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Estate Planning Mistakes That Can Cost Your Family Everything · 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
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  Speaker 1: eight six six eight four eight five six ninety nine
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan
• 0:40
  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: Welcome Todd. How are you today?
• 0:51
  Speaker 3: I'm never better on you.
• 0:53
  Speaker 2: I am excellent. Thank you.
• 0:54
  Speaker 3: I know I got a couple of things today. I
• 0:57
  Speaker 3: got a Missouri Appellate Court case that deals with real
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  Speaker 3: estate and a trust, who owns it, what can you
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  Speaker 3: do with it? And how does it work with a
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  Speaker 3: mortgage situation where the bank lent the trust money for
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  Speaker 3: a change. Many people say, you can't do that. So
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  Speaker 3: I'm going to talk to you about what happens here. No,
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  Speaker 3: it was a revocable trust, but still, yeah, it's you know,
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  Speaker 3: it'll be interesting to see and it gives us really
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  Speaker 3: an understanding of how the trust works, what you can do,
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  Speaker 3: and more importantly, the importance of funding a trust. And
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  Speaker 3: I go through a whole bunch of that. So, folks,
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  Speaker 3: this is a really interesting case about revocable trusts and
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  Speaker 3: mortgaging property that's inside of it. So stay tuned for that.
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  Speaker 3: And then I this real life story is just one
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  Speaker 3: for the ages. Basically, it's it's I'm not going to
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  Speaker 3: give it all to you now. But this is a
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  Speaker 3: situation where a house is owned by the daughter, the
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  Speaker 3: only child. Mom and dad are on the mortgage, but
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  Speaker 3: not on the property, don't own the property, they live there. Wow,
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  Speaker 3: daughter is trying to redo the post nup because the
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  Speaker 3: prenup is done wrong and now there's problems with their marriage.
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  Speaker 3: You folks, this is just one of those things we say,
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  Speaker 3: you know, please don't put a house that you want
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  Speaker 3: in your children's name. And this is just going to
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  Speaker 3: really emphasize that point that we've talked about for years, Susan,
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  Speaker 3: how nothing good comes That's what's our saying, nothing good
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  Speaker 3: comes from putting anything in your children's name.
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  Speaker 2: Don't give your stuff away, that's.
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  Speaker 3: What we always say. But folks, before I share all
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  Speaker 3: that with you, this is sort of right to the guide,
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  Speaker 3: which is how to leave your assets to your beneficiaries
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  Speaker 3: while probably not putting it in their name while you're alive,
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  Speaker 3: is a step in the right direction. But when you
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  Speaker 3: do leave things and you have a trust in place,
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  Speaker 3: you can control how it gets there. You can talk
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  Speaker 3: about special needs trusts and how to deal with them.
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  Speaker 3: What if you've got a second marriage situation, how can
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  Speaker 3: you leave your assets and take care are both sides
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  Speaker 3: of a marriage. You want to learn about generations, skipping
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  Speaker 3: benefits to getting it to grandchildren. What about divorce proofing
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  Speaker 3: it for your children? What about maybe trying to provide
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  Speaker 3: for them with incentives, not just giving them the assets,
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  Speaker 3: staggering things, and of course jointly own property designated beneficiaries.
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  Speaker 3: Those are ways, but they're not always good ways, right,
• 3:23
  Speaker 3: not always the best folks. Get the guide. There's so
• 3:26
  Speaker 3: much in there about just the leaving of your assets
• 3:28
  Speaker 3: as part of your estate plan eight six six eight
• 3:32
  Speaker 3: four eight five six nine nine or Legal Exchange Show
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  Speaker 3: dot com. Again, the biggest part of the asset planning
• 3:39
  Speaker 3: is your family, not just taxes and probate eight six
• 3:42
  Speaker 3: six eight four eight five six nine nine or Legal
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  Speaker 3: Exchange Show dot com. And go to our Instagram page
• 3:50
  Speaker 3: Cushion Golan PC for more information. All right, Missouri, we
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  Speaker 3: head off to So in this case, in June of
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  Speaker 3: two thousand and eight, Dennis and Lina transferred their property
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  Speaker 3: to Lina's revocable trust. So that tells me that there
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  Speaker 3: was a husband wife revocable trust. So that's good. I
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  Speaker 3: like that.
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  Speaker 2: So they each had one, or they they put it all.
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  Speaker 3: In Lina's trust. This particular one went into the wife's trust.
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  Speaker 3: I just assume that there's another trust, god it that
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  Speaker 3: exists for the husband, or they wouldn't be a separate
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  Speaker 3: Leada's trust. But his trust isn't in play here. The
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  Speaker 3: very next month, the Bank of Odessa enters a promissory
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  Speaker 3: note to lend Dennis and Lina three hundred and forty
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  Speaker 3: five thousand dollars. Okay, Well, the note is secured by
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  Speaker 3: a deed of trust which purports to grant the bank
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  Speaker 3: a security interest in the property held by the trust. Okay,
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  Speaker 3: so far, so good. The deed identified the trust as
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  Speaker 3: the grant Tour and the bank as the grantee. Well.
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  Speaker 3: The bank also twice extended the that note. Well. In
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  Speaker 3: April of twenty fifteen, Lena died and the bank commenced
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  Speaker 3: foreclosure proceedings on the property, while Michelle, the successor trustee
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  Speaker 3: of the trust, filed a claim for Damages an Equitable
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  Speaker 3: Relief from the bank, petitioning to declare the deed of
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  Speaker 3: trust void because it listed the trust as the grant
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  Speaker 3: Tour and the line Missouri prohibits the trust being listed
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  Speaker 3: as the Grand Tour. Stay tuned, Stay with me. The
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  Speaker 3: bank then filed a counterclaim arguing that this was just
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  Speaker 3: obviously a mistake and it can easily be a reformation
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  Speaker 3: of the deed, and we can fix the mistake to
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  Speaker 3: make the trustee of the trust the Grand Tour. Big
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  Speaker 3: difference yep. Well. The trial court granted Michelle's petition in
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  Speaker 3: decided and declared the deed of the trust void, so
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  Speaker 3: too bad for you bank, Bank, while the bank appealed
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  Speaker 3: and the appellate court affirmed, too bad for you bank,
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  Speaker 3: the deed is void. Hmmm, what do we learn here, folks?
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  Speaker 3: What what? What just happened? And again we don't. I'll
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  Speaker 3: get to that, but there's a lot of other things
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  Speaker 3: I want I want to talk about. You know, first
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  Speaker 3: trust existed here, very happy about that, and I don't
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  Speaker 3: want to just skim over that. It was nice to
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  Speaker 3: see that they both did a husband and wife. They
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  Speaker 3: both did their revocable trust planning, they set up their trusts,
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  Speaker 3: they had you know, a will, They were avoiding probate.
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  Speaker 3: They were probably reducing their estate taxes. Most importantly and
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  Speaker 3: consistent with the guide we're giving away, they provided a
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  Speaker 3: nice bloodline distribution of assets to their to their children
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  Speaker 3: and and these assets they could have been left and
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  Speaker 3: I didn't read the document, but when you're doing a trust,
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  Speaker 3: you could divorce proof them, you could generation skip it
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  Speaker 3: to the grandchildren, you could make it age based. I mean,
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  Speaker 3: these things could all be growing a state tax free
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  Speaker 3: to the next generation. Okay, so kudos to them for
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  Speaker 3: doing a state planning. I wanted to sort of bring
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  Speaker 3: that out. But the other thing that this case allows
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  Speaker 3: us to learn about is trust funding, and I want
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  Speaker 3: to explain this a little bit. So it gives us
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  Speaker 3: an opportunity to really discuss the importance of putting assets
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  Speaker 3: in your trust, making sure that you need the real
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  Speaker 3: estate to the trust, like here it was deeded to
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  Speaker 3: the trust perfectly, okay.
