Latest / The Legal Exchange / Leaving real estate with a mortgage to your beneficiaries

Transcript

Leaving real estate with a mortgage to your beneficiaries · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 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
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight six six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:36
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan
• 0:39
  Speaker 2: Powers of Financial Advice with the Armstrong Advisory Group and
• 0:43
  Speaker 2: I'm joined by Todd Lutsky, a partner with the law
• 0:45
  Speaker 2: firm of Cushing and Dolan with a master's in taxation.
• 0:50
  Speaker 2: Happy New Year, Todd, how are you.
• 0:52
  Speaker 3: Happy New Year to you and everyone out there? Happy
• 0:54
  Speaker 3: New Year. It's that time of year again. As it is,
• 0:57
  Speaker 3: we can all now start procrastinating.
• 1:00
  Speaker 2: And for new resolutions they will never be kept.
• 1:03
  Speaker 3: Let's just start procrastinating right now, which is exactly, interestingly enough,
• 1:08
  Speaker 3: what the guide is about. So, folks, we're going to
• 1:11
  Speaker 3: a couple of things we're gonna do. First, we're gonna
• 1:13
  Speaker 3: go to Virginia. We have an appellate tax court case
• 1:15
  Speaker 3: there where property passes by will subject to debt. You
• 1:21
  Speaker 3: don't think about mortgages on property when you're leaving it
• 1:26
  Speaker 3: to family members, but you need to. You don't think
• 1:29
  Speaker 3: about mortgages when you're dealing with irrevocable trust, but you
• 1:32
  Speaker 3: need to. Property is not always so easy to deal with.
• 1:35
  Speaker 3: And please, I mean a will in this case is
• 1:37
  Speaker 3: probably not even enough. But we're gonna learn about how
• 1:41
  Speaker 3: to deal with property with this Virginia appellate court case,
• 1:44
  Speaker 3: especially incumbered property. And so one case and one real
• 1:50
  Speaker 3: life story, folks, just we're gonna learn. And it again,
• 1:53
  Speaker 3: it's a procrastination situation where the family had spent about
• 1:57
  Speaker 3: two hundred and fifty thousand dollars before they reed. Wait
• 2:01
  Speaker 3: a minute, there's something I can do. I don't have
• 2:02
  Speaker 3: to pay the nursing home over and over. It is
• 2:07
  Speaker 3: they only had about five hundred thousand left. I said,
• 2:09
  Speaker 3: let's come in now, and do what we could have
• 2:12
  Speaker 3: done when you had seven to fifty instead of only
• 2:15
  Speaker 3: five hundred and so last minute things about look back periods,
• 2:20
  Speaker 3: penalty periods, and the old half a loaf technique, which
• 2:23
  Speaker 3: I'm definitely going to make a point to use this year,
• 2:26
  Speaker 3: try to use it more often. It's something we thought
• 2:28
  Speaker 3: we lost, but I think it's still there. Folks. Again
• 2:32
  Speaker 3: it's the beginning of a new year. Of course, we
• 2:34
  Speaker 3: come out with a guide called long Term Care Planning
• 2:37
  Speaker 3: for the procrastinator, so we have new Year's wishes that
• 2:40
  Speaker 3: we give up on right away. Well, let's not give
• 2:43
  Speaker 3: up on our planning. But if in fact you find
• 2:45
  Speaker 3: yourself faced with nursing home situation, there's last minute things
• 2:50
  Speaker 3: you can do, don't just write the check. From learning
• 2:53
  Speaker 3: how to protect a home to a vacation home, to
• 2:57
  Speaker 3: understanding how rental proper can be protected, how you use
• 3:01
  Speaker 3: annuities or pooled trust. What you're back now to talk
• 3:04
  Speaker 3: about last minute planning for money and annuities, and folks,
• 3:09
  Speaker 3: don't just write the check. There's always something that can
• 3:12
  Speaker 3: be done last minute not as good as advanced planning,
• 3:15
  Speaker 3: but nevertheless, get the guide eight six six eight eight
• 3:20
  Speaker 3: five six nine nine or Legal Exchange Show dot com.
• 3:24
  Speaker 3: It's new for the year eight six six eight four
• 3:28
  Speaker 3: eight five six nine nine or Legal Exchange show dot com.
• 3:33
  Speaker 3: Let's head over to Virginia. What do we got going
• 3:36
  Speaker 3: on here? Well, Sam prepared a will in two thousand
• 3:41
  Speaker 3: and five, and it had a clause in it that said,
• 3:44
  Speaker 3: you know, there's a certain parcel of land that I
• 3:47
  Speaker 3: want sold, and I want the money used to pay
• 3:50
  Speaker 3: the debts of the estate. That was right in the will. Okay. Also,
• 3:55
  Speaker 3: it had specific language devising a farm property to Rhea,
• 4:01
  Speaker 3: who worked there prior to them getting married. So twists.
• 4:08
  Speaker 3: So now he's married, So I just don't know if
• 4:11
  Speaker 3: he ever did any new planning, but now he has
• 4:13
  Speaker 3: a spouse who's supposed to get this property. Now, at
• 4:16
  Speaker 3: the time, the farm was not encumbered, but at his
• 4:21
  Speaker 3: death it did have one hundred and eighty four thousand
• 4:24
  Speaker 3: dollars mortgage on it. Okay, all right, Well, the pr
• 4:27
  Speaker 3: personal representatives sold the land as directed and paid off
• 4:32
  Speaker 3: some of the debts, but on the advice of an attorney,
• 4:35
  Speaker 3: did not pay off the farm. Well, Ria wasn't happy
• 4:40
  Speaker 3: about that, so she argued that the farm should have
• 4:42
  Speaker 3: been passed to her free of debts because his will
• 4:46
  Speaker 3: showed clear contrary intent to having the property pass free
• 4:52
  Speaker 3: of the mortgage. The general rule is that property passes
• 4:58
  Speaker 3: subject to the debt absent clear intent to the contrary. Well,
• 5:05
  Speaker 3: the trial court said the will did not satisfy the
• 5:09
  Speaker 3: clear intent to the contrary language, which I know you're
• 5:12
  Speaker 3: probably scratching your head as I was when I was
• 5:14
  Speaker 3: reading this. So the property passed subject to the debt. Well,
• 5:19
  Speaker 3: as you might imagine, she wasn't happy about that. So
• 5:23
  Speaker 3: Rhea the spouse appealed, and the appellate court affirmed the
• 5:29
  Speaker 3: trial court. They found that the general directive in a
• 5:32
  Speaker 3: will to pay off general debts shall not evidence equal
• 5:38
  Speaker 3: to contrary to the intent to that particular mortgage being
• 5:43
  Speaker 3: paid off. So Rhea, you get the property with the mortgage,
• 5:50
  Speaker 3: with the debt. Have fun with that. So interestingly enough,
• 5:55
  Speaker 3: I bring this one. I thought it was interesting when
• 5:57
  Speaker 3: I was reading it because so many people do play,
• 6:00
  Speaker 3: and so many people have real estate, sometimes multiple properties,
• 6:04
  Speaker 3: and sometimes they're encumbered. So I think we need to
• 6:07
  Speaker 3: know how to deal with property in and of itself,
• 6:11
  Speaker 3: never mind if it's encumbered. Right, So real estate right,
• 6:14
  Speaker 3: it's a tough property to deal with. So whenever you're
• 6:17
  Speaker 3: leaving a specific property to one individual, which he was
• 6:22
  Speaker 3: doing here, I already scratching my head as to why
• 6:25
  Speaker 3: there wasn't more planning done that he got married and
• 6:28
  Speaker 3: he had this spouse. I mean, I'm thinking there could
• 6:30
  Speaker 3: have been a trust done, there could have been a
• 6:32
  Speaker 3: state tax planning taken care of benefits of the remainder
• 6:35
  Speaker 3: shares and the marital shares. And yet you've got this
• 6:39
  Speaker 3: will leaving assets specifically to a spouse when you probably
• 6:43
  Speaker 3: could have left everything in trust for the spouse. Why
• 6:46
  Speaker 3: are we trying to cut out one property? But nevertheless,
• 6:51
  Speaker 3: that's what it said. And so when you're leaving one
• 6:55
  Speaker 3: property to an individual, make sure that person has the
• 6:59
  Speaker 3: ability to care for it, to pay for the bills,
• 7:04
  Speaker 3: and yes, to pay for any mortgage as well, because
• 7:08
  Speaker 3: remember remember the duan sale clause is going to kick
• 7:14
  Speaker 3: in when you die. Now, what the heck is that
• 7:18
  Speaker 3: the bank is going to call the note? Why because
• 7:22
  Speaker 3: they lend the money to Sam in this case, they
• 7:25
  Speaker 3: didn't lend the money to Rhea. So Ria, you may
• 7:29
  Speaker 3: now have the property, but the bank is going to
• 7:32
  Speaker 3: call the note and say, I want to be paid
• 7:34
  Speaker 3: in full. So if the child or a spouse in
• 7:39
  Speaker 3: this case that you leave assets to don't have the
• 7:42
  Speaker 3: money to pay or good credit right to qualify to
• 7:46
  Speaker 3: get their own mortgage, right, because you could refinance that,
• 7:51
  Speaker 3: the bank could take it over, maybe allow you to
• 7:53
  Speaker 3: assume it, but they're going to run you through the
• 7:56
  Speaker 3: credit check of course first. So if the child doesn't
• 8:00
  Speaker 3: have that, or the spouse, it's not likely they're going
• 8:03
  Speaker 3: to get to keep that property.
