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Protecting a primary residence for a single person · 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
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  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into Legal Exchange with Todd Lotsky. I'm Susan Power
• 0:41
  Speaker 2: to financial advise with the Armstrong Advisory Group and I'm
• 0:44
  Speaker 2: joined by Todd Lotsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing A. Dolan with a master's in taxation. Welcome Todd.
• 0:51
  Speaker 2: How are you today?
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  Speaker 3: I'm never bettering you.
• 0:54
  Speaker 2: I am great. Thank you. What do you have for
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  Speaker 2: us this week?
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  Speaker 3: Well, this week we also have a couple of actual
• 1:01
  Speaker 3: I like to call them real life stories, but they're
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  Speaker 3: really fair hearings too. We've actually had to go to
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  Speaker 3: a hearing to defend this particular client's situation. So it's
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  Speaker 3: like a case, but it's local and it feels more real.
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  Speaker 3: So two real life stories. The first one deals with
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  Speaker 3: protecting the primary residents when you're a single person, different
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  Speaker 3: than a married couple, last minute when you go to
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  Speaker 3: the nursing home. But unfortunately, in this case, the mother
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  Speaker 3: had given half the house to the sun years ago.
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  Speaker 3: So how does that half ownership complicate or help or
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  Speaker 3: hurt the situation when the house itself is worth about
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  Speaker 3: a million eight so the value is going to be
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  Speaker 3: important when we address that situation. And lastly, the other
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  Speaker 3: one is another last minute situation where it's known as
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  Speaker 3: the caretaker child out exception. It's not a given and
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  Speaker 3: that's why I want people to realize that this is
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  Speaker 3: a situation where son has been living with, caring for,
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  Speaker 3: providing care for mom, even maintaining the property. And then
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  Speaker 3: there was a question as to whether or not he
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  Speaker 3: qualified as the caretaker child because he happened to have
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  Speaker 3: a job that caused him to work forty hours a
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  Speaker 3: week and can you still do that and qualify for
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  Speaker 3: the caretaker child exception. So these are exceptions. They're not
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  Speaker 3: the way I tell people to plan. But if you
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  Speaker 3: haven't done any planning, these are some last minute things
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  Speaker 3: that you can do. And there's a whole guide this month, folks,
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  Speaker 3: for last minute things that you can do. It explains
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  Speaker 3: how assets are treated last minute, from houses to rental,
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  Speaker 3: to vacations, to life insurance to money, all different and
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  Speaker 3: different depending on whether you're single or married. So whether
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  Speaker 3: you've done your planning and there's some assets outside the trust,
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  Speaker 3: or whether or not there you've done no planning, this
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  Speaker 3: guide's for you if you're faced with the nursing home
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  Speaker 3: eight six six eight four eight five six nine nine
• 3:10
  Speaker 3: or Legal Exchange Show dot com Get long Term care
• 3:13
  Speaker 3: Planning for the Procrastinator eight sixty six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange Show dot com.
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  Speaker 2: Great.
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  Speaker 3: Now, let's head over to this idea of protecting the
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  Speaker 3: primary residence when you're single. So in this case, son
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  Speaker 3: comes in and says, mom, you know, needs to go
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  Speaker 3: to a nursing home and explains that the biggest asset
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  Speaker 3: they have is the house and there's not a lot
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  Speaker 3: of other money. Not only is there not a lot
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  Speaker 3: of other money. It turns out that that she added
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  Speaker 3: the son's name to this house over five years ago. Now,
• 3:57
  Speaker 3: he of course is worried about how to protect the house.
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  Speaker 3: Is he going to lose half the house because only
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  Speaker 3: half is in his name? Right? And he's right to
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  Speaker 3: think that, because folks, that's first of all. You know,
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  Speaker 3: what are some tips and lessons here? First of all,
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  Speaker 3: don't give houses away. Ever, it's not a good idea.
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  Speaker 2: Don't give any of your stuff away, right, just.
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  Speaker 3: Don't give that stuff away. It's just not generally a
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  Speaker 3: good idea to be to be giving assets away. So
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  Speaker 3: that said, he did give half away, and so technically
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  Speaker 3: half is protected from the nursing home. And I guess
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  Speaker 3: there's some sense of feeling comfortable there. What are we
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  Speaker 3: going to do? Well, let's let's start with the general rule.
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  Speaker 3: The general rule is the home for a single person
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  Speaker 3: if you move out of it and into a nursing home. Now,
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  Speaker 3: I'm going to stop there for a minute, because if
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  Speaker 3: you move out of it and go to an assisted
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  Speaker 3: living facility for a year and then go to a
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  Speaker 3: nursing home, this rule doesn't apply anymore. Got it now,
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  Speaker 3: you're you're kind of screwed. The house is going to
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  Speaker 3: be at risk.
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  Speaker 2: So straight from the home to the nursing home, you.
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  Speaker 3: Have to move out of the house to a nursing home.
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  Speaker 3: Then the home is considered at risk still unless you
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  Speaker 3: have certain people living in the house. Let's assume there's
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  Speaker 3: none living there. Remember we went through that earlier. Or
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  Speaker 3: you check a box that you intend to return home
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  Speaker 3: even if you don't ever return home. So one you
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  Speaker 3: have to check the box, and two you have to
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  Speaker 3: make sure you don't run a foul of the valuation rules. Okay,
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  Speaker 3: So what the heck's that The valuation rules are the
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  Speaker 3: home cannot be worth more than a million ninety seven
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  Speaker 3: thousand dollars today, okay, And so if that's the case.
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  Speaker 2: So if that's the case, so she only owns half
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  Speaker 2: of it, So is that million ninety seven her half
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  Speaker 2: or the whole home?
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  Speaker 1: Right?
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  Speaker 3: And so the issue we have here is that you
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  Speaker 3: know the house is is if this million ninety seven
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  Speaker 3: is it, you cannot have equity in the house that's
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  Speaker 3: more than that. And if you satisfy this rule, then
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  Speaker 3: the primary residence is protected. If you're single, well, it's
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  Speaker 3: non countable, but it's leanable. So it's going to be
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  Speaker 3: leanable because in this case, if you're on Medicaid, the
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  Speaker 3: lean is still your friend. Yeah, And so let's play
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  Speaker 3: that string out a little bit. So in this case,
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  Speaker 3: if the nursing home costs fifteen thousand a month, private pay,
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  Speaker 3: I don't want to pay that, No, But if I
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  Speaker 3: can get on Medicaid, the Medicaid rate is only about
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  Speaker 3: seven thousand a month.
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  Speaker 2: I like that.