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  Speaker 2: And you always do that for your clients when you
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  Speaker 2: go through that process. That's right for the real estate.
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  Speaker 2: Every property they own when they meet us goes in
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  Speaker 2: the trust. We can control that, so we absolutely do that. Also,
• 7:45
  Speaker 2: you know, don't forget, you know, to make sure you
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  Speaker 2: title your bank accounts, your investment accounts, brokerage accounts, right
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  Speaker 2: to the trust, not designated beneficiary. We're talking about a
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  Speaker 2: revocable trust here. The owner of the account is the trust.
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  Speaker 2: You don't need a designated beneficial. No restriction with the
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  Speaker 2: revocable so then no reason not to put everything you can.
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  Speaker 3: In it, right, put it in. Yeah, And I think
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  Speaker 3: the important thing is that once you do that, you
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  Speaker 3: don't need to play around with beneficiary designations. The trust
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  Speaker 3: will take care of it. So now who really owns stuff.
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  Speaker 3: So let's talk about the real estate because people get
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  Speaker 3: confused all the time because remember, the d generally says
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  Speaker 3: something like this Todd Lutsky trustee of the Todd Lutsky
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  Speaker 3: Family Trust. That's what the deed says, and that's not
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  Speaker 3: so confusing. That just means the trust owns it. But
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  Speaker 3: it gets confusing for people when you have an irrevocable
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  Speaker 3: trust right because the irrevocable trust could show the name
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  Speaker 3: of the child com a trustee of the Todd Lutsky
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  Speaker 3: Family Trust.
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  Speaker 2: And how many times have you heard, oh, my daughter
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  Speaker 2: or my son owns that trust. Oh it owns my house.
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  Speaker 3: Now, that's exactly where I said. And right the client's
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  Speaker 3: call and they say, wait a minute, I just saw
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  Speaker 3: my daughter's name is on the d No, the trust
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  Speaker 3: owns it. Your daughter is the trustee. Remember, trust cannot
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  Speaker 3: do anything on their own. The trustee does things for
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  Speaker 3: the trust. And that was the problem in this case.
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  Speaker 3: Remember that the trust owns things, so, but the trust
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  Speaker 3: cannot do things. So in order for this trust, in
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  Speaker 3: order to lend money or to sign as I'm borrowing money,
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  Speaker 3: the trustee of the trust signs to borrow money, not
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  Speaker 3: the grand tour.
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  Speaker 2: And most banks won't lend if it's trust.
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  Speaker 3: And this is why they make you take it out,
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  Speaker 3: do it in your name and put it back in
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  Speaker 3: because you're responsible and they can't make this mistake. And
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  Speaker 3: this is what I think happened here. The bank made
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  Speaker 3: this mistake. So folks, good case, I thought very interesting
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  Speaker 3: and teaches us a lot about most importantly doing planning
• 9:56
  Speaker 3: and funding trusts. And folks, the guide teaches us how
• 10:00
  Speaker 3: to leave our assets to our children when we die
• 10:03
  Speaker 3: in the most efficient and effective manner that you decide.
• 10:07
  Speaker 3: It's really up to you. Get the guide eight six
• 10:10
  Speaker 3: six eight four eight five six nine to nine, or
• 10:14
  Speaker 3: go to our website Legalexchange show dot com and you
• 10:18
  Speaker 3: can download the guide right there.
• 10:20
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:23
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:26
  Speaker 2: financial advisor the Armstrong Advisory Group. We've got much more
• 10:30
  Speaker 2: to come when we return on the Legal Exchange with
• 10:33
  Speaker 2: Todd leuts Key.
• 10:35
  Speaker 1: When it comes to leaving assets to your family, simplicity
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  Speaker 1: It may create serious unintended consequences. In this guide, you'll
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• 10:58
  Speaker 1: be the best plan. The guide also explains how trusts
• 11:01
  Speaker 1: can be used to stagger distributions over time, help protect
• 11:04
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 11:07
  Speaker 1: your inheritance in a way that makes sense for your
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  Speaker 1: When it comes to leaving assets to your family, simplicity
• 13:10
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 13:13
  Speaker 1: in other law, and their new guide is called how
• 13:15
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint owners
• 13:19
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 13:22
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 13:26
  Speaker 1: learn why leaving assets to your children may not always
• 13:29
  Speaker 1: be the best plan. The guide also explains how trusts
• 13:32
  Speaker 1: can be used to stagger distributions over time, help protect
• 13:35
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 13:38
  Speaker 1: your inheritance in a way that makes sense for your
• 13:40
  Speaker 1: personal situation. Call eight six six eight four eight five
• 13:44
  Speaker 1: six ninety nine right now and ask for your free
• 13:46
  Speaker 1: guide how to leave Assets to Beneficiaries. That's eight sixty
• 13:50
  Speaker 1: six eight four eight five six nine nine, or requested
• 13:53
  Speaker 1: online at Legal exchange show dot com. The proceeding was
• 13:56
  Speaker 1: paid for and the views expressed are solely those of
• 13:58
  Speaker 1: Cushing in Dolan. Cushing and Dolan and or Strong Advisory
• 14:00
  Speaker 1: may contact you offering legal or investment services. Cushing and
• 14:03
  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
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  Speaker 1: are not affiliated. You're listening to the Legal Exchange with
• 14:09
  Speaker 1: Todd Lutsky, an expert in elder life planning and taxation.
• 14:13
  Speaker 1: Need help with your estate plan? Call Todd right now
• 14:15
  Speaker 1: and make an appointment. Eight six six eight four eight
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 14:26
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:29
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:32
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:36
  Speaker 2: Where are we headed now, Todd, We.
• 14:37
  Speaker 3: Got a real life story for you. Excellent, I think
• 14:40
  Speaker 3: one for the ages. So let's let's take up a
• 14:44
  Speaker 3: peek at this. So the facts are that a husband
• 14:48
  Speaker 3: and wife. We're going to come in and do some planning, right,
• 14:51
  Speaker 3: mom and dad, But actually the daughter I met with
• 14:55
  Speaker 3: before I met with mom and dad. I met with
• 14:57
  Speaker 3: the daughter and her husband to do a post nup
• 15:01
  Speaker 3: agreement because the pre nup that they had they felt
• 15:04
  Speaker 3: was not done correctly. The daughter had one house in
• 15:08
  Speaker 3: her name. I don't know how long before they were
• 15:10
  Speaker 3: married or whatnot, but that was in her name, and
• 15:13
  Speaker 3: you know, her husband had a house that they were
• 15:15
  Speaker 3: both living in, and she wanted to be on that
• 15:19
  Speaker 3: deed as part of the post nup because they're living
• 15:21
  Speaker 3: there and kind of make that asset a non marital
• 15:25
  Speaker 3: ad I mean a non separate asset, making a joint
• 15:28
  Speaker 3: so that they you know, well, he wanted some money
• 15:31
  Speaker 3: first to suggest, so, you know, to like to buy in,
• 15:35
  Speaker 3: to have her yeah, to buy in, and so he suggested,
• 15:39
  Speaker 3: why don't you sell the house in your name and
• 15:42
  Speaker 3: use that money for this purpose. Well, that turns out
• 15:46
  Speaker 3: that Dad helped daughter out with this and is actually
• 15:50
  Speaker 3: on the mortgage to the property, but not on the
• 15:53
  Speaker 3: deed row her parents actually live there to make matters worse,
• 15:59
  Speaker 3: and they fix up the.
