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How to eliminate your estate taxes · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  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.
• 0:38
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
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  Speaker 2: a financial advisor the Armstrong Advisory Group, and I'm joined
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  Speaker 2: by Todd Lutsky, a partner with the law firm of
• 0:47
  Speaker 2: Cushing and Dolan with a master's in taxation. Welcome Todd,
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  Speaker 2: How are you today?
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  Speaker 3: Almost never better?
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  Speaker 2: Almost little more than last time, A.
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  Speaker 3: Little better than last time.
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  Speaker 2: What do you have for us this week?
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  Speaker 3: Couple of things. I got two cases a Montana Superior
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  Speaker 3: or Supreme Court case. Basically, this is going to shock you.
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  Speaker 3: It shocked me. A state recovery way beyond first impression
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  Speaker 3: is sort of my title. I can't understand how this
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  Speaker 3: estate recovery worked in Montana. I'm gonna explain Montana. I'm
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  Speaker 3: gonna explain Massachusetts and other states as to a state recovery.
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  Speaker 3: What is that? Folks? That's when you get sick, going
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  Speaker 3: to nursing home, get on medicaid, and then they come
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  Speaker 3: back after you later in this case, can they come
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  Speaker 3: back after you or after the person who got your money? Interesting?
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  Speaker 2: Huh?
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  Speaker 3: Stay tuned, because I think if we do a little planning,
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  Speaker 3: maybe we can avoid all of that. Yeah, state recovery thing,
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  Speaker 3: because there was none done there. Off to Connecticut, Connecticut
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  Speaker 3: Appellate Court case, very poor drafting. They did drafting where
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  Speaker 3: they tried to put together a revocable trust to take
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  Speaker 3: care of the kids, but they didn't take care of
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  Speaker 3: the grand case kids. But then they decided to take
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  Speaker 3: care of the grandkids by referencing the irrevocable life insurance
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  Speaker 3: trust that they had in place that ended up not
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  Speaker 3: staying in place because the estate tax exemptions.
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  Speaker 2: Went lots to learn.
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  Speaker 3: About this case and drafting. But again Kudo's trusts were done,
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  Speaker 3: but they have to be done right. That's the whole point. Well, folks,
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  Speaker 3: this guide this month is figuring out how to balance
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  Speaker 3: asset protection and estate taxes. It gives you both trusts
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  Speaker 3: revocable and irrevocable, and it helps you understand exactly how
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  Speaker 3: to calculate the taxes. So you understand you can put
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  Speaker 3: your own numbers in and then calculate the tax for
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  Speaker 3: your own estate. It really explains portability and how these
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  Speaker 3: marital shares and remainder shares operate. We talk about them
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  Speaker 3: all the time, but this gives you really the detail
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  Speaker 3: of how the shares work, both in a revocable trust
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  Speaker 3: and in an irrevocable trust. In case nursing home planning
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  Speaker 3: is on your mind. Little something for everybody in this guide, folks,
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  Speaker 3: call and get it eight six six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange Show dot com
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  Speaker 3: again eight six six eight four eight five six nine
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  Speaker 3: nine or Legal Exchange Show dot Com. Let's head back
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  Speaker 3: to Oklahoma. No, sorry, we are in Montana, not Oklaho, Montana.
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  Speaker 3: So in this case we've got a situation where Florence
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  Speaker 3: died intestate. This is that estate recovery case.
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  Speaker 2: So no state documents.
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  Speaker 3: Yeah, she dies intestate, so no no will, no nothing.
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  Speaker 3: April twenty twenty three, she received a whopping fifty three
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  Speaker 3: hundred dollars of medicaid benefits. Keep that in mind because
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  Speaker 3: it would seem to me that the litigation costs involved
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  Speaker 3: here are going to far exceed fifty three hundred dollars.
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  Speaker 3: But that's not the point. Medicaid benefits were received Minta.
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  Speaker 3: The daughter was then appointed personal representative and published in
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  Speaker 3: a local newspaper for three weeks, three consecutive weeks to
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  Speaker 3: get the creditor's notice. Who's a creditor a nursing home?
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  Speaker 3: The state exactly well, Montana Department of Health and Human
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  Speaker 3: Services filed a claim on nine thirteen, twenty twenty three.
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  Speaker 3: She died in April, one day late after the four
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  Speaker 3: month claim period expired. Okay, well, the probate court rightfully
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  Speaker 3: so denied the state's claim, said in March twenty twenty four,
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  Speaker 3: and in April twenty twenty four approved Mena's final accounting
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  Speaker 3: for the estate and the soul heirs got two hundred
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  Speaker 3: thousand dollars from the estate, so that makes me scratch
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  Speaker 3: my head on terms of how you got eligible for medicaid,
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  Speaker 3: if you had two hundred thousand dollars in the estate.
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  Speaker 3: We'll come back to that. These are all things that
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  Speaker 3: make me scratch my head. Maybe so, the Department of
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  Speaker 3: the State and Human Resources files a personal claim against
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  Speaker 3: Minta who got the two hundred thousand dollars to recover
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  Speaker 3: the Medicaid benefits paid to Florence her mom. Well, the
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  Speaker 3: district court dismissed that complaint and said, look, you're time barred.
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  Speaker 3: You're precluded from filing that claim against Minta personally.
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  Speaker 2: Were they hope and Minta didn't know better and just
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  Speaker 2: paid it?
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  Speaker 3: I don't know, but they filed it. They appealed to
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  Speaker 3: Montana Supreme Court reversed, Yeah, reversed and said the Medicaid
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  Speaker 3: Statute in Montana creates two separate claims, one against the
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  Speaker 3: estate and one against a person who receives property from
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  Speaker 3: the deceaseds estate and also missing the first claim deadline
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  Speaker 3: does not foreclose you from filing a claim against the
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  Speaker 3: individual personally to recover. So too bad for you, Minta.
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  Speaker 2: It's a little safety knit for them again.
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  Speaker 3: Two hundred thousand dollars. You got to give fifty three
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  Speaker 3: hundred dollars back. My question is how much did you
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  Speaker 3: spend in legal fees to get to the Montana Supreme Court.
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  Speaker 2: It was probably five hours, and that would have eaten
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  Speaker 2: up the five grand way.
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  Speaker 3: More than fifty three hundred dollars.
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  Speaker 2: Oh yeah, they're probably trying to set some precedent and
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  Speaker 2: not have that.
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  Speaker 3: Boy, this has just shocked me, right, because let's learn
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  Speaker 3: about a state recovery.
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  Speaker 2: Yeah, that's crazy because if you miss it one day
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  Speaker 2: a deadline by a day with the state that you're denied, Well.
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  Speaker 3: They're making it sound like they're two separate claims and
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  Speaker 3: the other claim maybe didn't have a four month deadline.
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  Speaker 2: That's crazy.
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  Speaker 3: That's Montana. So let's talk about this. First of all,
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  Speaker 3: there was no will. We got to learn a lot
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  Speaker 3: of lessons here. There's no will. No planning was done. Well,
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  Speaker 3: perhaps had an irrevocable trust been done in advance, maybe
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  Speaker 3: the result would have been different. I don't know, because
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  Speaker 3: I'm not convinced I understand Montana's laws. I mean, ultimately,
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  Speaker 3: somebody would have got that money from the estate from
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  Speaker 3: the trust. Could they pursue a distribution from the trust
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  Speaker 3: to the individual or is that not considered from the
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  Speaker 3: estate again probta state versus gross estate. So maybe that's
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  Speaker 3: how it would work, and I would think so, I
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  Speaker 3: would think there's a distinction in this case, there was
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  Speaker 3: a distribution from the probata state.
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  Speaker 2: Will estate. They couldn't have gotten anything anyway.