• 8:05
  Speaker 2: Yeah, they're going to have to sell it to pay
• 8:06
  Speaker 2: off the mortgage.
• 8:07
  Speaker 3: So you've got to think these things through, right, And
• 8:10
  Speaker 3: again I'm still flabbergasted at then no planning after he
• 8:13
  Speaker 3: got married to Rhea to do more. But let's keep
• 8:17
  Speaker 3: going for other people, right, not just focused on this case. Right.
• 8:20
  Speaker 3: If you're going to leave property, and I see this
• 8:22
  Speaker 3: a lot sometimes to benefit one particular child, whether that
• 8:27
  Speaker 3: child is special needs or not. That child just might
• 8:30
  Speaker 3: might not have the ability to buy their own home.
• 8:32
  Speaker 3: They might just need to have a roof over their head,
• 8:34
  Speaker 3: even though they work for a living, but they can't afford,
• 8:37
  Speaker 3: you know, to buy their own whatever reason, if you're
• 8:40
  Speaker 3: going to leave property and trust for that one particular child.
• 8:43
  Speaker 3: Make sure there's no mortgage on it, right, or make
• 8:47
  Speaker 3: sure you leave enough money in the trust to pay
• 8:49
  Speaker 3: off that mortgage, right, or you've got to put money
• 8:53
  Speaker 3: in the trust to carry it. So you say, okay,
• 8:56
  Speaker 3: all these things have to be checked off. And then
• 8:59
  Speaker 3: if I get past all those issues, and I say
• 9:03
  Speaker 3: hold this in trust for the life of my daughter,
• 9:06
  Speaker 3: and there's no money in the trust, she better have
• 9:09
  Speaker 3: the ability to at least pay the real estate taxes,
• 9:12
  Speaker 3: the upkeep, the maintenance, the utility bills. If you don't
• 9:16
  Speaker 3: think that that child can do that, then you better
• 9:18
  Speaker 3: make sure there's enough money in the trust to do that.
• 9:22
  Speaker 3: Or this won't work. Right, This won't work. And if
• 9:26
  Speaker 3: you are going to leave it and you want to
• 9:27
  Speaker 3: protect your children, your other children, make sure you put
• 9:31
  Speaker 3: language in there, like you can live there your whole life.
• 9:34
  Speaker 3: But if you have thirty ninety consecutive days that a
• 9:36
  Speaker 3: bill's not paid, you lose it. You leave for six
• 9:40
  Speaker 3: consecutive months, you lose it, you die, you lose it.
• 9:43
  Speaker 3: You give your written request to leave. Put teeth in
• 9:45
  Speaker 3: there to protect everybody. And lastly, remember when you're doing
• 9:49
  Speaker 3: irrevocable medicaid trust that if it's mortgaged and you're putting
• 9:53
  Speaker 3: the property in reserve, a life estate or a ninety
• 9:56
  Speaker 3: nine year least to prevent the do on sale clause
• 10:00
  Speaker 3: from being triggered. Folks lots to think about when you
• 10:02
  Speaker 3: do your planning, and sometimes when you don't and you
• 10:05
  Speaker 3: find yourself going into a nursing home. Learn how not
• 10:08
  Speaker 3: to just write the check. Get the guide eight sixty
• 10:11
  Speaker 3: six eight four eight five six nine nine or Legal
• 10:16
  Speaker 3: Exchange show dot com.
• 10:18
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:20
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:24
  Speaker 2: financial advisor with the Armstrong Advisory Group, and we've got
• 10:28
  Speaker 2: much more to come. When we returned to the Legal
• 10:30
  Speaker 2: Exchange with Todd Lutsky.
• 10:33
  Speaker 1: The average monthly cost for a private room in New
• 10:35
  Speaker 1: England could double by twenty forty So if you're not
• 10:38
  Speaker 1: prepared to handle the increased costs of nursing home care,
• 10:41
  Speaker 1: your assets may be at risk. Call Cushing and Dolan
• 10:44
  Speaker 1: today and request their new guide called Long Term Care
• 10:47
  Speaker 1: Planning for Procrastinators. It'll help you understand how to protect
• 10:50
  Speaker 1: your assets and allow you to enjoy your later years,
• 10:53
  Speaker 1: an unexpected nursing home state could significantly reduce your wealth
• 10:56
  Speaker 1: and prosperity. Call Cushing and Dolan right now at eight
• 11:00
  Speaker 1: four eight five six ninet nine and get your free
• 11:02
  Speaker 1: guide called Long Term Care Planning for procrastinators. Don't put
• 11:06
  Speaker 1: off today what you might really need to do tomorrow.
• 11:09
  Speaker 1: Call eight sixty six eight four eight five six ninety nine.
• 11:12
  Speaker 1: That's eight six six eight four eight five six ninety nine.
• 11:15
  Speaker 1: Or you can request the guide online by visiting Legal
• 11:18
  Speaker 1: Exchange show dot com. That's Legal exchange show dot com.
• 11:22
  Speaker 1: The proceeding was paid for in the use expressed are
• 11:24
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan Indoor
• 11:26
  Speaker 1: I'm Strong Advisory may contact you offering legal or investment services.
• 11:29
  Speaker 1: Cushingan Dolan and Armstrong Advisory do not endorse each other
• 11:32
  Speaker 1: and are not affiliated. The calendar is turned and the
• 11:35
  Speaker 1: cold is here to stay, So now's the perfect time
• 11:38
  Speaker 1: to plan that getaway to the US Virgin Islands. Act
• 11:41
  Speaker 1: now and take advantage of a special promotion to Saint Croix,
• 11:44
  Speaker 1: experience a vibe like no other, and receive a two
• 11:47
  Speaker 1: hundred and fifty dollars per person airfare credit and a
• 11:50
  Speaker 1: free hotel night when you book a five night minimum
• 11:52
  Speaker 1: stay with any participating hotel before June thirtieth, twenty twenty five.
• 11:56
  Speaker 1: Saint Croix is known for its incredible history and spectacular architecture,
• 12:00
  Speaker 1: along with world class cuisine, incredible golf courses and a
• 12:04
  Speaker 1: wide variety of water sports. From the moment you arrive,
• 12:07
  Speaker 1: you'll fall naturally in rhythm with the heartbeat of the islands.
• 12:10
  Speaker 1: There's no money to exchange, and travel from New England
• 12:13
  Speaker 1: could not be easier. America's Caribbean paradise is waiting for
• 12:17
  Speaker 1: you the experience a vibe like no other on the
• 12:20
  Speaker 1: island of Saint Croix. Go to visit USVII dot com
• 12:23
  Speaker 1: and use the code Vibe twenty twenty five for more
• 12:26
  Speaker 1: information and book your trip today. That's visit USVII dot
• 12:30
  Speaker 1: com and code Vibe twenty twenty five.
• 12:34
  Speaker 4: With digital technology continuously evolving, hackers are coming up with
• 12:38
  Speaker 4: incredibly elaborate schemes to commit fraud, which could put your
• 12:41
  Speaker 4: financial well being at risk. HI this is Mike Armstrong
• 12:44
  Speaker 4: from the Armstrong Advisory Group, and in today's landscape, it's
• 12:47
  Speaker 4: critically important that you beware of the potential dangers that exist.
• 12:51
  Speaker 4: Our new guide is called seven Common Financial Frauds and Scams,
• 12:54
  Speaker 4: and its purpose is to help you understand what steps
• 12:57
  Speaker 4: you can take to avoid becoming a victim. Whether it's
• 12:59
  Speaker 4: identity theft, inheritance scams, are Ponzi schemes, this guide can
• 13:02
  Speaker 4: educate you about these risks, giving you the chance to
• 13:06
  Speaker 4: make any necessary changes to your overall financial strategy.
• 13:09
  Speaker 3: Call us today at eight.
• 13:10
  Speaker 4: Hundred three nine three four zero zero one and request
• 13:13
  Speaker 4: our new guide called seven Common Financial Frauds and Scams.
• 13:17
  Speaker 4: That number once again eight hundred thirty nine three four
• 13:20
  Speaker 4: zero zero one.
• 13:21
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 13:23
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 13:25
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 13:28
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 13:30
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 13:33
  Speaker 1: advisory services. You're listening to the Legal Exchange with Todd Lutsky,
• 13:38
  Speaker 1: an expert in elder life planning and taxation. Need help
• 13:41
  Speaker 1: with your estate plan? Con Todd right now and make
• 13:43
  Speaker 1: an appointment eight six six eight four eight five six
• 13:46
  Speaker 1: nine nine. That's eight six six eight, four, eight, five, six,
• 13:49
  Speaker 1: nine nine.
• 13:51
  Speaker 2: Welcome back into the legal exchange with Toddltsky. I'm Susan Powers,
• 13:55
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 13:58
  Speaker 2: joined by Todd Latsky, apart with the law firm of
• 14:01
  Speaker 2: Cushing and Dolan, with a master's in taxation. Where we
• 14:05
  Speaker 2: headed now, Todd, we're headed nowhere.