• 16:00
  Speaker 2: Entire house, and the son in law wants her to
• 16:02
  Speaker 2: sell the house that the parents live in. Ah, Christmas
• 16:06
  Speaker 2: is going to be awkward.
• 16:08
  Speaker 3: Needless to say, they're not too happy with this in law.
• 16:11
  Speaker 3: So you know, I assume the daughter was living there
• 16:14
  Speaker 3: before the marriage. And now, however long they've been married,
• 16:17
  Speaker 3: you know, they're living in the in the other house,
• 16:20
  Speaker 3: and so now the parents could lose the house if
• 16:22
  Speaker 3: she sells. Remember dad doesn't own it, but he's on
• 16:26
  Speaker 3: the hook for the mortgage. So the parents, needless to say,
• 16:29
  Speaker 3: don't like the husband too much. Right, Well, daughter wants
• 16:34
  Speaker 3: to keep the house, but she needs the money to
• 16:37
  Speaker 3: get the other house on her name and so.
• 16:41
  Speaker 2: To buy into her husband's house. Yeah, to get that
• 16:44
  Speaker 2: to live long and happily forever after.
• 16:47
  Speaker 3: Yes, I guess. So you know, so this is this
• 16:50
  Speaker 3: is you know, they want this to not be part
• 16:52
  Speaker 3: of the prenup. How's she going to then keep the money?
• 16:55
  Speaker 3: So here's the issue. The question is can the money
• 16:58
  Speaker 3: that she's getting be kept as a set uppard asset
• 17:01
  Speaker 3: or does that have to actually go to him and
• 17:05
  Speaker 3: the issue is can the daughter keep the house that
• 17:09
  Speaker 3: currently has two mortgages on it, one in her name
• 17:11
  Speaker 3: and one in her dad's name. Can you transfer this
• 17:14
  Speaker 3: without triggering the duan sale clause. So they haven't signed
• 17:19
  Speaker 3: the new post up yet, so they're trying to figure
• 17:22
  Speaker 3: out these issues. And then I met with the mom
• 17:27
  Speaker 3: and dad and by the way, this house that they
• 17:30
  Speaker 3: don't own will become their biggest asset. So now I'm
• 17:35
  Speaker 3: figuring out how can I plan for this, take care
• 17:39
  Speaker 3: of mom and dad and still preserve the house for
• 17:43
  Speaker 3: the daughter who she doesn't want to lose that house,
• 17:46
  Speaker 3: and can we can we do that?
• 17:49
  Speaker 2: So this is nothing good comes from giving your assets away.
• 17:52
  Speaker 3: One for the ages, folks, And I'm going to give
• 17:55
  Speaker 3: you the answer in just a minute. But this is
• 17:58
  Speaker 3: exactly why this guy it is so important how to
• 18:02
  Speaker 3: leave or how not to leave?
• 18:04
  Speaker 2: What not to do something assets?
• 18:05
  Speaker 3: It's important to your beneficiaries, right, and that should change
• 18:08
  Speaker 3: the guide how not to leave, So in this case,
• 18:10
  Speaker 3: it's how to leave. Don't do it the way I
• 18:13
  Speaker 3: just read it. Get this guide and learn how you
• 18:16
  Speaker 3: can provide for your children. You can protect assets from
• 18:20
  Speaker 3: future divorces of your children might be the case here.
• 18:24
  Speaker 3: You know you can figure out how to leave assets
• 18:26
  Speaker 3: a generation down after one generation dies tax free. What
• 18:32
  Speaker 3: if you've got a special needs child? How do you
• 18:34
  Speaker 3: handle that? There's ways in the trust to do that.
• 18:37
  Speaker 3: Second marriage is again big reason to figure out how
• 18:40
  Speaker 3: to plan. And yes it lists joint property and designated beneficiaries,
• 18:44
  Speaker 3: but you'll see how the problems exist with those in
• 18:47
  Speaker 3: any event. Folks, it's not always the taxes in probate
• 18:50
  Speaker 3: that's important in estate planning. It's the family behind the
• 18:54
  Speaker 3: estate plan. Get the guide to learn how to leave
• 18:57
  Speaker 3: assets to your family the right way eight six six
• 19:01
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 19:06
  Speaker 3: Show dot com again eight six six eight four eight
• 19:09
  Speaker 3: five six nine nine or Legal Exchange Show dot com
• 19:14
  Speaker 3: and go to our Instagram page Cushing Dolan PC for
• 19:17
  Speaker 3: more information. Ready, I am ready.
• 19:20
  Speaker 2: Let's let's let's learn some lessons here.
• 19:23
  Speaker 3: Let's see what we can do. So this is very
• 19:24
  Speaker 3: strange to me that mom and dad live in a home,
• 19:29
  Speaker 3: fix up a home that they don't own, yet they
• 19:32
  Speaker 3: have a mortgage in their name. Wow, they're like saints.
• 19:37
  Speaker 3: I'm on the hook, but I don't own the property. Okay,
• 19:40
  Speaker 3: let's go on. So people talk a lot about losing
• 19:44
  Speaker 3: control when they put assets in an irrevocable trust. Right,
• 19:47
  Speaker 3: you've you've heard that. Oh, I'm giving up all this
• 19:49
  Speaker 3: control with an irrevocable trust.
• 19:51
  Speaker 2: It's a scary word. You think you're just given it
• 19:52
  Speaker 2: away forever.
• 19:53
  Speaker 3: Well, why don't we take a look at this. Look
• 19:55
  Speaker 3: how much control is lost here by having the home
• 20:00
  Speaker 3: in the daughter's name alone. I guess it was fine
• 20:04
  Speaker 3: when they were all living together, happy, happy, But when
• 20:07
  Speaker 3: she went out and got married, right, and things aren't
• 20:10
  Speaker 3: working out great? So this arrangement turns out bad for
• 20:14
  Speaker 3: both the parents and the daughter in this case, as
• 20:18
  Speaker 3: the daughter's marriage seems to be I don't know if
• 20:20
  Speaker 3: it's not going well, but they're trying to put together
• 20:23
  Speaker 3: a post up to fix a bad prenup.
• 20:26
  Speaker 2: Little red flag kind of here, little bit, it's pink
• 20:30
  Speaker 2: flag right now.
• 20:31
  Speaker 3: My goodness, we didn't get the prenup right, so we're
• 20:35
  Speaker 3: gonna try to do the posting up. We're still not happy, Yeah,
• 20:38
  Speaker 3: all right, how do we fix it? Well, the goal
• 20:42
  Speaker 3: will be for the daughter to give the property that
• 20:45
  Speaker 3: she owns to her parents. There's no gift tax, right,
• 20:49
  Speaker 3: The parents will give the daughter some undetermined amount of money.
• 20:53
  Speaker 2: So she can buy into her new house.