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  Speaker 3: Right, Well, that's my point if there was no probatea state,
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  Speaker 3: and that's the only thing that's in my head that's
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  Speaker 3: sort of saving me my understanding of this case. Well,
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  Speaker 3: let's let's play it out. So the estate had two
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  Speaker 3: hundred dollars dollars. I already said, I'm not sure how
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  Speaker 3: they got on medicaid other than that two hundred thousand
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  Speaker 3: dollars had to be placed in a Medicaid annuity, which
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  Speaker 3: converts these excess assets over two thousand dollars into an
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  Speaker 3: income stream. Stay with me, Susan, I already know what
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  Speaker 3: you're thinking, right, Okay, Well, that would convert it into
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  Speaker 3: an income stream, so you could get on Medicaid. Generally,
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  Speaker 3: you would have a beneficiary listed and the state for
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  Speaker 3: at least the amount of Medicaid benefits paid on behalf
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  Speaker 3: of that individual. We know in Massachusetts, you have to
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  Speaker 3: list the state as a beneficiary. I don't know every state,
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  Speaker 3: but that's a federal medicaid law. I think it's I
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  Speaker 3: think it's a federal well it is. It is a
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  Speaker 3: federal medicaid law. So that is what it says in
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  Speaker 3: the federal statute as well. And again this is always
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  Speaker 3: important because you can get on Medicaid. Instead of paying
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  Speaker 3: sixteen thousand dollars a month, you're paying sixty five hundred
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  Speaker 3: less Social Security and pension. You stretch out the money
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  Speaker 3: for the family if there's an anything left, well, if
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  Speaker 3: the state was listed as the beneficiary, then they would
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  Speaker 3: have been paid there were, none of this litigation would
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  Speaker 3: have been needed. So I'm really confused as to how
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  Speaker 3: two hundred thousand dollars.
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  Speaker 2: Had to be living in go with a sudden surprise
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  Speaker 2: inheritance in the last month of her life.
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  Speaker 3: I just it's just shocking. So just a little bit
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  Speaker 3: about for you guys to understand how these annuities work. Well,
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  Speaker 3: a state recovery in Massachusetts at least can only be
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  Speaker 3: against the probate estate right. So keep that in mind,
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  Speaker 3: because when we set up our trusts and we put
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  Speaker 3: assets in them, then they no longer avoid I mean
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  Speaker 3: they're no longer a probate asset. So when you die,
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  Speaker 3: even though you there'll be a distribution to you family,
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  Speaker 3: it doesn't matter that the individual went on medicaid because
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  Speaker 3: the estate can only recover against probate assets and not
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  Speaker 3: against somebody who got the assets from the estate.
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  Speaker 2: So you're planning, do.
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  Speaker 3: Your planning, folks, In fact, do your planning all and
• 10:00
  Speaker 3: get the guide Rebalancing Asset Protection and Avoiding Estate Taxes.
• 10:05
  Speaker 3: Learn how the trusts irrevocable and revocable marital share and
• 10:09
  Speaker 3: remainder share work eight six six eight four eight five
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  Speaker 3: six nine nine or Legal Exchange show dot com and
• 10:18
  Speaker 3: you 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 Power as
• 10:26
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:29
  Speaker 2: much more to come when we return to the Legal
• 10:32
  Speaker 2: Exchange with Todd Lutsky.
• 10:35
  Speaker 1: If you're retired or getting close, now's the perfect time
• 10:38
  Speaker 1: to take a fresh look at your estate plan. Doing
• 10:40
  Speaker 1: your planning early can help you protect your assets and
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  Speaker 1: a clearer picture of your estate tax exposure. The guide
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  Speaker 1: also breaks down real options that may help you reduce
• 11:02
  Speaker 1: or even eliminate your estate taxes when you plan the
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  Speaker 1: right way and plan early. Whether you have an existing
• 11:07
  Speaker 1: estate plan or starting from scratch, this guide makes it
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  Speaker 1: easy to understand what steps could help you and your
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  Speaker 1: advisory services. You're listening to the Legal Exchange with Todd Lunsky,
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:56
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 13:59
  Speaker 2: and I'm joined by Todd Latsky, a partner with the
• 14:02
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:06
  Speaker 2: Where are we headed now, Todd?
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  Speaker 3: We are headed over to Indiana. We have an appellate
• 14:11
  Speaker 3: court case there where we are interpreting a trust for
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  Speaker 3: grandkids and to show how this drafting arrangement wasn't so good. Right.
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  Speaker 3: So in this case we've got Janet who creates a
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  Speaker 3: revocable trust in two thousand and an irrevocable life insurance
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  Speaker 3: trust to pay the estate taxes. So these are the
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  Speaker 3: two trusts that she drafted. Janet had two kids, Dennis
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  Speaker 3: and Sondra, and one child, Trudy, who had predeceased her,
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  Speaker 3: but left three grandkids. Keep that in mind when you're
• 14:45
  Speaker 3: drafting folks. So Janet in two thousand and four, four
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  Speaker 3: years later, amended her revocable trust to state that if
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  Speaker 3: there was a surplus left in the irrevocable life insurance
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  Speaker 3: trust after paying the federal and state death tax, then
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  Speaker 3: the trust would pay a separate payout from the revocable
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  Speaker 3: trust to the grandkids. Okay, if there was a surplus. Well,
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  Speaker 3: in twenty sixteen, as we all know, the laws changed
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  Speaker 3: pretty dramatically and it made the payment of the state
• 15:17
  Speaker 3: taxes for her unnecessary. So she terminated the life insurance
• 15:22
  Speaker 3: trust because she just let it in till it last
• 15:25
  Speaker 3: she needed. Well. In twenty three she died well, Dennis
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  Speaker 3: and Saunder, the kids each got one hundred and seventy
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  Speaker 3: one thousand dollars and nothing to the grandkids. Well, remember
• 15:38
  Speaker 3: they were both living and only one had predeceased and
• 15:40
  Speaker 3: left the two kids that were out, well, the grandkids,
• 15:44
  Speaker 3: as you might imagine petitioned the court to distribute the
• 15:48
  Speaker 3: assets pursued to the first Amendment of the revocable Trust. Well,
• 15:53
  Speaker 3: the trial court concluded, based on extrinsic evidence, that Janet's
• 15:57
  Speaker 3: intent was for those grandkids to get some of the
• 16:00
  Speaker 3: one hundred and seventy one thousand dollars prior to distribution.
• 16:05
  Speaker 3: So there you go, grandkids. Yeah, the kids weren't happy
• 16:08
  Speaker 3: with that.
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  Speaker 1: Can you imagine?
• 16:10
  Speaker 2: These are parents and the uncles.
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  Speaker 3: The kids are the answer. The kids are the aunts
• 16:15
  Speaker 3: and uncles. Yeah, are getting sued by their niece and nephew.
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  Speaker 2: Yeah.
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  Speaker 3: Well, the kids appealed and the court reversed, basically saying
• 16:26
  Speaker 3: that the language of the first Amendment was clear, if
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  Speaker 3: there are any remaining funds in the irrevocable trust after
• 16:36
  Speaker 3: the taxes are paid, then the grandkids are to take. However,
• 16:41
  Speaker 3: the islet did not exist, it was terminated. Therefore there
• 16:45
  Speaker 3: could have been no surplus, no funds, and therefore there
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  Speaker 3: is nothing for the kids. I mean that's pretty clear, right, Sorry, grandkids,
• 16:54
  Speaker 3: you're out.
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  Speaker 2: Which seems like it was the right path.
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  Speaker 3: It's definitely the right decision. Yeah, following the law.
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  Speaker 2: Is it what she really wanted?
• 17:06
  Speaker 3: Can't really tell, but.
