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Promises Don’t Protect Estates — Why Second Marriages Require Real Planning · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 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
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: to make an appointment. That's eight six six eight four
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
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  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with a 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?
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  Speaker 3: Uh?
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  Speaker 4: Never better?
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  Speaker 2: And you I'm great? Thank you what he have for
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  Speaker 2: us this week?
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  Speaker 4: I got a couple of things. First, I have a
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  Speaker 4: Mississippi case. Interestingly, if I'm just going to title it.
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  Speaker 4: You know, don't rely on promises or wishes that things
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  Speaker 4: are going to happen. There's a difference between the obligation
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  Speaker 4: to do something and perhaps a you know, suggestion that
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  Speaker 4: I might do something. Interestingly enough, here because it is
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  Speaker 4: a married couple who did some planning, but then you know,
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  Speaker 4: things were sort of said but not written. Doesn't always
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  Speaker 4: work that way, folks, get your plan in place. I'll
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  Speaker 4: I'm through that with you. Then we head over to
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  Speaker 4: the eighth Circuit District Court and there we've got more problems.
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  Speaker 4: And this one is a second marriage situation. So when
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  Speaker 4: you have a second marriage situation, why are you naming
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  Speaker 4: your spouse's child as power of attorney number one? Right?
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  Speaker 4: And then on top of that not really even doing
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  Speaker 4: an entire estate plan. So this person had power over
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  Speaker 4: your IRA beneficiaries on your IRA, So think about that, folks,
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  Speaker 4: and when you have second marriage is really there's a
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  Speaker 4: lot more to learn from this just from what they do.
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  Speaker 4: But I'm going to tell you more about how to
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  Speaker 4: not have this happen. And folks, both of these cases
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  Speaker 4: are really prime examples as to why you need to
• 2:14
  Speaker 4: go back to the basics and get this guide it's
• 2:16
  Speaker 4: not only the end of the month, and it's going
• 2:18
  Speaker 4: to go away after this month. But back to the
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  Speaker 4: basics will help you get your estate plan off the ground.
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  Speaker 4: It's an estate planning engagement letter of mind on a
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  Speaker 4: four million dollar client made up. Put your own numbers
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  Speaker 4: in and you'll see how talks about the basic documents,
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  Speaker 4: the wills, the healthcare is, the power of attorneys. Gives
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  Speaker 4: you ideas about how to get started in terms of
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  Speaker 4: valuing your estate, your age, things to think about before
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  Speaker 4: you head into the estate planning attorney's office. And at
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  Speaker 4: the end, it also explains exactly how the irrevocable estate
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  Speaker 4: plan works for this particular client. May or may not
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  Speaker 4: be right for you, but it's certainly going to get
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  Speaker 4: you off the dime in doing your estate planning, so
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  Speaker 4: please call and get it eight six six eight four
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  Speaker 4: eight five six nine nine or Legal Exchange Show dot com. Again,
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  Speaker 4: it's the end of the month eight six six eight
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  Speaker 4: four eight five six nine nine or Legal Exchange Show
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  Speaker 4: dot com. Let's go to Mississippi.
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  Speaker 2: Sounds good, Probably a little warmer than.
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  Speaker 4: Here, Yeah, no doubt. Okay, So here are the facts.
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  Speaker 4: So John Senior and Patricia had three kids Junior, so
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  Speaker 4: John Junior, Junior, Tiffany and Page. Well, Junior and Senior
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  Speaker 4: are both attorneys, shocking, no estate plan in place, and
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  Speaker 4: they actually worked in different firms, but they did share
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  Speaker 4: some cases once in a while. One case they shared
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  Speaker 4: actually was the terrorist bombing in the US embassy in Kenya.
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  Speaker 4: Interestingly enough, Well Patricia died in March of twenty twenty,
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  Speaker 4: so John Senior is still alive at that point. Senior,
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  Speaker 4: while reading her will, allegedly said that any settlement from
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  Speaker 4: the Kenya case would be split equally between Senior and
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  Speaker 4: Junior because he's still alive. That makes sense. Tiffany and
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  Speaker 4: Page alleged that they also promised it would be split
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  Speaker 4: equally well. In July twenty twenty, Senior, still alive, assigns
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  Speaker 4: his entire practice cases clients, really the entire firm that
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  Speaker 4: he was with to his son Junior. Okay, so he's retiring.
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  Speaker 4: March twenty twenty two, Senior dies well. While reading seniors will,
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  Speaker 4: Junior allegedly promised Tiffany and Paige his siblings, that he
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  Speaker 4: would give them a portion underline that of the Sudan settlement,
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  Speaker 4: which was the Kenya case. Later Page emailed Junior to
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  Speaker 4: confirm the agreement on the Sudan settlement split, while Junior
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  Speaker 4: did not respond to that. Ultimately, in court testified that
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  Speaker 4: he is not going to be forced to acknowledge an
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  Speaker 4: inaccurate statement. He maintained that he was to give a portion,
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  Speaker 4: but not obligated to do so. January twenty twenty three,
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  Speaker 4: they filed the will and the siblings petitioned to freeze
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  Speaker 4: the assets, compel the inventory. This would be Tiffany and Page. Yep,
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  Speaker 4: they want to freeze the assets, compel inventory, remove Junior
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  Speaker 4: as executor. Well. The court denied their relief and the
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  Speaker 4: appellate Court affirmed the denial of their reliefs, basically saying
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  Speaker 4: there was no evidence presented that they Tiffany and Page
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  Speaker 4: relied on his promise, Junior's promise to their detriment in
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  Speaker 4: any way. So if you didn't rely on it, you're
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  Speaker 4: not harmed by it.
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  Speaker 2: Right, Senior, when he gave the whole practice to Junior,
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  Speaker 2: should have had that as part of it, a stipulation
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  Speaker 2: of some sort.
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  Speaker 4: There is so much wrong here.
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  Speaker 2: I mean, and their attorneys, so they know, and Junior knew.
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  Speaker 2: That's why I didn't acknowledge it.
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  Speaker 4: Yes, there is so much wrong here.
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  Speaker 2: So's the whole practice. The greed is just like everything changed.
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  Speaker 2: Everything changes when you put that bag of money. So
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  Speaker 2: if you're listening folks and you think, oh my kids
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  Speaker 2: all get along, great, everything changes. We've seen it time
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  Speaker 2: and time again, and.
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  Speaker 4: This is this is one of them. Right. Yeah, they
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  Speaker 4: all knew what they were doing here. They're both lawyers.
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  Speaker 4: So the shame on the parents for not putting together
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  Speaker 4: in a state planned folks. You know, you had two
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  Speaker 4: attorneys here and they didn't do any any state planning,
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  Speaker 4: any trusts or anything. And remember, let's just talk about
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  Speaker 4: the business. He brought it up, Susan. You know, when
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  Speaker 4: it comes to his business, to forget the Sudan's settlement
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  Speaker 4: for a minute, but when it comes to his business,
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  Speaker 4: if he actually assigned the shares of his business outright
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  Speaker 4: to Junior m h and then those aren't assets of
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  Speaker 4: the estate anymore, right, Junior owns those, and those are
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  Speaker 4: you know, basically the same as them being gifted. So
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  Speaker 4: the siblings, you know, you're you're out in this case
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  Speaker 4: because it was an actual assignment during life. So there's
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  Speaker 4: really nothing to do.
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  Speaker 2: With that because he could have said, it goes to
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  Speaker 2: my three kids, and Junior has to buy out his
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  Speaker 2: sisters to keep the business.
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  Speaker 4: Right, Susan's the next thing I wrote down there, Like.
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  Speaker 2: We've been doing this together for twenty years.
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  Speaker 4: I said, look, if you just did some trust planning right,
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  Speaker 4: call and get this guide right, get your trust in place.
