Latest / The Legal Exchange / Why name your estate an IRA beneficiary?

Transcript

Why name your estate an IRA beneficiary? · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight 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, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: of financial Advisor with the Armstrong Advisory Group, and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome, Todd.
• 0:51
  Speaker 2: How are you today?
• 0:52
  Speaker 3: I am never better? How are you?
• 0:54
  Speaker 2: I'm great? Thank you?
• 0:56
  Speaker 3: Welcome September.
• 0:57
  Speaker 2: Hmm, can you screaming?
• 1:00
  Speaker 3: I'm going to call you A couple of cases actually
• 1:03
  Speaker 3: pretty interesting. I think a Tennessee Appellate court case dealing
• 1:06
  Speaker 3: with you know, joint property in a divorce, then a
• 1:10
  Speaker 3: death and what happens to the joint property and the
• 1:14
  Speaker 3: tenets by the entirety property if the death occurs before
• 1:18
  Speaker 3: the divorce is final.
• 1:20
  Speaker 2: That doesn't sound mighty at all.
• 1:22
  Speaker 3: This sounds like it could be interesting. So we're gonna
• 1:25
  Speaker 3: find out about that. And again I think the key
• 1:26
  Speaker 3: here is what we're going to learn about joint property
• 1:29
  Speaker 3: and how joint property works and how it fits into
• 1:31
  Speaker 3: a state planning. So the lessons are sometimes better than
• 1:34
  Speaker 3: the story, but the story will be interesting for you.
• 1:37
  Speaker 3: And another one we're going to run over to Kansas,
• 1:38
  Speaker 3: and we've got a Supreme Court case in Kansas. So basically,
• 1:44
  Speaker 3: you know, once you accept something, then you can't get upset.
• 1:48
  Speaker 3: You get what you get and you don't get upset.
• 1:52
  Speaker 3: And that's in essence what happens here where somebody basically
• 1:55
  Speaker 3: ends up accepting a distribution from a trust and then decides, no, oh,
• 2:00
  Speaker 3: I don't like what I got? Well can you do that?
• 2:04
  Speaker 3: Stay tuned and you will. You will find out. So
• 2:08
  Speaker 3: a couple of things, though, folks, this is all going
• 2:10
  Speaker 3: to require the need for planning. And one of the
• 2:13
  Speaker 3: big items, one of the big assets you know, whether
• 2:15
  Speaker 3: it's real estate which is important to plan for, or
• 2:18
  Speaker 3: another problem asset in the estate planning world is iras
• 2:24
  Speaker 3: four oh one case or as we know them, retirement
• 2:26
  Speaker 3: qualified plan money. They're hard to plan for, especially in
• 2:30
  Speaker 3: the nursing home world. So this new guide we're giving away.
• 2:34
  Speaker 3: By the way, folks, I say it's new because this
• 2:36
  Speaker 3: technique's only been around since twenty twenty two when the
• 2:39
  Speaker 3: Secure Act changed. But you can learn how to name
• 2:42
  Speaker 3: your IRA beneficiary your estate. Again, you have to meet
• 2:48
  Speaker 3: the required beginning date, but naming it your estate as
• 2:52
  Speaker 3: the beneficiary, coupling it with a testamentary trust. The two
• 2:55
  Speaker 3: ideas that are in the guide will show you how
• 2:58
  Speaker 3: it can both be protect protected from the nursing home
• 3:01
  Speaker 3: which is very hard to do in advance, and sheltered
• 3:05
  Speaker 3: for estate taxes on the first death, all while not
• 3:10
  Speaker 3: incurring any adverse income taxes on the required minimum distributions
• 3:14
  Speaker 3: from these iras. Folks. That's a mouthful. It's in the guide.
• 3:18
  Speaker 3: It explains how to do this technique call and get
• 3:22
  Speaker 3: it eight six six eight four eight five six ninety
• 3:26
  Speaker 3: nine or Legal Exchange Show dot Com again eight six
• 3:29
  Speaker 3: six eight four eight five six ninety nine or Legal
• 3:33
  Speaker 3: Exchange Show dot Com. It's new for the month, and
• 3:36
  Speaker 3: it also talks about those testamentary trusts they're in there
• 3:39
  Speaker 3: as well. You got to learn how those trusts work,
• 3:41
  Speaker 3: which are very different than what we're talking about right
• 3:44
  Speaker 3: now over in Tennessee when we go to this appellate
• 3:48
  Speaker 3: court case. What are we doing over there? Well, Charles
• 3:53
  Speaker 3: Senior and Shirley married in nineteen eighty one, surely then
• 3:59
  Speaker 3: five for divorce in March of twenty twenty January of
• 4:05
  Speaker 3: twenty twenty three, they're still not divorced. Shirley and Charles
• 4:10
  Speaker 3: Senior agree that the proceeds from the sale of certain
• 4:14
  Speaker 3: parcels of real estate that were owned as tenants by
• 4:19
  Speaker 3: the entirety or just jointly would be deposited with the
• 4:25
  Speaker 3: Chancery Court. Whatever the heck that means?
• 4:28
  Speaker 2: What does then?
• 4:29
  Speaker 3: I don't know, We're going to keep going. That's what
• 4:32
  Speaker 3: they agreed to, though. Then in August of twenty twenty three,
• 4:36
  Speaker 3: So a few months later Senior dies and guess what
• 4:42
  Speaker 3: it was? Prior to a final divorce decree being entered into.
• 4:46
  Speaker 3: So what do you think Shirley does. Shirley says, well,
• 4:48
  Speaker 3: I'm going to file a motion to dismiss and request
• 4:51
  Speaker 3: distributions of the sale proceeds.
• 4:54
  Speaker 2: Makes sense because she's joint with rights at that point.
• 4:57
  Speaker 3: Still, well, I think, so let's see Junior son of Charles.
• 5:03
  Speaker 3: Now they say son of not Shirley, probably son of Charles, which, yeah,
• 5:07
  Speaker 3: makes me think that it's probably a second marriage. Good point, Susan,
• 5:10
  Speaker 3: So keep that in mind. Well, he files a complaint
• 5:15
  Speaker 3: alleging that the sale proceeds belonged to the estate. Well,
• 5:20
  Speaker 3: the trial court granted Shirley's motion, finding that the divorce
• 5:25
  Speaker 3: abated was abated by Senior's death and because they were
• 5:29
  Speaker 3: still married on the date of death. Here you go, Susan,
• 5:33
  Speaker 3: and that they owned the property joint tenants by the
• 5:35
  Speaker 3: entirety and jointly they that the proceeds would be held
• 5:41
  Speaker 3: the same way, and therefore they belong to Shirley. As
• 5:47
  Speaker 3: you might imagine, Junior didn't like that, so Junior appealed.
• 5:52
  Speaker 3: He argues that because they were in the middle of
• 5:54
  Speaker 3: a divorce, they intended to dissolve the tendancy. Yep, the
• 6:00
  Speaker 3: appellate court affirmed, stating that the proceeds from the sale
• 6:03
  Speaker 3: of the property held jointly or tenants by the entirety
• 6:07
  Speaker 3: are in fact held the same way. The proceeds would
• 6:10
  Speaker 3: be held the same way and surely would get them
• 6:12
  Speaker 3: unless the party showed an intention to create a different
• 6:17
  Speaker 3: form of ownership. And they said that they really didn't show.
• 6:23
  Speaker 3: All they did was agreed that the proceeds would be
• 6:25
  Speaker 3: deposited into a chancery court. They didn't talk about changing ownership.
• 6:29
  Speaker 2: And after Yeah, so folks.
• 6:32
  Speaker 3: Lots to think about obviously, when you're going through a divorce. Divorce, yeah,
• 6:37
  Speaker 3: I mean, please a long time if I think the
• 6:40
  Speaker 3: first message is if you're going through divorce, please get
• 6:43
  Speaker 3: your ducks in a row and get some planning, you know,
• 6:45
  Speaker 3: take care of make sure you know what happens if
• 6:47
  Speaker 3: you die before you get the cashed. And I think,
• 6:52
  Speaker 3: before I get into understanding the joint property a minute,
• 6:55
  Speaker 3: I just want you to know that, you know, obviously,
• 6:57
  Speaker 3: one of the things that you think about here is
• 6:59
  Speaker 3: if this is a second marriage and you're dealing with
• 7:02
  Speaker 3: all kinds of real estate which they have here. I mean, clearly, folks,
• 7:08
  Speaker 3: a trust is a much better way to go.
• 7:11
  Speaker 2: Right, because then the trust he could have taken care
• 7:14
  Speaker 2: of his son and it would be outlined exactly what
• 7:17
  Speaker 2: he wanted to ultimately happen.