• 14:07
  Speaker 3: We're headed to a real life story, which I think
• 14:09
  Speaker 3: sometimes is more fun than the case law. So we're
• 14:13
  Speaker 3: going to talk a little bit about you know, last
• 14:16
  Speaker 3: minute planning, of course, but you know, don't think that
• 14:21
  Speaker 3: you just have the right to check to the nursing home.
• 14:24
  Speaker 3: That's really the theory or that's the topic of this
• 14:28
  Speaker 3: real life story. Unfortunately, this family ended up spending about
• 14:32
  Speaker 3: two hundred and fifty thousand dollars before they realized and
• 14:35
  Speaker 3: I think they heard the show they realized and said,
• 14:38
  Speaker 3: wait a minute, you mean I don't have to keep
• 14:40
  Speaker 3: writing these checks. Wow. So we're going to learn how
• 14:43
  Speaker 3: to get down to and it's a single person by
• 14:45
  Speaker 3: the way, so it's not a married couple. Happens a
• 14:47
  Speaker 3: lot to single people, and how to get your assets
• 14:51
  Speaker 3: down to qualify financially for medicaid even last minute, when
• 14:57
  Speaker 3: you've done no planning. It's a really interesting story about
• 14:59
  Speaker 3: how to do it. And I think, folks, you'll find
• 15:02
  Speaker 3: that it might affect you a lot as well. So
• 15:06
  Speaker 3: let's get into it. The kids came in and they had,
• 15:10
  Speaker 3: like I said, they had spent about two fifty. They
• 15:12
  Speaker 3: knew in their mind that they had to get down
• 15:14
  Speaker 3: to about two thousand dollars. I said, wow, we still
• 15:17
  Speaker 3: got five hundred thousand left. But how you get a
• 15:21
  Speaker 3: single person down to that medicaid level is what they
• 15:24
  Speaker 3: don't know. They think they just need to spend, spend, spend, Well,
• 15:28
  Speaker 3: they have five hundred thousand dollars left and there was
• 15:31
  Speaker 3: no house. Now if he did if he did, it
• 15:36
  Speaker 3: would have now be if he didn't have. If he
• 15:38
  Speaker 3: did have the house, it would not be countable as
• 15:39
  Speaker 3: long as it's under a million ninety seven. But there's
• 15:42
  Speaker 3: no house. So what do we do here, folks? What's
• 15:45
  Speaker 3: the lesson? Well, I'm going to talk first about the
• 15:48
  Speaker 3: half a loaf technique, which you don't hear much about anymore,
• 15:52
  Speaker 3: and annuities. Now, obviously the first thought would be, well,
• 15:55
  Speaker 3: I can always buy this medicaid annuity for five hundred
• 15:57
  Speaker 3: thousand dollars. I'll come back to that. That is an option, right,
• 16:02
  Speaker 3: But in reality, you can also do this half a
• 16:05
  Speaker 3: loaf technique where you know, if I want to give
• 16:08
  Speaker 3: away some of the money and keep some of the money,
• 16:11
  Speaker 3: can I guarantee myself some money, right, versus an annuity
• 16:16
  Speaker 3: which you could ultimately live long and spend every penny. Right.
• 16:22
  Speaker 3: So let's run through this approach, how it works and
• 16:26
  Speaker 3: what it is. Well, so in this case, if I
• 16:30
  Speaker 3: was to give away five hundred if I have five
• 16:34
  Speaker 3: hundred thousand dollars and I was to give away two
• 16:36
  Speaker 3: hundred and fifty thousand to my children, well that's a
• 16:39
  Speaker 3: bad thing. That's called a Medicaid disqualifying transfer. You're absolutely right.
• 16:44
  Speaker 3: And this is where we go through the look back
• 16:45
  Speaker 3: period and the penalty period a little bit. So the
• 16:49
  Speaker 3: lookback period doesn't is a five year waiting period, and
• 16:52
  Speaker 3: it starts to run the moment we give that two
• 16:55
  Speaker 3: fifty to the kids. But a penalty period doesn't start
• 16:59
  Speaker 3: to run that quickly. But the penalty period is also less.
• 17:03
  Speaker 3: It is not sixty months. The penalty period is calculated
• 17:07
  Speaker 3: so now it's two hundred and fifty thousand. Divide by
• 17:09
  Speaker 3: it's approximately thirteen thousand a month. It's about nineteen point
• 17:14
  Speaker 3: two months. Okay, So if I give away two point fifteen,
• 17:18
  Speaker 3: I divide it by this denominator, which is the average
• 17:20
  Speaker 3: cost of nursing home care in the state that the
• 17:22
  Speaker 3: state gives us. I got about nineteen twenty month penalty period.
• 17:27
  Speaker 3: That penalty period doesn't begin to run yet, but I'm
• 17:32
  Speaker 3: going to explain how it does and how we can
• 17:35
  Speaker 3: get it to run, and then also come back and
• 17:37
  Speaker 3: talk a little bit about what do I do with
• 17:40
  Speaker 3: the remaining two hundred and fifty thousand dollars that mom kept, right,
• 17:44
  Speaker 3: and how do we get rid of that? Folks. These
• 17:47
  Speaker 3: are the kind of techniques that are listed in the
• 17:49
  Speaker 3: long term care Planning for Procrastinator's guide. Excuse me right.
• 17:54
  Speaker 3: It talks about annuities. It talks about this half a
• 17:58
  Speaker 3: loaf technique, there's an actual example in there, and explains
• 18:01
  Speaker 3: it in the Zanner case. It talks about what to
• 18:03
  Speaker 3: do with excess money when you have it left over,
• 18:07
  Speaker 3: and yes, it also talks about things like your home,
• 18:09
  Speaker 3: which is most important and that's a special asset and
• 18:12
  Speaker 3: how it's treated versus perhaps a vacation home and rental
• 18:16
  Speaker 3: property which are also special but not as special as
• 18:19
  Speaker 3: the home. So folks lots to learn about. Please don't
• 18:22
  Speaker 3: write the check, call and get the guide brand new
• 18:26
  Speaker 3: for the year eight six six eight four eight five
• 18:29
  Speaker 3: six nine nine or Legal exchange Show dot com Long
• 18:33
  Speaker 3: Term Care Planning for the Procrastinator eight six six eight
• 18:38
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 18:42
  Speaker 3: dot com. All right, let's go back to this. So far,
• 18:46
  Speaker 3: I've given away two fifty to my kids. I tell
• 18:48
  Speaker 3: them stick it in that bank.
• 18:49
  Speaker 2: Account, and we have two fifty left.
• 18:51
  Speaker 3: We still got two fifty. So if we were to
• 18:53
  Speaker 3: apply for Medicaid right now, we would get denied. Now, remember,
• 18:57
  Speaker 3: here's how that penalty period which is way shorter than
• 19:01
  Speaker 3: the sixty month look back period, and so we want
• 19:03
  Speaker 3: that penalty period to apply. In order for that to run,
• 19:08
  Speaker 3: there's a four pron test. You have to be in
• 19:11
  Speaker 3: a nursing home. Okay, we've got that. Two you have
• 19:14
  Speaker 3: to make a bad gift. We did that, and we
• 19:17
  Speaker 3: have to apply for Medicaid, which we will do, and
• 19:21
  Speaker 3: we have to get a denial from the state that
• 19:25
  Speaker 3: says you're denied because of that gift only, and then
• 19:33
  Speaker 3: they would calculate a penalty period and say come back
• 19:35
  Speaker 3: and see us in twenty months. Sure, that's what we want.
• 19:40
  Speaker 3: But if we just apply and left the two hundred
• 19:43
  Speaker 3: and fifty thousand dollars in the hands of mom in
• 19:46
  Speaker 3: the nursing home, that isn't going to get us the
• 19:49
  Speaker 3: penalty period running because when we apply, we would be
• 19:53
  Speaker 3: applying and we would get denied because she's got two
• 19:58
  Speaker 3: hundred and fifty thousand dollars, which is more than the
• 20:01
  Speaker 3: two thousand that you're allowed to keep as a single
• 20:04
  Speaker 3: person before you're eligible for Medicaid. So denied and the
• 20:09
  Speaker 3: clock doesn't begin to run. And that's why the five
• 20:11
  Speaker 3: year penalty period used to or the look at the
• 20:14
  Speaker 3: half a loaf theory didn't work. Right, Okay, so we
• 20:18
  Speaker 3: need to do something else. Now, the two hundred and
• 20:21
  Speaker 3: fifty that mom is left with, we take and we
• 20:26
  Speaker 3: buy a private Well, we could buy a commercial annuity,
• 20:30
  Speaker 3: right and you can find short term commercial annuities. If not,
• 20:33
  Speaker 3: you do a private one. But let's say we bought
• 20:35
  Speaker 3: a short term commercial annuity. So this money goes to
• 20:39
  Speaker 3: purchase an annuity for how long.
• 20:43
  Speaker 2: Is it Mom's money or the money she gave to
• 20:45
  Speaker 2: the kids that you buy the annuity with.