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  Speaker 3: I'd rather be on Medicaid. But in order to get
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  Speaker 3: on Medicaid, I got to make sure my house is
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  Speaker 3: non countable, which it is. We think we've just got
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  Speaker 3: to run file this valuation problem. So if I have
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  Speaker 3: it non countable and I have three thousand dollars a
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  Speaker 3: month coming in in social security and pension, well then
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  Speaker 3: you know you figure seven thousand is the rate minus
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  Speaker 3: three that I have coming in. That means there's only
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  Speaker 3: a lean of four thousand a month.
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  Speaker 2: Way better than right. And I check for fifteen grand.
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  Speaker 3: Way better than fifteen grand four thousand a month. I'll
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  Speaker 3: take it. And remember this house is worth one point
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  Speaker 3: eight million, So you've got to look at it not
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  Speaker 3: just as half, but as the whole. Amount one point
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  Speaker 3: eight million. I don't mind four thousand a month. Lean
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  Speaker 3: on this, yeap? All right, Well, the kid says, okay,
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  Speaker 3: what are we going to do? We apply for medicaid?
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  Speaker 3: They deny me. They say, oh no, no, the house
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  Speaker 3: is overvalue. And once it's overvalue, it's actually not even
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  Speaker 3: a house anymore. Like where did you get that argument from?
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  Speaker 3: So I go back and I argue, well, wait a minute,
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  Speaker 3: let's play out the string. She only owns half. So
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  Speaker 3: if she only owns half, the half value is under
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  Speaker 3: a million ninety seven thousand dollars, and therefore her you know,
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  Speaker 3: value is not a problem. Number one, and number two,
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  Speaker 3: the fact that the overall house is worth more than
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  Speaker 3: a million ninety seven does not make the house not
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  Speaker 3: a house anymore. Right, Where did you read that in
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  Speaker 3: the statute? It's a bit bilt for a house.
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  Speaker 4: Right.
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  Speaker 3: And so at the end of the day, I had
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  Speaker 3: to make that argument, and we of course won that.
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  Speaker 3: The fair hearing officer said, yeah, you're right. Uh, it
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  Speaker 3: is still a house. It is worth a million eight
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  Speaker 3: her half is under the exemption, and therefore it's non
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  Speaker 3: countable but leanable. And again we're okay with that lean right,
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  Speaker 3: because play out the string here. Now what's to happen?
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  Speaker 3: I get it, there's a lean but when she passes away,
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  Speaker 3: at least you've protected the house or the kid, which
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  Speaker 3: he wanted. But the downside of giving a house away, right,
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  Speaker 3: it's never good. We're able to make do with what
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  Speaker 3: we did here, but it's never good. But the downside
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  Speaker 3: is the kid's only going to get a half step
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  Speaker 3: up in basis because only half the property arguably, arguably
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  Speaker 3: would be includable in the estate of the deceiting and
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  Speaker 3: so on. A million, eight hundred thousand dollars home that
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  Speaker 3: she probably bought long ago for very little is going
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  Speaker 3: to be a big capital gain, now get it. The
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  Speaker 3: half that she gave the sun is taxable is you
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  Speaker 3: know that was a carryover basis, but at least this
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  Speaker 3: half will be stepped up. So folks lots to think about.
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  Speaker 3: Don't give away your house if you can help it.
• 9:56
  Speaker 3: Do advanced planning. It's always better. But this example shows
• 10:00
  Speaker 3: you some ways to protect things even last minute, and
• 10:04
  Speaker 3: the guide shows you even more ways to protect other
• 10:08
  Speaker 3: assets last minute for married and single people. Get the
• 10:12
  Speaker 3: guide eight six six eight four eight five six nine
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  Speaker 3: nine or legal Exchange show dot com long Term Care
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• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:31
  Speaker 2: more to come on the Legal Exchange with Todd Lutsky.
• 10:36
  Speaker 1: The average monthly cost for a private room in New
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  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
• 14:29
  Speaker 2: Susan Powers, a financial advisor the Armstrong Advisory Group, and
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  Speaker 2: I'm joined by Todd Lutsky, a partner with a law
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  Speaker 2: firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where are we headed now, Todd.
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  Speaker 3: We're going to do a real life story where we
• 14:44
  Speaker 3: have a caretaker child situation. So in this case, the
• 14:49
  Speaker 3: sun comes into the office and says, you know, mom
• 14:52
  Speaker 3: is going to go need going to need some nursing
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  Speaker 3: home care. And of course there's no advanced planning done.
• 14:58
  Speaker 3: You know, shocker right, And you know, the only asset
• 15:02
  Speaker 3: that he really cares about, and I guess that there
• 15:04
  Speaker 3: really even is is this house. It's always the home.
• 15:08
  Speaker 3: It's the biggest asset. And in this case, you know
• 15:11
  Speaker 3: he's actually been living there for many years. He also
• 15:16
  Speaker 3: works full time, and he works full time to help
• 15:19
  Speaker 3: pay the bills to keep the house in order and
• 15:23
  Speaker 3: paid for because Mom just really doesn't have enough assets
• 15:27
  Speaker 3: to carry the home on her own so I'm getting
• 15:30
  Speaker 3: the picture. He moved in, he continues to work his job,
• 15:33
  Speaker 3: he does, provide care for his mom to help keep
• 15:37
  Speaker 3: him out of the nursing home, uses money to maintain
• 15:40
  Speaker 3: the property for both of them. Well, the home is
• 15:46
  Speaker 3: in mom's name, and at this point he's worried that
• 15:52
  Speaker 3: if mom goes into the nursing home that he's going
• 15:55
  Speaker 3: to lose the house that he needs to live in,
• 15:57
  Speaker 3: that he's been living in. And also he doesn't really
• 16:01
  Speaker 3: want to deal with the lean that we've been talking
• 16:03
  Speaker 3: about that exists on homes when single people go into
• 16:06
  Speaker 3: a nursing home. I say, it's non accountable, but it's leanable.
• 16:10
  Speaker 3: He really doesn't want to have to deal with paying
• 16:11
  Speaker 3: a lean back after mom passes. So the question becomes,
• 16:17
  Speaker 3: you know, what what do we do and what can
• 16:22
  Speaker 3: we do? Now? All right, let's talk first about the
• 16:27
  Speaker 3: general rule. The general rule is if you have no
• 16:31
  Speaker 3: planning done and you need to protect the home, you
• 16:35
  Speaker 3: one have to check to see if you have a
• 16:37
  Speaker 3: caretaker child. Okay, if you have a caretaker child, that rule,
• 16:43
  Speaker 3: the child has to have lived in the home for
• 16:46
  Speaker 3: two years prior to mom going into the nursing.
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  Speaker 2: Home here for years.