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  Speaker 4: If you did a trust, you'd be able to actually
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  Speaker 4: dictate in the trust. I'm going to allocate some of
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  Speaker 4: my assets to my daughters in an effort to equalize
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  Speaker 4: what I've given my son in the business. Because again,
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  Speaker 4: the son had his own business, so it's not like
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  Speaker 4: the son has sweat equity in the father's business. Yeah,
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  Speaker 4: he just happened to be a lawyer and dad gave
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  Speaker 4: him the business. Well, then you should have had a
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  Speaker 4: trust in place, right. It all comes down to this
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  Speaker 4: obligation versus you know, fiduciary duty. Right. If the assets
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  Speaker 4: are in a trust and you dictate exactly how to
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  Speaker 4: leave the assets, then the trust he has a fiduciary
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  Speaker 4: duty and is obligated to do what it has to
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  Speaker 4: be done, Whereas here he was saying I was never
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  Speaker 4: obligated to do it, and that's a big difference. And folks,
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  Speaker 4: what I mean by this is, let's just take a
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  Speaker 4: real life example that's not a business. There's so many
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  Speaker 4: people who have, like a disabled child, and they think
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  Speaker 4: they have to disinherit the disabled child because they're going
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  Speaker 4: to lose governmental benefits. Well, first and foremost we know
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  Speaker 4: that's not true. But in addition they all say, oh,
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  Speaker 4: well it doesn't matter. I'll just leave all my assets
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  Speaker 4: to my healthy child, and I know my healthy child
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  Speaker 4: will take care of my sibling.
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  Speaker 2: Till I get divorced.
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  Speaker 4: Folks, again, is no obligation right to do so here?
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  Speaker 4: And that's really the wild card. And never mind every
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  Speaker 4: time that the child actually made a transfer to help
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  Speaker 4: the kid. That child could be true as making a
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  Speaker 4: taxable gift for the kid. Why because you gave it
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  Speaker 4: to your healthy child, don't do that put it in
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  Speaker 4: a trust instead. Again, something can happen to the healthy child,
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  Speaker 4: as you just said, Susan, lots of you know, you
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  Speaker 4: could get divorced and lose the money. There could be
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  Speaker 4: a creditor chasing that child and losing the money. So
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  Speaker 4: money that you thought was going to be protected for
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  Speaker 4: your disabled child in fact isn't.
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  Speaker 2: They could pass away and they leave the money in
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  Speaker 2: a joint account to their spouse to go spend on
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  Speaker 2: their new family gone and your disabled child is out.
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  Speaker 4: Folks, please do your planning if you have, it doesn't
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  Speaker 4: matter for this. This is just an example to tie
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  Speaker 4: into this. But yeah, I mean you just put it
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  Speaker 4: in a trust. Now there's an obligation the child who's
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  Speaker 4: trustee has to do what the trust says. Doesn't have
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  Speaker 4: any tax problems and it's not at risk for creditors.
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  Speaker 4: So folks call and get the guide back to the basics.
• 9:51
  Speaker 4: It's the end of the month. Kick off your estate plan.
• 9:54
  Speaker 4: Don't leave it open. Learn how to get started eight
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  Speaker 4: nine or legal exchange show dot. Com it's the end
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  Speaker 4: really just explains to you what you need to think
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  Speaker 4: about before you go to the lawyer and gives you
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  Speaker 4: an entire estate plan based on a four million dollar.
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  Speaker 4: Estate you put your own numbers in and see how it.
• 10:20
  Speaker 2: Works Thanks, todd you've been listening To Todd, lutsky a
• 10:23
  Speaker 2: partner with the law firm Of cushing And. Dolan I'm
• 10:26
  Speaker 2: susan powers a financial advisor with The Armstrong Advisory. Group
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  Speaker 2: we've got much more to come when we return to
• 10:32
  Speaker 2: The Legal exchange With Todd.
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  Speaker 1: With Todd, lutsky an expert in elder life planning and.
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  Speaker 1: Taxation need help with your estate? Plan Call todd right
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  Speaker 2: Nine welcome back into the legal exchange With Todd. Blotsky
• 14:25
  Speaker 2: i'm susan powers of financial advisor with The Armstrong Advisory,
• 14:28
  Speaker 2: group And i'm joined By Todd, lotski a partner with
• 14:31
  Speaker 2: the law firm Of cushing And dolan with a masters in.
• 14:34
  Speaker 2: Taxation where are we headed, Now?
• 14:36
  Speaker 4: Todd we're going to go to the Eighth Circuit District
• 14:40
  Speaker 4: court in what? State so you, Know i'm not sure what, state.
• 14:46
  Speaker 2: DoD, circle warm. STATE i want to travel to warm places, today.
• 14:50
  Speaker 4: So warm, place. Yes so in this, case we've got
• 14:56
  Speaker 4: more problems with second. Marriages So richard And patty are
• 15:02
  Speaker 4: married two thousand and, five second marriage for both of.
• 15:05
  Speaker 4: Them richard had AN ira through e trade and a
• 15:10
  Speaker 4: durable power of. Attorney i'm. Sorry the designated beneficiaries were
• 15:16
  Speaker 4: the Son, richard so he had a, Son richard the
• 15:19
  Speaker 4: third And patty his second wife, yep so split primary.
• 15:25
  Speaker 4: Beneficiaries july twenty. Nineteen richard's diagnosed with, dementia so he,
• 15:33
  Speaker 4: then while he's still, competent grants a power of attorney
• 15:37
  Speaker 4: To patty's Son, tim not his SON i know that
• 15:42
  Speaker 4: made my eyebrows go up. Too, basically it says over
• 15:47
  Speaker 4: HIS e trade, accounts which is also The tim was
• 15:54
  Speaker 4: also later Appointed richard's conservator because he was having difficulty
• 16:00
  Speaker 4: the accessing the e trade. Account power of attorney should
• 16:04
  Speaker 4: have allowed him to do. That SO i don't know
• 16:06
  Speaker 4: why they didn't push back if they got pushed back
• 16:08
  Speaker 4: from the financial. Institution, Well richard then was not notified
• 16:17
  Speaker 4: of this, appointment so that was. Strange so What's tim up.
• 16:22
  Speaker 4: To tim then transfers the e trade account to a
• 16:25
  Speaker 4: conservatorship account with something called Asset. Mark, okay doesn't Tell
• 16:31
  Speaker 4: Richard third that he did. That, Well Richard senior Dies
• 16:35
  Speaker 4: january twenty twenty. Two april twenty twenty, Two Richard third
• 16:41
  Speaker 4: learns that the e trade account was cashed out because
• 16:44
  Speaker 4: he could not access his shares and he found out
• 16:48
  Speaker 4: that Asset. Mark he didn't find that, out and then they, said,
• 16:51
  Speaker 4: oh he found out that it was now with Asset,
• 16:53
  Speaker 4: mark and he discovered that In june of twenty twenty.
• 16:56
  Speaker 4: Two So RICHARD i decided to Suit tim And patty.
• 17:01
  Speaker 4: Again second marriage, right so stepmom and a sibling half
• 17:07
  Speaker 4: STEP i don't know what they.
• 17:08
  Speaker 2: Are, Yeah i'm assuming that they changed the beneficiaries when
• 17:11
  Speaker 2: they transferred to Asset. Mark let's keep.
• 17:13
  Speaker 4: Going so they sued. Him the court found in favor
• 17:18
  Speaker 4: Of richard the third on fraud and conservatives conversion claims
• 17:26
  Speaker 4: By tim and Unjustin richmond claims changing the Beneficiary, susan
• 17:30
  Speaker 4: you're right on it Against tim And, patty but they
• 17:34
  Speaker 4: declined the claim of undue. Influence he. Appeals he already,
• 17:39
  Speaker 4: won So i'm not sure why there's an. Appeal he.