• 20:47
  Speaker 3: It's mom's money. Yeap. Mom has the two hundred and
• 20:50
  Speaker 3: fifty that's left. She already gave two fifty to the kids.
• 20:52
  Speaker 3: She needs to get rid of this other two fifty
• 20:54
  Speaker 3: in a way that doesn't create a waiting period.
• 20:57
  Speaker 2: HM.
• 20:58
  Speaker 3: Buying an annuity does not create a waiting period, And
• 21:02
  Speaker 3: you'll see that in the guide, Folks of the Dermody
• 21:04
  Speaker 3: case is an SJC decision here in mass that kind
• 21:07
  Speaker 3: of blessed these annuities if you follow all the annuity
• 21:11
  Speaker 3: rules when you buy it. So in this case, she's
• 21:15
  Speaker 3: going to go buy an annuity for how long? Remember it's
• 21:17
  Speaker 3: got to be termed certain and it can't be longer
• 21:20
  Speaker 3: than her life expectancy. Okay, Well, in this case, she's
• 21:24
  Speaker 3: going to buy an annuity for about twenty months. Why
• 21:28
  Speaker 3: because that equals the penalty period that we need to
• 21:33
  Speaker 3: get running. Okay, So she buys it. If you take
• 21:38
  Speaker 3: two hundred and fifty thousand divided by nineteen point two months,
• 21:41
  Speaker 3: which is the penalty period, it's about thirteen thousand a
• 21:45
  Speaker 3: month that this annuity company is going to pay Mom. Well,
• 21:49
  Speaker 3: Mom's got about twenty five hundred three thousand a month
• 21:52
  Speaker 3: in Social Security coming in, so she's got about sixteen grand.
• 21:55
  Speaker 2: A month in total income.
• 21:57
  Speaker 3: In total income, guess what that'll cover the nursing home.
• 22:02
  Speaker 3: So now we apply and apply the four prong tests. Yeah,
• 22:08
  Speaker 3: you're going to get denied this time because of the gift. Yep,
• 22:13
  Speaker 3: because she's certainly financially eligible, so there's no other reason
• 22:16
  Speaker 3: to deny her but for this transfer, which will in
• 22:19
  Speaker 3: fact trigger the waiting period. In fact, they're nice enough
• 22:24
  Speaker 3: to send you a letter to say, come back and
• 22:26
  Speaker 3: see us in nineteen point two months because that's the
• 22:28
  Speaker 3: penalty period.
• 22:29
  Speaker 4: Ye.
• 22:30
  Speaker 3: Now, how do we cover it? We've got the money
• 22:31
  Speaker 3: coming in, right, So if we have the money coming
• 22:34
  Speaker 3: in to cover the nursing home, we're all set. Go away,
• 22:38
  Speaker 3: come back in nineteen point two months, reapply. Okay, well
• 22:44
  Speaker 3: we have less than two thousand dollars because all the
• 22:46
  Speaker 3: money that came back went to the nursing home, we'd
• 22:49
  Speaker 3: get approved. Now, why do we like to half a
• 22:51
  Speaker 3: loaf better than an annuity? Which is a song for
• 22:54
  Speaker 3: another day. But because you're guaranteed in this case, no
• 22:58
  Speaker 3: matter how long mom lives you're gonna get two fifty,
• 23:01
  Speaker 3: whereas if you do an annuity and they live a
• 23:03
  Speaker 3: long time, you could bleed out the entire amount. Plus
• 23:07
  Speaker 3: there's a payback provision with annuities, folks. This is just
• 23:11
  Speaker 3: a lesson how to not write the check when you
• 23:16
  Speaker 3: enter a nursing home and think there's nothing to do.
• 23:19
  Speaker 3: Get the guide long Term Care Planning for Procrastinators and
• 23:22
  Speaker 3: learn the different techniques that are out there eight sixty
• 23:26
  Speaker 3: six eight four eight five six nine nine or Legal
• 23:30
  Speaker 3: Exchange show dot com. It's brand new for the year.
• 23:34
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:36
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 23:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group and Todd
• 23:43
  Speaker 2: will be answering your listener questions when we return to
• 23:47
  Speaker 2: the Legal Exchange with Todd Luedsky.
• 23:50
  Speaker 1: The average monthly cost for a private room in New
• 23:52
  Speaker 1: England could double by twenty forty so if you're not
• 23:54
  Speaker 1: prepared to handle the increased costs of nursing home care,
• 23:57
  Speaker 1: your assets may be at risk. Crushing and Dolan today
• 24:01
  Speaker 1: and request their new guide call long Term Care Planning
• 24:03
  Speaker 1: for procrastinators. It'll help you understand how to protect your
• 24:07
  Speaker 1: assets and allow you to enjoy your later years. An
• 24:10
  Speaker 1: unexpected nursing home stay could significantly reduce your wealth and prosperity.
• 24:14
  Speaker 1: Call Cushing and Dolan right now at eight six six
• 24:16
  Speaker 1: eight four eight five six nine nine and get your
• 24:19
  Speaker 1: free guide called Long Term Care Planning for Procrastinators. Don't
• 24:22
  Speaker 1: put off today what you might really need to do tomorrow.
• 24:25
  Speaker 1: Call eight sixty six eight four eight five six ninety nine.
• 24:29
  Speaker 1: That's eight six six eight four eight five six ninety nine.
• 24:32
  Speaker 1: Or you can request the guide online by visiting Legal
• 24:34
  Speaker 1: exchange Show dot com. That's Legal exchange Show dot com.
• 24:39
  Speaker 1: The proceeding was paid for in the use expressed are
• 24:40
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan Indoor
• 24:43
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 24:46
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:48
  Speaker 1: other and are not affiliated.
• 24:50
  Speaker 4: As technology continues to evolve, financial frauds and scams are
• 24:53
  Speaker 4: becoming more regular and pose a serious threat to your finances. HI,
• 24:57
  Speaker 4: this is Mike Armstrong from the Armstrong Advisory Group understanding
• 25:00
  Speaker 4: how to identify these scams can reduce your risk of
• 25:03
  Speaker 4: becoming a victim.
• 25:04
  Speaker 3: Our new guide is called seven.
• 25:06
  Speaker 4: Common Financial Frauds and Scams, where we offer information that
• 25:09
  Speaker 4: may help you become more aware of these issues and
• 25:11
  Speaker 4: allow you to take the necessary precautions to avoid a
• 25:14
  Speaker 4: big problem from identity theft to Ponzi schemes and ransom attacks.
• 25:17
  Speaker 4: The new guide will focus your attention on practical tips
• 25:20
  Speaker 4: to protect your financial health. Call eight hundred three nine
• 25:23
  Speaker 4: three four zero zero one and request your free guide today.
• 25:27
  Speaker 4: That number again is eight hundred three nine three four
• 25:30
  Speaker 4: zero zero one, and ask for your free copy of
• 25:32
  Speaker 4: seven Common Financial Frauds and Scams at eight hundred three
• 25:35
  Speaker 4: nine three four zero zero one.
• 25:37
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:39
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:41
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 25:44
  Speaker 1: your own financial tax into state planning advisors before making
• 25:46
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 25:49
  Speaker 1: advisory services. The calendar is turned and the cold is
• 25:53
  Speaker 1: here to stay, So now is the perfect time to
• 25:55
  Speaker 1: plan that getaway to the US Virgin Islands. Fact now
• 25:58
  Speaker 1: and take advantage of a special promotion to Saint Croix.
• 26:01
  Speaker 1: Experience a vibe like no other and receive a two
• 26:04
  Speaker 1: hundred and fifty dollars per person airfare credit and a
• 26:07
  Speaker 1: free hotel night when you book a five night minimum
• 26:10
  Speaker 1: stay with any participating hotel before June thirtieth, twenty twenty five.
• 26:14
  Speaker 1: Saint Croix is known for its incredible history and spectacular architecture,
• 26:18
  Speaker 1: along with world class cuisine, incredible golf courses, and a
• 26:21
  Speaker 1: wide variety of water sports. From the moment you arrive,
• 26:24
  Speaker 1: you'll fall naturally in rhythm with the heartbeat of the islands.
• 26:27
  Speaker 1: There's no money to exchange, and travel from New England
• 26:30
  Speaker 1: could not be easier. America's Caribbean paradise is waiting for you.
• 26:35
  Speaker 1: Experience a vibe like no other on the island of
• 26:37
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
• 26:41
  Speaker 1: the code Vibe twenty twenty five for more information and
• 26:44
  Speaker 1: book your trip today. That's visit USVII dot com and
• 26:47
  Speaker 1: code Vibe twenty twenty five.
• 26:51
  Speaker 5: Hi, I'm Michael Vlila, adjudent of the Disabled American Veterans
• 26:54
  Speaker 5: Department of Massachusetts. The DAVIA of Massachusetts provides thousands of
• 26:58
  Speaker 5: hours of voluntary services at our VA medical centers and
• 27:01
  Speaker 5: soldiers homes, and is the only DAV department in the
• 27:04
  Speaker 5: country to lead a veterans housing initiative for both single
• 27:07
  Speaker 5: veterans and those with families. These programs are critical to
• 27:10
  Speaker 5: serving our veterans and their time and need. You can
• 27:13
  Speaker 5: help our great American heroes by making a donation today.