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  Speaker 3: Yeah, and must have provided care for Mo for those
• 17:01
  Speaker 3: two years. And when you think about this, what kind
• 17:06
  Speaker 3: of care are we talking about? The care must be
• 17:10
  Speaker 3: nursing home level care. You can't just you know, take
• 17:14
  Speaker 3: her to the doctor and cut the grass and go
• 17:17
  Speaker 3: grocery shopping and pay the bills. That ain't gonna do it.
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  Speaker 2: So it's those six activities of daily living.
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  Speaker 3: You need at least two of the six daily living
• 17:30
  Speaker 3: needs cooking, feeding, toileting, bathing, transferring, dressing.
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  Speaker 2: Yep.
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  Speaker 3: And I'm gonna recommend that you get a doctor's note
• 17:39
  Speaker 3: to say, yeah, this is what she needs and this
• 17:42
  Speaker 3: is what you're doing. So we got to prove these
• 17:46
  Speaker 3: things out. It doesn't just happen.
• 17:47
  Speaker 2: But that's the general rule, Okay, to.
• 17:51
  Speaker 3: Protect the assets, to protect the house from the nursing home.
• 17:55
  Speaker 3: I'll explain what we have to do with the house
• 17:56
  Speaker 3: in a minute, but before we get there, folks, this
• 17:59
  Speaker 3: is just one technique to protect one asset from the
• 18:03
  Speaker 3: cost of long term care. Many of you are going
• 18:06
  Speaker 3: to be faced with entering long term care and either
• 18:08
  Speaker 3: have done your planning and have assets outside of a
• 18:12
  Speaker 3: trust that need protected, or haven't done any planning and
• 18:16
  Speaker 3: have all your assets that need to be protected. This
• 18:19
  Speaker 3: guide long term care Planning for the procrastinators is for you,
• 18:23
  Speaker 3: for all of you in that regard. It will help
• 18:26
  Speaker 3: you understand not just a home like this case, but
• 18:29
  Speaker 3: maybe a rental or a vacation home, or maybe a
• 18:31
  Speaker 3: life insurance policy or an annuity. How do you protect
• 18:34
  Speaker 3: different assets single versus married when entering a nursing home.
• 18:39
  Speaker 3: Last minute get the guide eight six six eight four
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  Speaker 3: eight five six nine nine or legal exchange show dot com.
• 18:48
  Speaker 3: You can download it there again eight six six eight
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  Speaker 3: four eight five six nine nine or Legal exchange show
• 18:56
  Speaker 3: dot com to get the guide. Now let's go back. Now,
• 19:00
  Speaker 3: know the general rule. We're going to need that doctor's
• 19:03
  Speaker 3: note to show what kind of care you're providing, and
• 19:06
  Speaker 3: then you're gonna have to prove part two that.
• 19:08
  Speaker 2: You live there right now.
• 19:10
  Speaker 3: That one I find to be less problematic to prove
• 19:15
  Speaker 3: why this is going to show your driver's license has
• 19:18
  Speaker 3: that address on it, Show that you file your federal
• 19:22
  Speaker 3: income tax return with that address on it. You know,
• 19:25
  Speaker 3: maybe your voter registration has changed. You know that that
• 19:30
  Speaker 3: kind of stuff. Your bills are sent to that house.
• 19:34
  Speaker 3: I think that's pretty easy to prove. What I want
• 19:37
  Speaker 3: you to stay away from is, oh, yeah, I live
• 19:41
  Speaker 3: with mom, but yeah, I still pay rent in my
• 19:42
  Speaker 3: apartment that I have over here. Yeah, that looks bad.
• 19:46
  Speaker 2: If you truly moved in, you would be moving out of.
• 19:49
  Speaker 3: Somewhere, you would cancel the apartment. Yeah, so just be
• 19:54
  Speaker 3: careful that you don't run a foul of that. Otherwise,
• 19:56
  Speaker 3: I think it's pretty easy that you can satisfy that rule.
• 20:02
  Speaker 3: So two years of care living there for two years
• 20:06
  Speaker 3: doctor's note, why do we do this? Because now you
• 20:11
  Speaker 3: can transfer that house to the caretaker child one hundred
• 20:17
  Speaker 3: percent and that will be a permissible transfer, not triggering
• 20:23
  Speaker 3: the five year waiting period. And you've saved a house
• 20:28
  Speaker 3: from the nursing home because once it's transferred and you
• 20:32
  Speaker 3: don't own it anymore, it's not subject to estate recovery,
• 20:36
  Speaker 3: so there's no lean. Now be mindful here that if
• 20:42
  Speaker 3: you're going to make that transfer, that you should always
• 20:45
  Speaker 3: have mom reserve a life estate so that she does
• 20:48
  Speaker 3: have the right to live there just in case sure,
• 20:52
  Speaker 3: And by doing that you still avoid estate recovery, which
• 20:58
  Speaker 3: is great, but you preserve the step up in cost
• 21:03
  Speaker 3: basis when she dies, so that the child gets it
• 21:06
  Speaker 3: with a brand new basis and has no capital gains
• 21:11
  Speaker 3: tax to pay if the child wants to sell it
• 21:14
  Speaker 3: shortly after mom.
• 21:15
  Speaker 2: Dies, So unlike the last story where mom gave half
• 21:19
  Speaker 2: the house away to the kid, so he only got
• 21:21
  Speaker 2: a half step up, right, got it right?
• 21:25
  Speaker 3: So again always thinking about how to do this, but
• 21:28
  Speaker 3: always keeping taxes in the back of your mind, because
• 21:32
  Speaker 3: you want to do things that not only protect it
• 21:35
  Speaker 3: from the nursing home and a five year weight which
• 21:37
  Speaker 3: this is a wildcard to that five year waiting period,
• 21:41
  Speaker 3: but also preserves that step up in basis, so we
• 21:44
  Speaker 3: get a income tax benefit from the transfer. Now that
• 21:49
  Speaker 3: all sounds great, Todd, and that's exactly how it works
• 21:52
  Speaker 3: most of the time. Well, what's the problem with this case, Well,
• 21:57
  Speaker 3: it turns out that the kid works forty hours a
• 22:00
  Speaker 3: week and we applied for Medicaid and they said you're denied.
• 22:02
  Speaker 3: You don't meet the caretaker child exception. Why. Well, because
• 22:07
  Speaker 3: it says that you have to live there for two years,
• 22:09
  Speaker 3: which you certainly have done, but you are not providing
• 22:14
  Speaker 3: the care because you're working forty hours a week, so
• 22:18
  Speaker 3: you're not there providing the care.
• 22:21
  Speaker 2: There's still another sixteen hours in every day. Do you
• 22:25
  Speaker 2: have to do this twenty four to seven care?
