like an attractive.
• 46:44
  Speaker 3: Thing to me. So this is more about the three
• 46:48
  Speaker 3: times that maybe I would use a life estate. Is
• 46:51
  Speaker 3: that kind I think where we're headed here?
• 46:52
  Speaker 4: Yeah?
• 46:52
  Speaker 2: I think so. I think that people who might have
• 46:54
  Speaker 2: done them before might have fallen into them because they
• 46:57
  Speaker 2: don't necessarily meet with it in a state planning attorney,
• 47:01
  Speaker 2: but maybe a real estate attorney. Exactly what happens super easy, right.
• 47:04
  Speaker 3: Yeah, Well, they just bought the house or something and
• 47:07
  Speaker 3: they say, well you want to do this, and you
• 47:09
  Speaker 3: know you want to throw it into a life state.
• 47:12
  Speaker 3: It happens, put your kids on it, yeah, give it
• 47:15
  Speaker 3: away like that example the caller that we had, Holy God,
• 47:18
  Speaker 3: was that a bad call? So so what do we
• 47:23
  Speaker 3: do three times folks that I can think of that
• 47:26
  Speaker 3: I'm going to do a life estate. And when I
• 47:29
  Speaker 3: do the life estate, it's only going to be with
• 47:33
  Speaker 3: the remainder interest going to an irrevocable trust. So when
• 47:37
  Speaker 3: I talk about the right way and the wrong way,
• 47:39
  Speaker 3: you need to know that at least the way we
• 47:41
  Speaker 3: do it. We would never give it to the kids.
• 47:45
  Speaker 3: It's just a hard stop for me.
• 47:47
  Speaker 2: You'd tell them to leave if they insisted on that.
• 47:49
  Speaker 3: Yeah, I couldn't be the person who put it in
• 47:51
  Speaker 3: the kid's name. And then when they want to sell
• 47:53
  Speaker 3: it and the kid says no, they come back and
• 47:55
  Speaker 3: meet and say what did you do to me? That
• 47:56
  Speaker 3: can be some other attorney.
• 47:58
  Speaker 2: Yes, some of the real estated.
• 48:01
  Speaker 3: I'm not doing that. So in this case you keep
• 48:03
  Speaker 3: a lot more control. So you take the house, you
• 48:06
  Speaker 3: transfer it to an irrevocable trust, the remainder interest, and
• 48:10
  Speaker 3: you keep that nugget of ownership called a life estate done. Now,
• 48:14
  Speaker 3: what when would I do that?
• 48:16
  Speaker 2: That was the question.
• 48:19
  Speaker 3: If I have a two family home and I'm renting
• 48:22
  Speaker 3: it one floor, I'm going to keep a life estate
• 48:25
  Speaker 3: only because it's easier for the client. And how so,
• 48:28
  Speaker 3: now the client wants to collect that rent, you don't
• 48:32
  Speaker 3: have to run the rent through a bank account in
• 48:34
  Speaker 3: the name of the trust and then have the trust
• 48:37
  Speaker 3: kick out the income to your personal account. That two
• 48:40
  Speaker 3: step approach doesn't have to happen if you have a
• 48:44
  Speaker 3: life estate. If you have a life estate, you have
• 48:47
  Speaker 3: the right not only to live there, but the right
• 48:50
  Speaker 3: to collect income. So if you have the right, that
• 48:53
  Speaker 3: rent check can come directly to you, much like you
• 48:57
  Speaker 3: had probably been doing it all your life.
• 48:59
  Speaker 2: Only if it's multifam and you actually live there. Yeah,
• 49:01
  Speaker 2: only if it's the multi family you actually not just
• 49:03
  Speaker 2: a regular rental property. They have a trust you need
• 49:05
  Speaker 2: to go.
• 49:05
  Speaker 3: No, no, good point. Do not do a life estate
• 49:08
  Speaker 3: on property that is not your home right. No, no, no,
• 49:11
  Speaker 3: people do it and you're bad news.
• 49:12
  Speaker 2: Yep, So don't do that. Number one.
• 49:15
  Speaker 3: Number two, A lot of people get residential real estate abatements.