• 17:42
  Speaker 4: Appeals the appellate court affirms all but on both, counts
• 17:46
  Speaker 4: but agreed that really there was no evidence of undue influence,
• 17:50
  Speaker 4: here as the fiduciary relationship was established via the conservatorship
• 17:55
  Speaker 4: and not a voluntary fiduciary. Relationship not sure why you.
• 18:00
  Speaker 4: Appeal that isn't my point, here. Folks my point here
• 18:03
  Speaker 4: is that why are you naming your step son as
• 18:08
  Speaker 4: power of attorney over your? Assets AND i think there's
• 18:13
  Speaker 4: a lot more involved, here BECAUSE i don't think there's
• 18:15
  Speaker 4: really even any state planning, Done and why don't you
• 18:18
  Speaker 4: what are you doing with all your other? Assets and
• 18:20
  Speaker 4: how are you? Controlling you know you can take care
• 18:22
  Speaker 4: of your spouse but, folks without, planning you get this.
• 18:26
  Speaker 4: Mess so again back to the. Basics our guide for this,
• 18:31
  Speaker 4: month last, chance end of the, month, folks just kick
• 18:35
  Speaker 4: off your estate. Planning learn how to begin the. Process
• 18:38
  Speaker 4: there's questions in here to think about your, age your
• 18:41
  Speaker 4: value of your, assets your family, dynamics all things that
• 18:44
  Speaker 4: are going to help sort of guide you as to
• 18:47
  Speaker 4: what kind of trust to. Do all the basic documents
• 18:50
  Speaker 4: are described in this plan in this, article and also
• 18:54
  Speaker 4: an irrevocable trust is described and how it works from
• 18:58
  Speaker 4: operational day to day to tax and nursing home. Savings
• 19:03
  Speaker 4: it's basically my engagement letter explaining in a state plan
• 19:07
  Speaker 4: for a four million dollar. Client get the, guide puts
• 19:11
  Speaker 4: your numbers in here and see if the plan works
• 19:13
  Speaker 4: for you eight six six eight four eight five six
• 19:17
  Speaker 4: nine nine Or legal exchange show dot. Com you can
• 19:20
  Speaker 4: download it right there again eight six six eight four
• 19:24
  Speaker 4: eight five six nine nine Or Legal Exchange show dot.
• 19:28
  Speaker 4: Com now what can we learn from?
• 19:31
  Speaker 2: This lots of? Stuff lots of.
• 19:34
  Speaker 4: Stuff so the second marriage is and no. Plan. Right
• 19:37
  Speaker 4: first of, all we have a power of. Attorney we
• 19:39
  Speaker 4: already said. That it's very strange that you know he
• 19:42
  Speaker 4: appointed the stepsun here to serve in that. ROLE i
• 19:47
  Speaker 4: always say be careful who you. Wippoint in, FACT i
• 19:50
  Speaker 4: always tell, people don't just pick your oldest child because
• 19:53
  Speaker 4: of their oldest, child, right pick who's best suited at
• 19:58
  Speaker 4: serving in this. Role also be careful when you draft.
• 20:02
  Speaker 4: It you could draft a power of attorney so that
• 20:04
  Speaker 4: maybe the designated beneficiaries on iras cannot be changed by
• 20:09
  Speaker 4: the power of, attorney so you can tailor your power of.
• 20:12
  Speaker 4: ATTORNEY i, mean if you did, that you could simply
• 20:15
  Speaker 4: name the spouse as the power of. ATTORNEY i, mean after,
• 20:18
  Speaker 4: all you're still your, spouse And i'm sure you want,
• 20:20
  Speaker 4: to you, know provide for your. Spouse but you, know
• 20:25
  Speaker 4: when you're dealing with, iras it's a tough, asset, Right,
• 20:28
  Speaker 4: so especially with a second, marriage because you have income
• 20:33
  Speaker 4: tax problems to deal with and to state tax problems
• 20:37
  Speaker 4: to deal. WITH i say that because if they are
• 20:39
  Speaker 4: married and they are, here you know you'd want to
• 20:42
  Speaker 4: name your spouse as the beneficiary because from an income tax,
• 20:46
  Speaker 4: perspective it's the best you get the most income tax
• 20:51
  Speaker 4: bang for your. Buck problem is from an estate planning,
• 20:55
  Speaker 4: standpoint it passes under the marital, deduction so it's not,
• 20:58
  Speaker 4: sheltered and unfortunately you've lost all control over it you're.
• 21:02
  Speaker 1: Dead.
• 21:03
  Speaker 2: YEAH i have a client who heard step kids after
• 21:06
  Speaker 2: her husband. Died they were horrible to. Her THE ira
• 21:10
  Speaker 2: went into her, name she changed. It she's, Like i'm
• 21:13
  Speaker 2: not going to give it to them, now that's.
• 21:15
  Speaker 4: Right she had no. Control when the money, hits people's lives,
• 21:19
  Speaker 4: change they were. Change they were nice while dad was,
• 21:21
  Speaker 4: alive and then you, know that was the end of.
• 21:23
  Speaker 4: It so that's exactly my point here is that when
• 21:26
  Speaker 4: you do it for for good tax, reasons but it's
• 21:29
  Speaker 4: it's bad because now the surviving spouse can do whatever
• 21:33
  Speaker 4: they want with. It you can't control it. Anymore maybe
• 21:37
  Speaker 4: maybe you can make the designated beneficiary a. Trust so
• 21:41
  Speaker 4: let's talk about it, here. Folks if they had used a,
• 21:43
  Speaker 4: trust let's forget THE ira for a, minute because there's
• 21:45
  Speaker 4: a lot of other assets that they didn't even talk
• 21:47
  Speaker 4: about in this. Case first of, all by not using the,
• 21:51
  Speaker 4: trust they'll probably have probate problems number. One number, two
• 21:54
  Speaker 4: there was no sheltering for estate tax purposes done at
• 21:57
  Speaker 4: all here BECAUSE i don't know where the other assets
• 22:00
  Speaker 4: When i'm just going to assume they must have gone
• 22:02
  Speaker 4: to the. Spouse they were probably jointly, owned you, know
• 22:05
  Speaker 4: with the. Spouse so without that you have all those. Problems,
• 22:09
  Speaker 4: Right but if you would have just placed everything into a,
• 22:12
  Speaker 4: trust well then you can name the surviving spouse and
• 22:17
  Speaker 4: a child of, yours not a, stepchild a child of
• 22:21
  Speaker 4: yours as co trustees if you, want and the language
• 22:25
  Speaker 4: and the trust can say that they have to act
• 22:27
  Speaker 4: by majority. Vote. Well, great so now you have checks and. Balances,
• 22:32
  Speaker 4: well we don't want them pitted against each. Other so
• 22:34
  Speaker 4: you can put language in there that, says you know,
• 22:36
  Speaker 4: What i'm going to give the income to my spouse,
• 22:39
  Speaker 4: mandatorily no, fighting and principle is going to come out as,
• 22:43
  Speaker 4: needed and put standards in if you, want you, know, health,
• 22:46
  Speaker 4: education standard of. Living so if you meet those, standards
• 22:49
  Speaker 4: there's no. Fighting the spouse is going to be provided.
• 22:52
  Speaker 4: For but at the end of the, day you're still
• 22:55
  Speaker 4: controlling all of those other, assets whether it be real, estate, vacation, homes,
• 23:00
  Speaker 4: Money you're still controlling. It why because then the spouse
• 23:05
  Speaker 4: is enjoying, it and when you die or when the spouse,
• 23:07
  Speaker 4: dies there might be something left for the. Family for
• 23:11
  Speaker 4: your side of the, family or if you have a good,
• 23:13
  Speaker 4: relationship you can be for both sides.
• 23:15
  Speaker 2: And his family the trustee at that time rather than
• 23:19
  Speaker 2: just his steps.