• 22:28
  Speaker 3: So we went twenty four to seven care. So we
• 22:31
  Speaker 3: went to the affair hearing and we said, now that's
• 22:33
  Speaker 3: not what this says. This says that you have to
• 22:36
  Speaker 3: live there for two years and provide care. It doesn't
• 22:39
  Speaker 3: say that the person has to physically provide the care.
• 22:43
  Speaker 3: So what he did was he would work forty hours
• 22:46
  Speaker 3: a week, but while he was away, he made sure
• 22:49
  Speaker 3: care was brought into the house and provided for her
• 22:53
  Speaker 3: during the time he was not there. Nice and Mom
• 22:56
  Speaker 3: even paid for that care. Yeah. Good, And so we
• 22:59
  Speaker 3: made the rar that look it, the care is being
• 23:03
  Speaker 3: provided for her, which is what the statute says. And
• 23:07
  Speaker 3: in fact, if son did not go to work for
• 23:10
  Speaker 3: forty hours a week, he would not have the money
• 23:14
  Speaker 3: to maintain the property, and nobody would.
• 23:16
  Speaker 2: Have a house right and she would have been in
• 23:18
  Speaker 2: two years earlier.
• 23:20
  Speaker 3: She'd have been in two years earlier. And therefore we
• 23:22
  Speaker 3: certainly satisfied the statute. And yes, the fair hearing officer said,
• 23:28
  Speaker 3: we agree with you, and the house is protected. Transfer
• 23:32
  Speaker 3: it caretaker child.
• 23:34
  Speaker 2: You're okay, they must need seeing you come into the courtroom.
• 23:39
  Speaker 3: Just crazy that they make these arguments right, yeah, and
• 23:44
  Speaker 3: so at the end of the day, that's how you
• 23:46
  Speaker 3: saved the house for caretaker children And if you have one,
• 23:49
  Speaker 3: please look into it at the end of the day.
• 23:52
  Speaker 3: Don't apply for medicaid on your own, folks. Call and
• 23:55
  Speaker 3: get this guide. Learn what your rights are, what you
• 23:58
  Speaker 3: can protect, what you can't six eight four eight five
• 24:02
  Speaker 3: six nine nine or Legal Exchange show dot com to
• 24:06
  Speaker 3: get long Term Care Planning for Procrastinators.
• 24:09
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
• 24:12
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 24:15
  Speaker 2: a financial advisor with the Armstrong Advisory Group and Todd
• 24:18
  Speaker 2: will be answering your listener questions when we return to
• 24:22
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 24:25
  Speaker 1: The average monthly cost for a private room in New
• 24:28
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  Speaker 1: advisory services. You're listening to the Legal Exchange and it's
• 27:29
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 27:33
  Speaker 1: your questions about anything and everything that's included in the
• 27:36
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 27:42
  Speaker 2: Welcome back, Todd. We have a few questions for listeners.
• 27:45
  Speaker 2: Our first question comes from Janet in Pembroke, mass In.
• 27:49
  Speaker 2: Janet rights, I am single and seventy eight years old.
• 27:52
  Speaker 2: I have a home worth five hundred thousand, in IRA
• 27:55
  Speaker 2: worth four hundred thousand, and other liquid assets of around
• 27:59
  Speaker 2: three hundred thousand. I have good pension incomes, so I
• 28:02
  Speaker 2: don't really access my investments, and I tend to save
• 28:06
  Speaker 2: my annual required distributions. I'm in good health, but I
• 28:10
  Speaker 2: want to save my assets for my children. If I
• 28:12
  Speaker 2: end up in a nursing home, how can I protect everything?
• 28:17
  Speaker 2: So five hundred thousand gin Janet does not want to
• 28:21
  Speaker 2: be paid extra for a nursing home.
• 28:23
  Speaker 3: Gents, greedy, isn't she?
• 28:25
  Speaker 4: No?
• 28:26
  Speaker 2: Janet's probably paid into the system her entire life and
• 28:29
  Speaker 2: never tapped it. And good for you, Janet, I say, go, Janet.
• 28:34
  Speaker 3: I say good for you too, Janet, except I can
• 28:36
  Speaker 3: I can only get you partly?
• 28:39
  Speaker 2: Okay, Well how far can you get us?
• 28:42
  Speaker 3: So we have a five hundred thousand dollars.
• 28:44
  Speaker 2: A home, a four hundred thousand dollars.
• 28:46
  Speaker 3: I Ray yep. And then the three hundred in the liquid.
• 28:50
  Speaker 2: Maybe it's banks or investments, yep.
• 28:53
  Speaker 3: So if we're worth basically nine one point two, we
• 29:01
  Speaker 3: can protect eight hundred.
• 29:04
  Speaker 2: Okay, that's not bad, No bad.
• 29:08
  Speaker 3: And again I would probably leave even some of the
• 29:10
  Speaker 3: money in the bank outside the trust, but just for
• 29:12
  Speaker 3: our discussion to say, you protected the whole three but
• 29:16
  Speaker 3: I'd always leave a little bit out. So what would
• 29:20
  Speaker 3: we do in her case? We would set up an
• 29:23
  Speaker 3: irrevocable trust, irrevocable Medicaid income only trust. We would transfer
• 29:29
  Speaker 3: the house into the trust. We would make sure that
• 29:34
  Speaker 3: and there's no mortgage that we know of on the it.
• 29:36
  Speaker 2: Doesn't it doesn't reference one. I would assume not at
• 29:39
  Speaker 2: seventy eight.
• 29:40
  Speaker 3: Yeah, let's say no. And so we would we would
• 29:47
  Speaker 3: transfer the house into the trust, and then we would
• 29:49
  Speaker 3: make sure that we help her retitle I mean not retitle,
• 29:53
  Speaker 3: but help her get the homeowner's insurance policy changed to
• 29:59
  Speaker 3: add the trust as an additional insured. Folks don't forget
• 30:02
  Speaker 3: that step. Now we do it for people, but other
• 30:05
  Speaker 3: lawyers don't. Okay, So you simply would in this case,
• 30:10
  Speaker 3: we would say, you know, Janet Family, irrevocable trust, additional
• 30:15
  Speaker 3: insured you know, whatever we want to call it, and
• 30:19
  Speaker 3: you get that added to the binder page. Now the
• 30:22
  Speaker 3: house is in the trust, then we would take the
• 30:25
  Speaker 3: liquid investments and move them over to the trust. Again,
• 30:29
  Speaker 3: we probably just open up a bank account in the
• 30:31
  Speaker 3: name of the trust and get an ID number for
• 30:35
  Speaker 3: the trust. And once the assets are in that bank
• 30:38
  Speaker 3: in the trust, they certainly can be invested any other
• 30:43
  Speaker 3: way if someone wants them invested a different way, so
• 30:46
  Speaker 3: they certainly can do that. So now I've got eight
• 30:49
  Speaker 3: hundred thousand dollars of assets in a trust. Now, once
• 30:52
  Speaker 3: we transfer them into the trust, the five year waiting
• 30:56
  Speaker 3: period begins to run, okay, and so you need to
• 31:01
  Speaker 3: stay out of a nursing home for the next five years.