• 7:18
  Speaker 3: Right, I mean he could have. And again, if there's
• 7:20
  Speaker 3: ever a remarriage or I mean, you need to make
• 7:23
  Speaker 3: sure that you could say, okay, well, if I'm going
• 7:25
  Speaker 3: to get the divorce, well then maybe this property goes
• 7:27
  Speaker 3: to my ex wife, or this property stays in trust
• 7:30
  Speaker 3: for my son or something to set up the trust
• 7:33
  Speaker 3: to control the real estate. So it really is is
• 7:36
  Speaker 3: a much better way than this joint ownership arrangement especial
• 7:43
  Speaker 3: especially with a second marriage. Forget the divorce here, just
• 7:46
  Speaker 3: let's say they never got divorced, right, and they stayed married. Well,
• 7:49
  Speaker 3: maybe I want to take care of my spouse. I
• 7:51
  Speaker 3: loved her and I wanted her to use a certain house,
• 7:54
  Speaker 3: but I didn't want her to sell it. Well, the
• 7:57
  Speaker 3: trust can can do that.
• 7:59
  Speaker 2: Just because you love yourself and spouse doesn't mean you
• 8:01
  Speaker 2: want to disinherit your children.
• 8:02
  Speaker 3: Exactly, and you could still provide for each side of
• 8:05
  Speaker 3: the marriage. But that didn't happen. But let's understand what
• 8:08
  Speaker 3: did happen. Right, Remember, jointly held property. Most married couples
• 8:13
  Speaker 3: own real estate jointly, and a primary residence they own
• 8:17
  Speaker 3: t bye. They call it tenants by the entirety. Now,
• 8:20
  Speaker 3: what the heck is that? Well, that's still joint, but
• 8:23
  Speaker 3: it does provide some creditor protection because if one spouse
• 8:28
  Speaker 3: is sued or has a creditor chasing them, the creditor
• 8:31
  Speaker 3: cannot force this property to be split. So therefore it
• 8:35
  Speaker 3: provides some creditor protection. So that's why with the home
• 8:38
  Speaker 3: its own t BYE.
• 8:39
  Speaker 2: And that's only for prim couples primary residents.
• 8:43
  Speaker 3: Yes, yes, that's right, Susan. So so that's one thing
• 8:47
  Speaker 3: and the other properties just joint. So remember though on
• 8:51
  Speaker 3: the estate side doesn't do anything. It avoids probate, but
• 8:54
  Speaker 3: it passes directly to the surviving owner. Therefore, that doesn't
• 8:59
  Speaker 3: shelter anything for a state tax is because all the
• 9:02
  Speaker 3: assets will just be taxed when the surviving spouse dives.
• 9:05
  Speaker 3: So joint ownership is not a great estate planning tool
• 9:10
  Speaker 3: from an estate tax standpoint. You really needed the trust
• 9:14
  Speaker 3: to shelter the assets on the first death to provide
• 9:17
  Speaker 3: the estate tax savings. And as we mentioned earlier, in
• 9:21
  Speaker 3: a second marriage, without the trust, you have no control
• 9:24
  Speaker 3: over the asset for your side of the of the mayor,
• 9:27
  Speaker 3: of your side of the family, after you know, you die.
• 9:31
  Speaker 3: If it just goes to your spouse and it was
• 9:33
  Speaker 3: joint she could do whatever she wants with it.
• 9:35
  Speaker 2: And if it's not and if it's own jointly, that
• 9:38
  Speaker 2: means it doesn't go through probate, So it's not like
• 9:41
  Speaker 2: they can contest probate and say, hey, i'm a child,
• 9:44
  Speaker 2: I get abortion right.
• 9:46
  Speaker 3: And I think that's the next pact right here. I
• 9:48
  Speaker 3: don't know what they had done for planning, but if
• 9:50
  Speaker 3: they didn't have much planning done, then you know the
• 9:53
  Speaker 3: jointly if it's if it's just money and there's no will,
• 9:57
  Speaker 3: it's going to go intestate. And if they're still married,
• 9:59
  Speaker 3: she going to get something at least depending on what
• 10:02
  Speaker 3: the laws are of that state, the intestate laws of
• 10:04
  Speaker 3: that state. Folks, don't leave things to chance. Do your planning.
• 10:09
  Speaker 3: Learn how especially to plan for your IRA and by
• 10:12
  Speaker 3: the way, for life insurance. Both are covered here eight
• 10:15
  Speaker 3: six six eight four eight five six nine nine or
• 10:19
  Speaker 3: Legal exchange show dot com.
• 10:22
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:24
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:27
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:31
  Speaker 2: much more to come when we return to the Legal
• 10:33
  Speaker 2: Exchange with Todd Lutsky.
• 10:36
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 10:39
  Speaker 1: tells a story, a story of hard work, smart choices
• 10:43
  Speaker 1: and the future you envision for your family. One way
• 10:45
  Speaker 1: to help that story end well is to make a
• 10:48
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 10:51
  Speaker 1: Cushing and Dolan, IRA and Life Insurance Planning, Estate tax
• 10:54
  Speaker 1: Strategies and Nursing Home Protection explains how naming your estate
• 10:58
  Speaker 1: is the beneficiary of your IRA or life insurance can
• 11:01
  Speaker 1: at a layer of tax efficiency in nursing home protection
• 11:04
  Speaker 1: while still allowing your spouse access when it matters. It's
• 11:07
  Speaker 1: about keeping more of what you've built, working for your
• 11:09
  Speaker 1: loved ones now and in the years to come. Get
• 11:12
  Speaker 1: you a free copy today by calling eight six six
• 11:15
  Speaker 1: eight four eight five six ninety nine. That's eight six
• 11:18
  Speaker 1: six eight four eight five six nine nine, or you
• 11:20
  Speaker 1: can request it online from our website Legal Exchange show
• 11:24
  Speaker 1: dot com. The proceeding was paid for and the views
• 11:26
  Speaker 1: expressed are solely those of Cushing and Dolan. Cushing and
• 11:28
  Speaker 1: Dolan and Ormstrong Advisory may contact you offering legal or
• 11:31
  Speaker 1: investment services. Cushing and Dolan and Armstrong Advisory do not
• 11:34
  Speaker 1: endorse each other and are not affiliated.
• 11:36
  Speaker 4: Artificial intelligence is changing the way companies invest in how
• 11:40
  Speaker 4: markets move. Add to that global trends like international outperformance,
• 11:44
  Speaker 4: a weakening dollar, and shifting bond yields, and you've got
• 11:47
  Speaker 4: a complex landscape for investors. This is Mike Armstrong from
• 11:50
  Speaker 4: the Armstrong Advisory Group and we're hosting two financial seminars
• 11:54
  Speaker 4: this fall to help you understand what it all means.
• 11:56
  Speaker 4: Join us at Margaritaville Resort, Cape cod on October ninth,
• 12:00
  Speaker 4: are at the showcase Super Lucks and Chestnut Hill on
• 12:02
  Speaker 4: October sixteenth. Call eight hundred three to nine three four
• 12:05
  Speaker 4: zero zero one to reserve your seat. We'll talk about
• 12:07
  Speaker 4: how diversification and preparation may help you navigate uncertainty. So
• 12:12
  Speaker 4: your plan is ready, don't miss this chance to get
• 12:14
  Speaker 4: a clearer picture of your financial future. Register today by
• 12:17
  Speaker 4: calling eight hundred three nine three four zero zero one.
• 12:21
  Speaker 4: We're on our website Armstrong Advisory dot com.
• 12:23
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 12:26
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 12:28
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 12:31
  Speaker 1: your own financial tax into state planning advisors before making
• 12:33
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 12:36
  Speaker 1: advisory services this fall. Why just watch the leaves change
• 12:40
  Speaker 1: when you could watch the sunset over Turcoise Waters. The
• 12:43
  Speaker 1: US Virgin Islands are your perfect fall escape. Set sail
• 12:47
  Speaker 1: on the sparkling blue sea, snorkel colorful reefs, kayak through
• 12:50
  Speaker 1: kam lagoons, or try to reel in a big one
• 12:53
  Speaker 1: with world class sport fishing them Explorer Charlotte Amali, the
• 12:57
  Speaker 1: capital of Saint Thomas with its historic streets and duty
• 13:00
  Speaker 1: free shopping, ferry to Saint John's Virgin Islands National Park
• 13:03
  Speaker 1: for hiking and secluded beaches, and finally, experience the culture,
• 13:07
  Speaker 1: festivals and rum of Saint Croix. Three incredible islands, countless
• 13:12
  Speaker 1: experiences and something for everyone to enjoy. With easy travel
• 13:16
  Speaker 1: from New England, no passport required for US citizens and
• 13:19
  Speaker 1: no money to exchange, Paradise is closer than you think,
• 13:23
  Speaker 1: so why wait? This can be the season you fall
• 13:26
  Speaker 1: naturally in rhythm with the heartbeat of the islands in
• 13:28
  Speaker 1: America's Caribbean, the US Virgin Islands. Plan your getaway now
• 13:33
  Speaker 1: at visit USVII dot com. That's visit USVII dot com.
• 13:38
  Speaker 1: You're listening to the Legal Exchange with Todd Lutsky, an
• 13:41
  Speaker 1: expert in elder life planning and taxation. Need help with
• 13:44
  Speaker 1: your estate plan? Call Todd right now and make an appointment.