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  Speaker 2: I bet you did this without talking to her attorney.
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  Speaker 3: Well, this is going to come back, and this is
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  Speaker 3: the tips we're gonna learn about, folks. We're gonna come
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  Speaker 3: back to what we can learn from this in a minute,
• 17:16
  Speaker 3: but ultimately, just to give you a little heads up drafting, drafting, drafting.
• 17:21
  Speaker 3: How have you not learned how to draft the document
• 17:24
  Speaker 3: to take care of grandkids? Right? It seems like it
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  Speaker 3: should be a natural if you want them in. I
• 17:31
  Speaker 3: don't know that you do, right. That's again a donors
• 17:34
  Speaker 3: intent issue. So in any event, before we get there,
• 17:40
  Speaker 3: learned for all of you folks that even if you
• 17:42
  Speaker 3: haven't started estate planning right, this guide is balancing asset
• 17:46
  Speaker 3: protection and avoiding a state taxes. It gives you the
• 17:49
  Speaker 3: formulas and the charts to calculate your own estate tax liability.
• 17:54
  Speaker 3: Then you can pick between whether you look at the
• 17:56
  Speaker 3: revocable or the irrevocable trust that's listed in this guide
• 18:00
  Speaker 3: talks about portability and really explains better than we can
• 18:04
  Speaker 3: do on the radio, how the remainder share and the
• 18:09
  Speaker 3: special marital share work to shelter a state taxes. Put
• 18:13
  Speaker 3: your own numbers in and you'll see how it works,
• 18:16
  Speaker 3: and see how it fits, and then you can decide
• 18:18
  Speaker 3: compare that to the irrevocable remainder share and marital share
• 18:22
  Speaker 3: there and here as well, folks, a little something for everyone.
• 18:25
  Speaker 3: It is that time of year. Call and get the
• 18:27
  Speaker 3: guide eight six six eight four eight five six nine
• 18:32
  Speaker 3: nine or Legal Exchange Show dot com again eight six
• 18:36
  Speaker 3: six eight four eight five six nine nine or Legal
• 18:40
  Speaker 3: Exchange Show dot com.
• 18:41
  Speaker 2: What a better Christmas gift than no estate taxes for
• 18:44
  Speaker 2: your children?
• 18:45
  Speaker 1: Right?
• 18:46
  Speaker 3: That's a that's a good Christmas for me.
• 18:48
  Speaker 2: Die this year, but future Christmas.
• 18:50
  Speaker 3: I think if I was the parent, it would be
• 18:52
  Speaker 3: a nicest, say.
• 18:52
  Speaker 2: Taxes of future Christmas, get rid of them.
• 18:57
  Speaker 3: Christmas is past taxes, Okay, tips and lessons. What do
• 19:01
  Speaker 3: we get from this case? Really, it's all about updating
• 19:05
  Speaker 3: your documents, right. It's not uncommon to review your documents
• 19:09
  Speaker 3: as laws changed. The laws changed you, right, and the
• 19:12
  Speaker 3: family dynamics might change. Well, here the estate tax exemption
• 19:17
  Speaker 3: went up. Well, we know that I send emails. We
• 19:19
  Speaker 3: as a Cushing and Dolan, We send emails to our
• 19:23
  Speaker 3: database all the time. And so it turned out that
• 19:28
  Speaker 3: because the estate tax went up, there was no need
• 19:30
  Speaker 3: to have the life insurance or the life insurance trust
• 19:34
  Speaker 3: also lost. You lost a child, well maybe that is
• 19:39
  Speaker 3: a red flag for you to take a look at
• 19:41
  Speaker 3: your plan and make sure the grandkids are covered and
• 19:44
  Speaker 3: see if it change is needed.
• 19:45
  Speaker 2: So the grandkids of that child that predeceased, right, got it? Oh,
• 19:50
  Speaker 2: those are the ones that sued.
• 19:51
  Speaker 3: Those are the ones that say, right, the predeceased child's
• 19:54
  Speaker 3: kids sued.
• 19:55
  Speaker 2: Make sure you understand that plink goball.
• 19:57
  Speaker 3: Right, and that's that's what's going on here, not the kid.
• 20:00
  Speaker 3: The kids were just the ants and the uncle. Right,
• 20:03
  Speaker 3: So okay, and I remember it's drafting, right, You got
• 20:06
  Speaker 3: to think about it when you're drafting. And my question
• 20:08
  Speaker 3: is why would the initial trust not include the grandkids.
• 20:13
  Speaker 3: Our language generally says equally to the kids, which it
• 20:17
  Speaker 3: sounds like it did if living otherwise to grandkids till
• 20:22
  Speaker 3: age thirty. Let's just say as an example, now, it
• 20:27
  Speaker 3: says up here that when Janet did her trust, one
• 20:31
  Speaker 3: of her kids was already deceased. So it would seem
• 20:34
  Speaker 3: to me, oh yeah, that you would have thought about
• 20:36
  Speaker 3: that child's children when you were drafting it.
• 20:40
  Speaker 2: That the attorney would have had a conversation and counseled her.
• 20:44
  Speaker 3: So what I'm thinking is maybe something changed, right, look
• 20:47
  Speaker 3: at the language in your trust and decide if it
• 20:50
  Speaker 3: needs updating. Maybe they felt one way about the grandkids
• 20:54
  Speaker 3: back then, but then when they updated their document, their
• 20:58
  Speaker 3: feelings changed yep about those grandkids. So even when you
• 21:03
  Speaker 3: updated your document, folks, And this is just a lessons
• 21:05
  Speaker 3: on drafting right for you to think about when you're
• 21:08
  Speaker 3: talking to your client. Your either your client if you're
• 21:11
  Speaker 3: an attorney listening, or you talk to the attorney if
• 21:14
  Speaker 3: you're the client. Think about this. When they changed the
• 21:19
  Speaker 3: trust to try and reference the irrevocable life insurance trust
• 21:24
  Speaker 3: and say, if there was money left in there, then
• 21:28
  Speaker 3: my revocable trust will pay out more. Because you probably
• 21:31
  Speaker 3: couldn't change the islet, so they tried to change it here. Okay, Well,
• 21:37
  Speaker 3: if you really wanted to take care of your grandchildren,
• 21:40
  Speaker 3: why would you make it a contingency. Why wouldn't you
• 21:43
  Speaker 3: just say I'm going to amend my revocable trust yep,
• 21:48
  Speaker 3: equally to all kids living, if not to their kids.
• 21:53
  Speaker 3: Now you've solved the problem.
• 21:55
  Speaker 2: So you end up with three buckets, two for your
• 21:57
  Speaker 2: living children in one bucket for your grand children who's
• 22:00
  Speaker 2: lost their parent exactly.
• 22:02
  Speaker 3: Yeah, and so that one third would break down into
• 22:05
  Speaker 3: as many kids as that deceased child left. Well, well,
• 22:10
  Speaker 3: that would be what I would have suggested. Why don't
• 22:13
  Speaker 3: we just do that. If you want to make it
• 22:15
  Speaker 3: more and still accommodate the islet, you could do that,
• 22:19
  Speaker 3: but it should be drafted in your document. And then
• 22:23
  Speaker 3: in addition, if this islet still exists, yeah, I want
• 22:27
  Speaker 3: to make an additional adjustment. Fine, Again, that would have
• 22:30
  Speaker 3: made sense because the islet would have not provided for
• 22:33
  Speaker 3: so those kids would have gotten more and the grand
• 22:36
  Speaker 3: kids wouldn't have gotten any So you give them a
• 22:38
  Speaker 3: little more in their revocable trust to make up for
• 22:41
  Speaker 3: what they're not getting in the irrevocable trust. Wow, folks,
• 22:46
  Speaker 3: it's all about drafting and communication and talking with your
• 22:49
  Speaker 3: with your attorney. And remember the irrevocable life insurance trust
• 22:53
  Speaker 3: is always designed to not be included in your estate,
• 22:57
  Speaker 3: so the assets in there the life insurance would have
• 22:59
  Speaker 3: been estate tax free and income tax free for the family.