• 31:03
  Speaker 3: And these assets will then become protected from the cost
• 31:08
  Speaker 3: of long term care, they will avoid probate, and they
• 31:13
  Speaker 3: will have direction in the document as to who gets them, when, where, why,
• 31:18
  Speaker 3: and how upon your passing. So all very helpful. All said,
• 31:24
  Speaker 3: there's no reason to talk or worry about death taxes
• 31:27
  Speaker 3: because we're way under the exemption, both federal and state.
• 31:31
  Speaker 3: So we've fixed that. Now you might be saying, well,
• 31:36
  Speaker 3: that's great, Todd, What about the four hundred thousand in
• 31:38
  Speaker 3: the IRA, fair thought, you can't just move those Those
• 31:45
  Speaker 3: are problematic assets because they have not only subject to
• 31:51
  Speaker 3: estate taxes when you die, albeit there might not be
• 31:54
  Speaker 3: money any they have an income tax component associated with
• 32:00
  Speaker 3: and so every time you move money out of an
• 32:03
  Speaker 3: IRA into your own name, it's an income taxable event.
• 32:08
  Speaker 3: And since they are individual retirement accounts, the word individual
• 32:14
  Speaker 3: means it needs to be owned by you as an individual.
• 32:18
  Speaker 2: Yep.
• 32:19
  Speaker 3: If you want to transfer these assets to the trust,
• 32:22
  Speaker 3: much like we did for the money the bank accounts,
• 32:24
  Speaker 3: you would need to take the money out of the
• 32:27
  Speaker 3: trust and pay income taxes on it and put it
• 32:31
  Speaker 3: in the trust. And we're not going to do that.
• 32:34
  Speaker 3: So that's a huge income. So just live off your
• 32:36
  Speaker 3: IRA money, folks. Put the rest of it in there, Janet,
• 32:40
  Speaker 3: and go about your business. But whenever you get sick,
• 32:43
  Speaker 3: anybody who gets sick, there's always going to be something
• 32:47
  Speaker 3: outside the trust. Like here, it would be the IRA
• 32:50
  Speaker 3: money for someone who did the planning. For someone who
• 32:52
  Speaker 3: doesn't do the planning, it can be all your assets.
• 32:56
  Speaker 3: So and each asset is treated differently for married versus single.
• 33:00
  Speaker 3: Call and get the guide eight sixty six eight four
• 33:04
  Speaker 3: eight five six nine nine or Legal Exchange show dot
• 33:07
  Speaker 3: com to learn about long term care planning for procrastinators
• 33:11
  Speaker 3: eight sixty six eight four eight five six ninety nine
• 33:15
  Speaker 3: or Legal Exchange Show dot com.
• 33:18
  Speaker 2: Our last question comes from Mildred and Bridgewater, mass And
• 33:21
  Speaker 2: Mildred writes, my husband is seventy four and recently went
• 33:24
  Speaker 2: into a nursing home. We don't have much in investments,
• 33:28
  Speaker 2: only around ninety thousand, but his pension doesn't have a
• 33:31
  Speaker 2: survivor benefit for me, so he took out a whole
• 33:34
  Speaker 2: life insurance policy. My daughter in law told me that
• 33:38
  Speaker 2: the cash value is of his life insurance will need
• 33:41
  Speaker 2: to be cashed out in order for us to qualify
• 33:44
  Speaker 2: for Medicaid. It isn't a law, just one hundred thousand.
• 33:47
  Speaker 2: But I can't afford to pay the life insurance if
• 33:50
  Speaker 2: the cash value isn't there. How can I save the
• 33:53
  Speaker 2: life insurance policy. I need the death benefit of seven
• 33:57
  Speaker 2: hundred and fifty thousand when he dies to replace his income.
• 34:01
  Speaker 3: Awesome, that is a great question and it's a problem
• 34:05
  Speaker 3: that a many people face. Here's the answer, and we've
• 34:08
  Speaker 3: got one for you. So nice situation, because like we said,
• 34:11
  Speaker 3: there's ninety thousand dollars of money kicking around. And remember
• 34:15
  Speaker 3: the first thing when we talk about forgetting real estate
• 34:18
  Speaker 3: for the minute, for money, she's allowed to keep about
• 34:21
  Speaker 3: one hundred and fifty thousand dollars of assets doesn't have
• 34:26
  Speaker 3: to be money assets, okay, in order to be still
• 34:31
  Speaker 3: considered eligible for medicaid. Okay. And he's allowed to keep
• 34:36
  Speaker 3: two thousand. Well you look at this and you say, well,
• 34:40
  Speaker 3: there's ninety plus there's one hundred thousand of cash surrender values.
• 34:44
  Speaker 3: So that's one hundred and ninety thousand dollars of assets.
• 34:48
  Speaker 3: First and foremost. Some people might say, why are we
• 34:50
  Speaker 3: even looking at the life insurance? Well, because life insurance
• 34:53
  Speaker 3: is accountable asset. That's why they're looking at it. Okay,
• 34:56
  Speaker 3: Folks don't realize that. But it is especially whole life
• 35:01
  Speaker 3: because there's a cash surrender value. If it was term,
• 35:04
  Speaker 3: there's no cash surrender value, not countable, but for whole
• 35:08
  Speaker 3: life it is. So what we would advise the client
• 35:11
  Speaker 3: to do here is say, look, I'm going to leverage
• 35:16
  Speaker 3: one hundred and fifty thousand dollars here, right, How am
• 35:19
  Speaker 3: I going to leverage it? I'm going to transfer the
• 35:21
  Speaker 3: life insurance policy over to the community spouse. You're allowed
• 35:26
  Speaker 3: to do that. Transfers between spouses are permissible and allowable.
• 35:30
  Speaker 2: So she'll now own it.
• 35:33
  Speaker 3: And yeah, no five year waiting period. So now she's
• 35:36
  Speaker 3: got one hundred thousand dollars, she's allowed to keep another fifty.
• 35:40
  Speaker 3: So she's going to grab forty from the ninety stick
• 35:43
  Speaker 3: that in her bank account, and now she's got one
• 35:46
  Speaker 3: hundred and fifty thousand dollars of assets. Then she's going
• 35:50
  Speaker 3: to probably buy a medicaid annuity for the excess resources
• 35:53
  Speaker 3: the forty that she's over, and she's going to save
• 35:57
  Speaker 3: that by converting that to an income stream. Now understand
• 36:01
  Speaker 3: the leverage here. Right now, now we're eligible for medicaid
• 36:05
  Speaker 3: because we've made the asset limits satisfied.