• 20:55
  Speaker 3: Perhaps and or pay off the old mortgage combination. Right,
• 20:59
  Speaker 3: So we got to pay attention. So so there's no
• 21:02
  Speaker 3: gift tax due here because you know, we have a
• 21:06
  Speaker 3: very large exemption, So gifting the property by the daughter
• 21:11
  Speaker 3: to the parents, that's not a problem for anybody. The
• 21:17
  Speaker 3: mortgage is in the daughter's name and that will have
• 21:20
  Speaker 3: to likely be paid off because if she transfers the
• 21:23
  Speaker 3: house to the parents, it could trigger the doe on
• 21:26
  Speaker 3: sale clause the bank finds out. So somehow there'll be
• 21:30
  Speaker 3: enough money to pay off the mortgage and perhaps enough
• 21:33
  Speaker 3: money to take care of getting her name on the
• 21:37
  Speaker 3: house that she's living with living in with her her
• 21:40
  Speaker 3: current husband, and of course likely the parents will just
• 21:45
  Speaker 3: refinance the mortgage that they have to accomplish all this. Yep,
• 21:50
  Speaker 3: we're following so far. Yep, all right, now what Well,
• 21:55
  Speaker 3: now we can plan for the parents because they own
• 21:57
  Speaker 3: the house. Now, the parents are going to create an
• 22:00
  Speaker 3: irrevocable trust Medicaid income only trust and put the daughter
• 22:04
  Speaker 3: on as trustee. Remember they love their daughter. Sure this
• 22:07
  Speaker 3: isn't a problem with the daughter, and put the daughter
• 22:11
  Speaker 3: on as trustee. This is now going to protect the
• 22:14
  Speaker 3: home after five years, so the daughter can feel good
• 22:18
  Speaker 3: that this home is still going to be there. And
• 22:20
  Speaker 3: they're like only sixty five years old, so this is
• 22:22
  Speaker 3: not an old situation. So the house is going to
• 22:27
  Speaker 3: be there for the daughter, the only child. It's going
• 22:30
  Speaker 3: to avoid probate, and the parents are now going to
• 22:33
  Speaker 3: have peace of mind. They actually can live in the
• 22:36
  Speaker 3: house not worry about it.
• 22:37
  Speaker 2: They can't get kicked out if the divorce comes.
• 22:39
  Speaker 3: Yeah, they don't have to worry about getting kicked out.
• 22:42
  Speaker 3: They can they can even sell it if they want
• 22:44
  Speaker 3: to sell it, and they can buy a new home.
• 22:46
  Speaker 3: If they want to buy a new home again, it
• 22:48
  Speaker 3: would still be for the daughter ultimately, So wow, they
• 22:52
  Speaker 3: have now by putting it in an irrevocable trust, they
• 22:55
  Speaker 3: have now just gained one hundred percent more control than
• 22:59
  Speaker 3: they had before. So folks, when you hear the word
• 23:01
  Speaker 3: irrevocable and you think loss of control, think of this case.
• 23:05
  Speaker 3: It went from no control to like one hundred percent
• 23:08
  Speaker 3: more control just because they put it in their irrevocable trust.
• 23:12
  Speaker 3: Live there, sell it, buy another house, and most importantly,
• 23:16
  Speaker 3: when they die, they don't want it going to him.
• 23:20
  Speaker 2: No, I'm sure they're doing some diverse proofing of their
• 23:24
  Speaker 2: inheritance inside.
• 23:25
  Speaker 3: I propose inside the trust that this will all be
• 23:27
  Speaker 3: set up as a divorce proof situation and you will
• 23:30
  Speaker 3: be able to get You know, you can have the
• 23:33
  Speaker 3: house held in trust, but it'll be available for the daughter,
• 23:36
  Speaker 3: the grandkids, but not the spouse, and it will skip generations.
• 23:41
  Speaker 3: It'll pass tax free down to the grandchildren. So this
• 23:43
  Speaker 3: has got GST planning and divorce planning in it, and
• 23:47
  Speaker 3: I think that takes care of the entire mess. Not
• 23:51
  Speaker 3: an easy case to solve in this case, folks, but
• 23:54
  Speaker 3: your family situation might be different. So learn how to
• 23:57
  Speaker 3: leave your assets to your family. Get the guide eight
• 24:00
  Speaker 3: sixty six eight four eight five six nine to nine
• 24:05
  Speaker 3: or Legal Exchange show dot com.
• 24:07
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 24:10
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 24:13
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 24:17
  Speaker 2: be answering your listener questions when we return to the
• 24:20
  Speaker 2: Legal Exchange with Todd Lutsky.
• 24:23
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 24:26
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 24:29
  Speaker 1: in other law, and their new guide is called How
• 24:32
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint owners
• 24:35
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 24:38
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 24:43
  Speaker 1: learn why leaving assets to your children may not always
• 24:45
  Speaker 1: be the best plan. The guide also explains how trusts
• 24:48
  Speaker 1: can be used to stagger distributions over time, help protect
• 24:51
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 24:55
  Speaker 1: your inheritance in a way that makes sense for your
• 24:57
  Speaker 1: personal situation. Call eight six six eight or eight five
• 25:00
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• 25:03
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• 25:09
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• 25:13
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• 25:14
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• 25:17
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• 25:20
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• 25:22
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• 25:25
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• 25:28
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• 25:32
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• 25:41
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• 26:08
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• 26:11
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• 26:13
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• 26:16
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 26:19
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 26:22
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• 26:26
  Speaker 1: but you need the right plan. Cushing and Dolan's new
• 26:28
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• 26:31
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• 26:36
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• 26:39
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• 26:41
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• 26:46
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• 26:48
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• 26:51
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• 27:24
  Speaker 1: You're listening to the Legal Exchange, and it's time for
• 27:28
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:31
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:35
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:40
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:43
  Speaker 2: First question comes from Rob in Oxford, Connecticut. Rob writes,
• 27:47
  Speaker 2: what are the tax implications of naming my trust as
• 27:50
  Speaker 2: beneficiary of my IRA rather than my children? Are there
• 27:54
  Speaker 2: any benefits to doing this?
• 27:57
  Speaker 3: So I'm going to expand on this because when you
• 27:59
  Speaker 3: talk about iras, you can't just focus on this one issue.
• 28:03
  Speaker 3: So I'm gonna give you a whole bunch of examples
• 28:05
  Speaker 3: for all the listeners out there, not just for Rob,
• 28:08
  Speaker 3: but Rob certainly will address yours as well. So when
• 28:12
  Speaker 3: you talk about iras, there's a couple of steps you
• 28:16
  Speaker 3: have to think about. First, if you have a spouse,
• 28:19
  Speaker 3: I know, Rob, that's not yours, but let's talk about
• 28:21
  Speaker 3: it as many people have.
• 28:22
  Speaker 2: Well, he doesn't mention either way, so he could be
• 28:24
  Speaker 2: referring to contingents or okay, yeah, so it could be
• 28:27
  Speaker 2: either way.
• 28:28
  Speaker 3: So if he's got a spouse, yep, ninety nine times
• 28:32
  Speaker 3: out of one hundred, you're going to name the surviving
• 28:34
  Speaker 3: spouse as the primary beneficiary. Why because it offers the
• 28:39
  Speaker 3: best tax implications of doing it. Spouses are super beneficiaries.
• 28:46
  Speaker 3: They really are, you are. They are able to take
• 28:51
  Speaker 3: the money out generally speaking, over their life expectancy, so
• 28:56
  Speaker 3: it's not limited to a ten year rule, which is
• 28:59
  Speaker 3: what kids have. Or oftentimes if the spouse the participant
• 29:06
  Speaker 3: dies before the required beginning date, then the spouse gets
• 29:10
  Speaker 3: to wait until they reach the required beginning date. Okay,
• 29:13
  Speaker 3: so for their to take out their RMD. So you
• 29:16
  Speaker 3: could even delay the taxes further. Yep, So spouse generally
• 29:21
  Speaker 3: number one. Now, if you don't have a spouse, or
• 29:25
  Speaker 3: for whatever reason, you want to name the kids directly,
• 29:28
  Speaker 3: naming kids is okay. But when you name kids it
• 29:32
  Speaker 3: comes out over ten years, so the tax implication is
• 29:36
  Speaker 3: comes out faster. And if the kids are working earning
• 29:42
  Speaker 3: good money and have to take big hits to their
• 29:46
  Speaker 3: income being from the RMD, pushing them into a higher
• 29:51
  Speaker 3: income tax bracket.
• 29:52
  Speaker 2: But how do you ever even get around that, are
• 29:55
  Speaker 2: there any options for that?