• 23:04
  Speaker 3: It's a great way to leverage money to pay estate taxes. So, folks,
• 23:09
  Speaker 3: that's just a little update on how you draft This
• 23:12
  Speaker 3: guide will give you the information you need to calculate
• 23:16
  Speaker 3: your tax and fully understand how the sheltering occurs for
• 23:20
  Speaker 3: estate taxes in both the revocable and irrevocable trusts. See
• 23:26
  Speaker 3: which one's right for you. Get the guide eight six
• 23:28
  Speaker 3: six eight four eight five six nine nine or Legal
• 23:33
  Speaker 3: Exchange show dot com and download it right there.
• 23:36
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:39
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 23:42
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
• 23:45
  Speaker 2: will be answering your listener questions when we return to
• 23:48
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 23:51
  Speaker 1: If you're retired or getting close, now's the perfect time
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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  Speaker 1: your own financial, tax, and estate planning advisors before making
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  Speaker 1: advisory services. You're listening to the Legal Exchange and it's
• 27:26
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 27:30
  Speaker 1: your questions about anything and everything that's included in the
• 27:33
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 27:39
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:42
  Speaker 2: First question comes from Karen in Malden, mass And Karen writes,
• 27:46
  Speaker 2: my son lives in a group home and receives SSI.
• 27:49
  Speaker 2: His father recently passed away and my son is the
• 27:52
  Speaker 2: only beneficiary. I suspect he will receive an inheritance of
• 27:56
  Speaker 2: around five hundred thousand. Is there anything that we can
• 28:00
  Speaker 2: do with this inheritance so he won't lose his benefits.
• 28:03
  Speaker 2: It's really important that he be able to stay in
• 28:05
  Speaker 2: his group home.
• 28:07
  Speaker 3: Yeah, that's so important when you have a special needs situation.
• 28:12
  Speaker 3: We talk about this all the time with clients, right,
• 28:14
  Speaker 3: even like when we were just discussing, you know, drafting
• 28:17
  Speaker 3: in the last case. You know, you know you want
• 28:20
  Speaker 3: to take care of a grandchild. I get that, but
• 28:22
  Speaker 3: more importantly, you really need to take care of a
• 28:25
  Speaker 3: special needs situation. Because the deal here is we don't
• 28:31
  Speaker 3: want that child to lose the governmental benefits of the
• 28:35
  Speaker 3: group home or or whatever SSI or s SDI they
• 28:41
  Speaker 3: might be entitled to. But we also don't want to
• 28:44
  Speaker 3: disinherit them. So if we don't want to disinherit them,
• 28:47
  Speaker 3: how do we do this in your drafting your trust?
• 28:50
  Speaker 3: Right now you're saying here though that it is the
• 28:53
  Speaker 3: planning already done or something.
• 28:55
  Speaker 2: So his dad passed away. This is his mom asking
• 28:59
  Speaker 2: dad pasted. I'm assuming that they're there still, Oh, that
• 29:03
  Speaker 2: they're split up. All the dad passed away and the
• 29:06
  Speaker 2: son's the only beneficiary. So he's in a group home
• 29:09
  Speaker 2: on benefits. He's going to receive around a half a million.
• 29:12
  Speaker 3: Oh, so the wife they're not married, I see that
• 29:14
  Speaker 3: was a big, big clear up there.
• 29:16
  Speaker 2: Yeah.
• 29:16
  Speaker 3: So now he's already in a position to get the inheritance.
• 29:22
  Speaker 3: So we really can't go back and change Dad's estate.
• 29:26
  Speaker 2: Right, Mom could do that still because she's alive.
• 29:29
  Speaker 3: Mom could take care of him. I think for Dad's estate,
• 29:32
  Speaker 3: the only thing you could really do here is allow
• 29:35
  Speaker 3: the child to receive the inheritance.
• 29:38
  Speaker 2: When that push him off of his benefits.
• 29:40
  Speaker 3: So I think there's a rule that says you have
• 29:43
  Speaker 3: like thirty days where it's treated as income.
• 29:46
  Speaker 2: Oh so just like if you're in a nursing home. Almost, yeah,
• 29:48
  Speaker 2: I believe.
• 29:49
  Speaker 1: So.
• 29:49
  Speaker 3: I don't know the rules for group homes, but even
• 29:53
  Speaker 3: if it's not, I would probably then say, if you
• 29:57
  Speaker 3: can take it and put it directly into a sole
• 30:01
  Speaker 3: benefit trust. Remember we talked about these in the past,
• 30:04
  Speaker 3: but this would be the child creating it, or the
• 30:07
  Speaker 3: parent or a court if the child cannot, right, so
• 30:11
  Speaker 3: the mother might have to create this for him as
• 30:13
  Speaker 3: the guardian. If that's the case, where this is going
• 30:19
  Speaker 3: to be his money creating the trust. So it's what
• 30:23
  Speaker 3: is called a self settled trust, and so that just
• 30:27
  Speaker 3: means that the assets are his going into this trust
• 30:31
  Speaker 3: and there's no five year waiting period. It's immediately still protected.
• 30:36
  Speaker 3: He won't lose his benefits sole benefit meaning he's the
• 30:40
  Speaker 3: only one who can benefit from this trust while he's alive.
• 30:45
  Speaker 2: And then what happens when he passes, And.
• 30:47
  Speaker 3: That's the glitch, right, So in a self settled trust
• 30:51
  Speaker 3: like this, there needs to be a payback provision to
• 30:55
  Speaker 3: the state. But so what you you know, he's still
• 30:58
  Speaker 3: got his benefits. He gets his benefits while he's alive,
• 31:01
  Speaker 3: and he might end up using all the money in
• 31:05
  Speaker 3: the trust over his lifetime lifetime and there may be
• 31:08
  Speaker 3: nothing left for anybody else. But that's okay. It's his
• 31:12
  Speaker 3: money and it was designed for his benefit, and by
• 31:15
  Speaker 3: putting it in this trust, it's going to stretch out
• 31:18
  Speaker 3: these benefits over his lifetime, so he'll have better use
• 31:22
  Speaker 3: of the money over a longer period of time.
• 31:25
  Speaker 2: God, if his mom is doing her planning now, she
• 31:29
  Speaker 2: could create her trust with this type of language in
• 31:32
  Speaker 2: there right to protect his inheritance, so they don't even
• 31:35
  Speaker 2: have to jump through those hoops.
• 31:36
  Speaker 3: Right, Not only do they not have to jump through
• 31:38
  Speaker 3: those hoops, it'll have the same sole discretionary distribution type
• 31:43
  Speaker 3: language in mom's trust. But Mom's trust is a third
• 31:47
  Speaker 3: party trust, not a self settled trust. It is mom
• 31:51
  Speaker 3: creating it as a third party for son, and therefore
• 31:55
  Speaker 3: the big difference is no payback provision.
• 31:59
  Speaker 2: So you're planning. That's the theme today.
• 32:01
  Speaker 3: When the child dies, it's it's going to go to
• 32:04
  Speaker 3: the family the way they want it to. Folks. It
• 32:07
  Speaker 3: really is all about planning. The guide this month is
• 32:11
  Speaker 3: balancing asset protection and estate taxes, so it discusses things
• 32:15
  Speaker 3: like portability, which we don't get into a lot, mainly
• 32:18
  Speaker 3: the marital share and the remainder share of a revocable trust,
• 32:22
  Speaker 3: and how it works in an irrevocable trust in case
• 32:26
  Speaker 3: that's right for you. And then it even helps you
• 32:28
  Speaker 3: decide which one is right for you by you putting
• 32:31
  Speaker 3: your numbers in. It gives you the charts to calculate
• 32:34
  Speaker 3: your estate tax liability, so you'll know whether the revocable
• 32:38
  Speaker 3: or the irrevocable is the right way to go for you. Folks.