• 13:47
  Speaker 1: Eight sixty six eight four eight five six ninety nine.
• 13:50
  Speaker 1: That's eight sixty six eight four eight five six ninety nine.
• 13:55
  Speaker 2: Welcome back into the Legal Exchange with Todd Lotsky. I'm
• 13:58
  Speaker 2: Susan Powers of financial advice with the Armstrong Advisory Group,
• 14:01
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:04
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:08
  Speaker 2: Where are we headed now, Todd.
• 14:10
  Speaker 3: We are going to go to Kansas.
• 14:12
  Speaker 2: We're not in Kansas anymore. So you should have done
• 14:14
  Speaker 2: that story first so that I could really say that
• 14:17
  Speaker 2: you did say, I haven't mean something.
• 14:20
  Speaker 3: We're in Kansas anyway, and it's a Supreme Court decision.
• 14:24
  Speaker 3: And basically, you know, once you accept, can you still
• 14:29
  Speaker 3: get upset. So here's thelong in the short of it, right,
• 14:33
  Speaker 3: And there's obviously a lot more to this than just
• 14:35
  Speaker 3: the story. But Roxanne dies in twenty twenty and she
• 14:41
  Speaker 3: had a revocable trust. Yay for Roxanne and the daughter.
• 14:45
  Speaker 3: Sarah becomes the success or trustee. The trust provides for
• 14:51
  Speaker 3: Roxanne's five children. Okay, it doesn't say whether it's equal
• 14:56
  Speaker 3: or not, but let's just assume it is. But it
• 15:01
  Speaker 3: just as provides for so I don't know if that's
• 15:04
  Speaker 3: equal or not, but keep that in mind now. On
• 15:07
  Speaker 3: May twenty twenty one, son David sues Sarah to remove
• 15:13
  Speaker 3: her as trustee, but that suits quickly dismissed because there's
• 15:17
  Speaker 3: no grounds. Again, trust doing its job. October twenty twenty one,
• 15:25
  Speaker 3: Sarah sent around. She's the trustee. She's sent around a
• 15:28
  Speaker 3: final trust accounting what she's supposed to do, and then
• 15:31
  Speaker 3: a distribution proposal. Here's what's going to come out again,
• 15:35
  Speaker 3: She's probably following the terms of the trust. All the
• 15:40
  Speaker 3: beneficiaries except and sign a release except David. David pro Se,
• 15:48
  Speaker 3: meaning without a lawyer, files an objection to prevent the
• 15:52
  Speaker 3: winding up of the trust. Sarah files a declaratory action, saying, listen,
• 15:57
  Speaker 3: I want to put this thing to bed. I want
• 15:59
  Speaker 3: to distribut at the assets. And the court agreed, ordering
• 16:03
  Speaker 3: out the distribution of assets and releasing Sarah as trustee. Well,
• 16:09
  Speaker 3: David files a notice to appeal, but shortly after he
• 16:13
  Speaker 3: files the notice to appeal, he cashes his check that
• 16:17
  Speaker 3: he got from the trust. The appellate Court dismissed David's
• 16:23
  Speaker 3: appeal for lack of subject matter jurisdiction. Why because David
• 16:28
  Speaker 3: accepted the benefits and thus he's barred from appealing. Right, Well,
• 16:33
  Speaker 3: he didn't like that, so he went to the Supreme Court.
• 16:35
  Speaker 2: Can just out of his share.
• 16:40
  Speaker 3: So he goes to the Supreme Court and they affirmed, saying, look,
• 16:46
  Speaker 3: once you accept, you cannot take an inconsistent position. Later
• 16:52
  Speaker 3: you get what you get and you don't get upset.
• 16:55
  Speaker 3: That's crazy, It is crazy, but it's I think we
• 16:58
  Speaker 3: can learn a lot, you know, from something like this,
• 17:02
  Speaker 3: and attorney that's number one, get some advice and well
• 17:06
  Speaker 3: maybe that's why he kept the legal fees down. But folks,
• 17:08
  Speaker 3: I do love the idea. Any they didn't have any.
• 17:13
  Speaker 3: I do love the idea the revocable trust here, folks,
• 17:15
  Speaker 3: but think about this because you know, when you're doing
• 17:17
  Speaker 3: your planning, this new guide for the month, which is
• 17:20
  Speaker 3: is still a relatively new technique. It's it's basically learning
• 17:24
  Speaker 3: how to name the beneficiary of your IRA, your estate,
• 17:29
  Speaker 3: which sounds like malpractice because it was for a long time,
• 17:33
  Speaker 3: but not anymore. And again, while this trust might deal
• 17:37
  Speaker 3: with certain assets that we just read about, this idea
• 17:41
  Speaker 3: involves a testamentary trust. Right how you use an IRA
• 17:46
  Speaker 3: coupled with a testamentary trust, which, by the way, is
• 17:48
  Speaker 3: a will trust. It's it's a trust built into your will,
• 17:51
  Speaker 3: and it's good for IRA assets and it's good for
• 17:54
  Speaker 3: life insurance. Especially when you're coupling it with nursing home planning.
• 17:59
  Speaker 3: It gives you some great benefits from a tax standpoint,
• 18:02
  Speaker 3: a nursing home protection standpoint, and not causing adverse income
• 18:07
  Speaker 3: tax consequences while protecting the assets from the nursing home folks.
• 18:11
  Speaker 3: It's it's really a wonderful technique. Get the guide eight
• 18:15
  Speaker 3: six six eight four eight five six nine nine or
• 18:20
  Speaker 3: Legal Exchange show dot com How to name an estate
• 18:24
  Speaker 3: an IRA beneficiary and I should also say life insurance
• 18:28
  Speaker 3: eight six six eight four eight five six nine nine
• 18:32
  Speaker 3: or Legal Exchange show dot com. Let's talk about what
• 18:37
  Speaker 3: we learn here.
• 18:38
  Speaker 2: Can we start with a new contest clause? Please, let's
• 18:43
  Speaker 2: just start with that.
• 18:44
  Speaker 3: So it seems to me that that beginning, when I
• 18:48
  Speaker 3: said they're treating the taking care of the kids, it
• 18:51
  Speaker 3: didn't tell me whether it was equal or not. My
• 18:55
  Speaker 3: point is, I think whether it's equal or not anymore,
• 19:01
  Speaker 3: I think you ought to start with, you know, a
• 19:04
  Speaker 3: no contest clause. So, first and foremost, I want you
• 19:07
  Speaker 3: to see that this trust planning really worked, just another
• 19:10
  Speaker 3: example of how a trust works. You don't it does
• 19:16
  Speaker 3: the job. Second, even when you're treating kids equally, and
• 19:20
  Speaker 3: for sure, if you're not treating them equally, well, you know,
• 19:24
  Speaker 3: one should always put a no contest clause in there.
• 19:27
  Speaker 3: This effectively states that if a beneficiary challenges the trust,
• 19:33
  Speaker 3: they automatically lose whatever they were getting. There's no winning. Now,
• 19:40
  Speaker 3: in this case, it sounds like David was being taken
• 19:44
  Speaker 3: care of one way or another, even if he was
• 19:48
  Speaker 3: just getting a percentage. Let's first of all, it's an
• 19:51
  Speaker 3: equal percentage, or even if it's a smaller percentage, but
• 19:54
  Speaker 3: it's still a percentage. He would have thought twice about
• 19:59
  Speaker 3: bringing this.
• 20:00
  Speaker 2: Action, because he would have gotten nothing.
• 20:02
  Speaker 3: Right just by filing. You now give up, you can't win.
• 20:07
  Speaker 3: That's what basically says.
• 20:08
  Speaker 2: I would think that David's personality would have shown through
• 20:12
  Speaker 2: his entire life, and they should have expected this reaction,
• 20:16
  Speaker 2: and they when they did the trust, they should have
• 20:18
  Speaker 2: recommended that no contest clause.
• 20:21
  Speaker 3: Yeah. I would think that's something that they should have seen.
• 20:24
  Speaker 2: Right, and dynamic, the family dynamic, and you know.
• 20:27
  Speaker 3: And I say, yes that that's a good point, Susan.
• 20:30
  Speaker 3: And I think also, you know, just lawyers in general
• 20:33
  Speaker 3: might want to guide them and say, you know, to me,
• 20:36
  Speaker 3: this is really what we're here for counseling you. Why
• 20:41
  Speaker 3: not just throw a no contest clause in even if
• 20:43
  Speaker 3: the lawyer doesn't know that child what right? The lawyer
• 20:47
  Speaker 3: probably doesn't know that child right.
• 20:49
  Speaker 2: But you do have conversations about that family dynamic when
• 20:52
  Speaker 2: you're meeting with clients.
• 20:54
  Speaker 3: I do. I mean, it's one of my standard questions
• 20:57
  Speaker 3: that I ask in the meeting. I say, you know,
• 20:59
  Speaker 3: how many kids do you have? They tell me, and
• 21:00
  Speaker 3: I say, does everybody get along? Okay? You know I
• 21:03
  Speaker 3: always ask.