• 29:56
  Speaker 3: Not really spend it before you die is probably advice
• 30:00
  Speaker 3: People should live off their and save other money for
• 30:03
  Speaker 3: their kids would be a good way of doing it.
• 30:06
  Speaker 3: But yeah, I mean it does come out over ten years.
• 30:08
  Speaker 3: You can't really avoid it in many cases. So those
• 30:12
  Speaker 3: are the options there. And then also one that you
• 30:15
  Speaker 3: didn't think about is if you name oh it isn't
• 30:17
  Speaker 3: here name the trust, right? Could you name the trust
• 30:19
  Speaker 3: as a beneficiary? Well, I would do that almost always
• 30:24
  Speaker 3: instead of the kids provided the trust planning that I'm
• 30:28
  Speaker 3: doing is designed to hold assets in trust and divorce
• 30:32
  Speaker 3: proof them and credit or protect them for my kids
• 30:35
  Speaker 3: and my grandkids. If that's the case, then I want
• 30:38
  Speaker 3: the IRA to be in the trust.
• 30:41
  Speaker 2: So just to clarify that statement you just made, Todd,
• 30:44
  Speaker 2: just because you have a trust doesn't mean you can
• 30:46
  Speaker 2: name the trust as beneficiary of your IRA.
• 30:48
  Speaker 3: Correct.
• 30:49
  Speaker 2: You have get a specific language in there.
• 30:51
  Speaker 3: No, No, I guess what I'm trying to say is
• 30:53
  Speaker 3: is it doesn't mean. The difference is if I name
• 30:57
  Speaker 3: my children the beneficiary, it's coming out to them in
• 31:00
  Speaker 3: their pocket. Yep. And as my trust says, when I die,
• 31:03
  Speaker 3: I leave everything equally to my kids pay it out, Well,
• 31:06
  Speaker 3: then I don't need to make my trust go my
• 31:08
  Speaker 3: IRA go through my trust just to go out. But
• 31:11
  Speaker 3: if my trust is designed to shelter assets, to protect
• 31:15
  Speaker 3: them from creditors and divorces and generation skipping benefits, well,
• 31:20
  Speaker 3: then I want my IRA to to feel those same benefits.
• 31:23
  Speaker 3: So then I would not name the kids, I would
• 31:26
  Speaker 3: name the trust as the beneficiary. And then apart from
• 31:30
  Speaker 3: all that, folks, if you got an irrevocable medicaid situation
• 31:35
  Speaker 3: and you want to protect your assets from the nursing home,
• 31:38
  Speaker 3: you need to set up a testamentary trust. If you're
• 31:40
  Speaker 3: going to do this aspect of it, then if you're over,
• 31:45
  Speaker 3: if you're seventy three or over, I think that's the
• 31:47
  Speaker 3: required beginning date for most people, then you can name
• 31:50
  Speaker 3: your estate the beneficiary. And now you can shelter that
• 31:55
  Speaker 3: IRA from future estate taxes and immediately protected from the
• 32:00
  Speaker 3: nursing home for the spouse who's living. And you only
• 32:04
  Speaker 3: do this if you're married, okay, and not have any
• 32:07
  Speaker 3: adverse income tax consequences.
• 32:09
  Speaker 7: And five year look back on IRA fire look back,
• 32:12
  Speaker 7: and it's protected for the future spouse. It's really an
• 32:15
  Speaker 7: amazing way to go. So this is a packed full
• 32:18
  Speaker 7: of information question. Rob, you didn't know what you were
• 32:21
  Speaker 7: opening up there, But folks, this is all about how
• 32:25
  Speaker 7: to leave assets of the beneficiaries iras. Maybe you put
• 32:28
  Speaker 7: them in the trust. Get the guide how to leave
• 32:31
  Speaker 7: assets to beneficiaries and learn once the money goes in there,
• 32:34
  Speaker 7: it doesn't have to come out right away. It can
• 32:36
  Speaker 7: be staggered for ages, it could be designed for divorce proofing,
• 32:40
  Speaker 7: it can take care special needs children. There's so many
• 32:43
  Speaker 7: things second marriages, folks, so many things to think about
• 32:47
  Speaker 7: when you're leaving your assets. It's not all about taxes
• 32:50
  Speaker 7: and bloodline and probate. It's about the family behind the
• 32:54
  Speaker 7: estate plan. Get the guide eight six six eight four
• 32:58
  Speaker 7: eight five six nine nine or Legal Exchange Show dot
• 33:02
  Speaker 7: com again eight sixty six eight four eight five six
• 33:06
  Speaker 7: ninety nine or Legal Exchange Show dot com and you
• 33:09
  Speaker 7: can download it right there and oh our Instagram page
• 33:12
  Speaker 7: Cushing Dolan PC for more information.
• 33:15
  Speaker 2: Our last question comes from Ed in Jacksonville, Florida, and
• 33:19
  Speaker 2: Ed writs, my son is in the process of going
• 33:21
  Speaker 2: through a divorce. I've done my estate planning with revocable trust,
• 33:25
  Speaker 2: so Ed must be married her attorney has asked for
• 33:28
  Speaker 2: details on any anticipated inheritance. How do we handle this?
• 33:33
  Speaker 2: He is currently a twenty five percent beneficiary of a
• 33:37
  Speaker 2: five million dollar estate. Should I disinherit him until his
• 33:41
  Speaker 2: divorce is settled?
• 33:43
  Speaker 3: I mean disinheriting somebody is certainly an option. I don't
• 33:46
  Speaker 3: want to say you can't do it. It's a revocable trust.
• 33:49
  Speaker 3: Even if it was irrevocable, we have the ability to
• 33:51
  Speaker 3: change beneficiaries limited under a limited power of appointment.
• 33:55
  Speaker 2: But do you want to know what happens if something
• 33:56
  Speaker 2: happens to Ed?
• 33:57
  Speaker 3: And this is very important When I say you know,
• 34:00
  Speaker 3: can you divorce? Yes? You can? Should you probably not? Why?
• 34:04
  Speaker 3: Because if you actually died during the time his divorce,
• 34:07
  Speaker 3: he would be out and then there would be ramifications
• 34:11
  Speaker 3: to try to get him back in. So it's very
• 34:13
  Speaker 3: real when you do that is what I'm trying to say.
• 34:18
  Speaker 3: So what's the better way to go, Well, change the
• 34:22
  Speaker 3: language of your trust. So go back to your lawyer
• 34:25
  Speaker 3: and do like an amendment. Right instead of having it
• 34:29
  Speaker 3: says he's a twenty five percent beneficiary, I'm going to
• 34:32
  Speaker 3: assume the trust simply says divide everything up and take
• 34:36
  Speaker 3: maybe there's four kids, divide everything up equally and take
• 34:40
  Speaker 3: twenty five percent and just pay it out to head, right,
• 34:44
  Speaker 3: just you can have it. Well, that's when they always
• 34:50
  Speaker 3: look for these and divorces, they're going to have to
• 34:52
  Speaker 3: do a Von Affi David expos just describing their entire
• 34:57
  Speaker 3: assets that they have to the other side.
• 35:00
  Speaker 2: Seem right, it's not their asset.