• 27:16
  Speaker 5: Please visit DAV fivek dot Boston. That's DAV fivek dot Boston.
• 27:22
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 27:26
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:29
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:33
  Speaker 1: Once again, here's Todd, Lutsky and Susan Powers.
• 27:38
  Speaker 2: Welcome back, Todd. I have a few questions from listeners.
• 27:41
  Speaker 2: First question comes from Frank in Boston, mass And Frank writes,
• 27:45
  Speaker 2: I am a widower with only one son who is
• 27:48
  Speaker 2: irresponsible with his finances. I created an irrevocable trust years
• 27:53
  Speaker 2: ago and put my home in it. The majority of
• 27:55
  Speaker 2: my money, around eight hundred thousand, is in my IRA.
• 28:00
  Speaker 2: Make my irrevocable trust the beneficiary of my IRA, rather
• 28:04
  Speaker 2: than paying it out directly to my son. If so,
• 28:07
  Speaker 2: is there a downside to doing this?
• 28:10
  Speaker 3: So the quick answer is yes, how do you like that?
• 28:15
  Speaker 3: That's nice refreshing for the new year.
• 28:17
  Speaker 2: Becom an attorney for a straight answer right out of
• 28:20
  Speaker 2: the gate. Thank you, We all appreciate that.
• 28:22
  Speaker 3: You do. You know, want to make sure your trust
• 28:25
  Speaker 3: is drafted in a way that makes sense to do that.
• 28:27
  Speaker 3: What do I mean if this irrevocable trust that was
• 28:31
  Speaker 3: that was done a while ago, and I guess says
• 28:34
  Speaker 3: for Irris because he was irresponsible. So I assume the
• 28:38
  Speaker 3: trust doesn't just say when I die, I divide everything.
• 28:41
  Speaker 3: Oh it's his only son, only son. I leave everything
• 28:44
  Speaker 3: to my only son, pay it out if living. Yeah,
• 28:47
  Speaker 3: I'm assuming not because he said he's irresponsible, right, So
• 28:50
  Speaker 3: I'm going to go with that too. But I want
• 28:51
  Speaker 3: to just again, we're talking to a large audience, so
• 28:53
  Speaker 3: I want everybody to think about that when we answer
• 28:56
  Speaker 3: this question. If you want to name your IRA, the
• 29:00
  Speaker 3: beneficiary of your ira, excuse me, the trust, you can
• 29:04
  Speaker 3: do that. But if the goal is because you don't
• 29:07
  Speaker 3: want your child to just get it outright, but your
• 29:09
  Speaker 3: trust says divide assets equally amongst children and pay it out, well,
• 29:14
  Speaker 3: then there's no reason to do that. Just list them
• 29:17
  Speaker 3: on the IRA and it's the same. It doesn't accomplish anything,
• 29:21
  Speaker 3: and you don't have to have an ID number for
• 29:23
  Speaker 3: the trust and then file tax returns and all that.
• 29:26
  Speaker 3: But if in this case it says everything in my
• 29:31
  Speaker 3: trust is held in trust for the benefit of my son,
• 29:34
  Speaker 3: who may or may not be trustee, but in any event,
• 29:38
  Speaker 3: there's a disinterested trustee that probably makes the discretionary distributions
• 29:43
  Speaker 3: out to him for health, education, welfare and support, or
• 29:48
  Speaker 3: maybe just sole discretion. It depends on how much flexibility
• 29:53
  Speaker 3: you want the disinterested trustee to have. If that's what
• 29:57
  Speaker 3: it says, well, then yeah, I've got a huge IRA
• 30:01
  Speaker 3: outside the trust. Well I don't want that going out
• 30:03
  Speaker 3: right to my financially irresponsible kid.
• 30:06
  Speaker 2: Right, he'd get a bucket with eight hundred grand in
• 30:08
  Speaker 2: it to do with whatever he wanted if he's named
• 30:10
  Speaker 2: is the beneficiary.
• 30:11
  Speaker 3: And probably wouldn't even realize that if they took out
• 30:14
  Speaker 3: the eight hundred they'd be in top bracket all income taxable.
• 30:17
  Speaker 3: Every penny that comes out is income taxable. And remember
• 30:21
  Speaker 3: not capital gains, income taxable, ordinary income taxable. Big hit. Okay,
• 30:27
  Speaker 3: so name the trust absolutely agree. If we do that,
• 30:32
  Speaker 3: a couple things. One, yes, you're going to need an
• 30:34
  Speaker 3: ID number for the trust, which you might have needed
• 30:36
  Speaker 3: for the other money anyway. Then this trust is going
• 30:39
  Speaker 3: to have to file an income tax return every year
• 30:43
  Speaker 3: after the death of the donor.
• 30:45
  Speaker 2: Which you'd have to do anyway if it.
• 30:47
  Speaker 3: Had regular money and investments in it. Yes, you would
• 30:50
  Speaker 3: have to do it anyways. So now you get a
• 30:53
  Speaker 3: ten forty one, you get a tax ID number, and
• 30:55
  Speaker 3: the language in there says file a tax return. Well, remember,
• 30:58
  Speaker 3: the IRA will will kind of be moved, but not really.
• 31:02
  Speaker 3: It'll stay in the name of the decedent, but the
• 31:05
  Speaker 3: beneficiary will be FBO the trust. And so then every
• 31:10
  Speaker 3: year you'll have to move money out of that IRA
• 31:13
  Speaker 3: into the trust account, which is the required minimum distribution.
• 31:18
  Speaker 3: And under the new laws, the required minimum distribution requires
• 31:22
  Speaker 3: a ten year payout to a kid. Yep, so it
• 31:25
  Speaker 3: will look through pay it out over ten years. The
• 31:28
  Speaker 3: question is from an if there's so, there's no downside.
• 31:32
  Speaker 3: That's a great upside. This is protected from his creditors, divorces,
• 31:36
  Speaker 3: what have you. The only thing that you have to
• 31:39
  Speaker 3: think about year to year is when you deposit that
• 31:42
  Speaker 3: money into the trust as a required minimum distribution. Do
• 31:46
  Speaker 3: I want to pay it to the kid? Because if
• 31:49
  Speaker 3: I don't pay it to the kid, yes, it's protected
• 31:51
  Speaker 3: from his creditors, but it's going to be income taxed
• 31:55
  Speaker 3: at the trust level, which is which is higher compressed
• 31:58
  Speaker 3: rates over fourteen, you're at the top rate. If I
• 32:02
  Speaker 3: pay it out to the kid, it's just a little piece,
• 32:04
  Speaker 3: whatever it is, it'll carry out that income to that child,
• 32:08
  Speaker 3: and that child will be able to pick up the
• 32:10
  Speaker 3: income on their personal return. Huge win. So think it
• 32:16
  Speaker 3: through each time. And that's only downside. I don't think
• 32:18
  Speaker 3: that's a downside That outweighs protecting it for self. So
• 32:23
  Speaker 3: absolutely do that, folks, for sure. So think about that, folks.
• 32:27
  Speaker 3: And this is really part of the idea of the guide.
• 32:31
  Speaker 3: This is protecting it for that kid. But if you're
• 32:33
  Speaker 3: doing your planning, this parent might want to do an
• 32:37
  Speaker 3: irrevocable trust well they're living, so that they can make
• 32:41
  Speaker 3: sure the assets they have aren't taken by the nursing home.
• 32:44
  Speaker 3: This guide tells you how to do it if you've
• 32:47
  Speaker 3: not done any planning. But I'm telling you think about
• 32:50
  Speaker 3: doing long term care planning. But get the guide in
• 32:53
  Speaker 3: case you're faced with last minute planning. In that case,
• 32:56
  Speaker 3: this guide tells you how to protect it from a
• 32:58
  Speaker 3: home of vacation home. How they're different annuities. Get the
• 33:03
  Speaker 3: guide eight six six eight four eight five six nine
• 33:07
  Speaker 3: nine or Legal Exchange Show dot com Brand New for
• 33:09
  Speaker 3: the year eight six six eight four eight five six
• 33:13
  Speaker 3: nine nine or Legal Exchange Show dot com.
• 33:16
  Speaker 2: Our last question comes from Anna and Belmont mass and
• 33:19
  Speaker 2: Anna writes, my father recently passed away and named me
• 33:23
  Speaker 2: is the only beneficiary of his IRA. My mother is
• 33:27
  Speaker 2: currently in a nursing home on Medicaid. Someone told me
• 33:31
  Speaker 2: that the nursing home will come after the IRA because
• 33:34
  Speaker 2: my dad can't legally disinherit his wife. Oh is that true, folks?
• 33:40
  Speaker 3: This is probably the greyest of areas. We went from
• 33:43
  Speaker 3: a nice yes answer, Well, it depends to one of
• 33:48
  Speaker 3: the greyest areas that there is. I have to tell
• 33:51
  Speaker 3: you I have not seen that. Yeah, but but I
• 33:57
  Speaker 3: can tell you that if you just follow the letter
• 33:59
  Speaker 3: of the law. The leather of the law says that
• 34:03
  Speaker 3: a disqualifying transfer and it's a big paragraph, right, A
• 34:08
  Speaker 3: disqualifying transfer is, among other things, failure to take an
• 34:15
  Speaker 3: action to get something that you are legally entitled to get.