• 32:41
  Speaker 3: Something for everyone in this guide. Call and Get It
• 32:44
  Speaker 3: eight six six eight four eight five six nine nine
• 32:48
  Speaker 3: or Legal Exchange Show dot Com again eight six six
• 32:53
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:57
  Speaker 3: Show dot com our.
• 32:58
  Speaker 2: Last question comes from Julie and Dennisport, Mass and Julie writes,
• 33:03
  Speaker 2: my mother passed away recently and she had total assets
• 33:06
  Speaker 2: of around one point four million, and I am the
• 33:09
  Speaker 2: only beneficiary. I have a great pension and social security
• 33:12
  Speaker 2: and I really don't need the money because it will
• 33:15
  Speaker 2: push my estate up and make it taxable when I die.
• 33:18
  Speaker 2: Is there a way I can have this money go
• 33:20
  Speaker 2: directly to my kids instead?
• 33:23
  Speaker 3: Okay, so this might require looking at the well, maybe
• 33:31
  Speaker 3: it will, maybe it won't looking at it. I was
• 33:32
  Speaker 3: gonna say, you know, mom's Mom's trust. But I mean,
• 33:37
  Speaker 3: I would think that there should be language. I know,
• 33:40
  Speaker 3: when we drafted at Cushing and Dolan, right, there is
• 33:43
  Speaker 3: language that we put in there called a beneficiary disclaimer.
• 33:47
  Speaker 2: Okay, it's to English.
• 33:50
  Speaker 3: Yeah, it's actually a separate paragraph right in our trust,
• 33:53
  Speaker 3: it's in all of them. It basically says that a
• 33:57
  Speaker 3: beneficiary can disclaim their interest in the trust before or
• 34:04
  Speaker 3: after they're entitled to it, Okay, as long as I
• 34:07
  Speaker 3: haven't taken it. So, and that means that a beneficiary
• 34:12
  Speaker 3: can say, like here, like Julie, you know I really
• 34:16
  Speaker 3: don't want it. Well, if I really don't want it
• 34:18
  Speaker 3: or need it, then I'm going to file this disclaimer.
• 34:22
  Speaker 3: And these disclaimers aren't necessarily limited to nine months after
• 34:27
  Speaker 3: the date of death of Julie in this case or
• 34:31
  Speaker 3: a decedent, So it's not a nine month what we
• 34:36
  Speaker 3: call a qualified disclaimer that's under twenty five to eighteen
• 34:40
  Speaker 3: of the Code. This is just a regular disclaimer built
• 34:44
  Speaker 3: in to the trust. So she could say, you know what,
• 34:50
  Speaker 3: I don't want it, I'm going to disclaim. Okay, Well
• 34:53
  Speaker 3: if I disclaim, where does it go?
• 34:56
  Speaker 1: Right?
• 34:56
  Speaker 3: And that's the key. So you'd want to make sure
• 34:59
  Speaker 3: that if you're if you're Julie and you're saying you
• 35:02
  Speaker 3: wanted to go to my kids. This makes us harken
• 35:05
  Speaker 3: back to that first case we did in this show,
• 35:09
  Speaker 3: this show drafting for grandkids. Yeah, right, that was very important.
• 35:16
  Speaker 3: So here it is again. She needs to and before
• 35:20
  Speaker 3: I would advise her to disclaim. One, you have to
• 35:22
  Speaker 3: look at the trust, make sure it's there the disclaimer language. Two,
• 35:26
  Speaker 3: you have to look at the trust and say what
• 35:29
  Speaker 3: happens if Julie predeceases the donor, Because folks, that's what
• 35:35
  Speaker 3: disclaiming means. Disclaiming means read the estate planning document as
• 35:41
  Speaker 3: if Julie died before mom.
• 35:44
  Speaker 2: Okay, okay.
• 35:46
  Speaker 3: So if the document says equally to my kids and
• 35:51
  Speaker 3: that's her one point four or she's the only child.
• 35:55
  Speaker 1: We don't.
• 35:55
  Speaker 2: Yeah, she's the only child.
• 35:56
  Speaker 3: So either way we can do it. Whatever the piece
• 36:00
  Speaker 3: is that's going to Julie. It would say if living
• 36:05
  Speaker 3: otherwise to Julie's kids, or it would say otherwise to
• 36:09
  Speaker 3: my grandkids.
• 36:10
  Speaker 2: So treat me as if I'm Dad and follow the.
• 36:13
  Speaker 3: Chain, right, So if that if the correct, if that's
• 36:17
  Speaker 3: what's then I would say to you, Julie. Yes, if
• 36:21
  Speaker 3: the trust says you have the ability to disclaim, and
• 36:25
  Speaker 3: the language says all to Julie, if living otherwise to
• 36:31
  Speaker 3: my grandkids, which would be Julie's kids, maybe in trust
• 36:35
  Speaker 3: until there are a certain age or or something, then
• 36:39
  Speaker 3: you can disclaim. Because if you disclaim, your grand kids
• 36:42
  Speaker 3: will get it, or your kids will get it, her
• 36:43
  Speaker 3: grandkids will get nice. So folks, always things can be
• 36:47
  Speaker 3: done with planning, even post mortem. Call and get the guide.
• 36:50
  Speaker 3: Learn how to do your own estate planning, balancing, asset
• 36:54
  Speaker 3: protection and avoiding estate taxes. Both describing the revocable and
• 37:00
  Speaker 3: the irrevocable trust in terms of the tax situation eight
• 37:03
  Speaker 3: six six eight four eight five six nine nine or
• 37:07
  Speaker 3: Legal Exchange Show dot com.
• 37:09
  Speaker 2: If you have a question you would like to ask Todd,
• 37:12
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:15
  Speaker 2: on the ass Tod tab. Maybe I'll be able to
• 37:17
  Speaker 2: read your question on the air, and hopefully his answer
• 37:20
  Speaker 2: will stop you from becoming one of his next real
• 37:22
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:26
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:29
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and we'll
• 37:33
  Speaker 2: be back with more after this quick break on the
• 37:35
  Speaker 2: Legal Exchange with Todd Lutsky.
• 37:38
  Speaker 1: If you're retired or getting close, now's the perfect time
• 37:41
  Speaker 1: to take a fresh look at your estate plan. Doing
• 37:43
  Speaker 1: your planning early can help you protect your assets and
• 37:45
  Speaker 1: keep more of your wealth in your family. Cushing and Dolan,
• 37:47
  Speaker 1: the leaders in elder lawn taxation, have put together a
• 37:50
  Speaker 1: new guide called Balancing, Asset Protection and Avoiding Estate Taxes,
• 37:53
  Speaker 1: and in it you'll learn how to secure your assets
• 37:55
  Speaker 1: if you ever need long term care, how to avoid
• 37:57
  Speaker 1: having everything tied up in probate and how to get
• 37:59
  Speaker 1: a clearer picture of your estate tax exposure. The guide
• 38:02
  Speaker 1: also breaks down real options that may help you reduce
• 38:05
  Speaker 1: or even eliminate your estate taxes when you plan the
• 38:07
  Speaker 1: right way and plan early. Whether you have an existing
• 38:10
  Speaker 1: estate plan or starting from scratch, this guide makes it
• 38:12
  Speaker 1: easy to understand what steps could help you and your
• 38:15
  Speaker 1: family in the long run. To get your free copy,
• 38:17
  Speaker 1: call Cushing and Dolan at eight six six eight four
• 38:19
  Speaker 1: eight five six ninety nine. That's eight six six eight
• 38:21
  Speaker 1: four eight five six nine nine, or you can request
• 38:24
  Speaker 1: it online at legal exchainshow dot com. That's Legal exchange
• 38:28
  Speaker 1: show dot com. The proceeding was paid for and the
• 38:30
  Speaker 1: use expressed or sole leaders of Cushing and Dolin cushiingan
• 38:32
  Speaker 1: Dolan and or Armstrong Advisory may contact you offering legal
• 38:34
  Speaker 1: or investment services. Cushing and Dolin in Armstrong Advisory do
• 38:36
  Speaker 1: not endorse each other and are not affiliated.