• 21:03
  Speaker 2: That, right pause? Something you know, as you know.
• 21:06
  Speaker 3: It's okay as siblings do I get. I always say that,
• 21:09
  Speaker 3: you know, siblings, you don't have their things, But in general,
• 21:12
  Speaker 3: you know, we're not enemies. We have each other's back
• 21:14
  Speaker 3: and whatnot. And if that's the case, they're fine, move on.
• 21:17
  Speaker 3: But even so, it can't hurt to put it in now.
• 21:23
  Speaker 3: So again saying the trust here really works, right. It
• 21:26
  Speaker 3: controlled who got what, how they got it, when they
• 21:30
  Speaker 3: got it, why they got it, and they couldn't fight it.
• 21:33
  Speaker 3: So I loved it. Secondly, the trustee situation, they got
• 21:38
  Speaker 3: five kids, having one child serve. They always ask me, oh,
• 21:43
  Speaker 3: why can't I put all five on? Because it doesn't matter.
• 21:46
  Speaker 2: Nightmare.
• 21:46
  Speaker 3: It's a nightmare and it doesn't really change anything. Right,
• 21:49
  Speaker 3: Look here, having one child and not all five serving
• 21:52
  Speaker 3: is still okay. Why because remember the trustee can only
• 21:57
  Speaker 3: do what the trust says to do it, you know,
• 22:01
  Speaker 3: do other things. So you're bound by fiduciary duties just
• 22:06
  Speaker 3: because you didn't become trustee. As long as you're not
• 22:09
  Speaker 3: treated differently, what do you care? Also, in this case,
• 22:13
  Speaker 3: it shows that it's not so easy to just remove
• 22:17
  Speaker 3: a trustee without cause they tried. Ah, what it's going
• 22:20
  Speaker 3: to throw you out, Sarah, remember David. Well, that case
• 22:24
  Speaker 3: was dismissed pretty quickly. Hey, if you don't have cause,
• 22:27
  Speaker 3: the trustee can't just be removed. It's not so easy.
• 22:31
  Speaker 2: Because it was mom or dad's choice to have them
• 22:33
  Speaker 2: be the trustee.
• 22:34
  Speaker 3: That's right. As long as they're following the fiduciary rules
• 22:37
  Speaker 3: of the trust doing what it says, you're fine. Also,
• 22:40
  Speaker 3: the trust really prevented David from like manipulating the mother
• 22:44
  Speaker 3: before death and certainly protected the assets after death. So again, folks,
• 22:48
  Speaker 3: these trusts are not just for probate and taxes in
• 22:51
  Speaker 3: nursing home protection. They really protect the family, you know,
• 22:55
  Speaker 3: behind the estate plan and again real estate, right, there's
• 22:58
  Speaker 3: real estate involved here. If you have real estate and
• 23:02
  Speaker 3: the trust and you have five kids, always a good
• 23:05
  Speaker 3: idea to put in the forced sale language unless they
• 23:08
  Speaker 3: all want it. Mostly they're not gonna want it, And
• 23:11
  Speaker 3: this way they can buy each other out and everybody's
• 23:14
  Speaker 3: still happy, and everybody's still going to go to Thanksgiving
• 23:16
  Speaker 3: dinner together because they're still treated. They got what they
• 23:20
  Speaker 3: wanted to get. Folks, it's a brand new guide for
• 23:24
  Speaker 3: the month. That's just one asset. Real estate iras and
• 23:27
  Speaker 3: life insurance are tricky assets. Get the new guide in
• 23:30
  Speaker 3: terms of how to treat them eight six six eight
• 23:33
  Speaker 3: four eight five six nine nine or Legal Exchange show
• 23:37
  Speaker 3: dot com.
• 23:38
  Speaker 2: You've been listening to Todd Lutski, a partner with the
• 23:40
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 23:43
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 23:47
  Speaker 2: right back with more on the Legal Exchange with Todd Lutski.
• 23:51
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 23:55
  Speaker 1: tells a story, a story of hard work, smart choices
• 23:58
  Speaker 1: and the future you and for your family. One way
• 24:01
  Speaker 1: to help that story end well is to make a
• 24:03
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 24:07
  Speaker 1: Cushing and Dolan IRA and Life insurance Planning Estate tax
• 24:10
  Speaker 1: Strategies in Nursing Home Protection explains how naming your estate
• 24:13
  Speaker 1: is the beneficiary of your IRA or life insurance can
• 24:16
  Speaker 1: at a layer of tax efficiency in nursing home protection
• 24:19
  Speaker 1: while still allowing your spouse access when it matters. It's
• 24:22
  Speaker 1: about keeping more of what you've built, working for your
• 24:25
  Speaker 1: loved ones now and in the years to come. Get
• 24:28
  Speaker 1: your free copy today by calling eight sixty six eight
• 24:31
  Speaker 1: four eight five six nine nine. That's eight six six
• 24:34
  Speaker 1: eight four eight five six nine nine, or you can
• 24:36
  Speaker 1: request it online from our website legal exchange showed dot com.
• 24:41
  Speaker 1: The proceeding was paid for and the views expressed are
• 24:42
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 24:45
  Speaker 1: Ormstrong Advisory may contact you offering legal or investment services.
• 24:47
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:50
  Speaker 1: other and are not affiliated.
• 24:52
  Speaker 5: Inflation, housing costs, and rising interest rates are putting pressure
• 24:55
  Speaker 5: on families everywhere, from higher insurance and taxes to volatile markets.
• 24:59
  Speaker 5: Today's economical way landscape is changing fast. This is Chuck
• 25:02
  Speaker 5: Zada from the Armstrong Advisory Group. We're hosting two financial
• 25:05
  Speaker 5: seminars this fall, first at Margaritaville Resort, Cape cod on
• 25:08
  Speaker 5: October ninth, and next at the Showcase super Lux and
• 25:11
  Speaker 5: Chestnut Hill on October sixteenth. Call eight hundred three nine
• 25:14
  Speaker 5: three for zero zero one to reserve your spot. We'll
• 25:17
  Speaker 5: discuss how to manage risk, protect your retirement and create
• 25:20
  Speaker 5: a plan that can handle economic ups and downs, whether
• 25:23
  Speaker 5: it's core inflation, market volatility, or policy changes. You'll learn
• 25:27
  Speaker 5: about strategies that may help you plan smarter. Register today
• 25:30
  Speaker 5: by calling eight hundred three nine three for zero zero
• 25:34
  Speaker 5: one or on our website Armstrong Advisory dot com.
• 25:37
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:40
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:42
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 25:45
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 25:48
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 25:51
  Speaker 1: advisory services.
• 25:53
  Speaker 6: Mark Vonner is the CEO of Veterans Development Corporation. Mark
• 25:57
  Speaker 6: is a career military man, having served nearly twenty years,
• 26:00
  Speaker 6: and we are so proud to have him and his
• 26:02
  Speaker 6: business as a key partner and a presenting sponsor of.
• 26:05
  Speaker 7: The DAV five K Boston.
• 26:07
  Speaker 6: The dav Department of Massachusetts does incredible work and it's
• 26:10
  Speaker 6: one of the first organizations that Mark became familiar with
• 26:14
  Speaker 6: after his military service ended back in nineteen eighty four.
• 26:17
  Speaker 6: As Mark built his company, he knew he'd be giving
• 26:20
  Speaker 6: back to fellow veterans who needed jobs, support services, medical supplies,
• 26:24
  Speaker 6: and so much more. Mark works with disabled veterans every
• 26:28
  Speaker 6: day and it's one of the key reasons why he's
• 26:30
  Speaker 6: such a big supporter of Dan Stack, the DAV Department
• 26:33
  Speaker 6: of Massachusetts and the DAV five K Boston. You can
• 26:37
  Speaker 6: join Mark Varner and his team and make a donation
• 26:39
  Speaker 6: to the DAV Department of Massachusetts or become.
• 26:42
  Speaker 7: A sponsor of the DAV five K Boston.
• 26:45
  Speaker 6: Simply visit DAV five k dot Boston.
• 26:48
  Speaker 7: That's DAV five k dot Boston.
• 26:54
  Speaker 1: You're listening to the Legal Exchange, and it's time for
• 26:57
  Speaker 1: Ask Todd, the segment where Tod will answer you your
• 27:00
  Speaker 1: questions about anything and everything that's included in the estate
• 27:03
  Speaker 1: planning process. Once again, here's Tom Lutsky and Susan Powers.
• 27:09
  Speaker 2: Welcome back talk. We have a few questions from listeners
• 27:12
  Speaker 2: for you. First question comes from Lena and Brookline, mass
• 27:15
  Speaker 2: And Lena writes, my mother passed away in December without
• 27:18
  Speaker 2: a will or anything written down with her intentions. I
• 27:22
  Speaker 2: have one sibling and my father passed away years ago.
• 27:25
  Speaker 2: Does her lack of planning complicate the process of settling
• 27:28
  Speaker 2: her estate? She was worth around one point five million
• 27:32
  Speaker 2: when she died. Doesn't say what type of assets she had,
• 27:35
  Speaker 2: so you might have to make live here a little bit.