• 36:09
  Speaker 2: Yep.
• 36:10
  Speaker 3: Well not only are we eligible for medicaid, but we
• 36:14
  Speaker 3: saved all the assets, most importantly the life insurance policy
• 36:18
  Speaker 3: because well, I'm telling you that the community spousal resource
• 36:22
  Speaker 3: allowance is one hundred and fifty. Didn't we just really
• 36:28
  Speaker 3: increase that? Because now by keeping the life insurance policy,
• 36:32
  Speaker 3: she's really keeping seven hundred and fifty thousand dollars because
• 36:38
  Speaker 3: when he dies, that's going to pay out, she's going
• 36:42
  Speaker 3: to get to seven fifty, it's going to have her
• 36:45
  Speaker 3: as the designated beneficiary, and it's going to avoid a
• 36:49
  Speaker 3: state recovery. And she's going to now have the money
• 36:52
  Speaker 3: she needs to be reinvested to pay for her living expenses.
• 36:56
  Speaker 2: Wow, that's great, folks.
• 36:59
  Speaker 3: That kind of inf is what's in this guide long
• 37:01
  Speaker 3: term care planning for procrastinators. Get it eight six six
• 37:06
  Speaker 3: eight forty eight five six ninety nine or Legal Exchange
• 37:10
  Speaker 3: Show dot com.
• 37:11
  Speaker 2: If you have a question you would like to ask Todd,
• 37:14
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:17
  Speaker 2: on the ass Tod tab. Maybe I'll be able to
• 37:20
  Speaker 2: read your question on the air, and hopefully his answer
• 37:23
  Speaker 2: will stop you from becoming one of his next real
• 37:26
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:29
  Speaker 2: with a law firm of Cushing and Dolan. I'm Susan
• 37:33
  Speaker 2: Power as a financial advisor with the Armstrong Advisory Group.
• 37:36
  Speaker 2: We'll be back with more after this quick break on
• 37:39
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 37:42
  Speaker 1: The average monthly cost for a private room in New
• 37:44
  Speaker 1: England could double by twenty forty So if you're not
• 37:47
  Speaker 1: prepared to handle the increased costs of nursing home care,
• 37:50
  Speaker 1: your assets may be at risk. Call Cushing and Dolan
• 37:53
  Speaker 1: today and request their new guide called Long Term Care
• 37:56
  Speaker 1: Planning for Procrastinators. It'll help you understand how to protect
• 37:59
  Speaker 1: your ass and allow you to enjoy your later years.
• 38:02
  Speaker 1: An unexpected nursing home stay could significantly reduce your wealth
• 38:05
  Speaker 1: and prosperity. Call Cushing and Dolan right now at eight
• 38:08
  Speaker 1: six six eight four eight five six ninety nine and
• 38:11
  Speaker 1: get your free guide called Long Term Care Planning for Procrastinators.
• 38:15
  Speaker 1: Don't put off today what you might really need to
• 38:17
  Speaker 1: do tomorrow. Call eight sixty six eight four eight five
• 38:20
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• 38:23
  Speaker 1: five six nine nine. Or you can request the guide
• 38:26
  Speaker 1: online by visiting Legal exchange show dot com. That's Legal
• 38:29
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 38:32
  Speaker 1: the use expressed are solely those of Cushing and Dolan.
• 38:34
  Speaker 1: Cushing and Dolan, indoor i'm Strong Advisory may contact you
• 38:37
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 38:40
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 38:43
  Speaker 5: Phishing scams, ransomware attacks and identity theft are three very
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  Speaker 5: This is Chuck Zada from the Armstrong Advisory Group, and
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  Speaker 5: as technology continues to evolve, it's even more important for
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• 39:23
  Speaker 5: our new free guide called seven Common Financial Frauds and Scams.
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  Speaker 5: That's eight hundred three nine three four zero zero one.
• 39:30
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:32
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:34
  Speaker 1: Armstrong guide is specific financial, legal or tax advice. Consult
• 39:37
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:39
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 39:42
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• 40:44
  Speaker 1: tune to the Legal Exchange with Todd Lutsky. If you
• 40:47
  Speaker 1: are a loved one needs a nursing homestay, call Todd
• 40:49
  Speaker 1: right now at eight six six eight four eight five
• 40:52
  Speaker 1: six nine nine and let him make sure your assets
• 40:54
  Speaker 1: are protected. That's eight six six eight four eight five
• 40:57
  Speaker 1: six nine nine, or visit him online at Lee Exchange
• 41:00
  Speaker 1: show dot com.
• 41:03
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:06
  Speaker 2: Susan Paris, a financial advisor with the Armstrong Advisory Group,
• 41:10
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:13
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:15
  Speaker 2: master's in taxation. So Todd, I have my own real
• 41:20
  Speaker 2: life story. It's actually a mutual client of ours. And
• 41:27
  Speaker 2: got a call today from the client this week and
• 41:31
  Speaker 2: I told them, I asked you a few questions on
• 41:33
  Speaker 2: their behalf so married couple. The husband is healthy but
• 41:38
  Speaker 2: the wife isn't failing health. They have around a million
• 41:41
  Speaker 2: dollars in assets, about six hundred thousand of that is
• 41:46
  Speaker 2: in retirement. They don't own any real estate, they rent
• 41:49
  Speaker 2: and they have about four hundred thousand of bank and
• 41:53
  Speaker 2: brokeridgick House. So they want to know what can be
• 41:57
  Speaker 2: done if the wife goes into a nursing home. She's
• 42:00
  Speaker 2: not going in yet, but it's likely that she's going
• 42:03
  Speaker 2: to need to go in. Is there anything that they
• 42:07
  Speaker 2: should be doing now? They have regular They ended up
• 42:10
  Speaker 2: doing just regular trust plan excuse me, basic planning, meaning
• 42:15
  Speaker 2: they have power of attorney, healthcare proxy, that kind of stuff.
• 42:19
  Speaker 2: They never went down the path of creating a trust.
• 42:23
  Speaker 2: So what should they do now to kind of position themselves,
• 42:29
  Speaker 2: whether it's trust planning or testamentary trustplanning, whatever it is,
• 42:32
  Speaker 2: what do you think they should be doing at this point?
• 42:35
  Speaker 3: Yeah? And again, if the total value of their estate
• 42:38
  Speaker 3: was around a million dollars back whenever they did this planning, right,
• 42:44
  Speaker 3: it's not uncommon that you know, was there really a
• 42:48
  Speaker 3: trust needed? They had no real estate, there's no estate
• 42:52
  Speaker 3: tax issues.