• 38:38
  Speaker 4: The Armstrong Advisory Group understands retirement planning and when it
• 38:41
  Speaker 4: comes to married couples, it can be about more than money. Hi,
• 38:44
  Speaker 4: this is Mike Armstrong and our new guide called Retirement
• 38:47
  Speaker 4: Planning for Spouses tackles many issues that couples face as
• 38:50
  Speaker 4: they're preparing for later life. This guide keeps things simple,
• 38:53
  Speaker 4: focusing on important matters such as making sure both partners
• 38:56
  Speaker 4: understand where their money's coming from in retirement, being aware
• 38:59
  Speaker 4: of scams, how to stay organized if one spouse outlives
• 39:02
  Speaker 4: the other, and ways to handle gifts, donations or legacy
• 39:05
  Speaker 4: goals as a team. It's a straightforward look at the
• 39:08
  Speaker 4: steps every couple can take to feel confident about retirement.
• 39:11
  Speaker 4: Call the Armstrong Advisory Group right now at eight hundred
• 39:14
  Speaker 4: three nine three for zero zero one to get your
• 39:16
  Speaker 4: free copy of Retirement Planning for Spouses. That's eight hundred
• 39:19
  Speaker 4: three to nine three for zero zero one, or you
• 39:22
  Speaker 4: can request it online at Armstrong Advisory dot com.
• 39:24
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:27
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:29
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:32
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:35
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:37
  Speaker 1: advisory services. When the holidays roll end and the cold
• 39:41
  Speaker 1: settles over New England, find your escape in the US
• 39:44
  Speaker 1: Virgin Islands. Trade the freezing tempts and grace guys for
• 39:47
  Speaker 1: warm sun, turquoise water, and that easy island energy you
• 39:50
  Speaker 1: can feel the second you land. This December through early January,
• 39:54
  Speaker 1: Saint Croix ignites with the Krucian Christmas Festival, a celebration
• 39:57
  Speaker 1: over a century old. Frederickstead comes alive with colorful parades,
• 40:01
  Speaker 1: live reggae, and streets filled with the sites and flavors
• 40:03
  Speaker 1: of real Caribbean culture. It's the holiday season with a
• 40:06
  Speaker 1: tropical beat. From there, they explore Saint Thomas with its
• 40:09
  Speaker 1: duty free shopping and the legendary views at Maggin's Bay.
• 40:12
  Speaker 1: Or slow down on Saint John, where quiet beaches and
• 40:15
  Speaker 1: National Park trails make every day feel like your own
• 40:18
  Speaker 1: private adventure. Getting there could not be easier. No passport
• 40:21
  Speaker 1: is needed, and there's no money to exchange. Just pack
• 40:24
  Speaker 1: light and step out of the cold into pure sunshine.
• 40:26
  Speaker 1: This holiday season, let yourself fall naturally in rhythm with
• 40:29
  Speaker 1: the heartbeat of the islands. Visit America's Caribbean paradise the
• 40:33
  Speaker 1: US Virgin Islands. Go to visit USBI dot com and
• 40:36
  Speaker 1: book your trip today. That's visit USBI dot com. Your
• 40:41
  Speaker 1: tune to the legal exchange with Todd Lutsky. If you
• 40:44
  Speaker 1: are a loved one needs a nursing homestay, call Todd
• 40:47
  Speaker 1: right now at eight six six eight four eight five
• 40:49
  Speaker 1: six nine nine and let him make sure your assets
• 40:51
  Speaker 1: are protected. That's eight six six eight four eight five
• 40:54
  Speaker 1: six nine nine, or visit him online at Legal Exchange
• 40:58
  Speaker 1: show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Letsky. I'm
• 41:03
  Speaker 2: Susan Powers of financial advice 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
• 41:12
  Speaker 2: master's in taxation. So Todd, we talk a lot about
• 41:17
  Speaker 2: married couples and how easy it is for them to
• 41:21
  Speaker 2: reduce and sometimes even eliminate their estate taxes because they
• 41:24
  Speaker 2: do their trust planning. You get the metal share, the
• 41:26
  Speaker 2: remainder share, all that good stuff.
• 41:29
  Speaker 3: Yeah right, yeah, that's right.
• 41:30
  Speaker 2: But then I think about people like Julie you sent
• 41:33
  Speaker 2: in the question single person. Yeah, is there anything that
• 41:38
  Speaker 2: a single person can do to reduce and even eliminate
• 41:44
  Speaker 2: potentially their estate taxes?
• 41:47
  Speaker 3: Well? There is, there is. It's not as easy and
• 41:50
  Speaker 3: you have to maybe part with a little more control
• 41:53
  Speaker 3: than you might want to though. That's the thing. Okay,
• 41:55
  Speaker 3: it does involve gifting, and again, remember folks, when we.
• 41:59
  Speaker 2: Start gift giving it away, Yeah okay, I.
• 42:02
  Speaker 3: Mean that's kind of the way to get it out
• 42:04
  Speaker 3: of your estate right now. With a married couple, right
• 42:07
  Speaker 3: we talk a lot about these spousal lifetime access trust
• 42:11
  Speaker 3: In fact, slats are starting to become, even on our show,
• 42:16
  Speaker 3: a little better, a more regular term that we've been using. Now.
• 42:20
  Speaker 3: They are for higher net worth clients, especially with the
• 42:23
  Speaker 3: exemption federally being so high. I get it, but still useful.
• 42:28
  Speaker 3: But I'm telling you this to compare and contrast for
• 42:30
  Speaker 3: your question. For those folks, though, they're able to give
• 42:34
  Speaker 3: away large chunks of assets but still enjoy and control
• 42:40
  Speaker 3: what they gave away because one spouse does it for
• 42:44
  Speaker 3: the other spouse. So as long as they're married, yep,
• 42:46
  Speaker 3: they're able to, you know, take out of each other's trust.
• 42:50
  Speaker 3: But you can't take out directly from the trust you
• 42:52
  Speaker 3: give it to. So while that works great, Todd, but as.
• 42:56
  Speaker 2: You're saying, marry people, yeah.
• 42:58
  Speaker 3: This person single, what do we do? So I'm actually
• 43:02
  Speaker 3: doing this for someone right now. They're worth a lot
• 43:04
  Speaker 3: of money and so rather than give to these irrevocable
• 43:10
  Speaker 3: gifting trusts we'll call them. They are Grand Tour trusts.
• 43:14
  Speaker 3: You're able to sell the asset. So you would take
• 43:19
  Speaker 3: like ten million dollar investment portfolio, put it in an LLC,
• 43:24
  Speaker 3: take back voting and non voting share. So now I
• 43:27
  Speaker 3: own the voting and non voting I'm the manager. I
• 43:31
  Speaker 3: control this LLC. I continue to work with you, Susan,
• 43:35
  Speaker 3: you manage my money. Nothing's changed, yep. I control distributions.