• 27:38
  Speaker 3: Yeah, yeah, it always it always complicates things when you
• 27:44
  Speaker 3: don't do planning, period. I think that's just a general statement.
• 27:47
  Speaker 3: You have to just say. The question is more how
• 27:49
  Speaker 3: bad is it going to be? You might luck out here.
• 27:53
  Speaker 3: Let's say let's say they had, you know, an IRA,
• 27:57
  Speaker 3: but it had a designated beneficiary and the two kids. Yep,
• 28:01
  Speaker 3: well that's easy. Kids can just go to the IRA
• 28:04
  Speaker 3: store or to the financial IRIS store, to the financial
• 28:09
  Speaker 3: institution that houses the the IRA money and and basically
• 28:14
  Speaker 3: present the death certificate, present you know who they are,
• 28:17
  Speaker 3: and if they're listed on the on the form, then
• 28:20
  Speaker 3: that money will go to them, no probate, no fuss uh.
• 28:24
  Speaker 3: And because she's at one point five million, that also
• 28:27
  Speaker 3: lessens the complication because in Massachusetts you can shelter up
• 28:32
  Speaker 3: to two million without paying an estate tax, So we
• 28:36
  Speaker 3: don't have an estate tax filing to worry about.
• 28:38
  Speaker 2: So no federal, no state.
• 28:40
  Speaker 3: Oh, definitely, no federal and no state. Correct And so
• 28:44
  Speaker 3: again now it's just the complication level comes down. And
• 28:47
  Speaker 3: again depending on the assets will cause the complication level
• 28:51
  Speaker 3: to go up. So iras they can.
• 28:53
  Speaker 2: Just takeank accounts and things like that.
• 28:56
  Speaker 3: Yeah, so life insurance, so again we have a dB
• 28:59
  Speaker 3: is likely on there, go take it. The problem's going
• 29:03
  Speaker 3: to come with the investment accounts and the bank accounts. Right,
• 29:08
  Speaker 3: how are the and real est real estate? They have
• 29:10
  Speaker 3: real estate, he said.
• 29:11
  Speaker 2: I think that she doesn't say what type of assets.
• 29:15
  Speaker 3: So right off the bat, again, you could be dodging
• 29:16
  Speaker 3: a bullet. Right you go into the investment house and
• 29:20
  Speaker 3: you find out that that she actually did list a beneficiary.
• 29:24
  Speaker 3: There's a fifty chance that you'll have a designated beneficiary
• 29:29
  Speaker 3: on those investment accounts.
• 29:30
  Speaker 2: Yeah, we always try to put them on. When there's
• 29:32
  Speaker 2: an individual account, we always try to make it a
• 29:35
  Speaker 2: transfer on death account so that you don't end up
• 29:37
  Speaker 2: with the situation.
• 29:38
  Speaker 3: Right. By the way, when Susan says the situation, it's
• 29:41
  Speaker 3: just avoiding probate, it's still part of the estate. It's
• 29:44
  Speaker 3: just avoiding probate and allowing an ease of accessibility.
• 29:47
  Speaker 2: And it makes it a lot longer.
• 29:49
  Speaker 3: Oh yeah, it's so much bear.
• 29:50
  Speaker 2: Money to your beneficiaries.
• 29:52
  Speaker 3: I think where she's going to run into problems, and
• 29:54
  Speaker 3: I think where the complexity of the estate administration process
• 29:58
  Speaker 3: is going to be is with bank accounts. In real estate.
• 30:02
  Speaker 3: It's highly likely that bank accounts don't have the TOD
• 30:08
  Speaker 3: the transfer on death, can you yes, but for some
• 30:11
  Speaker 3: reason they don't.
• 30:12
  Speaker 2: Do it, not if they have us for their advisors.
• 30:14
  Speaker 2: We always talk about that stuff, not leaving anything any
• 30:19
  Speaker 2: any open open things where you don't have beneficiaries.
• 30:22
  Speaker 3: So even if you're not managing their money, but they
• 30:25
  Speaker 3: have money in a bank.
• 30:25
  Speaker 2: Account, got it. We have the conversation, good for your
• 30:28
  Speaker 2: review the beneficiaries at all our reviews and say, okay,
• 30:31
  Speaker 2: what do you have outside of here? Are there bennies
• 30:33
  Speaker 2: on those accounts? Get them on those? So yeah, good
• 30:35
  Speaker 2: for you. We've seen it happen and some people walk
• 30:38
  Speaker 2: away from a small bank account rather than go to probate.
• 30:40
  Speaker 2: So nobody wants that.
• 30:42
  Speaker 3: No, And that's a good point, Susan. If the amount
• 30:44
  Speaker 3: in that bank account happens to be under probably don't know,
• 30:47
  Speaker 3: twenty five hundred bucks maybe or three grand, you probably
• 30:50
  Speaker 3: walk away from it. Yeah, you're going to spend that
• 30:52
  Speaker 3: to get it, so I don't want to go to probate.
• 30:55
  Speaker 3: So that's a good idea. But I think the real
• 30:58
  Speaker 3: problem with the complexity with certainly increase would be with
• 31:01
  Speaker 3: the real estate. So the real estate likely would be
• 31:05
  Speaker 3: in her name alone. I mean because it was probably
• 31:08
  Speaker 3: joint before her her husband died. Yeah, and then when
• 31:12
  Speaker 3: when she passed, it was in her name alone, even
• 31:15
  Speaker 3: if they did nothing, even though they say, oh no,
• 31:17
  Speaker 3: it was still joint with my husband.
• 31:19
  Speaker 2: No, not really, because you can't put a beneficiary on
• 31:22
  Speaker 2: real estate, not really.
• 31:23
  Speaker 3: You can add a name, but that's not a good idea.
• 31:26
  Speaker 3: So so yeah, I think she would have the complexity
• 31:28
  Speaker 3: of dealing with that real estate, releasing the lean, then
• 31:31
  Speaker 3: going to get the going to probate to get it,
• 31:34
  Speaker 3: you know, ability to sell it, even transfer it, et cetera.
• 31:37
  Speaker 3: So I think there's going to be some complications there.
• 31:41
  Speaker 3: But we can avoid these complications by doing planning, like
• 31:47
  Speaker 3: putting a house in a trust or bank accounts or
• 31:49
  Speaker 3: investment accounts in a trust. But when we're doing that planning,
• 31:52
  Speaker 3: the new guide this month helps us deal with other
• 31:55
  Speaker 3: assets that are not so easily planned for still need trust.
• 31:59
  Speaker 3: But in this case, IRA's life insurance right, two very
• 32:04
  Speaker 3: complicated assets. We can use testamentary trust, which is a
• 32:09
  Speaker 3: different kind of trust. It's a trust built in the will.
• 32:12
  Speaker 3: It's described in this guide, and it's going to help you,
• 32:16
  Speaker 3: especially when you're doing nursing home planning, how to name
• 32:19
  Speaker 3: the estate your beneficiary under your IRA, and do the
• 32:24
  Speaker 3: same thing with life insurance because oftentimes life insurance can't
• 32:28
  Speaker 3: be protected in advance from a nursing home either, So
• 32:32
  Speaker 3: this technique, this guide will show you how to protect
• 32:35
  Speaker 3: these assets from the nursing home, reduce estate taxes because
• 32:39
  Speaker 3: they'll be sheltered, and provide for the surviving spouse without
• 32:44
  Speaker 3: causing income tax consequences eight six six eight four eight
• 32:49
  Speaker 3: five six nine nine or Legal exchange Show dot com
• 32:53
  Speaker 3: Brand New Guide for the Month eight six six eight
• 32:56
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 33:00
  Speaker 3: dot com.
• 33:01
  Speaker 2: Our last question comes from Janet in Conquered New Hampshire,
• 33:04
  Speaker 2: and Janet writes, my husband and I would like to
• 33:07
  Speaker 2: transfer our lake home to a trust so that our children,
• 33:10
  Speaker 2: grandchildren and great grandchildren can continue to enjoy this property
• 33:14
  Speaker 2: for years to come. Can this be done to prevent
• 33:17
  Speaker 2: our children from selling the property? Well, let's see, do
• 33:22
  Speaker 2: you want to make sure your kids don't get along
• 33:24
  Speaker 2: after you die?
• 33:26
  Speaker 3: This is a recipe for disaster? Right? But it is
• 33:29
  Speaker 3: and it isn't right. I know that you know as
• 33:33
  Speaker 3: parents or grandparents, as the case may be or great grandparents,
• 33:37
  Speaker 3: as the case may be. You know you want this
• 33:42
  Speaker 3: for them, you see it as a wonderful thing, but
• 33:48
  Speaker 3: they don't always right, and so it's really hard to
• 33:53
  Speaker 3: force people to do this. Can you put it in
• 33:57
  Speaker 3: a trust? Yes? Can you have language in the trust
• 34:01
  Speaker 3: that says it's to be held in trust for the
• 34:04
  Speaker 3: benefit of my kids grandkids in great cranking yes. Can
• 34:09
  Speaker 3: you actually prohibit the sale? You can? I don't love
• 34:15
  Speaker 3: it right, And again, you've got to watch out how
• 34:17
  Speaker 3: long things stay in trust. At least in Massachusetts, we
• 34:20
  Speaker 3: have something called the rule against perpetuities. That simply means
• 34:26
  Speaker 3: that it can't last longer than all the lives in
• 34:31
  Speaker 3: being on the date of death. After the last one
• 34:37
  Speaker 3: of the lives in being on the date of death
• 34:39
  Speaker 3: dies twenty years from then, it must end. So that
• 34:43
  Speaker 3: could be a long time.