• 34:21
  Speaker 3: So failing to go get this under the yeah, yeah,
• 34:26
  Speaker 3: to get the IRA under your forced share statute could
• 34:32
  Speaker 3: be a problem. Could be a disqualifying transfer. And I
• 34:36
  Speaker 3: mean the fact that you didn't leave it to your spouse.
• 34:39
  Speaker 3: You're gone, So is that a disqualifying transfer to the spouse. Yes,
• 34:43
  Speaker 3: you're treated as a unit. So I think that the
• 34:48
  Speaker 3: letter of the law says that. Yeah. I think they're
• 34:52
  Speaker 3: going to say you can go now if you left
• 34:55
  Speaker 3: enough other assets to that spouse to satis fy the
• 35:02
  Speaker 3: forced share piece, yep. I think that they wouldn't say
• 35:07
  Speaker 3: that you didn't exercise your right to go get something
• 35:10
  Speaker 3: that you're entitled to because you are entitled to more
• 35:13
  Speaker 3: by not exercising it.
• 35:14
  Speaker 2: So let's let's look at the like kind of put
• 35:18
  Speaker 2: some numbers on this. So if Mom qualified for medicaid,
• 35:21
  Speaker 2: that means Dad probably had less than one hundred and
• 35:24
  Speaker 2: fifty grand or.
• 35:25
  Speaker 3: An annuity or some other things. Yeah, she could, but
• 35:28
  Speaker 3: there could have been a house right that was not countable,
• 35:31
  Speaker 3: So there could have been these other assets for other stuff.
• 35:33
  Speaker 2: But let's just say it's seventy five grand. We're talking about.
• 35:36
  Speaker 2: So this is one hundred and fifty thousand, So in
• 35:39
  Speaker 2: that instance, as a spouse, would she have been entitled
• 35:42
  Speaker 2: to half of that? Is that they round that.
• 35:46
  Speaker 3: I'd have to go back and double check the statute
• 35:49
  Speaker 3: before I quote exact numbers on that thing. But you know,
• 35:53
  Speaker 3: I think the easier answer is just just let's assume
• 35:57
  Speaker 3: she's entitled to it all. Yeah, right, let's go worst
• 36:00
  Speaker 3: case scenario here.
• 36:01
  Speaker 2: What do they do with it if she's entitled?
• 36:03
  Speaker 3: Yeah, I mean that's how I would look at this.
• 36:05
  Speaker 3: I would say, look, you can try applying, but if
• 36:08
  Speaker 3: you know, and again I've not seen this state pursue
• 36:11
  Speaker 3: this very often, ye, but you know they can be aggressive.
• 36:17
  Speaker 3: So I would just say, look, you got one hundred
• 36:20
  Speaker 3: and fifty thousand dollars and no other money. You've been
• 36:22
  Speaker 3: on medicaid, so obviously there's no other assets. And this
• 36:25
  Speaker 3: assumes she didn't inherit his house and there was no
• 36:28
  Speaker 3: other assets. So if she's going to get this one
• 36:32
  Speaker 3: hundred and fifty thousand, I would probably just tell her,
• 36:34
  Speaker 3: depending on her age, why don't you just buy a
• 36:36
  Speaker 3: medicaid annuity or take the asset and put it in
• 36:39
  Speaker 3: a pool trust remember, for single people pool trust. Depending
• 36:42
  Speaker 3: on her age and you know what her health is,
• 36:44
  Speaker 3: you can you can explore either the pool trust option
• 36:48
  Speaker 3: or buy a Medicaid annuity and just convert it to
• 36:51
  Speaker 3: an income stream for her she'd be eligible for Medicaid.
• 36:54
  Speaker 3: Or pooled trust with a payback provision, she'd be eligible
• 36:57
  Speaker 3: for Medicaid.
• 36:58
  Speaker 2: So I want to circle back to those options when
• 37:00
  Speaker 2: we return to give them some information on that.
• 37:03
  Speaker 3: Yeah, so, folks, that's how you get it. There are
• 37:07
  Speaker 3: these techniques. They're listed in the guide Learn How to
• 37:10
  Speaker 3: Protect Your Assets Last Minute eight six six eight four
• 37:13
  Speaker 3: eight five six nine to nine or Legal Exchange Show
• 37:18
  Speaker 3: dot com.
• 37:18
  Speaker 2: If you have a question you'd like to ask Todd,
• 37:20
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:24
  Speaker 2: on the ask Tod tab to submit your question. You're
• 37:27
  Speaker 2: listening to Todd Lutsky, a partner with the law firm
• 37:30
  Speaker 2: of Cushing and Dolan. I'm Susan Power as a financial
• 37:33
  Speaker 2: advisor with the Armstrong Advisory Group. We'll be right back
• 37:36
  Speaker 2: on the Legal Exchange with Todd Lutsky.
• 37:39
  Speaker 1: The average monthly cost for a private room in New
• 37:41
  Speaker 1: England could double by twenty forty So if you're not
• 37:44
  Speaker 1: prepared to handle the increased costs of nursing home care,
• 37:47
  Speaker 1: your assets may be at risk. Call Cushing and Dolan
• 37:50
  Speaker 1: today and request their new guide called long Term Care
• 37:53
  Speaker 1: Planning for Procrastinators. It'll help you understand how to protect
• 37:56
  Speaker 1: your assets and allow you to enjoy your later years.
• 37:59
  Speaker 1: And exted nursing home state could significantly reduce your wealth
• 38:02
  Speaker 1: and prosperity. Call Cushing and Dolan right now at eight
• 38:05
  Speaker 1: six six eight four eight five six nine nine and
• 38:08
  Speaker 1: get your free guide called Long Term Care Planning for Procrastinators.
• 38:12
  Speaker 1: Don't put off today what you might really need to
• 38:14
  Speaker 1: do tomorrow. Call eight six six eight four eight five
• 38:17
  Speaker 1: six ninety nine. That's eight six six eight four eight
• 38:20
  Speaker 1: five six ninety nine. Or you can request the guide
• 38:23
  Speaker 1: online by visiting Legal Exchange Show dot com. That's Legal
• 38:26
  Speaker 1: exchange Show dot com. The proceeding was paid for in
• 38:29
  Speaker 1: the abuse Express are solely those of Cushing and Dolan.
• 38:31
  Speaker 1: Cushing and Dolan, INDO or Armstrong Advisory may contact you
• 38:34
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 38:37
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 38:40
  Speaker 4: With Digital Technology Continuously evolving hackers are coming up with
• 38:43
  Speaker 4: incredibly elaborate schemes to commit fraud, which could put your
• 38:47
  Speaker 4: financial well being at risk.
• 38:49
  Speaker 1: HI.
• 38:49
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group, and
• 38:51
  Speaker 4: in today's landscape, it's critically important that you beware of
• 38:55
  Speaker 4: the potential dangers that exist. Our new guide is called
• 38:58
  Speaker 4: seven Common Financial Frauds Scams and its purpose is to
• 39:01
  Speaker 4: help you understand what steps you can take to avoid
• 39:04
  Speaker 4: becoming a victim. Whether it's identity theft, inheritance scams, or
• 39:07
  Speaker 4: Ponzi schemes. This guide can educate you about these risks,
• 39:10
  Speaker 4: giving you the chance to make any necessary changes to
• 39:13
  Speaker 4: your overall financial strategy.
• 39:15
  Speaker 3: Call us today at eight.
• 39:16
  Speaker 4: Hundred three nine three four zero zero one and request
• 39:19
  Speaker 4: our new guide called seven Common Financial Frauds and Scams.
• 39:22
  Speaker 4: That number once again eight hundred thirty nine three four
• 39:25
  Speaker 4: zero zero one.
• 39:26
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:31
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 39:34
  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. The calendar is turned and the cold is
• 39:43
  Speaker 1: here to stay. So now is the perfect time to
• 39:45
  Speaker 1: plan that getaway to the US Virgin Islands. Act now
• 39:48
  Speaker 1: and take advantage of a special promotion to Saint Croix.
• 39:51
  Speaker 1: Experience a vibe like no other and receive a two
• 39:54
  Speaker 1: hundred and fifty dollars per person airfare credit and a
• 39:57
  Speaker 1: free hotel night when you book a five night min
• 40:00
  Speaker 1: them stay with any participating hotel before June thirtieth, twenty
• 40:03
  Speaker 1: twenty five. Saint Croix is known for its incredible history
• 40:06
  Speaker 1: and spectacular architecture, along with world class cuisine, incredible golf courses,
• 40:11
  Speaker 1: and a wide variety of water sports. From the moment
• 40:14
  Speaker 1: you arrive, you'll fall naturally in rhythm with the heartbeat
• 40:17
  Speaker 1: of the islands. There's no money to exchange, and travel
• 40:20
  Speaker 1: from New England could not be easier. America's Caribbean Paradise
• 40:24
  Speaker 1: is waiting for you. Experience a vibe like no other
• 40:27
  Speaker 1: on the island of Saint Croix. Go to visit USVII
• 40:30
  Speaker 1: dot com and use the code Vibe twenty twenty five
• 40:33
  Speaker 1: for more information and book your trip today. That's visit
• 40:36
  Speaker 1: USVII dot com and code Vibe twenty twenty five. Your
• 40:43
  Speaker 1: tune to the Legal Exchange with Todd Lutsky. If you
• 40:45
  Speaker 1: are a loved one needs a nursing homestay, call Todd
• 40:48
  Speaker 1: right now at eight six six eight four eight five
• 40:50
  Speaker 1: six ninety nine and let him make sure your assets
• 40:53
  Speaker 1: are protected. That's eight sixty six eight four eight five
• 40:56
  Speaker 1: six nine nine, or visit him online at Legal Exchange
• 40:59
  Speaker 1: show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:05
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:09
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:11
  Speaker 2: with a law firm of Cushing and Dolan with a
• 41:14
  Speaker 2: master's in taxation. So Todd, I want to dive into
• 41:18
  Speaker 2: a little bit more the example that we were using.