• 43:41
  Speaker 3: I take the non voting shares and sell them to
• 43:45
  Speaker 3: this Grand Tour trust. It's a Grand Tour trust. So
• 43:48
  Speaker 3: this sale is disregarded for capital gains tax purposes. You
• 43:53
  Speaker 3: can't sell to yourself since I'm the owner. For income
• 43:56
  Speaker 3: tax purposes, the government says this sale quotes sale is disregarded.
• 44:02
  Speaker 2: Beautiful.
• 44:03
  Speaker 3: Okay, So now I got you know this non voting
• 44:09
  Speaker 3: shares could be nine million dollars in there. It's going
• 44:14
  Speaker 3: to pay me back a private annuity just between me
• 44:18
  Speaker 3: and the trust. Of course, distributions will have to come
• 44:20
  Speaker 3: out of the LLC to the trust to pay me.
• 44:24
  Speaker 3: But you know that private annuity depending on how old
• 44:26
  Speaker 3: you are. I think the one I did was resulting
• 44:28
  Speaker 3: at about four hundred thousand, four hundred and fifty thousand
• 44:31
  Speaker 3: a year. Coming back. Well, that's okay because I like
• 44:35
  Speaker 3: this stream of income. I'm living on it.
• 44:37
  Speaker 2: I'm usual and it comes back to you. When you're
• 44:39
  Speaker 2: generating the income from the regardless of the bucket, you're
• 44:42
  Speaker 2: still at the same tax rate as you would before.
• 44:45
  Speaker 3: It's right, everything's grant toward trust everything. I'm paying taxes
• 44:47
  Speaker 3: on money I may not even be getting, although I
• 44:49
  Speaker 3: am getting the four hundred, right, the LLC could be
• 44:52
  Speaker 3: generating far more than that. You got ten million, that's
• 44:54
  Speaker 3: seven percent, that's seven hundred thousand, so it might only
• 44:58
  Speaker 3: be kicking out four hundred. Well what the rest is growing?
• 45:02
  Speaker 3: And I'm not letting this build up in my estate
• 45:04
  Speaker 3: because I need that to live on and enjoy. Because
• 45:06
  Speaker 3: if you have that kind of money, your lifestyle is
• 45:08
  Speaker 3: high sure wonderful way of doing it. And when you die,
• 45:12
  Speaker 3: the private annuity automatically ends. Nothing is included in your estate.
• 45:16
  Speaker 3: That annuity is has zero value.
• 45:18
  Speaker 2: So only lived you know in a couple of years.
• 45:23
  Speaker 2: What have you lived a couple of months and you
• 45:24
  Speaker 2: set up this new YEA doesn't matter.
• 45:26
  Speaker 3: Zero value when you die.
• 45:28
  Speaker 2: Huh.
• 45:29
  Speaker 3: It's a home run for for single people. Wow. So
• 45:32
  Speaker 3: that's a great way of doing it. I'm doing it
• 45:34
  Speaker 3: now for someone a single person worth about twenty five million,
• 45:37
  Speaker 3: So you know they need to understand that can be done.
• 45:40
  Speaker 3: But folks, I understand that's not for everybody, right for
• 45:44
  Speaker 3: people who that might make sense to. If you find
• 45:46
  Speaker 3: yourself in that position, you know, give us a call.
• 45:48
  Speaker 3: I can't say it any other way that that's an
• 45:50
  Speaker 3: important piece of information. But folks, a lot of us
• 45:56
  Speaker 3: just need to do basic state planning. That's what this
• 45:58
  Speaker 3: guide's about, bancing, asset protection, planning and avoiding state taxes.
• 46:04
  Speaker 3: It explains portability of exemptions, It explains what these exemptions are.
• 46:08
  Speaker 3: It actually talks to you about and explains how the
• 46:12
  Speaker 3: remainder share and the special marital share work to shelter taxes.
• 46:17
  Speaker 3: We talk about it all the time, but this you
• 46:19
  Speaker 3: could actually see it in action. It also allows you
• 46:23
  Speaker 3: to put your own numbers in, gives you the tax
• 46:25
  Speaker 3: guide to calculate the tax on your estate, and it
• 46:28
  Speaker 3: does the same thing for irrevocable trusts in case you
• 46:33
  Speaker 3: want to use those and actually protect assets and avoid
• 46:37
  Speaker 3: a state taxes. Call and get it folks, something for
• 46:40
  Speaker 3: everyone eight six six eight four eight five six nine
• 46:44
  Speaker 3: nine or Legal Exchange Show dot com again eight six
• 46:48
  Speaker 3: six eight four eight five six nine nine or Legal
• 46:52
  Speaker 3: Exchange Show dot com.
• 46:54
  Speaker 2: So let's keep wiping out of state taxes for people.
• 46:57
  Speaker 2: Here the story that you totally, the case of the
• 47:01
  Speaker 2: life insurance and the life Insurance trust. Can we explore
• 47:05
  Speaker 2: how those work? Because there are a lot of folks
• 47:07
  Speaker 2: out there that don't realize that it could be just
• 47:10
  Speaker 2: their life insurance policy that's causing them to have a
• 47:14
  Speaker 2: taxable estate. And how can you actually eliminate that from happening.
• 47:19
  Speaker 2: You've got a big insurance policy, how do we get
• 47:22
  Speaker 2: that out of that taxable estate?
• 47:24
  Speaker 3: Yeah, So when we talk about estate tax is, the
• 47:27
  Speaker 3: first thing we need to ask is how much are
• 47:30
  Speaker 3: we worth? Right? Right? And this is the part I
• 47:32
  Speaker 3: think you're sort of driving at, Susan, is we oftentimes
• 47:37
  Speaker 3: don't consider the death benefit of a life insurance policy
• 47:42
  Speaker 3: as part of the estate.
• 47:43
  Speaker 2: Because it's tax free, tax free, are right?
• 47:45
  Speaker 5: Right?
• 47:46
  Speaker 3: Except that's income tax free only, not a state tax rates.
• 47:50
  Speaker 2: A lot of people are surprised to hear that.
• 47:52
  Speaker 3: I think so. I think so, And because that oftentimes
• 47:56
  Speaker 3: it's sold to you, but they just use the word
• 48:00
  Speaker 3: or tax free. They don't describe what tax free it
• 48:05
  Speaker 3: is in this case, not a state tax free. Now,
• 48:09
  Speaker 3: remember that's important because even though you might have term
• 48:11
  Speaker 3: insurance right now, you might be saying, oh, well, my
• 48:15
  Speaker 3: insurance policy is worth nothing because you're alive.
• 48:19
  Speaker 2: That's right.
• 48:20
  Speaker 3: But when you die, which is when the government values
• 48:24
  Speaker 3: your estate, it's worth the death.
• 48:26
  Speaker 2: Betal So the second you die, there's value to that.
• 48:28
  Speaker 3: There you go death benefit value. So let's say you've
• 48:31
  Speaker 3: got like a two million dollar policy for Massachusetts that
• 48:34
  Speaker 3: throws you over the estate right there. But that two
• 48:36
  Speaker 3: million or three million dollar policy could be bumping you
• 48:39
  Speaker 3: up even in a federal side of the equation. So
• 48:42
  Speaker 3: a lot of times people will say, well, geez, if
• 48:45
  Speaker 3: I put it into an irrevocable life insurance trust, I
• 48:50
  Speaker 3: can make it income and estate tax.
• 48:54
  Speaker 2: Is there a look back period for that life insurance trust?
• 48:57
  Speaker 2: If you do one yes and no no, Well it depends.
• 49:01
  Speaker 2: There is an attorney answer.
• 49:04
  Speaker 3: No, if you have the life insurance policy, buy the
• 49:09
  Speaker 3: policy from the get.