• 35:01
  Speaker 3: Yeah, they always ask for it and it's definitely comes
• 35:04
  Speaker 3: into place, So be ready for this Von affidavit that
• 35:07
  Speaker 3: you're probably going to have to fill out. But at
• 35:10
  Speaker 3: the end of the day, you can also then show
• 35:13
  Speaker 3: them the copy of the trust to say. If they
• 35:17
  Speaker 3: see that, they're going to say, oh, look, you're getting
• 35:18
  Speaker 3: twenty five percent. But if you change the trust of
• 35:21
  Speaker 3: what you're allowed to do now it's not like, oh,
• 35:23
  Speaker 3: you did this just because we're getting divorced, right, and
• 35:26
  Speaker 3: that's all right, you're allowed to do that. In this case,
• 35:30
  Speaker 3: you would change the language to say, and I treat
• 35:32
  Speaker 3: all the kids the same way. It's only helpful. All
• 35:35
  Speaker 3: buckets are held in trust in which a discretionary a
• 35:40
  Speaker 3: disinterested trustee which could be named by the children and
• 35:45
  Speaker 3: removed by the children and replaced by the children once
• 35:48
  Speaker 3: you're gone, if if you want to give them that power.
• 35:52
  Speaker 3: The disinterested trustee's only job is to make decisions about
• 35:57
  Speaker 3: whether or not money should come out of let's say
• 36:00
  Speaker 3: the sun's share Junior's bucket, right, Junior's bucket. So, and
• 36:04
  Speaker 3: it's the same for every bucket. So Junior says, we're
• 36:08
  Speaker 3: not met. We know we're not divorced, but we can
• 36:10
  Speaker 3: get money out, you know, kids going to college or vacation,
• 36:13
  Speaker 3: whatever you need. Life goes on and here comes the
• 36:17
  Speaker 3: divorce and this could have happened after your dead ed
• 36:20
  Speaker 3: so that's why this is so important. Now it says, oh,
• 36:26
  Speaker 3: I would like half of what's in that trust Junior,
• 36:29
  Speaker 3: because we're getting divorced. And Junior says, well, that's great,
• 36:32
  Speaker 3: but you have to ask Todd. He's my disinterested trustee
• 36:36
  Speaker 3: and he has sole discretion. Therein lies the protection, folks.
• 36:40
  Speaker 3: So if you don't own it and you never owned it, Junior,
• 36:43
  Speaker 3: it's not a marital asset to begin with, go away, right.
• 36:47
  Speaker 3: So that's how you.
• 36:48
  Speaker 2: Protect it, very very law folks.
• 36:52
  Speaker 3: That's one of the ways described in this guide as
• 36:55
  Speaker 3: to how to get the how to bend, how to
• 36:57
  Speaker 3: relieve your assets to your family, So call and get
• 37:00
  Speaker 3: the guide eight six six eight four eight five six
• 37:04
  Speaker 3: nine to nine or Legal Exchange Show dot com and
• 37:07
  Speaker 3: you can download it right there.
• 37:09
  Speaker 2: If you have a question you would like to ask Todd,
• 37:11
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:15
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:18
  Speaker 2: read your question on the air, and hopefully his answer
• 37:21
  Speaker 2: will stop you from becoming one of his next real
• 37:24
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:27
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:31
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:34
  Speaker 2: back with more after this quick break on the Legal
• 37:37
  Speaker 2: Exchange with Todd Lutski.
• 37:39
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 37:43
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 37:46
  Speaker 1: in other law, and their new guide is called how
• 37:48
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint donors
• 37:52
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 37:55
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 37:59
  Speaker 1: learn why leaving assets to your children may not always
• 38:02
  Speaker 1: be the best plan. The guide also explains how trusts
• 38:05
  Speaker 1: can be used to stagger distributions over time, help protect
• 38:08
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 38:11
  Speaker 1: your inheritance in a way that makes sense for your
• 38:14
  Speaker 1: personal situation. Call eight six six eight four eight five
• 38:17
  Speaker 1: six ninety nine right now and ask for your free
• 38:19
  Speaker 1: guide How to Leave Assets to Beneficiaries. That's eight sixty
• 38:23
  Speaker 1: six eight four eight five six nine nine, or requested
• 38:26
  Speaker 1: online at legal exchangshow dot com. The proceeding is paid
• 38:29
  Speaker 1: for and the views expressed are solely those of Cushing
• 38:31
  Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
• 38:34
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 38:37
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 38:39
  Speaker 1: not affiliated.
• 38:40
  Speaker 6: Organization can make a big difference when life takes an
• 38:43
  Speaker 6: unexpected turn. Hi, this is Mike Armstrong from the Armstrong
• 38:46
  Speaker 6: Advisory Group. Having your most important information all in one
• 38:49
  Speaker 6: place may help the people you trust handle critical financial
• 38:52
  Speaker 6: or legal decisions if a crisis occurs. We've written a
• 38:55
  Speaker 6: new guide called Building your Emergency Financial Binder. In it,
• 38:59
  Speaker 6: we offer strategies that can help you coordinate the most
• 39:01
  Speaker 6: vital details of your life, including key contacts, legal documents,
• 39:05
  Speaker 6: and property information. Our goal is to provide you with
• 39:07
  Speaker 6: a clear plan for the people you trust if they
• 39:10
  Speaker 6: ever need to help manage a life altering situation. Call
• 39:13
  Speaker 6: eight hundred three nine three four zero zero one right
• 39:15
  Speaker 6: now and ask for your free guide called Building your
• 39:17
  Speaker 6: Emergency Financial Binder. That's eight hundred three nine three four
• 39:21
  Speaker 6: zero zero one, or you can request it online at
• 39:24
  Speaker 6: Armstrong Advisory dot com.
• 39:25
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:28
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:30
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:33
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:36
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:39
  Speaker 1: advisory services. Leaving assets to your family may sound simple,
• 39:43
  Speaker 1: but you need the right plan. Cushing and Dolan's new
• 39:45
  Speaker 1: guide is called how to Leave Assets to Beneficiaries, Protect
• 39:48
  Speaker 1: your assets and control your family's inheritance. Call eight sixty
• 39:51
  Speaker 1: six eight four eight five six ninet nine and request
• 39:53
  Speaker 1: your free guide today. That's eight six six eight four
• 39:56
  Speaker 1: eight five six ninet nine, or request the guide online
• 39:58
  Speaker 1: at Legal Exchange show dot com. The proceeding was paid
• 40:01
  Speaker 1: for in The views expressed are solely those of Cushingon Dolan.
• 40:03
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 40:05
  Speaker 1: offering legal or investment services. Cushingon, Dolon and Armstrong Advisory
• 40:09
  Speaker 1: do not endorse each other and are not affiliated.
• 40:11
  Speaker 5: This is Michael Valila, adjudant of the Disabled American Veterans
• 40:14
  Speaker 5: Department of Massachusetts. The DAV of Massachusetts has helped me
• 40:18
  Speaker 5: and countless others adjust to civilian life through a variety
• 40:21
  Speaker 5: of incredible programs. Through our Local Veterans Assistance Program, we
• 40:25
  Speaker 5: provide necessary services to veterans in their communities, such as food, shopping, landscaping,
• 40:31
  Speaker 5: and companionship. But we need your support. You can help
• 40:34
  Speaker 5: by making a donation today. Please visit DAV FIVEK dot Boston.
• 40:38
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• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Letsky. If
• 40:44
  Speaker 1: you were a loved one needs a nursing homestay, call
• 40:46
  Speaker 1: Todd right now at eight six six eight four eight
• 40:49
  Speaker 1: five six ninety nine and let him make sure your
• 40:51
  Speaker 1: assets are protected. That's eight sixty six eight for eight
• 40:54
  Speaker 1: five six nine nine or visit him online at Legal
• 40:57
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lunsky. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. Todd, your guide is all about how
• 41:17
  Speaker 2: to leave assets to beneficiaries, and I want to kind
• 41:21
  Speaker 2: of circle back and really tie in a lot of
• 41:25
  Speaker 2: the situations, the questions and the stories that you told
• 41:29
  Speaker 2: us today, because I think that a lot of parents
• 41:33
  Speaker 2: out there are not in favor of just putting their
• 41:37
  Speaker 2: full inheritance into the hands of the kids. Oh come on,
• 41:40
  Speaker 2: I'm twenty one year old.