• 23:20
  Speaker 4: On, sure absolutely put that on there and again put
• 23:25
  Speaker 4: the designated beneficiary as THE ira into the. Trust same
• 23:28
  Speaker 4: idea pays out the income to the. Spouse you get
• 23:31
  Speaker 4: good income tax, benefits but you're controlling that asset for
• 23:35
  Speaker 4: the benefit of the, family you know down the. Road so,
• 23:39
  Speaker 4: folks so many ways to provide for, families especially in second,
• 23:44
  Speaker 4: marriages both sides of the. Family take care of the.
• 23:48
  Speaker 4: Spouses stay out of probate. Folks for, you it's the
• 23:52
  Speaker 4: end of the. Month get your estate plan off the.
• 23:55
  Speaker 4: Ground don't leave it just hanging. There back to the
• 23:58
  Speaker 4: basics eights, eight, four, eight, five, six nine nine Or
• 24:04
  Speaker 4: Legal exchange show dot com and download it.
• 24:07
  Speaker 2: There you've been listening To Todd, lutsky a partner with
• 24:11
  Speaker 2: the law firm Of cushing And. Dolan I'm Susan, powers
• 24:14
  Speaker 2: a financial advisor with The Armstrong Advisory, group And todd
• 24:17
  Speaker 2: will be answering your listener questions when we return to
• 24:20
  Speaker 2: The Legal exchange With Todd.
• 24:22
  Speaker 1: Lutsky there are many elements needed to build a successful estate,
• 24:26
  Speaker 1: plan and if you don't know where to, Start cushing
• 24:28
  Speaker 1: And dolan can. Help estate planning doesn't stop with a.
• 24:31
  Speaker 1: Will wills by themselves do not keep your estate out of,
• 24:34
  Speaker 1: probate which takes, time can be, costly and it makes
• 24:37
  Speaker 1: your estate a matter of public. Record many families use
• 24:39
  Speaker 1: trust to help protect their. Assets trusts are tools that
• 24:42
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• 24:46
  Speaker 1: and without court. Involvement cushing And dolan have put together
• 24:48
  Speaker 1: a new guide Called back to The, basics a complete
• 24:51
  Speaker 1: guide to an estate and asset protection. Plan it explains
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• 24:58
  Speaker 1: and why structure. Matters get your free copy today by
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• 25:06
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• 25:09
  Speaker 1: legal exchange show dot. Com That's legal exchange show dot.
• 25:12
  Speaker 1: Com the proceeding was paid for and the views expressed
• 25:15
  Speaker 1: are solely those Of Cushingan, Dolan, Cushion, dolan and Or
• 25:17
  Speaker 1: Armstrong advisory may contact you offering legal or investment. Services
• 25:20
  Speaker 1: cushing And dolan In Armstrong advisory do not endorse each
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  Speaker 6: Com financial life is more connected than. Ever you likely
• 26:26
  Speaker 6: have online, accounts digital, payments automatic, transfers and that connectivity
• 26:31
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• 26:37
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• 26:46
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• 27:12
  Speaker 1: Com the proceeding was paid for By Armstrong Advisory, group
• 27:14
  Speaker 1: a registered investment. Advisor nothing in the ad or Any
• 27:16
  Speaker 1: armstrong guide a specific, financial, legal or tax advice consult
• 27:19
  Speaker 1: your own financial tax in the state planning advisors before
• 27:21
  Speaker 1: making any investment. Decisions armstrong make contact you to offer
• 27:23
  Speaker 1: investment advisory. Services you're listening to The Legal exchange and
• 27:27
  Speaker 1: it's time For Ask, todd the segment Where todd will
• 27:31
  Speaker 1: answer your questions about anything and everything that's included in
• 27:34
  Speaker 1: the estate planning. Process once, again Here's Todd lutsky And Susan.
• 27:39
  Speaker 2: Powers welcome, Back. Todd we have a few questions from.
• 27:42
  Speaker 2: Listeners first question comes From anna And rent The mass
• 27:46
  Speaker 2: And anna, WRITES i am single AND i have around
• 27:49
  Speaker 2: three hundred thousand in cash and investments and my home
• 27:52
  Speaker 2: is worth around four hundred and fifty. THOUSAND i don't
• 27:54
  Speaker 2: have any, family And i'd like to leave my estate to.
• 27:57
  Speaker 2: Charity how does that work if they are getting Every
• 28:00
  Speaker 2: DO i still need to appoint an? Executor DO i
• 28:03
  Speaker 2: need a trust or just a? Will if a, trust
• 28:06
  Speaker 2: can my attorney be the? Trustee so she wants to
• 28:09
  Speaker 2: make sure it gets to the. Charities she wants what's
• 28:12
  Speaker 2: the best way to ensure.
• 28:13
  Speaker 4: That, so you, know this is a great example because
• 28:17
  Speaker 4: you know a lot of people, think EITHER i don't
• 28:19
  Speaker 4: have a lot of, money SO i don't need to
• 28:21
  Speaker 4: do estate. Planning OR i don't have any, kids SO
• 28:23
  Speaker 4: i don't need to do an estate planning or and
• 28:26
  Speaker 4: that's not always. True so a couple of things. Here you,
• 28:30
  Speaker 4: KNOW i think if you want the charity to get,
• 28:32
  Speaker 4: it you wanted to get there easily and not have
• 28:34
  Speaker 4: to run it through. Probate, Right SO i would say that,
• 28:39
  Speaker 4: that you, know why not just put a revocable trust,
• 28:43
  Speaker 4: together would be my.
• 28:45
  Speaker 2: Thought so she would still have full access to everything
• 28:47
  Speaker 2: during the.
• 28:48
  Speaker 4: Life, YEAH i want her to be in complete control
• 28:52
  Speaker 4: of her three hundred thousand in her. House she could
• 28:55
  Speaker 4: be the donor and the trustee of the. Trust she,
• 28:59
  Speaker 4: could you, know manage the. Investments she could sell the
• 29:03
  Speaker 4: house whenever she wants. Move so there's it's really a
• 29:06
  Speaker 4: seamless effort for.
• 29:08
  Speaker 1: Her.
• 29:09
  Speaker 4: Really nothing, changes, however it does when you. Die, Right
• 29:14
  Speaker 4: so when you, die now we've got everything outside of,
• 29:16
  Speaker 4: probate we have no problems. There, yes you could put a.
• 29:19
  Speaker 4: Trustee you could make the attorney the. Trustee, again there's
• 29:24
  Speaker 4: no magic. There if you want to make if you
• 29:26
  Speaker 4: have a friend or somebody that you want to, serve you,
• 29:29
  Speaker 4: Can but then you, know you might want to give
• 29:31
  Speaker 4: them a little something for their. Effort, right not that
• 29:34
  Speaker 4: as trustee you can't get. Paid you. Can you can
• 29:37
  Speaker 4: get paid as. Trustee and so then you could have
• 29:41
  Speaker 4: that person on as. Trustee and now there's going to
• 29:45
  Speaker 4: be look at this, case there were under two, millions
• 29:48
  Speaker 4: so there's going to be no estate tax, filing there's
• 29:51
  Speaker 4: going to be no, probate, right there's going to be
• 29:54
  Speaker 4: simply a release of lean on the. House and THEN
• 29:58
  Speaker 4: i guess the. Attorney it's easy for that attorney to
• 30:02
  Speaker 4: just sell the. House and again you'll have language in
• 30:04
  Speaker 4: the trust that probably mandates, that you, know sell the
• 30:07
  Speaker 4: house and add to balance the principle the. Proceeds and
• 30:12
  Speaker 4: then you know from, there you know there'll be language
• 30:16
  Speaker 4: that says distribute the assets to the. Charity and remember
• 30:20
  Speaker 4: there's nothing really to do on the estate admin front
• 30:23
  Speaker 4: because of this makes it very clean and very. Easy
• 30:26
  Speaker 4: and then you can have language in there as to
• 30:29
  Speaker 4: how you want it to get to that charity or multiple.