• 49:20
  Speaker 3: Some towns give them, some towns don't. Are you over
• 49:23
  Speaker 3: sixty five, are you a veteran? There are some towns
• 49:26
  Speaker 3: that give you these abatements. Please tell your estate planning
• 49:31
  Speaker 3: attorney if your town does that, because we don't know, right,
• 49:34
  Speaker 3: We just don't know. And so if you're getting the
• 49:38
  Speaker 3: abatement and you want to keep that abatement, then we
• 49:43
  Speaker 3: reserve a life estate. Why because you're still the owner.
• 49:46
  Speaker 3: You still have a nugget of ownership. You're not going
• 49:48
  Speaker 3: to lose the abatement. That's important to let people.
• 49:53
  Speaker 2: Number two.
• 49:54
  Speaker 3: Number three, you might still have a mortgage on your home. Yep,
• 50:00
  Speaker 3: if you still have a mortgage on your home when
• 50:01
  Speaker 3: we're doing irrevocable trust planning.
• 50:04
  Speaker 2: Including a home equity loaner line.
• 50:06
  Speaker 3: Including a home equity line, even if it's you borrow
• 50:09
  Speaker 3: nothing and you want to keep it okay when you
• 50:11
  Speaker 3: transfer that to the trust, reserve a life estate so
• 50:14
  Speaker 3: that you don't trigger the du on sale clause and
• 50:17
  Speaker 3: you preserve your mortgage without having to tell the bank anything. Folks,
• 50:22
  Speaker 3: life estates can be complicated. Call and get the guide
• 50:26
  Speaker 3: Calculating the Consequences of a life estate. It will teach
• 50:29
  Speaker 3: you as to how they work and what you have
• 50:32
  Speaker 3: if you have one, and maybe whether you want to
• 50:35
  Speaker 3: undo it or do it in a different way eight
• 50:38
  Speaker 3: six six eight four eight five six nine nine or
• 50:42
  Speaker 3: Legal Exchange show dot com.
• 50:44
  Speaker 2: Todd Letske from the law firm of Cushing and Dolan, thank.
• 50:47
  Speaker 4: You so much.
• 50:47
  Speaker 2: Thank you, Susan. Always a pleasure. I'm Susan Powers, a
• 50:50
  Speaker 2: financial advisor with the Armstrong Advisory Group. We thank you
• 50:53
  Speaker 2: for joining us today and we'll be back again next
• 50:56
  Speaker 2: week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Life estates are sometimes used to protect your home as
• 51:02
  Speaker 1: part of your future, but it's important to understand how
• 51:05
  Speaker 1: they really work before making any changes to your state plan.
• 51:08
  Speaker 1: Cushing and Dolan are experts and elder law and taxation.
• 51:11
  Speaker 1: Their new guide, called Calculating the Consequences of Life Estates,
• 51:14
  Speaker 1: explains the pros and cons and why careful planning is
• 51:17
  Speaker 1: so critical. A life estate can allow you to remain
• 51:20
  Speaker 1: in your home while transferring future ownership, but decisions like
• 51:23
  Speaker 1: putting the property in your children's names versus using a
• 51:26
  Speaker 1: trust can have very different consequences when it comes to taxes, control,
• 51:30
  Speaker 1: and protection from creditors. Before you sign any deed or
• 51:33
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 51:37
  Speaker 1: and Dolan at eight six six eight four eight five
• 51:39
  Speaker 1: six ninety nine and ask for your free guide today.
• 51:42
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 51:45
  Speaker 1: or you can request the guide online by visiting Legal
• 51:47
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 51:50
  Speaker 1: The views expressed are solely those of Cushing and Dolan.
• 51:52
  Speaker 1: Cushing and Dolin and Armstrong Advisory may contact you offering
• 51:55
  Speaker 1: legal or investment services. Cushing and Dolan in Armstrong Advisory
• 51:58
  Speaker 1: do not endorse each other and are not affiliated.
• 52:00
  Speaker 4: Divorce isn't just a legal process, it's a financial reset. Hi,
• 52:03
  Speaker 4: this is Mike Armstrong from the Armstrong Advisory Group and
• 52:06
  Speaker 4: our new guide, Divorce and your Financial Plan, walks you
• 52:09
  Speaker 4: through how to take inventory of your assets, avoid common
• 52:12
  Speaker 4: mistakes when splitting accounts, update beneficiaries, and start building a
• 52:15
  Speaker 4: plan that works for your next chapter. Divorce is complicated
• 52:19
  Speaker 4: enough without all of its financial ramifications. The decisions you
• 52:22
  Speaker 4: make now can have lasting consequences for your future, because
• 52:25
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