• 41:20
  Speaker 2: So in our last question from Anna, so her mom,
• 41:26
  Speaker 2: let's say she's entitled to this one hundred and fifty
• 41:28
  Speaker 2: thousand because her husband passed away, got it, and she's
• 41:31
  Speaker 2: whether she's the beneficiary or should be the beneficiary. What
• 41:34
  Speaker 2: would you actually do with that one hundred and fifty
• 41:37
  Speaker 2: thousand Because she's single now and she's on medicaid.
• 41:40
  Speaker 3: So how old is she?
• 41:41
  Speaker 2: She I don't know. Let's make up an age seventy five.
• 41:45
  Speaker 3: Okay.
• 41:46
  Speaker 2: If that's an easy age for you to do math
• 41:47
  Speaker 2: in your head.
• 41:48
  Speaker 3: It is an easy age for me to do perfect
• 41:50
  Speaker 3: ed you know me, I know that number. Yeah. So
• 41:53
  Speaker 3: so here you go, folks. You're right, she's already on
• 41:57
  Speaker 3: Medicaid and all of a sudden she's going to get
• 42:00
  Speaker 3: get this lump of money. Yeah right, isn't that going
• 42:06
  Speaker 3: to bumper off Medicaid? That would be the first thing
• 42:08
  Speaker 3: I would think of.
• 42:08
  Speaker 2: She's only allowed to have two thousand dollars.
• 42:11
  Speaker 3: That's exactly right. So we're all sitting here saying, wells Todd,
• 42:15
  Speaker 3: that's gonna bumper off medicaid. Except there's a statute that
• 42:20
  Speaker 3: covers this, right, And this is of course why you
• 42:22
  Speaker 3: get guides and call lawyers. So there's a there's a
• 42:25
  Speaker 3: regulation in the mass rags for Medicaid that says a
• 42:31
  Speaker 3: one time lumps gift of money or a receipt of money,
• 42:40
  Speaker 3: and it actually has an example such as an inheritance
• 42:44
  Speaker 3: is one of the example.
• 42:45
  Speaker 2: Because they must have to deal with it so often at.
• 42:47
  Speaker 3: That age, right, right, you know, such as an inheritance,
• 42:50
  Speaker 3: which is exactly what this is even though it's coming
• 42:53
  Speaker 3: from a spouse, it's still an inheritance is deemed to
• 42:58
  Speaker 3: be in in the month received, and then an asset thereafter.
• 43:07
  Speaker 2: So you have to do some quick tap dancing here.
• 43:11
  Speaker 3: Well, I think you're really asking me, is Todd, what's
• 43:14
  Speaker 3: the difference between income and an asset? And in this case,
• 43:19
  Speaker 3: if she's on medicaid, she got on Medicaid because she
• 43:24
  Speaker 3: was less than two thousand dollars at some point in
• 43:27
  Speaker 3: assets in assets, that's why she's there. All of a sudden,
• 43:31
  Speaker 3: here comes one hundred and fifty thousand. Isn't that going
• 43:35
  Speaker 3: to put her over assets? Right?
• 43:38
  Speaker 2: One hundred and fifty two thousand?
• 43:39
  Speaker 3: Now, yeah, except no, because this statute says that that
• 43:44
  Speaker 3: one hundred and fifty for the first month that you
• 43:47
  Speaker 3: get it is income. It's not an asset. Okay, So
• 43:53
  Speaker 3: now I'm not over assets and I'm not going to
• 43:56
  Speaker 3: become disqualified from medicaid. Now argue, I have enough income
• 44:02
  Speaker 3: to pay privately for that month, for that one month, right,
• 44:06
  Speaker 3: So you might have to pay and I'm going to say,
• 44:08
  Speaker 3: might have to pay the one month privately, but I
• 44:14
  Speaker 3: did not get disqualified, so I shouldn't have to reapply
• 44:18
  Speaker 3: for Medicaid. But I will have to notify them of
• 44:22
  Speaker 3: this money and let them know now that I've done
• 44:25
  Speaker 3: something to keep it as an income stream and have
• 44:29
  Speaker 3: it not become accountable asset. Because you're right. If you
• 44:34
  Speaker 3: do nothing because you don't know what to do, and
• 44:37
  Speaker 3: then a month goes by, you're likely to get that denial.
• 44:42
  Speaker 3: Now you're denied benefits for Medicaid and you're going to
• 44:45
  Speaker 3: have to reapply.
• 44:47
  Speaker 2: What a painful thing that would be?
• 44:49
  Speaker 3: It is It's not cheap, it's expensive, and it's it's painful.
• 44:53
  Speaker 3: Is it good work? Folks? These are examples of exactly
• 44:59
  Speaker 3: why you hall a lawyer when you're faced with entering
• 45:03
  Speaker 3: a nursing home last minute. Now, if you get this
• 45:06
  Speaker 3: guide long Term Care Planning for Procrastinators, you'll be armed
• 45:10
  Speaker 3: with some information. So when you meet with that loyal
• 45:12
  Speaker 3: you'll have a good idea of what they know, because
• 45:15
  Speaker 3: you'll know what they need to know right. This guide
• 45:19
  Speaker 3: tells you how to protect excess resources like this one
• 45:22
  Speaker 3: hundred and fifty through annuities and pooled trusts. It also
• 45:25
  Speaker 3: tells you how to protect homes primary residents versus vacation homes,
• 45:30
  Speaker 3: even personal care contracts are in there. Folks, don't write
• 45:34
  Speaker 3: the check, call get the guide brand new for them
• 45:37
  Speaker 3: for the month and for the year eight six six
• 45:40
  Speaker 3: eight four eight five six ninety nine or Legal exchange
• 45:44
  Speaker 3: Show dot com Long Term Care Planning for the procrastinator
• 45:47
  Speaker 3: eight sixty six eight four eight five six ninety nine
• 45:51
  Speaker 3: or Legal Exchange Show dot com.
• 45:54
  Speaker 2: So one fifty, I'm seventy five years old? How does
• 45:57
  Speaker 2: the annuity work?
• 45:59
  Speaker 3: So on the new in this case, you are going
• 46:01
  Speaker 3: to convert that seemingly asset that's going to become an
• 46:06
  Speaker 3: asset and keep it an income stream. Convert it to
• 46:11
  Speaker 3: maintain an income stream so that you will not be
• 46:14
  Speaker 3: disqualified from medicaid because of being over asset, because of
• 46:18
  Speaker 3: being over assets. We've got to convert that to a
• 46:20
  Speaker 3: stream of income. Well, the annuity rules for a single
• 46:24
  Speaker 3: person are pretty clear. It needs to be irrevocable, non assignable,
• 46:32
  Speaker 3: and term certain. Those are the first set of facts.
• 46:36
  Speaker 2: So by terms certain for a specific amount of.
• 46:39
  Speaker 3: Years, yes, so as a single person, the term certain
• 46:43
  Speaker 3: means that it cannot be longer than the life expectancy
• 46:49
  Speaker 3: of the applicant.
• 46:51
  Speaker 2: So at seventy five, what do you think the life
• 46:53
  Speaker 2: expectancy is in terms of years.
• 46:56
  Speaker 3: I happen to know it's twelve years.
• 46:58
  Speaker 2: Twelve years. Okay, so we know that.
• 47:00
  Speaker 3: That based on these tables, and I think they use
• 47:03
  Speaker 3: the Social Security tables. So based on these tables, you
• 47:08
  Speaker 3: can't make that annuity longer than that. Now, could be shorter,
• 47:12
  Speaker 3: but you wouldn't want it to be shorter. If you're married,
• 47:15
  Speaker 3: you might, but if you're single, you wouldn't. So now
• 47:19
  Speaker 3: the term is twelve months, twelve years, or twelve years.
• 47:22
  Speaker 3: So you take that one hundred and fifty. Oh, there's
• 47:25
  Speaker 3: more rules to apply. So we've got that done. Ok So,
• 47:28
  Speaker 3: now I've got this irrevocable annuity set up terms, certain
• 47:31
  Speaker 3: non assignable. Everything's great, except there's this beneficiary thing that
• 47:36
  Speaker 3: you have to deal with. This is another rule. When
• 47:39
  Speaker 3: you set up these these annuities, you must put in
• 47:45
  Speaker 3: the first position the beneficiary in the first position.