• 30:32
  Speaker 4: Charities so maybe you want to percentage it out to
• 30:35
  Speaker 4: the different charities you could do you want to go
• 30:38
  Speaker 4: to a specific department in a specific, charity you can
• 30:41
  Speaker 4: put that in. There do you want it to be
• 30:44
  Speaker 4: used for a specific. Purpose maybe put that in. There
• 30:48
  Speaker 4: so all of that, stuff.
• 30:50
  Speaker 2: Let me ask you a, Question todd on THE. Ira
• 30:53
  Speaker 2: if she had she doesn't say she has iras, here
• 30:55
  Speaker 2: but if she has, something if she has AN, ira
• 30:58
  Speaker 2: would you typically recommend that the beneficiary be the charity
• 31:02
  Speaker 2: or the? Trust what would you?
• 31:04
  Speaker 4: Which Pag, oh, yeah that's that's super. Easy so whenever
• 31:07
  Speaker 4: you're leaving assets to, charity and so let's play out the.
• 31:10
  Speaker 4: String even if you weren't leaving all your trust assets to.
• 31:14
  Speaker 4: Charity let's say you want to leave assets in the
• 31:17
  Speaker 4: trust to, family but you wanted to leave something.
• 31:20
  Speaker 2: Something to, charity which would a lot of people.
• 31:22
  Speaker 1: Do.
• 31:22
  Speaker 4: ABSOLUTELY i always recommend that why not just leave THE
• 31:27
  Speaker 4: ira to. Charity you can put the beneficiary one hundred
• 31:31
  Speaker 4: percent to. Charity you could put a percent to the,
• 31:35
  Speaker 4: charity a percent to the kids or the family or a.
• 31:38
  Speaker 4: Trust but by allocating your charitable intentions to THE, ira
• 31:44
  Speaker 4: you're winning on two. Fronts, one you get obviously an
• 31:48
  Speaker 4: estate tax deduction if you need it when you die
• 31:51
  Speaker 4: because it's going to. Charity but you also get an
• 31:54
  Speaker 4: income tax, deduction so you really get a double bang
• 31:57
  Speaker 4: for your buck so charity an iras goh together. Folks
• 32:03
  Speaker 4: speaking of things going, together you and this guide should
• 32:06
  Speaker 4: go together because you need to figure out how to
• 32:08
  Speaker 4: get your estate plan off the. Ground don't leave things
• 32:11
  Speaker 4: hanging and so this back to the basics. Guide it's
• 32:15
  Speaker 4: the end of the, month last chance to get it
• 32:17
  Speaker 4: really does lay out an entire estate plan exactly like
• 32:20
  Speaker 4: one of my engagement letters would. Do put your own numbers,
• 32:24
  Speaker 4: in see if the plan works for you either. Way
• 32:27
  Speaker 4: it's going to tell you what to talk about and
• 32:29
  Speaker 4: think about before you go to the, lawyer talking about
• 32:32
  Speaker 4: valuation of your, estate, age family, dynamics things like that
• 32:36
  Speaker 4: will guide you as to what you need and also
• 32:39
  Speaker 4: lays out all the specifics of basic documents that you
• 32:42
  Speaker 4: need to learn, about plus and your revocable. Trust call
• 32:45
  Speaker 4: and get. It it's the end of the month eight
• 32:47
  Speaker 4: six six eight four eight five six nine nine Or
• 32:51
  Speaker 4: Legal Exchange show dot com again eight sixty six eight
• 32:55
  Speaker 4: four eight five six nine nine Or Legal Exchange show
• 32:59
  Speaker 4: dot com and don't. Forget you can go to Our
• 33:02
  Speaker 4: instagram Page Cushing dolan and get more information. There.
• 33:07
  Speaker 2: Todd our last question comes From jennifer In, middleborough mass
• 33:10
  Speaker 2: And jennifer, writes my only son passed away recently AND
• 33:13
  Speaker 2: i was leaving everything to. Him what DO i do
• 33:16
  Speaker 2: now to update my? Trust it is irrevocable AND i
• 33:19
  Speaker 2: created it with your.
• 33:20
  Speaker 4: Firm SO i guess the question that's being begged here
• 33:25
  Speaker 4: is did this only son have?
• 33:26
  Speaker 2: Children this is a mutual, client and no he did,
• 33:30
  Speaker 2: Not so there was no, grandchildren no. Grandchildren And i'm
• 33:34
  Speaker 2: going to answer it this way BECAUSE i want to
• 33:35
  Speaker 2: address it for people who might be in this situation
• 33:39
  Speaker 2: but had a child die that left, Kids because that
• 33:42
  Speaker 2: ONE i answer that. Too so if in fact we
• 33:46
  Speaker 2: had set this trust up and it would have said
• 33:49
  Speaker 2: all to my, child if living otherwise to their, kids,
• 33:56
  Speaker 2: yep we. Would so my point is for folks that
• 34:00
  Speaker 2: have done, this that have lost a child that left,
• 34:05
  Speaker 2: kids you probably don't have to do, anything, okay, right
• 34:08
  Speaker 2: because the document would have already provided for the grandchildren
• 34:14
  Speaker 2: and then it would have had language in there to
• 34:15
  Speaker 2: take care of. Them so you had multiple, children sorry.
• 34:18
  Speaker 2: Intro if you have multiple, children the document would have
• 34:20
  Speaker 2: laid out what their intentions were originally if they have
• 34:24
  Speaker 2: children or, not if it's going to go to their
• 34:25
  Speaker 2: kids or roll back up to the other, children, Right.
• 34:29
  Speaker 4: So that would be the next. Questions you made it
• 34:31
  Speaker 4: very clear here that it was her only, son BECAUSE i,
• 34:33
  Speaker 4: say if, not if you had two, children one died
• 34:36
  Speaker 4: with no, kids still wouldn't have to do anything because
• 34:40
  Speaker 4: then it would just go, back as you, said to
• 34:42
  Speaker 4: the surviving. Sibling so all of that is usually built.
• 34:45
  Speaker 4: In so in this, CASE i obviously don't recall all
• 34:49
  Speaker 4: the language in the. Trust but when there's only one
• 34:51
  Speaker 4: child and no, grandchildren we may have, provided.
• 34:55
  Speaker 2: Yeah because otherwise you have a dead.
• 34:56
  Speaker 5: End.
• 34:56
  Speaker 4: Right, well, no we wouldn't have a dead. End we
• 34:59
  Speaker 4: always have a. Defect but but so it's a great.
• 35:04
  Speaker 4: Point so there's this default of, issue a paragraph that
• 35:07
  Speaker 4: we have in all of our. Trusts normally you don't
• 35:10
  Speaker 4: have to touch it or deal with it or look at.
• 35:11
  Speaker 4: It it just simply says that if you die and
• 35:17
  Speaker 4: there's nobody around you had no, kids no, grandkids, no
• 35:20
  Speaker 4: everybody who were providing for had already, died or it
• 35:23
  Speaker 4: was a, disaster, vacation. Accident the fault of issue, says
• 35:30
  Speaker 4: in this, case if she's, single it would say all
• 35:33
  Speaker 4: to my next closest next of, kin then you do
• 35:37
  Speaker 4: the plunk. Goball, yeah the plank go board down there
• 35:39
  Speaker 4: and they find who's, living who's her next closest next of,
• 35:42
  Speaker 4: Kin so there would be no dead end. Here but
• 35:46
  Speaker 4: oftentimes in a case like, this when there is only
• 35:50
  Speaker 4: one child and no grandchildren and they would tell me
• 35:53
  Speaker 4: now there's no hope of having, GRANDCHILDREN i probably would
• 35:57
  Speaker 4: have taken another step and, said, well just in, case
• 36:01
  Speaker 4: do you want it to go to siblings or to nieces.