• 41:41
  Speaker 3: Boys.
• 41:41
  Speaker 2: If something happened to me and my husband today, the
• 41:44
  Speaker 2: last thing I want to do is put all my
• 41:45
  Speaker 2: assets into their hands. So I want to talk about
• 41:49
  Speaker 2: all the different creative ways that you can leave assets
• 41:53
  Speaker 2: to your beneficiaries, sometimes protecting them from themselves, sometimes protecting
• 41:59
  Speaker 2: themselves from immaturity, maybe divorces, creditors, and so forth. So
• 42:05
  Speaker 2: you think about like kids, my age, kids, my kids age.
• 42:10
  Speaker 3: Okay, I'm a kid, Yeah, good, I know at.
• 42:12
  Speaker 2: Heart my mind, I'm twenty five. Still, what would you
• 42:16
  Speaker 2: recommend for me when I have giant man boys, for
• 42:21
  Speaker 2: lack of a better term, twenty one years old? How
• 42:25
  Speaker 2: what would be the best way for me to leave
• 42:29
  Speaker 2: my kids their inheritance without them feeling like it's completely
• 42:32
  Speaker 2: under shackles.
• 42:34
  Speaker 3: So I think at at you know, at a bare minimum,
• 42:40
  Speaker 3: we probably could talk about, you know, staggering distributions.
• 42:44
  Speaker 2: What does that mean?
• 42:45
  Speaker 3: So you know, you tell them, if you happen to
• 42:48
  Speaker 3: die tomorrow, the assets will come out of the trust
• 42:52
  Speaker 3: in thirds. So you know, at age twenty five, yep,
• 42:57
  Speaker 3: they can take out you know, and they're twins, so
• 43:00
  Speaker 3: that the same age. So this works well. But if
• 43:02
  Speaker 3: they weren't the same age, it would just be when
• 43:04
  Speaker 3: they independently reached their age. So please don't think about
• 43:08
  Speaker 3: it just for twins. So at age twenty five, it
• 43:15
  Speaker 3: would say, you know, the beneficiaries can demand one third
• 43:20
  Speaker 3: of their share and the trustee can't say no. But
• 43:24
  Speaker 3: prior to twenty five, the trustee would be able to
• 43:29
  Speaker 3: give out money to them for health, education, welfare support,
• 43:34
  Speaker 3: something like that. Sure, good reason, you know, that's when
• 43:37
  Speaker 3: they'll need it for those kinds of things, and then
• 43:40
  Speaker 3: at twenty five they could actually have a third, But
• 43:43
  Speaker 3: then they have to wait until thirty to get the
• 43:46
  Speaker 3: next half the balance, and between twenty five and thirty
• 43:51
  Speaker 3: the trustee again can make distributions for health, education, maintenance support.
• 43:55
  Speaker 3: It's not like they have to have nothing. They can
• 43:57
  Speaker 3: get something along the way to and then at thirty
• 44:01
  Speaker 3: five they can take the final piece.
• 44:03
  Speaker 2: So if at twenty five they get their first one
• 44:06
  Speaker 2: third and they blow through it, they have five years
• 44:10
  Speaker 2: to think about what they've done that's right, and maybe
• 44:12
  Speaker 2: hopefully mature and be a little smarter with the next round.
• 44:15
  Speaker 3: I think that's exactly the way to look at it is.
• 44:17
  Speaker 3: You know, it's really a maturation process. And people ask
• 44:20
  Speaker 3: me what would I do? It's not ever what would
• 44:22
  Speaker 3: I do? It's you know your children, you know how
• 44:25
  Speaker 3: mature they are, you know how responsible they are, you
• 44:29
  Speaker 3: know how good they are with money. That's a family decision.
• 44:33
  Speaker 3: All we can do is provide the structure based on
• 44:37
  Speaker 3: the response from the family.
• 44:39
  Speaker 2: So what if I say, you know what, I even
• 44:43
  Speaker 2: putting it in their hands, I still want them to
• 44:46
  Speaker 2: be contributing members of society. So is there anything that
• 44:50
  Speaker 2: I can do to ensure that they're not going to
• 44:53
  Speaker 2: become these kids that are just waiting for their next
• 44:55
  Speaker 2: distribution from their trust.
• 44:57
  Speaker 3: Yeah. You do see this sometimes where and I think
• 44:59
  Speaker 3: that's a smart play. You know, you could put something
• 45:03
  Speaker 3: in that might say, you know, show the trustee at
• 45:08
  Speaker 3: the end of the year, you know a W two
• 45:10
  Speaker 3: or or a ten ninety nine that you worked and
• 45:14
  Speaker 3: you got and then you can put language in there
• 45:16
  Speaker 3: that says, okay, we'll either match it or have it
• 45:20
  Speaker 3: or whatever you want to distribution. Yeah, how did you work?
• 45:24
  Speaker 3: I earned a one hundred thousand dollars this year. Well
• 45:27
  Speaker 3: you're allowed one hundred thousand dollars from the trust. Now
• 45:29
  Speaker 3: you've got a bonus for working so hard. So that's
• 45:32
  Speaker 3: like motivation. You say, wow, I can work one hundred
• 45:34
  Speaker 3: two hundred grand, and.
• 45:35
  Speaker 2: If you make tang grain, you're only getting hang gran
• 45:37
  Speaker 2: out right, which could be a good incentive to choose
• 45:40
  Speaker 2: them working.
• 45:40
  Speaker 3: At least, you know, you know, at least that way
• 45:42
  Speaker 3: they'll do something to double their money. So, folks, those
• 45:46
  Speaker 3: are just some of the ideas that are laid out
• 45:49
  Speaker 3: in this guide this month called how to Leave Assets
• 45:52
  Speaker 3: to Beneficiaries. We talk so much about taxes and probate,
• 45:56
  Speaker 3: we sometimes forget about the most important part of a
• 45:59
  Speaker 3: state planning, and that's the family behind the estate plan.
• 46:02
  Speaker 3: This guide helps you understand that aspect of it. Special
• 46:05
  Speaker 3: needs children, how do you handle them? What if I
• 46:07
  Speaker 3: got rental property, how do I want to leave the
• 46:09
  Speaker 3: rental property to take care of the kids and watch
• 46:12
  Speaker 3: out for creditors? What about if I just own everything jointly?
• 46:15
  Speaker 3: Is that good? We talked about staggered distributions, what about
• 46:18
  Speaker 3: divorce proof language or second marriages? Folks, there's so many
• 46:22
  Speaker 3: things to think about in terms of your family dynamics
• 46:26
  Speaker 3: and how most effectively to take care of them, taxes
• 46:30
  Speaker 3: and creditors. Get the guide eight six six eight four
• 46:35
  Speaker 3: eight five six nine to nine or Legal Exchange Show
• 46:39
  Speaker 3: dot com again eight six six eight four eight five
• 46:43
  Speaker 3: six nine nine or Legal Exchange Show dot com and
• 46:46
  Speaker 3: go to our website Cushion goan PC for more information.
• 46:50
  Speaker 2: So we've talked a lot about those sole discretionary trust
• 46:53
  Speaker 2: where you know, you protect their assets from divorces and
• 46:58
  Speaker 2: creditors and so forth. If you have that set up,
• 47:02
  Speaker 2: maybe you have a child who just isn't necessarily good
• 47:06
  Speaker 2: with money, and they might be vulnerable to being taken
• 47:09
  Speaker 2: advantage of. So can you set that up so that
• 47:12
  Speaker 2: your disinterested trustee or your regular trustee, can they actually
• 47:17
  Speaker 2: set it up so that they're paying their rent, they're
• 47:20
  Speaker 2: giving them, you know, a weekly allowance or a monthly
• 47:23
  Speaker 2: allowance to just kind of help them and guide them,
• 47:26
  Speaker 2: because there's a lot of kids out there that just
• 47:28
  Speaker 2: aren't good with money. Is that possible?