• 34:45
  Speaker 2: So if you have, you know, infant great grandchildren.
• 34:48
  Speaker 3: Say you've got three kids and three grandkids, just three
• 34:53
  Speaker 3: kids and three grandkids. Forget the great crankins, but it
• 34:56
  Speaker 3: could be right, just even that, if everybody dies in order,
• 35:02
  Speaker 3: twenty years after the youngest grandchild dies, right is when
• 35:06
  Speaker 3: it must end. That's the rule against perpetuities. I like
• 35:09
  Speaker 3: to tell people it's about one hundred years. Yeah, and
• 35:12
  Speaker 3: so you can't keep it forever, so that prohibition on sale. Yeah,
• 35:18
  Speaker 3: but ultimately it's going to come out. So can you
• 35:21
  Speaker 3: do all that?
• 35:22
  Speaker 7: Yes?
• 35:22
  Speaker 3: So let's say you do that. Now you have the
• 35:24
  Speaker 3: problem of who's going to get it on which weekend,
• 35:27
  Speaker 3: and who's going to get it on which holiday, and
• 35:29
  Speaker 3: who's gonna pay for it, who's going to pay all
• 35:31
  Speaker 3: the upkeep and the maintenance and the expenses, and who
• 35:34
  Speaker 3: wants the liability of someone slipping and falling and having
• 35:37
  Speaker 3: a party and some kid getting hurt in a pool.
• 35:40
  Speaker 3: It's it's complicated, right. Can you do it? Yes? But
• 35:44
  Speaker 3: then you need to provide enough money in the trust
• 35:47
  Speaker 3: to maintain the property because if not, you're going to
• 35:51
  Speaker 3: be chasing all the kids to come up with payments.
• 35:54
  Speaker 2: That's a lot of money for thirty years.
• 35:55
  Speaker 3: To pay all the bills, right, And so probably better
• 36:00
  Speaker 3: just to say, you know what, sell it unless you
• 36:03
  Speaker 3: all want it. The ones who want it will care
• 36:05
  Speaker 3: for it, they'll buy out the ones who don't, and
• 36:08
  Speaker 3: everybody will be to.
• 36:10
  Speaker 2: Get different people at different all over the country. They
• 36:13
  Speaker 2: could be.
• 36:13
  Speaker 3: Where they're living geography where their head's at. Who knows folks?
• 36:18
  Speaker 3: Great idea trust planning needed? How do we deal with
• 36:21
  Speaker 3: life insurance and IRA money? Most important assets to deal
• 36:26
  Speaker 3: with in your estate? Get the guide eight six six
• 36:30
  Speaker 3: eight four eight five six nine to nine or Legal
• 36:33
  Speaker 3: Exchange Show dot com. It's new for the month.
• 36:37
  Speaker 2: If you have a question you would like to ask Todd,
• 36:40
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:43
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:45
  Speaker 2: read your question on the air, and hopefully his answer
• 36:48
  Speaker 2: will stop you from becoming one of his next real
• 36:51
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 36:55
  Speaker 2: with the law firm of Cushing in Cushing and Dolan.
• 36:57
  Speaker 2: I'll get that right. It's only been twenty years. I'm
• 37:00
  Speaker 2: Susan Powers of Financial Advice with the Armstrong Advisory Group.
• 37:04
  Speaker 2: We'll be right back after more on the Legal Exchange
• 37:08
  Speaker 2: with Todd Ludski.
• 37:10
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 37:13
  Speaker 1: tells a story, a story of hard work, smart choices,
• 37:17
  Speaker 1: and the future you envision for your family. One way
• 37:20
  Speaker 1: to help that story end well is to make a
• 37:22
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 37:25
  Speaker 1: cushingon Dolan, IRA and Life insurance Planning Estate tax Strategies
• 37:29
  Speaker 1: in Nursing Home Protection explains how naming your estate is
• 37:32
  Speaker 1: the beneficiary of your IRA or life insurance can add
• 37:35
  Speaker 1: a layer of tax efficiency in nursing home protection while
• 37:38
  Speaker 1: still allowing your spouse access When it matters. It's about
• 37:41
  Speaker 1: keeping more of what you've built, working for your loved
• 37:44
  Speaker 1: ones now and in the years to come. Get your
• 37:47
  Speaker 1: free copy today by calling eight six six eight four
• 37:50
  Speaker 1: eight five six nine nine. That's eight six six eight
• 37:53
  Speaker 1: four eight five six nine nine, or you can request
• 37:55
  Speaker 1: it online from our website Legal exchange show dot com.
• 38:00
  Speaker 1: He was paid for and the views expressed are solely
• 38:01
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan d Ormstrong
• 38:04
  Speaker 1: Advisory may contact you offering legal or investment services. Cushing
• 38:06
  Speaker 1: and Dolan and Armstrong Advisory do not endorse each other
• 38:09
  Speaker 1: and are not affiliated. This fall, why just watch the
• 38:12
  Speaker 1: leaves change when you could watch the sunset over turquoise waters?
• 38:16
  Speaker 1: The US Virgin Islands are your perfect fall escape set
• 38:19
  Speaker 1: sail on the sparkling blue sea, snorkel colorful reefs, kayak
• 38:23
  Speaker 1: through comm lagoons or try to reel in a big
• 38:26
  Speaker 1: one with world class sport fishing. Then explorer Charlotte, Amali,
• 38:30
  Speaker 1: the capital of Saint Thomas with its historic streets and
• 38:33
  Speaker 1: duty free shopping, ferry to Saint John's Virgin Islands National
• 38:36
  Speaker 1: Park for hiking and secluded beaches, and finally experience the culture,
• 38:41
  Speaker 1: festivals and rum of Saint Croix. Three incredible islands, countless
• 38:45
  Speaker 1: experiences and something for everyone to enjoy. With easy travel
• 38:49
  Speaker 1: from New England, no passport required for US citizens and
• 38:53
  Speaker 1: no money to exchange. Paradise is closer than you think,
• 38:56
  Speaker 1: so why wait? This can be the season you fall
• 38:59
  Speaker 1: naturally rhythm with the heartbeat of the islands in Americas, Caribbean,
• 39:03
  Speaker 1: the US Virgin Islands. Plan your getaway now at visit
• 39:06
  Speaker 1: USVII dot com. That's visit USVII dot com.
• 39:11
  Speaker 4: Hi, this is Mike Armstrong from the Armstrong Advisory Group.
• 39:13
  Speaker 4: One of the biggest risks to retirement isn't just market volatility,
• 39:17
  Speaker 4: it's longevity.
• 39:18
  Speaker 3: People are living twenty.
• 39:18
  Speaker 4: Five to thirty years after they stop working, and that
• 39:21
  Speaker 4: gives inflation plenty of time to work against you. At
• 39:24
  Speaker 4: just three percent inflation, your expense is double in about
• 39:26
  Speaker 4: twenty three years. Add to that the fact that healthcare
• 39:29
  Speaker 4: costs typically rise faster than general inflation, and your later
• 39:32
  Speaker 4: years could be your most expensive. Without a plan, that
• 39:34
  Speaker 4: combination can put real pressure on your savings. That's why
• 39:37
  Speaker 4: we've put together a brand new guide called Inflation and
• 39:40
  Speaker 4: your Retirement Plan. The guide shows you ways to balance
• 39:43
  Speaker 4: longevity risk with rising costs, and strategies that may help
• 39:46
  Speaker 4: you make your money last through decades of retirement. Call
• 39:49
  Speaker 4: eight hundred three nine three four zero zero one to
• 39:51
  Speaker 4: get your free copy today eight hundred three nine three
• 39:54
  Speaker 4: four zero zero one, or you can request it online
• 39:57
  Speaker 4: at Armstrong Advisory dot com.
• 39:59
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:01
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:03
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Cansult
• 40:05
  Speaker 1: your own financial tax into state planning advisors before making
• 40:07
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 40:10
  Speaker 1: advisory services.
• 40:11
  Speaker 8: This is Michael Valila, adjudent of the Disabled American Veterans
• 40:14
  Speaker 8: Department in Massachusetts. We focus on the people returning from service,
• 40:19
  Speaker 8: not their specific illness or injury. Our number one goal
• 40:22
  Speaker 8: is to make sure our veterans have the necessary services
• 40:25
  Speaker 8: they need, be it physical, emotional, or financial, so that
• 40:29
  Speaker 8: their transition can be seamless. You can help our great
• 40:32
  Speaker 8: American heroes as well by making a donation today by
• 40:35
  Speaker 8: visiting dav five k dot Boston. That's dav five k
• 40:40
  Speaker 8: dot Boston.