• 36:04
  Speaker 2: Nephews So i'm sure the conversation so she may not
• 36:09
  Speaker 2: have to do, anything.
• 36:10
  Speaker 4: She may not have. To, YEAH i think she just
• 36:12
  Speaker 4: needs to just look at the document and it'll, say you,
• 36:14
  Speaker 4: know if my child is not, living then it goes
• 36:17
  Speaker 4: to equally to my, END i probably would have encouraged
• 36:20
  Speaker 4: them if there was nieces and, nephews even though there was,
• 36:23
  Speaker 4: SIBLINGS i probably would have encouraged them to leave it
• 36:26
  Speaker 4: down a generation and not to the. Siblings you, can
• 36:31
  Speaker 4: it's up to. Them it's the family's. Wish but you,
• 36:34
  Speaker 4: know it probably drops down to the siblings or to
• 36:36
  Speaker 4: the nieces and nephews and trust until they reach a certain.
• 36:40
  Speaker 4: Age so if that's the, case it's, covered you, Know
• 36:44
  Speaker 4: but if, NOT i would have. Recommended, okay if you
• 36:47
  Speaker 4: don't have anybody else you, know do a, charity do.
• 36:49
  Speaker 4: Something so, folks that's how you update your. Plan call
• 36:53
  Speaker 4: and get the guide back to the. Basics it's the
• 36:56
  Speaker 4: end of the, month because That. God this guide will
• 36:58
  Speaker 4: help you get started on your estate planning rather than
• 37:02
  Speaker 4: updated eight six six eight four eight five six ninety.
• 37:06
  Speaker 4: Nine or go to our Website Legal Exchange show dot.
• 37:09
  Speaker 2: Com if you have a question you would like to Ask,
• 37:13
  Speaker 2: todd visit his Website Legal Exchange show dot com and
• 37:16
  Speaker 2: click on the Ask tod. Tab Maybe i'll be able
• 37:19
  Speaker 2: to read your question on the, air and hopefully his
• 37:21
  Speaker 2: answer will stop you from becoming one of his next
• 37:24
  Speaker 2: real life. Stories you've been listening To Todd, lutsky a
• 37:27
  Speaker 2: partner with the law firm Of cushing And. Dolan I'm Susan,
• 37:31
  Speaker 2: powers a financial advisor with The Armstrong Advisory. Group we'll
• 37:34
  Speaker 2: be back with more after this quick break on The
• 37:37
  Speaker 2: Legal exchange With Todd.
• 37:38
  Speaker 1: Lutsky there are many elements needed to build a successful estate,
• 37:43
  Speaker 1: plan and if you don't know where to, Start cushing
• 37:45
  Speaker 1: And dolan can. Help estate planning doesn't stop with a.
• 37:48
  Speaker 1: Will wills by. Themselves do not keep your estate out of,
• 37:51
  Speaker 1: probate which takes, time can be, costly and it makes
• 37:54
  Speaker 1: your estate of matter of public. Record many families use
• 37:57
  Speaker 1: trust to help protect their. Assets trusts are tools that
• 38:00
  Speaker 1: are designed to help your assets pass, privately more, efficiently
• 38:03
  Speaker 1: and without court. Involvement cushing And dolan have put together
• 38:06
  Speaker 1: a new guide Called back to The, basics a complete
• 38:08
  Speaker 1: guide to an estate and asset protection. Plan it explains
• 38:11
  Speaker 1: in clear terms how, wills, trusts and probate actually work
• 38:15
  Speaker 1: and why structure. Matters get your free copy today by
• 38:18
  Speaker 1: calling eight six six eight four eight five six ninety.
• 38:20
  Speaker 1: Nine that's eight six six eight four eight five six ninety,
• 38:23
  Speaker 1: nine or you can request the guide online by Visiting
• 38:26
  Speaker 1: legal exchange show dot. Com That's legal exchange show dot.
• 38:30
  Speaker 1: Com the proceeding was paid for In the views expressed
• 38:32
  Speaker 1: are solely those Of cushing And. Dolan cushing And dolan
• 38:34
  Speaker 1: Into Armstrong advisory may contact you offering legal or investment.
• 38:37
  Speaker 1: Services cushing And dolan In Armstrong advisory do not endorse
• 38:40
  Speaker 1: each other and are not.
• 38:40
  Speaker 3: Affiliated as you get closer to, retirement making sound decisions
• 38:44
  Speaker 3: to protect your assets becomes even more, important especially with
• 38:47
  Speaker 3: increasing cases of elder financial. ABUSE, hi this Is Mike
• 38:50
  Speaker 3: armstrong from The Armstrong Advisory. GROUP A bloomberg report from
• 38:53
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• 38:57
  Speaker 3: twenty eight point three billion dollars to exploit. It scam
• 39:00
  Speaker 3: calls and fraudy emails are issues to beware, of but
• 39:03
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• 39:05
  Speaker 3: Spot our new guide is called protecting yourself or a
• 39:08
  Speaker 3: loved one from Elder Financial. Abuse in, it we discuss
• 39:11
  Speaker 3: a variety of concerns to watch out, for as well
• 39:14
  Speaker 3: as steps that you can take to stay ahead of potential.
• 39:16
  Speaker 3: Problems call us right now at eight hundred three to
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  Speaker 3: nine three for zero zero one and ask for your
• 39:20
  Speaker 3: free guide. Today that's eight hundred three to nine three
• 39:23
  Speaker 3: for zero zero, one or you can request the guide
• 39:25
  Speaker 3: online by visiting our Website Armstrong advisory dot.
• 39:28
  Speaker 1: Com the proceeding was paid for By Armstrong Advisory, group
• 39:30
  Speaker 1: a registered investment. Advisor nothing in the ad or in
• 39:33
  Speaker 1: Any armstrong guide a specific, financial legal or tax. Advice
• 39:35
  Speaker 1: consult your own, financial tax into state planning advisors before
• 39:38
  Speaker 1: making any investment. Decisions armstrong may contact you to offer
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• 40:44
  Speaker 1: With Todd. Lutsky if you are a loved one needs
• 40:46
  Speaker 1: a nursing, homestay Call todd right now at eight six
• 40:49
  Speaker 1: six eight four eight five six ninet nine and let
• 40:51
  Speaker 1: him make sure your assets are. Protected that's eight six
• 40:54
  Speaker 1: six eight four eight five six nine, nine or visit
• 40:57
  Speaker 1: him online At Legal exchange show dot.
• 40:59
  Speaker 2: Com welcome back into The Legal exchange With Todd. Lutsky
• 41:04
  Speaker 2: I'm Susan, powers a financial advisor with The Armstrong Advisory,
• 41:07
  Speaker 2: group And i'm joined By Todd, lutsky a partner with
• 41:10
  Speaker 2: the law firm Of cushing And dolan with a master's in. Taxation,
• 41:15
  Speaker 2: todd this guide that you've put, together it's nice because
• 41:18
  Speaker 2: it really does make things. Simple it really takes you
• 41:22
  Speaker 2: back to the basics and kind of outlines the steps
• 41:25
  Speaker 2: from start to. Finish yes on creating a. Plan this
• 41:28
  Speaker 2: one specifically has you know the irrevocable. Trust but there
• 41:32
  Speaker 2: are different phases in life where you need to do
• 41:35
  Speaker 2: different legal, Things SO i thought i'd take you through
• 41:38
  Speaker 2: kind of generationally what people should be thinking about when
• 41:41
  Speaker 2: it comes to do they need a plan or. Not
• 41:43
  Speaker 2: what kind of plan that they, need what the objectives?
• 41:46
  Speaker 2: Are so why don't we start right out of the.