• 42:53
  Speaker 1: Nope.
• 42:54
  Speaker 3: And the bank account can have a designated beneficiary on
• 42:58
  Speaker 3: it to avoid probate in the IRA probably has a
• 43:00
  Speaker 3: designated beneficiary to avoid probate, so you know, so yeah,
• 43:04
  Speaker 3: I mean it's not uncommon, but you know now, and again,
• 43:09
  Speaker 3: I don't know how long ago this was done, but
• 43:11
  Speaker 3: remember very recently, there's been a development that probably didn't
• 43:16
  Speaker 3: exist back then, where under the Secure Act we can
• 43:22
  Speaker 3: name the estate the designated beneficiary on an IRA provided
• 43:29
  Speaker 3: the participant is over seventy three years of age or
• 43:36
  Speaker 3: at seventy three.
• 43:37
  Speaker 2: And they are there around seventy five ish.
• 43:40
  Speaker 3: Okay, So now there is a new development that could
• 43:45
  Speaker 3: be offered to them. Right, So you we're probably not
• 43:51
  Speaker 3: going to set up a regular irrevocable trust and a
• 43:55
  Speaker 3: five year waiting period and all that, just for a
• 43:57
  Speaker 3: couple of reasons. One there's not a lot of assets
• 43:59
  Speaker 3: to put in and number two, she's not going to
• 44:01
  Speaker 3: make five years, right. So under this fact pattern, however,
• 44:06
  Speaker 3: what you could do is set up a new will
• 44:10
  Speaker 3: for him M and a testamentary trust that says, in
• 44:19
  Speaker 3: the event he dies before her yep, right, yep, the
• 44:25
  Speaker 3: designated beneficiary can be the estate of him. And that way,
• 44:31
  Speaker 3: if you didn't change it, right, the designated beneficiary is
• 44:34
  Speaker 3: probably her right And so then the asset would just
• 44:37
  Speaker 3: go directly to her. She would get it, it would
• 44:41
  Speaker 3: avoid probate, and it would be available for her to use,
• 44:45
  Speaker 3: and she would take it out over her lifetime and
• 44:51
  Speaker 3: it would be completely at risk for the nursing home,
• 44:55
  Speaker 3: which is not good if she's going, you know, potentially
• 44:58
  Speaker 3: going to go into the nursing home down the Lila
• 45:00
  Speaker 3: line because of whatever she might be ailing her and
• 45:03
  Speaker 3: again it's not imminent, but it could happen down the
• 45:07
  Speaker 3: line well. In order to protect that, the thing you
• 45:11
  Speaker 3: might want to try is to instead of naming the
• 45:14
  Speaker 3: IRA beneficiary, her name it the estate of Then it
• 45:19
  Speaker 3: goes through his probate estate. I get it probate, but
• 45:23
  Speaker 3: you know, it's only one item, and then it gets
• 45:26
  Speaker 3: caught in his testamentary trust, which is the will trust.
• 45:29
  Speaker 3: It's the trust built in the will and like magic,
• 45:33
  Speaker 3: because it's done that way, there's no five year waiting
• 45:37
  Speaker 3: period for her. It's available for her because she can
• 45:41
  Speaker 3: have access in that testamentary trust to both income and
• 45:44
  Speaker 3: principle in the trustees' discretion, and it will come out
• 45:51
  Speaker 3: the minimum distributions will come out over a seventy five
• 45:54
  Speaker 3: year old's life expectancy if he died, because it's his
• 45:57
  Speaker 3: ghost life expectancy that is on the date of his death,
• 46:02
  Speaker 3: so there's no adverse income tax consequences. And if she
• 46:04
  Speaker 3: got sick the next day and went in the nursing home.
• 46:08
  Speaker 3: That six hundred thousand dollars would be protected for the children,
• 46:12
  Speaker 3: So it's a huge win for them and folks. That's
• 46:17
  Speaker 3: something that they might want to try. Something you might
• 46:20
  Speaker 3: want to try is getting this guide long Term Care
• 46:23
  Speaker 3: Planning for Procrastinators, because it helps explain for single people
• 46:29
  Speaker 3: and married couples because the rules are different on how
• 46:32
  Speaker 3: to protect certain assets last minute, ranging from homes to
• 46:37
  Speaker 3: rental properties, to vacation homes to excess assets. If you're married,
• 46:42
  Speaker 3: life insurance. We've talked about that. Learn what can be done,
• 46:46
  Speaker 3: and the MiG lesson is don't apply for medicaid on
• 46:49
  Speaker 3: your own. Get the guide and get some help. Eight
• 46:53
  Speaker 3: six six eight four eight five six nine nine or
• 46:57
  Speaker 3: Legal Exchange Show dot com. Long Term Care Planning for
• 47:01
  Speaker 3: Procrastinators eight sixty six eight four eight five six nine
• 47:06
  Speaker 3: nine or Legal Exchange Show dot com.
• 47:10
  Speaker 2: So, Todd, I have another client, just kind of the
• 47:13
  Speaker 2: season of the year that this happens. So the husband
• 47:17
  Speaker 2: recently passed away. They did their trust planning with you.
• 47:21
  Speaker 2: Mutual clients arevocable trust planning with you years ago. So
• 47:25
  Speaker 2: they have oh boy, they have a house worth I
• 47:28
  Speaker 2: think maybe six hundred thousand well passed. The five years.
• 47:32
  Speaker 2: They have two separate arevocable trusts. They have I want
• 47:35
  Speaker 2: to say combined probably two million dollars in investments within
• 47:42
  Speaker 2: their irevocable trusts. So that's well passed. That's all protected.
• 47:46
  Speaker 2: But what they have outside is they had about five
• 47:51
  Speaker 2: hundred thousand dollars that is, in bank accounts that they
• 47:57
  Speaker 2: just hadn't put into the trust because they wanted to
• 48:00
  Speaker 2: have some kind of fun money outside, no retirement accounts.
• 48:03
  Speaker 2: But now they have this five hundred thousand. He has
• 48:06
  Speaker 2: recently passed away. He was her primary caregiver, so she
• 48:11
  Speaker 2: is likely going to need to go into a nursing
• 48:16
  Speaker 2: home of some sort. She has Alzheimer's. He was primary
• 48:20
  Speaker 2: caregiver for her. So now she finds herself as a
• 48:24
  Speaker 2: single person with about five hundred thousand in assets if
• 48:28
  Speaker 2: she doesn't end up going in and the kids are
• 48:30
  Speaker 2: trying to figure out the exact scenario, Now, what would
• 48:33
  Speaker 2: you do with five hundred thousand for a single person.