• 40:42
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:45
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:47
  Speaker 1: Todd right now at eight six six eight four eight
• 40:50
  Speaker 1: five six nine nine and let him make sure your
• 40:52
  Speaker 1: assets are protected. That's eight six six eight for eight
• 40:55
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:58
  Speaker 1: Exchange show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor the Armstrong Advisory Group, and
• 41:07
  Speaker 2: I'm joined, of course by Todd Lutsky, a partner with
• 41:10
  Speaker 2: the law firm of Cushing and Dolan with a master's
• 41:13
  Speaker 2: in taxation. So, Todd, this guide is all about why
• 41:18
  Speaker 2: you should name your estate and IRA beneficiary. So I'm
• 41:22
  Speaker 2: assuming this is not one size fits all, So who
• 41:25
  Speaker 2: should actually consider naming their estate as their IRA?
• 41:31
  Speaker 3: As you might imagine there's a lot of rules. Whenever
• 41:35
  Speaker 3: you talk about iras, the first thing you think about
• 41:38
  Speaker 3: is how many rules there are with iras, and there are.
• 41:43
  Speaker 3: Forget naming the estate, just in general. You could give
• 41:47
  Speaker 3: an eight hour seminar on IRA bit designated beneficiary rules.
• 41:51
  Speaker 2: You probably have to do that at the IRA store.
• 41:53
  Speaker 3: Yes, at the IRA store. So it's complicated, but it's
• 41:59
  Speaker 3: not overly complicated the way we break it down. So
• 42:02
  Speaker 3: I think your question, and I'll try to stay focused
• 42:05
  Speaker 3: on the question, because there's so many spinoffs. Who should
• 42:11
  Speaker 3: do it? First of all, it would be people that
• 42:15
  Speaker 3: are interested in protecting assets from the nursing home. I
• 42:18
  Speaker 3: think it's it's limited in that regard. I probably would
• 42:22
  Speaker 3: not need to name the estate the beneficiary if I'm
• 42:28
  Speaker 3: self insured, I have enough assets. I'm not worried about
• 42:31
  Speaker 3: the nursing home. I'm doing revocable trust planning.
• 42:34
  Speaker 2: Maybe you have a big old Cadillac policy, long term
• 42:37
  Speaker 2: care policy, or.
• 42:38
  Speaker 3: You just have enough money, right, You've got five six
• 42:40
  Speaker 3: million dollars generating five percent. You got nothing to pay
• 42:43
  Speaker 3: for yourself. Yeah, so I think that's probably okay.
• 42:47
  Speaker 2: So those that are concerned.
• 42:49
  Speaker 3: That would be that would be first, but I even
• 42:53
  Speaker 3: think within that group, you have to then learn who
• 42:57
  Speaker 3: in that group should be doing.
• 42:59
  Speaker 2: It, dive down into that further, so you meet with
• 43:02
  Speaker 2: a lot of people that are concerned with the nursing home.
• 43:04
  Speaker 2: Is this kind of across the board when you're doing
• 43:06
  Speaker 2: irrevocable trust planning?
• 43:09
  Speaker 3: And that's really a fair question because let me break
• 43:12
  Speaker 3: that down a little bit. Yes, in order to do
• 43:18
  Speaker 3: this kind of thing, you're doing nursing home planning. So
• 43:22
  Speaker 3: we're now talking about irrevocable trust. So yes, every time
• 43:26
  Speaker 3: I do irrevocable trust planning, there will be a testamentary
• 43:31
  Speaker 3: trust as part of that plan, regardless of the individual's age,
• 43:37
  Speaker 3: which is a driving factory. I would at least set
• 43:41
  Speaker 3: it up so they could grow into it if they
• 43:43
  Speaker 3: haven't attained what we call the required beginning date. Okay,
• 43:49
  Speaker 3: So yes, the testamentary trust will be there, but the
• 43:52
  Speaker 3: actual naming the estate as the beneficiary on the IRA
• 43:58
  Speaker 3: beneficiary form might not take place until the individual attains seventy.
• 44:06
  Speaker 2: Three okay or whatever their age.
• 44:09
  Speaker 3: No, seventy three is the required beginning date that you
• 44:13
  Speaker 3: must start taking distributions from an IRA.
• 44:16
  Speaker 2: Yep, So there's some that are seventy five. Now you
• 44:19
  Speaker 2: and I are seventy five RMD age, so they changed
• 44:22
  Speaker 2: that not too long ago, but seventy three is the
• 44:25
  Speaker 2: current age that's there, so yep.
• 44:28
  Speaker 3: So seventy three, yeah, I would say when you reach
• 44:32
  Speaker 3: age seventy three, you have to take minimum distribution. So
• 44:37
  Speaker 3: at that point, that's when you're allowed to name the
• 44:40
  Speaker 3: estate the beneficiary yep, to avoid any adverse income tax consequences.
• 44:45
  Speaker 2: So you have to be RMD age in order to
• 44:48
  Speaker 2: update to change it to the estate of right.
• 44:51
  Speaker 3: But if we're doing the planning and they're sixty two, yep,
• 44:55
  Speaker 3: I'm going to set it up so that when they
• 44:57
  Speaker 3: so that that testamentary trust is in place to receive
• 45:01
  Speaker 3: the IRA money when they die. But they won't actually
• 45:05
  Speaker 3: change the beneficiary designation until they reach seventy three, so they.
• 45:09
  Speaker 2: Would probably have their spouse and then their kids. Yeah
• 45:11
  Speaker 2: as But then once they reach that R and D,
• 45:14
  Speaker 2: that's when they need to update.
• 45:16
  Speaker 3: Put it on your watch so it dings when you're
• 45:18
  Speaker 3: seventy three.
• 45:20
  Speaker 2: I wonder what that little string on my finger is
• 45:22
  Speaker 2: for after all these years.
• 45:23
  Speaker 3: But it is. It is great. But a lot of
• 45:25
  Speaker 3: times people are already that age and it just it
• 45:27
  Speaker 3: just sure. So I just wanted you to know both
• 45:29
  Speaker 3: sides of it. But folks, that's just one of the
• 45:32
  Speaker 3: things you have to think about right when you're dealing
• 45:34
  Speaker 3: with IRA beneficiary designations and or life insurance beneficiary designations.
• 45:40
  Speaker 3: That's something we have to talk about as well. Those
• 45:42
  Speaker 3: are two great assets to deal with when you're dealing
• 45:46
  Speaker 3: with this kind of a planning so irrevocable trusts, planning
• 45:51
  Speaker 3: using testamentary trusts, naming the estate the beneficiary, and on
• 45:55
  Speaker 3: an IRA or life insurance policy. This guide explains the
• 45:59
  Speaker 3: benefits of doing that, from estate tax planning to nursing
• 46:03
  Speaker 3: home protection to income tax benefits Call and Get It
• 46:08
  Speaker 3: eight six six eight four eight five six ninety nine
• 46:12
  Speaker 3: or Legal Exchange show dot com New for this month.
• 46:15
  Speaker 3: Naming an IRA the estate beneficiary.
• 46:18
  Speaker 2: Okay, so we know the age of folks that should
• 46:20
  Speaker 2: consider it. Why would they do this though? What are
• 46:22
  Speaker 2: the benefits? So we haven't talked to mechanics yet of
• 46:26
  Speaker 2: what you achieve by doing this.
• 46:29
  Speaker 3: So if you do this so that that really jumps ahead.
• 46:33
  Speaker 3: But the big, the big asset, the big benefit here
• 46:36
  Speaker 3: is think about an IRA for a minute, right, clients
• 46:39
  Speaker 3: come in and they say, I got my house, most
• 46:43
  Speaker 3: of my money's in an IRA, and I got some
• 46:45
  Speaker 3: bank account want and a bank aout money is not huge? Well,
• 46:49
  Speaker 3: they really have two big items, you know, million dollar
• 46:52
  Speaker 3: home and you know eight hundred thousand dollars in an
• 46:54
  Speaker 3: iraw a million dollars in two iras, husband, wife, whatever? Wow, Okay, Todd.