• 41:49
  Speaker 2: Gate you've got a young, adult no, property no real,
• 41:52
  Speaker 2: assets but maybe they've started their first. Job what do they?
• 41:55
  Speaker 2: Need do they need? Anything not, married no, kids not,
• 41:58
  Speaker 2: married no? Kids, well, honestly probably. Not i'm going to
• 42:03
  Speaker 2: say this might be the one time where you, say,
• 42:06
  Speaker 2: Look i've got my four to oh ONE k THAT i,
• 42:09
  Speaker 2: STARTED i got my bank, Account i've got you, know
• 42:13
  Speaker 2: an investment. Account just put a designated beneficiary. On at this,
• 42:18
  Speaker 2: point you're probably leaving it to your. Parents you're. Young
• 42:21
  Speaker 2: just put your parents, down let them have, it, okay
• 42:24
  Speaker 2: or a sibling if you have. It maybe a sibling's
• 42:26
  Speaker 2: probably better than if your parents don't need. IT i,
• 42:28
  Speaker 2: mean just just have it go to your, sibling because
• 42:30
  Speaker 2: that's all you. Need you don't need that'll avoid, probate
• 42:33
  Speaker 2: there's no estate tax, filings there's you're not really worried
• 42:36
  Speaker 2: about anything, else so pretty. Simple might be the only
• 42:40
  Speaker 2: time you really don't need. Anything, Okay so moving down the,
• 42:43
  Speaker 2: path you get, married still no, kids not a lot of,
• 42:48
  Speaker 2: acids but you have a. House maybe that the bank
• 42:50
  Speaker 2: owns the majority of and maybe you've got some employer
• 42:54
  Speaker 2: issued life. Insurance what changes in that, Scenario.
• 42:57
  Speaker 4: WELL i think the married part. Changes, YEAH i mean
• 43:00
  Speaker 4: at this, point you, know, again if you're not overly
• 43:03
  Speaker 4: concerned about a state tax, planning you could own things.
• 43:06
  Speaker 4: Jointly you could have designated, beneficiaries making sure everything at
• 43:09
  Speaker 4: least gets to your spouse and avoids. Probate you want
• 43:11
  Speaker 4: to do, that, SO i mean that that would be an,
• 43:14
  Speaker 4: option you, know to do. This but you, know but
• 43:18
  Speaker 4: they don't have a house, yet, right you, Said, yeah
• 43:20
  Speaker 4: they do have a. House, oh they do have a.
• 43:21
  Speaker 4: House so that's the two things that really change here
• 43:24
  Speaker 4: is owning the house and and then. Married you, know
• 43:29
  Speaker 4: when you own a, HOUSE i guess you could own it.
• 43:31
  Speaker 4: Jointly it would pass to the surviving joint, owner so
• 43:33
  Speaker 4: that would help avoid. Probate but you, know once you
• 43:36
  Speaker 4: get this far, along you might want to have just
• 43:39
  Speaker 4: a revocable, trust but nothing more fancy than. That how
• 43:43
  Speaker 4: about if you have? Kids now things really? Change you
• 43:47
  Speaker 4: really need. Now before it was kind of a maybe
• 43:49
  Speaker 4: on the. Trust now it's, LIKE i think you need,
• 43:52
  Speaker 4: It and the reason why is that the reason you
• 43:55
  Speaker 4: need it really, is because obviously avoiding probate is one
• 43:59
  Speaker 4: thing that's easy to do even without a. Trust if
• 44:01
  Speaker 4: you have these other situations that we talked, about but
• 44:05
  Speaker 4: now you have a, minor a, minor one, child two,
• 44:08
  Speaker 4: child doesn't. Matter they can't own, anything and obviously your
• 44:14
  Speaker 4: whole life has. Changed now you have a reason to
• 44:18
  Speaker 4: make sure these assets get, somewhere, right they need to
• 44:22
  Speaker 4: get to my. Child if you know, what if you're
• 44:25
  Speaker 4: both traveling and something, happens you both, die you and
• 44:29
  Speaker 4: your child, survives, well you need to make sure that
• 44:32
  Speaker 4: all of these assets are available for your. Child but
• 44:35
  Speaker 4: obviously they can't be owned by a, Child MEANING i
• 44:38
  Speaker 4: don't want some. GUARDIAN i certainly need my estate plan
• 44:41
  Speaker 4: because the will appoints the. Guardian SO i certainly want
• 44:44
  Speaker 4: to have a will to appoint a guardian to take
• 44:46
  Speaker 4: care of the physical custody of my. Child BUT i
• 44:50
  Speaker 4: might not want that person controlling all the, money SO
• 44:53
  Speaker 4: i put all the assets in a. TRUST i don't
• 44:54
  Speaker 4: want that guardian owning all my, assets but the trust
• 44:58
  Speaker 4: can own the. Asset and then if the trust owns the,
• 45:02
  Speaker 4: assets the, trustee who might be different than the, guardian
• 45:07
  Speaker 4: make the guardian come to the trustee for the money
• 45:10
  Speaker 4: and then the. Language and the trust is not only
• 45:12
  Speaker 4: not the trust is not only owning the, asset but
• 45:15
  Speaker 4: controlling how the distribution of the money is made and
• 45:20
  Speaker 4: what it's used. For so really, important jump, there. Folks
• 45:26
  Speaker 4: that's just one of the reasons to get your estate
• 45:28
  Speaker 4: plan off the. Ground what if it's a second. Marriage
• 45:30
  Speaker 4: what if you're older and you want to do nursing home.
• 45:32
  Speaker 4: Planning what if you have family dynamics that are. Issues
• 45:36
  Speaker 4: what if the size of your estate might dictate. It
• 45:38
  Speaker 4: these are all questions that are presented to you in
• 45:41
  Speaker 4: this guide back to the. Basics it also explains all
• 45:45
  Speaker 4: the basic, documents and in this case on a four
• 45:48
  Speaker 4: million dollar, client explains how the irrevocable trusts too are,
• 45:54
  Speaker 4: used one for husband and one for wife to complete
• 45:57
  Speaker 4: their estate. Plan this is base sickly my engagement letter
• 46:01
  Speaker 4: to a state planning to a client on a hypothetical estate.
• 46:07
  Speaker 4: Plan put your own numbers. In it'll help you get
• 46:09
  Speaker 4: your estate plan off the. Dime it is the end
• 46:12
  Speaker 4: of the. Month it's the last chance to get, it,
• 46:14
  Speaker 4: folks so call and get. It eight six six eight
• 46:17
  Speaker 4: four eight five six nine nine Or Legal Exchange show
• 46:21
  Speaker 4: dot com again eight six six eight four eight five
• 46:25
  Speaker 4: six nine nine Or Legal Exchange show dot com end
• 46:29
  Speaker 4: of the, month and don't forget go to Our instagram,
• 46:31
  Speaker 4: Page Cushing dolan and get more information.
• 46:34
  Speaker 2: There, So, todd you said the kids is really the
• 46:38
  Speaker 2: definitive you need to have a. Trust but before that
• 46:41
  Speaker 2: we were talking, about you, know a married. Couple they
• 46:44
  Speaker 2: have a, house maybe some life, insurance maybe they don't have.
• 46:47
  Speaker 2: Kids so if you've got a couple like, that is
• 46:50
  Speaker 2: there a certain amount of net worth where you, say,
• 46:52
  Speaker 2: okay you really need to have a trust. Now so
• 46:56
  Speaker 2: before that they just owned it, jointly the house and
• 46:59
  Speaker 2: they don't have any, kids no kids. Involved where's that
• 47:02
  Speaker 2: level that you say you got to have a trust
• 47:04
  Speaker 2: at this?
• 47:04
  Speaker 4: Point, WELL i think if there's no, kids but then
• 47:07
  Speaker 4: you sort of have to.