• 48:37
  Speaker 2: She's in her early eighties, so I fear that the
• 48:41
  Speaker 2: annuity would be too much income for her to qualify
• 48:45
  Speaker 2: for Medicaid. What would you do with those funds?
• 48:49
  Speaker 3: So if she's in her early eighties, this could work.
• 48:55
  Speaker 3: It's five hundred thousand, it's not a huge number. I
• 48:59
  Speaker 3: would probably con consider the annuity option first. Okay, well,
• 49:03
  Speaker 3: trust is another option, but that's a song for another day.
• 49:06
  Speaker 3: I think if she's in her early eighties, her life
• 49:09
  Speaker 3: expectancy is probably somewhere around you know, nine years. Oh okay, okay,
• 49:16
  Speaker 3: so you know it's it's twelve years when you're seventy five,
• 49:20
  Speaker 3: so you know, I'm just guessing, so probably about nine years.
• 49:24
  Speaker 3: And if you have a nine year life expectancy, I
• 49:26
  Speaker 3: would simply take the five hundred thousand. I would buy
• 49:29
  Speaker 3: a mediciated annuity. You know how to do those, so
• 49:31
  Speaker 3: you would you would purchase these single premium annuities, and
• 49:35
  Speaker 3: it would take the five hundred thousand and say divide
• 49:38
  Speaker 3: it by nine years, divide it by twelve months, and
• 49:41
  Speaker 3: she's going to get a monthly check, and that monthly
• 49:45
  Speaker 3: check will be the income stream that we've converted the
• 49:50
  Speaker 3: asset to. The other assets are all protected, the six
• 49:53
  Speaker 3: hundred and the two million, so those are in the trust,
• 49:56
  Speaker 3: all protected, but this five hundred we need to convert
• 50:01
  Speaker 3: to an income stream because she's only allowed to keep
• 50:04
  Speaker 3: two thousand, right, you got to get five down to
• 50:07
  Speaker 3: two five hundred thousand down to two thousand, and then
• 50:14
  Speaker 3: this will be protected from the nursing home. It'll be sheltered.
• 50:18
  Speaker 3: You won't be able to you know, just get the
• 50:21
  Speaker 3: check every month and then you will have the ability
• 50:25
  Speaker 3: to slow the bleeding. Folks. That's just one way to
• 50:28
  Speaker 3: protect excess resources. Get the guide to learn how to
• 50:32
  Speaker 3: protect any other assets you might have when you're faced
• 50:35
  Speaker 3: with last minute planning eight six six eight four eight
• 50:39
  Speaker 3: five six nine nine or Legal Exchange 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.
• 50:48
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:52
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:55
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:58
  Speaker 2: with Todd Lutsky.
• 51:00
  Speaker 1: The average monthly cost for a private room in New
• 51:02
  Speaker 1: England could double by twenty forty So if you're not
• 51:05
  Speaker 1: prepared to handle the increased costs of nursing home care,
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  Speaker 1: your assets may be at risk. Call Cushing and Dolan
• 51:11
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• 51:13
  Speaker 1: Planning for Procrastinators. It'll help you understand how to protect
• 51:17
  Speaker 1: your assets and allow you to enjoy your later years.
• 51:20
  Speaker 1: An unexpected nursing home stay could significantly reduce your wealth
• 51:23
  Speaker 1: and prosperity. Call Cushing and Dolan right now at eight
• 51:26
  Speaker 1: six six eight four eight five six nine nine and
• 51:29
  Speaker 1: get your free guide called Long Term Care Planning for Procrastinators.
• 51:32
  Speaker 1: Don't put off today what you might really need to
• 51:35
  Speaker 1: do tomorrow. Call eight sixty six eight four eight five
• 51:38
  Speaker 1: six ninety nine. That's eight six six eight four eight
• 51:41
  Speaker 1: five six ninety nine. Or you can request the guide
• 51:43
  Speaker 1: online by visiting Legal Exchange Show dot com. That's Legal
• 51:47
  Speaker 1: exchange Show dot com. The proceeding was paid for in
• 51:50
  Speaker 1: the use expressed are solely those of Cushing and Dolan.
• 51:52
  Speaker 1: Cushing and Dolan Indo or I'm Strong Advisory may contact
• 51:54
  Speaker 1: you offering legal or investment services. Cushing and Dolan and
• 51:57
  Speaker 1: Armstrong Advisory do not endorse each other and are not affiliate.
• 52:00
  Speaker 1: The calendar is turned and the cold is here to stay,
• 52:03
  Speaker 1: So now's the perfect time to plan that getaway to
• 52:06
  Speaker 1: the US Virgin Islands. Act now and take advantage of
• 52:08
  Speaker 1: a special promotion to Saint Croix, experience a vibe like
• 52:12
  Speaker 1: no other and receive a two hundred and fifty dollars
• 52:15
  Speaker 1: per person airfare credit and a free hotel night when
• 52:18
  Speaker 1: you book a five night minimum stay with any participating
• 52:20
  Speaker 1: hotel before June thirtieth, twenty twenty five. Saint Croix is
• 52:24
  Speaker 1: known for its incredible history and spectacular architecture, along with
• 52:27
  Speaker 1: world class cuisine, incredible golf courses, and a wide variety
• 52:31
  Speaker 1: of water sports. From the moment you arrive, you'll fall
• 52:34
  Speaker 1: naturally in rhythm with the heartbeat of the islands. There's
• 52:37
  Speaker 1: no money to exchange, and travel from New England could
• 52:40
  Speaker 1: not be easier. America's Caribbean paradise is waiting for you.
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  Speaker 1: Experience a vibe like no other on the island of
• 52:47
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
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• 53:00
  Speaker 4: With digital technology continuously evolving, hackers are coming up with
• 53:03
  Speaker 4: incredibly elaborate schemes to commit fraud, which could put your
• 53:07
  Speaker 4: financial well being at risk. AHI This is Mike Armstrong
• 53:10
  Speaker 4: from the Armstrong Advisory Group, and in today's landscape, it's
• 53:13
  Speaker 4: critically important that you beware of the potential dangers that exist.
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  Speaker 4: Our new guide is called seven Common Financial Frauds and Scams,
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  Speaker 4: identity theft, inheritance scams, or Ponzi schemes. This guide can
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• 53:41
  Speaker 4: Financial Frauds and Scams. That number once again eight hundred
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  Speaker 4: thirty nine three four zero zero one.
• 53:46
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 53:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 53:51
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 53:54
  Speaker 1: your own financial tax and to state planning advisors before
• 53:56
  Speaker 1: making any investment decisions. Armstrong make contact you to offer
• 53:59
  Speaker 1: investment advisory. Serarch says