• 46:59
  Speaker 3: It sounds like, and I want to protect the stuff
• 47:02
  Speaker 3: from the nursing home. And they come in with that
• 47:04
  Speaker 3: sort of gun ho attitude. I say, okay, well, yes
• 47:08
  Speaker 3: we can do it. But the first thing you need
• 47:11
  Speaker 3: to understand is you can only protect the house in
• 47:14
  Speaker 3: advance of you going into a nursing home. We can
• 47:18
  Speaker 3: put that in the trust. I can't move your other
• 47:21
  Speaker 3: big asset, the IRA, to the trust. Now why because
• 47:27
  Speaker 3: if I do, I pull it out of the IRA,
• 47:30
  Speaker 3: you now have to give the government forty percent income tax. Yeah,
• 47:33
  Speaker 3: big tax, and put a lot less. So if I
• 47:36
  Speaker 3: pulled a million out, I only have six hundred thousand
• 47:38
  Speaker 3: to put in the trust. Bad idea. So I can't
• 47:43
  Speaker 3: move it today. But we could do it with designating
• 47:49
  Speaker 3: the estate the beneficiary. So if you die and never
• 47:52
  Speaker 3: go to a nursing home, and that's one of the
• 47:54
  Speaker 3: caveats with this planning. But again, if you don't plan,
• 47:57
  Speaker 3: you lose for sure, and there's a good chance that's
• 48:00
  Speaker 3: what we want anyway. We want to be able to live,
• 48:03
  Speaker 3: not go to a nursing home pass away. If that happens,
• 48:08
  Speaker 3: then that money goes into the testamentary trust. That's what
• 48:13
  Speaker 3: we're talking about.
• 48:14
  Speaker 2: Of the person who died.
• 48:17
  Speaker 3: Would then pass into this testamentary trust through probate. So, yeah,
• 48:23
  Speaker 3: I gotta go to probate. No, it's but it's only
• 48:26
  Speaker 3: one item, so it's not like I've got this huge
• 48:30
  Speaker 3: inventory of probate assets that I have to deal with.
• 48:33
  Speaker 3: It's one item. So you take it through, put it
• 48:36
  Speaker 3: into the testamentary trust, and simply by doing that, the
• 48:40
  Speaker 3: one main benefit. There's others, but this is the first.
• 48:44
  Speaker 3: Main benefit is it will sit in a trust in
• 48:48
  Speaker 3: which the surviving spouse that's why we do this and kids,
• 48:52
  Speaker 3: but surviving spouse will be entitled to both the income
• 48:57
  Speaker 3: and the principle from that bucket. So technically the trustee
• 49:02
  Speaker 3: can give all of that money to her.
• 49:05
  Speaker 2: So how is that any different than if she just
• 49:07
  Speaker 2: had it and put it right in her own name
• 49:09
  Speaker 2: as the spouse.
• 49:10
  Speaker 3: You're right, it would avoid probate. It would go directly
• 49:13
  Speaker 3: to the spouse.
• 49:14
  Speaker 2: She she could spend it.
• 49:16
  Speaker 3: However, she wants the big difference, and we'll get into
• 49:20
  Speaker 3: more differences later, but one of the big differences is
• 49:24
  Speaker 3: the money that goes directly to the spouse, not sheltered
• 49:27
  Speaker 3: first aid taxes completely available, and remains at risk for
• 49:32
  Speaker 3: the nursing home when she might get sick, right, going
• 49:36
  Speaker 3: through this testamentary trust. It then gets into the testamentary
• 49:42
  Speaker 3: trust through probate cleansing it, meaning even though she has
• 49:46
  Speaker 3: access to all of it, yep, she could have a
• 49:49
  Speaker 3: stroke two months later. It's completely protected from the nursing
• 49:54
  Speaker 3: home for the kids, no look back, no five year
• 49:57
  Speaker 3: look back period. So that's really the home run peace right.
• 50:02
  Speaker 3: Never mind, it's also shelter.
• 50:03
  Speaker 2: Your state text those iras in advance, but they have
• 50:05
  Speaker 2: a few automatic when when do you die? Right, that's
• 50:09
  Speaker 2: worth a trip to probate.
• 50:10
  Speaker 3: I mean, I think that's worth a trip to probate
• 50:12
  Speaker 3: if you know that there's a chance that the surviving
• 50:15
  Speaker 3: spouse could get sick yep later and then go to
• 50:19
  Speaker 3: the nursing home. And lots of times when one gets sick,
• 50:22
  Speaker 3: they're really already the other ones older and something could
• 50:24
  Speaker 3: happen right away. Now it's safe, so folks, just one
• 50:29
  Speaker 3: of the benefits. Learn how to name the estate and
• 50:32
  Speaker 3: life insurance. Are named the beneficiary of your estate for
• 50:36
  Speaker 3: both life insurance and iras. Get the new guide eight six, six,
• 50:40
  Speaker 3: eight four, eight, five, six, nine to nine.
• 50:43
  Speaker 2: You've been listening to Todd Lutsky from the law firm
• 50:46
  Speaker 2: of Cushing and Dolan. Todd, thank you so much.
• 50:48
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:50
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:54
  Speaker 2: We thank you for joining us and we'll be back
• 50:56
  Speaker 2: again next week on the Legal Exchange with Todd Lutski.
• 51:00
  Speaker 1: Every dollar you've saved in retirement accounts and life insurance
• 51:03
  Speaker 1: tells a story, a story of hard work, smart choices
• 51:07
  Speaker 1: and the future you envision for your family. One way
• 51:10
  Speaker 1: to help that story end well is to make a
• 51:12
  Speaker 1: beneficiary choice that does more. This month's free guide from
• 51:15
  Speaker 1: Cushing and Dolan, IRA and Life Insurance, Planning, Estate tax
• 51:19
  Speaker 1: Strategies in Nursing Home Protection explains how naming your estate
• 51:22
  Speaker 1: is the beneficiary of your IRA or life insurance can
• 51:25
  Speaker 1: add a layer of tax efficiency in nursing home protection
• 51:28
  Speaker 1: while still allowing your spouse access when it matters. It's
• 51:31
  Speaker 1: about keeping more of what you've built, working for your
• 51:34
  Speaker 1: loved ones now and in the years to come. Get
• 51:37
  Speaker 1: your free copy today by calling eight six six eight
• 51:40
  Speaker 1: four eight five six nine nine. That's eight six six
• 51:42
  Speaker 1: eight four eight five six nine nine, or you can
• 51:45
  Speaker 1: request it online from our website legal exchange showed dot com.
• 51:49
  Speaker 1: The proceeding was paid for and the views expressed are
• 51:51
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 51:53
  Speaker 1: Ormstrong Advisory may contact you offering legal or investment services.
• 51:56
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 51:58
  Speaker 1: other and are not affiliated.
• 52:00
  Speaker 5: Are you wondering where the economy is headed? GDP is growing,
• 52:03
  Speaker 5: but Tariff's, inflation and job numbers are making headlines. Interest rates,
• 52:06
  Speaker 5: housing costs, and policy changes are impacting all of us.
• 52:09
  Speaker 5: Even AI is changing how markets move.
• 52:12
  Speaker 3: HI.
• 52:12
  Speaker 5: This is Chuck Zauta from the Armstrong Advisory Group. We're
• 52:15
  Speaker 5: hosting two financial seminars this fall to help you make
• 52:17
  Speaker 5: sense of it all. Join us at Margaritaville Resort, Cape
• 52:20
  Speaker 5: cod on October ninth, or at the showcase super Lux
• 52:23
  Speaker 5: and Chestnut Hill on October sixteenth. To reserve your seat,
• 52:26
  Speaker 5: call eight hundred three nine three for zero zero one.
• 52:29
  Speaker 5: We'll break down the economic trends, market risks, and smart
• 52:32
  Speaker 5: strategies you need to plan for retirement and beyond. Diversification,
• 52:36
  Speaker 5: preparation and smart decisions are several of the keys to
• 52:38
  Speaker 5: navigating uncertainty. Registered today by calling eight hundred three nine
• 52:42
  Speaker 5: three for zero zero one or on our website Armstrong
• 52:46
  Speaker 5: Advisory dot com.
• 52:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 52:54
  Speaker 1: your own financial, tax into state planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 52:59
  Speaker 1: advisory service.
• 53:00
  Speaker 6: Mark Vonner is the CEO of Veterans Development Corporation. Mark
• 53:04
  Speaker 6: is a career military man, having served nearly twenty years,
• 53:07
  Speaker 6: and we are so proud to have him and his
• 53:09
  Speaker 6: business as a key partner and a presenting sponsor of.
• 53:13
  Speaker 7: The DAV five K Boston.
• 53:14
  Speaker 6: The dav Department of Massachusetts does incredible work, and it's
• 53:18
  Speaker 6: one of the first organizations that Mark became familiar with
• 53:21
  Speaker 6: after his military service ended back in nineteen eighty four.
• 53:24
  Speaker 6: As Mark built his company, he knew he'd be giving
• 53:27
  Speaker 6: back to fellow veterans who needed jobs, support services, medical supplies,
• 53:32
  Speaker 6: and so much more. Mark works with disabled veterans every
• 53:35
  Speaker 6: day and it's one of the key reasons why he's
• 53:37
  Speaker 6: such a big supporter of dan Stack, the DAV Department
• 53:40
  Speaker 6: of Massachusetts and the DAV five K Boston. You can
• 53:44
  Speaker 6: join Mark Varner and his team and make a donation
• 53:47
  Speaker 6: to the DAV Department of Massachusetts or become a sponsor
• 53:50
  Speaker 6: of the DAV five k Boston. Simply visit DAV five
• 53:54
  Speaker 6: k dot Boston. That's DAV five k dot Boston.