• 47:08
  Speaker 2: Ask but you have more assets at this.
• 47:10
  Speaker 4: Point, Right so let's say you're you're you, know you're
• 47:12
  Speaker 4: north of two million For massachusetts, Purposes SO i don't
• 47:15
  Speaker 4: even use a big. Number let's just say you're at
• 47:18
  Speaker 4: four million and life insurance could put you up. There
• 47:20
  Speaker 4: life insurance could throw you over the one million over two,
• 47:22
  Speaker 4: million right. Away so it's very easy to get to
• 47:25
  Speaker 4: two million today with a home and a life insurance.
• 47:28
  Speaker 2: And all assets totaled up. Together, right that's.
• 47:30
  Speaker 4: Right and AGAIN i just listed two that could throw
• 47:34
  Speaker 4: you over the two million two. Assets so so if
• 47:39
  Speaker 4: you the next, FACT i just got to add one
• 47:42
  Speaker 4: fact to. This so when they come in and they
• 47:44
  Speaker 4: are in that situation and don't have, KIDS i have to,
• 47:49
  Speaker 4: ask are their loved ones in your life that you
• 47:53
  Speaker 4: do want to leave it, to, Right so let's assume
• 47:55
  Speaker 4: the answer is, yes there are nieces and nephews who
• 47:58
  Speaker 4: might be like their, kids because if you don't have,
• 48:00
  Speaker 4: kids then they're like your. Kids and so if the
• 48:04
  Speaker 4: answer is, yes then the next question is you, know
• 48:09
  Speaker 4: do you want to pay estate taxes or?
• 48:14
  Speaker 2: Not, No so as long aways, now.
• 48:17
  Speaker 4: As long as we get there that answer, right then,
• 48:22
  Speaker 4: YEAH i think you have now crossed the line where
• 48:26
  Speaker 4: you need a trust because If i'm worth four million
• 48:29
  Speaker 4: AND i don't plan on the second, death there will
• 48:32
  Speaker 4: be tax on two, million which is close to a
• 48:35
  Speaker 4: quarter million dollars in.
• 48:37
  Speaker 2: Tax, yeah and that's only going to grow as you
• 48:39
  Speaker 2: go through.
• 48:39
  Speaker 4: Life so even, more not planning for, today we're planning
• 48:42
  Speaker 4: for a whole, life, Right so if you want to do,
• 48:46
  Speaker 4: that you put together the. Trust now magically we can
• 48:49
  Speaker 4: shelter four million as a married couple and at least
• 48:53
  Speaker 4: currently eliminating the estate tax and In massachusetts.
• 48:58
  Speaker 2: Anyway and if you, okay so let's say you have
• 49:00
  Speaker 2: that revocable. Trust you've been cruising along in, life and
• 49:04
  Speaker 2: now you're a little bit, older when should you actually
• 49:08
  Speaker 2: be looking at doing an irrevocable trust versus a revocable
• 49:12
  Speaker 2: trust at what's stage of?
• 49:13
  Speaker 4: FIVE i know that feeling, now that older. Feeling, YEAH
• 49:16
  Speaker 4: i was.
• 49:17
  Speaker 2: Going to mention. It you may want to talk to your.
• 49:19
  Speaker 4: Attorneys so, yeah for, sure you, KNOW i have a
• 49:23
  Speaker 4: rule of thumb that you, KNOW i just throw out,
• 49:26
  Speaker 4: There BUT i don't know that there is one per
• 49:30
  Speaker 4: se as to you know how how? Much it's basically family.
• 49:34
  Speaker 4: Dynamics and if you've got a medical, issue obviously it
• 49:38
  Speaker 4: could be earlier than. This but if you're, not you're,
• 49:40
  Speaker 4: healthy you, know sixty sixty, FIVE i think you need to,
• 49:45
  Speaker 4: say you, KNOW i not only want to avoid a
• 49:48
  Speaker 4: state taxes and, probate But i'd also like to protect
• 49:52
  Speaker 4: the assets from the nursing. Home why because it's a
• 49:55
  Speaker 4: five year. Weight so IF i start at sixty, Five
• 49:57
  Speaker 4: i'm done at. Seventy that's a good.
• 49:59
  Speaker 2: Bet and it's a new. Trust it's not an amendment
• 50:02
  Speaker 2: to your revocable.
• 50:03
  Speaker 4: Right please please make sure that if you've done your estate,
• 50:08
  Speaker 4: planning AND i have a lot of clients that call
• 50:09
  Speaker 4: now that you THOUGHT i did my planning with you
• 50:11
  Speaker 4: twenty years, ago and you know Now i'm sixty, five
• 50:15
  Speaker 4: don't just change the word revocable to irrevocable on the.
• 50:20
  Speaker 4: Trust get you get a little white, out get a
• 50:22
  Speaker 4: whole new. Trust and for you folks that haven't done
• 50:24
  Speaker 4: your estate, planning get an estate plan in. Order get
• 50:27
  Speaker 4: this guide back to the. Basics it's the end of the,
• 50:29
  Speaker 4: month last chance to get. It it will really help
• 50:32
  Speaker 4: you get your estate plan off the. Ground call and
• 50:35
  Speaker 4: get it eight six six eight four eight five six
• 50:39
  Speaker 4: nine nine Or Legal exchange show dot com and you
• 50:42
  Speaker 4: can download it right.
• 50:43
  Speaker 2: There Todd lutsky from the law firm Of cushing And,
• 50:46
  Speaker 2: dolan thank you so.
• 50:47
  Speaker 4: Much thank, You, susan always a.
• 50:49
  Speaker 2: Pleasure I'm Susan, powers a financial advisor with The Armstrong Advisory.
• 50:52
  Speaker 2: Group we thank you for joining us today And we'll
• 50:55
  Speaker 2: be back again next week on The Legal exchange With Todd.
• 50:58
  Speaker 1: Lutsky there are so many elements needed to build a
• 51:01
  Speaker 1: successful estate, plan and if you don't know where to,
• 51:03
  Speaker 1: Start cushing And dolan can. Help estate planning doesn't stop
• 51:07
  Speaker 1: with a. Will wills by themselves do not keep your
• 51:09
  Speaker 1: estate out of, probate which takes, time can be, costly
• 51:12
  Speaker 1: and it makes your estate a matter of public. Record
• 51:15
  Speaker 1: many families use trust to help protect their. Assets trusts
• 51:18
  Speaker 1: are tools that are designed to help your assets pass,
• 51:20
  Speaker 1: privately more, efficiently and without court. Involvement cushing And dolan
• 51:24
  Speaker 1: have put together a new guide Called back to The,
• 51:26
  Speaker 1: basics a complete guide to an estate and asset protection.
• 51:29
  Speaker 1: Plan it explains in clear terms how, wills, trusts and
• 51:32
  Speaker 1: probate actually work and why structure. Matters get your free
• 51:36
  Speaker 1: copy today by calling eight six six eight four eight
• 51:39
  Speaker 1: five six ninety. Nine that's eight six six eight four
• 51:41
  Speaker 1: eight five six ninet, nine or you can request the
• 51:44
  Speaker 1: guide online by Visiting Legal Exchange show dot. Com That's
• 51:47
  Speaker 1: legal Exchange show dot. Com the proceeding was paid for
• 51:50
  Speaker 1: In the views expressed are solely those Of cushing And.
• 51:52
  Speaker 1: Dolan cushing and Dolan in Or Armstrong advisory may contact
• 51:54
  Speaker 1: you offering legal or investment. Services cushing And dolan In
• 51:57
  Speaker 1: Armstrong advisory do not endorse each other and are not.
• 51:59
  Speaker 6: Affiliate financial life is more connected than. Ever you likely
• 52:02
  Speaker 6: have online, accounts digital, payments automatic, transfers and that connectivity
• 52:06
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