• 47:48
  Speaker 2: Now, the primary beneficiary.
• 47:50
  Speaker 3: Yeah, and don't get confused by that. Remember the money
• 47:53
  Speaker 3: is still being paid to the annuitant while they're living, right,
• 47:56
  Speaker 3: So that's not really a primary beneficiary. That's the annuitant.
• 47:59
  Speaker 2: Well, that's the prianuity.
• 48:00
  Speaker 3: Yeah, that's the inapplicant in the nursing home getting the money, right,
• 48:05
  Speaker 3: But when the applicant doesn't get the money anymore, the
• 48:08
  Speaker 3: first beneficiary needs to be the state. Okay, right, unless
• 48:14
  Speaker 3: you have a spouse, which you wouldn't be doing this
• 48:17
  Speaker 3: for this a spouse or a disabled child ok okay
• 48:22
  Speaker 3: under twenty one, permanently disabled living there one of those things.
• 48:26
  Speaker 3: So let's say you don't have that. So now you
• 48:28
  Speaker 3: have to put on the beneficiary form this language the
• 48:34
  Speaker 3: Commonwealth of Massachusetts for at least the amount of medical
• 48:39
  Speaker 3: benefits received on behalf of the institutionalized individual.
• 48:43
  Speaker 2: Okay.
• 48:44
  Speaker 3: I say all those words because they don't want you
• 48:47
  Speaker 3: to use all those words, but they have to. They
• 48:50
  Speaker 3: have to accept that. Sometimes they say, just put on
• 48:53
  Speaker 3: their primary beneficiary Commonwealth of mass Well, no, that's not
• 48:58
  Speaker 3: helpful if you don't you know, if I didn't incur
• 49:02
  Speaker 3: that much benefit, right, I don't want to give you
• 49:04
  Speaker 3: the entire annuity, So be very careful to put that
• 49:07
  Speaker 3: on there. And that is required to be on there.
• 49:11
  Speaker 3: And there's been an SJC decision in Massachusetts Supreme Court
• 49:15
  Speaker 3: that kind of blesses this. I mean, people don't like
• 49:18
  Speaker 3: it because that's what they ruled on, but that does
• 49:22
  Speaker 3: make it valid. So I feel comfortable telling my single
• 49:26
  Speaker 3: person anyway. And there's a whole other song for another
• 49:29
  Speaker 3: day when we talk about annuities for married couples, and
• 49:32
  Speaker 3: Susan will make sure we do that throughout the course
• 49:34
  Speaker 3: of this month. But for this single person, I get it.
• 49:39
  Speaker 3: I feel comfortable doing this, So I buy this annuity.
• 49:42
  Speaker 3: She now gets a check for I don't know. You
• 49:44
  Speaker 3: have to take one fifty, divide by twelve, divide by
• 49:48
  Speaker 3: I'm sorry, divide by twelve years, divide by twelve months.
• 49:51
  Speaker 3: I think it's like two grand a month. So she's
• 49:54
  Speaker 3: getting like two grand a month from the from this annuity,
• 49:59
  Speaker 3: on top of her two grand a month from Social
• 50:01
  Speaker 3: Security or twenty five hundred, let's say. So she's getting
• 50:04
  Speaker 3: forty five hundred dollars a month coming in. She's immediately
• 50:07
  Speaker 3: still on Medicaid, and only the difference between forty five
• 50:11
  Speaker 3: hundred and say sixty five hundred, the cost of the
• 50:13
  Speaker 3: Medicaid rate is a lean and that's what you pay
• 50:17
  Speaker 3: back if you, okay, if and when you pass away
• 50:19
  Speaker 3: and the annuity is still there, Folks, take a breath.
• 50:22
  Speaker 3: That's a lot of information you don't need to remember
• 50:25
  Speaker 3: it all. Call and get the guide Long Term Care
• 50:28
  Speaker 3: Planning for Procrastinators. There's an annuity example in there for
• 50:32
  Speaker 3: married and single people eight six six eight four eight
• 50:36
  Speaker 3: five six ninety nine or Legal Exchange show dot com.
• 50:40
  Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan,
• 50:43
  Speaker 2: thank you so much.
• 50:44
  Speaker 3: SU's always a pleasure. Nice to get the first one
• 50:47
  Speaker 3: out of the way.
• 50:47
  Speaker 2: Yes, I'm Susan Power as a financial advisor with the
• 50:50
  Speaker 2: Armstrong Advisory Group. We thank you for joining us today
• 50:53
  Speaker 2: and we'll be back again next week on the Legal
• 50:56
  Speaker 2: Exchange with Todd Lutsky.
• 50:59
  Speaker 1: The average monthly US for a private room in New
• 51:01
  Speaker 1: England could double by twenty forty So if you're not
• 51:03
  Speaker 1: prepared to handle the increased costs of nursing home care,
• 51:06
  Speaker 1: your assets may be at risk. Call Cushing and Dolan
• 51:09
  Speaker 1: today and request their new guide, Call Long Term Care
• 51:12
  Speaker 1: Planning for Procrastinators. It'll help you understand how to protect
• 51:16
  Speaker 1: your assets and allow you to enjoy your later years.
• 51:18
  Speaker 1: An unexpected nursing home stay could significantly reduce your wealth
• 51:22
  Speaker 1: and prosperity. Call Cushing and Dolan right now at eight
• 51:25
  Speaker 1: six six eight four eight five six nine nine and
• 51:27
  Speaker 1: get your free guide called Long Term Care Planning for Procrastinators.
• 51:31
  Speaker 1: Don't put off today what you might really need to
• 51:33
  Speaker 1: do tomorrow. Call eight sixty six eight four eight five
• 51:36
  Speaker 1: six ninety nine. That's eight six six eight four eight
• 51:39
  Speaker 1: five six ninety nine. Or you can request the guide
• 51:42
  Speaker 1: online by visiting Legal Exchange show dot com. That's Legal
• 51:46
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 51:49
  Speaker 1: the use expressed a solely those of Cushing and Doolan.
• 51:51
  Speaker 1: Cushing and Dolan Indoor I'm Strong Advisory may contact you
• 51:53
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 51:56
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 51:59
  Speaker 1: The islander is turned and the cold is here to stay,
• 52:02
  Speaker 1: So now's the perfect time to plan that getaway to
• 52:05
  Speaker 1: the US Virgin Islands. Act now and take advantage of
• 52:08
  Speaker 1: a special promotion to Saint Croix, experience a vibe like
• 52:11
  Speaker 1: no other, and receive a two hundred and fifty dollars
• 52:14
  Speaker 1: per person airfare credit and a free hotel night when
• 52:17
  Speaker 1: you book a five night minimum stay with any participating
• 52:19
  Speaker 1: hotel before June thirtieth, twenty twenty five. Saint Croix is
• 52:23
  Speaker 1: known for its incredible history and spectacular architecture, along with
• 52:27
  Speaker 1: world class cuisine, incredible golf courses, and a wide variety
• 52:30
  Speaker 1: of water sports. From the moment you arrive, you'll fall
• 52:33
  Speaker 1: naturally in rhythm with the heartbeat of the islands. There's
• 52:36
  Speaker 1: no money to exchange, and travel from New England could
• 52:39
  Speaker 1: not be easier. America's Caribbean paradise is waiting for you.
• 52:43
  Speaker 1: Experience a vibe like no other on the island of
• 52:46
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
• 52:49
  Speaker 1: the code Vibe twenty twenty five for more information and
• 52:52
  Speaker 1: book your trip today. That's visit USVII dot com and
• 52:56
  Speaker 1: code Vibe twenty twenty five.
• 53:00
  Speaker 4: As technology continues to evolve, financial frauds and scams are
• 53:03
  Speaker 4: becoming more regular and pose a serious threat to your finances. Hi,
• 53:07
  Speaker 4: this is Mike Armstrong from the Armstrong Advisory Group, and
• 53:09
  Speaker 4: understanding how to identify these scams can reduce your risk
• 53:13
  Speaker 4: of becoming a victim. Our new guide is called seven
• 53:16
  Speaker 4: Common Financial Frauds and Scams, where we offer information that
• 53:19
  Speaker 4: may help you become more aware of these issues and
• 53:21
  Speaker 4: allow you to take the necessary precautions to avoid a
• 53:24
  Speaker 4: big problem from identity theft to Ponzi schemes and ransom attacks.
• 53:27
  Speaker 4: The new guide will focus your attention on practical tips
• 53:30
  Speaker 4: to protect your financial health. Call eight hundred three nine
• 53:33
  Speaker 4: three four zero zero one and request your free guide today.
• 53:36
  Speaker 4: That number again is eight hundred three nine three four
• 53:39
  Speaker 4: zero zero one, and ask for your free copy of
• 53:42
  Speaker 4: seven common financial Frauds and Scams at eight hundred three
• 53:45
  Speaker 4: nine three four zero zero one.
• 53:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 53:49
  Speaker 1: registered investment advisor. Nothing in the ad or any Armstrong
• 53:51
  Speaker 1: Guide a specific financial, legal, or tax advice. Consult your
• 53:54
  Speaker 1: own financial, tax into state planning advisors before making any
• 53:56
  Speaker 1: investment decisions. Armstrong may contact you to offer investment advisory services.