• 47:30
  Speaker 3: So you can set up a trust to do anything
• 47:35
  Speaker 3: you want. So let's start with that, okay, premise, But
• 47:38
  Speaker 3: if you want to again by by using the words
• 47:41
  Speaker 3: sole discretionary distribution. So if I'm if I'm a disinterested trustee,
• 47:49
  Speaker 3: and I can make distributions out in my sole discretion,
• 47:53
  Speaker 3: well then it can be for anything I want. In
• 47:54
  Speaker 3: my head, I can say, yeah, I'm going to pay
• 47:56
  Speaker 3: your rent, I'm going to you know, provide a stipend
• 48:00
  Speaker 3: or food. You know, I can say that without writing
• 48:04
  Speaker 3: it in the trust. Okay, Now, if you write it
• 48:09
  Speaker 3: in the trust that says I'm going to pay out
• 48:11
  Speaker 3: five thousand dollars a month to Billy, well that's not
• 48:14
  Speaker 3: going to be very helpful from a credit or protection standpoint,
• 48:17
  Speaker 3: or divorce or anything else that right, Yeah, because there
• 48:21
  Speaker 3: seems to be some mandatory language in there that says, well,
• 48:25
  Speaker 3: clearly that's not an option, you know, or you're going
• 48:27
  Speaker 3: to get rent paid. Well, that's not helpful, So probably
• 48:31
  Speaker 3: stay away from the specific language and air more on
• 48:36
  Speaker 3: the side of soul discretion.
• 48:39
  Speaker 2: And then can you also use that soul discretion if
• 48:42
  Speaker 2: you have a beneficiary that maybe they have dependency issues
• 48:46
  Speaker 2: or addiction issues to really protect them from themselves, because
• 48:50
  Speaker 2: if you put a big bucket in money in their hands,
• 48:52
  Speaker 2: they could kill themselves with it. They just if they
• 48:55
  Speaker 2: have those issues, can you kind of change how you're
• 48:58
  Speaker 2: distributing things throughout the years if someone maybe they had
• 49:01
  Speaker 2: them and now they're doing great.
• 49:03
  Speaker 3: So yeah, I think the beauty of the sole discretionary
• 49:07
  Speaker 3: language is that you actually can use that for a
• 49:11
  Speaker 3: lot of different reasons. You might have one kid who's
• 49:14
  Speaker 3: got a horrible marriage, like our example early in the show,
• 49:18
  Speaker 3: and say, well, geez, I need this special sole discretionary
• 49:21
  Speaker 3: language and the trust to take care of this child
• 49:23
  Speaker 3: because she's got divorce problems. You know, other kids not married,
• 49:27
  Speaker 3: probably never going to get married, but you know what,
• 49:29
  Speaker 3: he's on drugs and it's a lifelong problem. He's off
• 49:32
  Speaker 3: now he's doing well, but I can't risk that he's
• 49:34
  Speaker 3: going to go back on drugs. Sole discretionary language. I
• 49:38
  Speaker 3: could have a special needs child, sole discretionary language. The
• 49:42
  Speaker 3: beauty of that is it kind of works the same way,
• 49:46
  Speaker 3: but for different reasons.
• 49:47
  Speaker 2: Kind of a one size fits all from an inheritance perspective.
• 49:50
  Speaker 3: And it's beautiful because the whole point of these situations
• 49:56
  Speaker 3: is ownership. Not giving them ownership means they can maintain
• 50:02
  Speaker 3: governmental benefits. It's not subject to the divorce you name it.
• 50:05
  Speaker 3: Not giving them ownership is what provides a lot of
• 50:10
  Speaker 3: the benefits, and.
• 50:10
  Speaker 2: That can be used with revocable or irrevocable.
• 50:13
  Speaker 3: Correct. That's correct. Perfect, So, folks, these are just some
• 50:17
  Speaker 3: of the examples as to how to leave your assets
• 50:20
  Speaker 3: to your beneficiaries. Get the guide by the same name
• 50:23
  Speaker 3: and see for yourself all the options that are available
• 50:26
  Speaker 3: for you and how it can fit best into your family.
• 50:30
  Speaker 3: Eight six six eight four eight five six nine nine
• 50:34
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 50:38
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 50:42
  Speaker 3: Show dot com.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 51:03
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 51:07
  Speaker 1: in other law, and their new guide is called How
• 51:09
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint owners
• 51:12
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 51:15
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 51:20
  Speaker 1: learn why leaving assets to your children may not always
• 51:22
  Speaker 1: be the best plan. The guide also explains how trusts
• 51:25
  Speaker 1: can be used to stagger distributions over time, help protect
• 51:28
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 51:32
  Speaker 1: your inheritance in a way that makes sense for your
• 51:34
  Speaker 1: personal situation. Call eight six six eight four eight five
• 51:37
  Speaker 1: six ninety nine right now and ask for your free
• 51:40
  Speaker 1: guide How to Leave Assets to Beneficiaries. That's eight sixty
• 51:43
  Speaker 1: six eight four eight five six nine nine or requested
• 51:46
  Speaker 1: online at Legal exchange show dot com. The proceeding is
• 51:49
  Speaker 1: paid for and the views expressed are solely those of
• 51:51
  Speaker 1: Cushing and Dolan. Cushing and Dolan and Ormstrong Advisory may
• 51:54
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 51:57
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 51:59
  Speaker 1: not a few.
• 52:00
  Speaker 4: One of the most helpful things you can do for
• 52:02
  Speaker 4: your family is to make sure that important information about
• 52:05
  Speaker 4: your life is organized and easy to find. Hi This
• 52:07
  Speaker 4: is Chuck Zauta from the Armstrong Advisory Group. Financial accounts,
• 52:11
  Speaker 4: legal documents, and insurance policies are all part of a
• 52:14
  Speaker 4: complete financial picture. When that information is scattered in different places,
• 52:17
  Speaker 4: it can be difficult for loved ones to step in
• 52:19
  Speaker 4: and help if a crisis occurs. Our new guide called
• 52:22
  Speaker 4: Building your Emergency Financial Binder will show you how to
• 52:25
  Speaker 4: organize the most important details of your financial life, including
• 52:29
  Speaker 4: key contacts, retirement plans, investment accounts, and insurance information. Call
• 52:33
  Speaker 4: eight hundred three nine three for zero zero one and
• 52:36
  Speaker 4: ask for your free guide called Building your Emergency Financial Binder.
• 52:40
  Speaker 4: That's eight hundred three nine three for zero zero one,
• 52:44
  Speaker 4: or you can request the guide by visiting Armstrong Advisory
• 52:47
  Speaker 4: dot com.
• 52:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 52:54
  Speaker 1: your own financial tax into state planning advisors before making
• 52:57
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 52:59
  Speaker 1: advisory services. Leaving assets to your family may sound simple,
• 53:02
  Speaker 1: but you need the right plan. Cushing and Dolan's new
• 53:04
  Speaker 1: guide is called how to Leave Assets to Beneficiaries, Protect
• 53:07
  Speaker 1: your assets and control your family's inheritance. Call eight six
• 53:10
  Speaker 1: six eight four eight five six ninet nine and request
• 53:13
  Speaker 1: your free guide today. That's eight six six eight four
• 53:15
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