• 49:11
  Speaker 2: Go, so that the irrevocable life insurance trust buys the policy.
• 49:16
  Speaker 3: Yes, So I don't know why I said if I
• 49:18
  Speaker 3: said that wrong. So the irrevocable life insurance trust purchases
• 49:23
  Speaker 3: the policy.
• 49:23
  Speaker 2: So they're the owner from the get go.
• 49:25
  Speaker 3: From the beginning, you put the money in to buy it,
• 49:28
  Speaker 3: but the trust buys it. So now you never owned it.
• 49:33
  Speaker 3: So now you can die the next day, no look back.
• 49:36
  Speaker 2: But a lot of people they're going to already own
• 49:38
  Speaker 2: these life insurance policies when they're setting this up, because
• 49:40
  Speaker 2: that's maybe what's driving the conversation.
• 49:42
  Speaker 3: That's right, that happens. So for all of you folks
• 49:45
  Speaker 3: who already own the policy and say, oh, this is
• 49:48
  Speaker 3: a great idea, I'd like to get it the heck
• 49:49
  Speaker 3: out of my estate. Is there going to be a
• 49:52
  Speaker 3: gift tax when I gift it to this trust? Generally
• 49:56
  Speaker 3: not so much, because the value when you're gifting it
• 49:59
  Speaker 3: might only be the cash surrender value, which is generally low.
• 50:03
  Speaker 3: So put it in now. When you put it in,
• 50:06
  Speaker 3: there is a three year rule. So if you happen
• 50:09
  Speaker 3: to die within the three years of you putting it
• 50:11
  Speaker 3: in the trust, then it will be pulled back into
• 50:15
  Speaker 3: your estate.
• 50:15
  Speaker 2: Get your planning done.
• 50:16
  Speaker 3: But there's no downside, folks, it will be included anyway,
• 50:20
  Speaker 3: So take it, take the shot, get it, get it
• 50:22
  Speaker 3: set up. Folks. Learn about revocable and irrevocable trusts and
• 50:27
  Speaker 3: how they work from an estate tax standpoint. Get this
• 50:30
  Speaker 3: guide it explains all of that eight six six eight
• 50:34
  Speaker 3: four eight five six nine nine or Legal Exchange show
• 50:39
  Speaker 3: dot com. You can download the guide right there.
• 50:42
  Speaker 2: Todd Leutsky from the law firm of Cushing in Dolan,
• 50:45
  Speaker 2: thank you so much.
• 50:46
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:48
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:52
  Speaker 2: We thank you for joining us today and we'll be
• 50:54
  Speaker 2: back again next week on the Legal Exchange with Todd Leutsky.
• 51:00
  Speaker 1: Retired or getting close. Now's the perfect time to take
• 51:02
  Speaker 1: a fresh look at your estate plan. Doing your planning
• 51:05
  Speaker 1: early can help you protect your assets and keep more
• 51:07
  Speaker 1: of your wealth in your family. Cushing and Dolan, the
• 51:09
  Speaker 1: leaders in elder lawn taxation, have put together a new
• 51:12
  Speaker 1: guide called Balancing, Asset Protection and Avoiding Estate Taxes, and
• 51:15
  Speaker 1: in it you'll learn how to secure your assets if
• 51:17
  Speaker 1: you ever need long term care, how to avoid having
• 51:19
  Speaker 1: everything tied up in probate, and how to get a
• 51:21
  Speaker 1: clearer picture of your estate tax exposure. The guide also
• 51:24
  Speaker 1: breaks down real options that may help you reduce or
• 51:26
  Speaker 1: even eliminate your estate taxes when you plan the right
• 51:29
  Speaker 1: way and plan early. Whether you have an existing estate
• 51:32
  Speaker 1: plan or starting from scratch, this guide makes it easy
• 51:34
  Speaker 1: to understand what steps could help you and your family
• 51:36
  Speaker 1: in the long run. To get your free copy, call
• 51:38
  Speaker 1: Cushing and Dolan at eight sixty six eight four eight
• 51:41
  Speaker 1: five six nine nine. That's eight six six eight four
• 51:43
  Speaker 1: eight five six nine nine, or you can request it
• 51:46
  Speaker 1: online at legal exchange show dot com. That's legal exchange
• 51:49
  Speaker 1: show dot com. The proceeding was paid for in the
• 51:51
  Speaker 1: use express or so legos of Cushing and Dolin. Cushian Dolan,
• 51:53
  Speaker 1: and or Armstrong Advisory may contact you offering legal or
• 51:56
  Speaker 1: investment services. Cushing and Dolan in Armstrong Advisory do not
• 51:58
  Speaker 1: endorse each other and are not affiliated.
• 52:00
  Speaker 6: At Armstrong Advisory Group. We understand that retirement planning for
• 52:03
  Speaker 6: couples is about making smart, coordinated decisions that support both partners.
• 52:07
  Speaker 1: HI.
• 52:07
  Speaker 6: This is Chuck Zada. We've got a brand new free
• 52:10
  Speaker 6: guide called Retirement Planning for Spouses that focuses on key
• 52:13
  Speaker 6: financial moves that every couple should understand, like how to
• 52:16
  Speaker 6: time your sol security benefits, how to prepare for healthcare
• 52:19
  Speaker 6: expenses and long term care needs, and how to manage
• 52:21
  Speaker 6: your investment withdrawals in a way that keeps taxes under
• 52:24
  Speaker 6: control while still maintaining the lifestyle that you want. Retirement
• 52:28
  Speaker 6: is a team effort, and this guide may show you
• 52:30
  Speaker 6: how to make the numbers work for both of you.
• 52:32
  Speaker 6: Call us right now at eight hundred three nine three
• 52:34
  Speaker 6: for zero zero one to get your free copy of
• 52:37
  Speaker 6: our new guide called Retirement Planning for Spouses. That's eight
• 52:40
  Speaker 6: hundred three nine three for zero zero one, or you
• 52:43
  Speaker 6: can request it online Armstrong Advisory dot com.
• 52:46
  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
• 52:56
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 52:59
  Speaker 1: advisory services. When the holidays roll in and the cold
• 53:02
  Speaker 1: settles over New England, find your escape and the US
• 53:05
  Speaker 1: Virgin Islands. Trade the freezing temps and gray skies for
• 53:08
  Speaker 1: warm sun, turquoise water and that easy island energy. You
• 53:11
  Speaker 1: can feel the second u Land. This December through early January,
• 53:14
  Speaker 1: Saint Croix ignites with the Krucian Christmas Festival, a celebration
• 53:18
  Speaker 1: over a century old. Frederickstead comes alive with colorful parades,
• 53:21
  Speaker 1: live reggae, and streets filled with the sights and flavors
• 53:24
  Speaker 1: of real Caribbean culture. It's the holiday season with a
• 53:27
  Speaker 1: tropical beat. From there, they explore Saint Thomas with its
• 53:30
  Speaker 1: duty free shopping and the legendary views at Magan's Bay.
• 53:33
  Speaker 1: Or slow down on Saint John, where quiet beaches and
• 53:36
  Speaker 1: National Park trails make every day feel like your own
• 53:38
  Speaker 1: private adventure. Getting there could not be easier. No passport
• 53:42
  Speaker 1: is needed and there's no money to exchange. Just pack
• 53:44
  Speaker 1: light and step out of the cold into pure sunshine.
• 53:47
  Speaker 1: This holiday season, let yourself fall naturally in rhythm with
• 53:50
  Speaker 1: the heartbeat of the islands. Visit America's Caribbean paradise, the
• 53:53
  Speaker 1: US Virgin Islands. Go to visit USBI dot com and
• 53:56
  Speaker 1: book your trip today. That's visit USBI dot com.