Latest / The Legal Exchange / How to figure out the right trust for you and your family

Transcript

How to figure out the right trust for you and your family · 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, Todd Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:45
  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 in you.
• 0:54
  Speaker 2: I'm excellent. Thank you. What do you have for us
• 0:56
  Speaker 2: this week?
• 0:56
  Speaker 3: A couple of things. I've got this Missouri Appellate Court
• 1:00
  Speaker 3: case where basically it's when do you have standing to sue?
• 1:05
  Speaker 3: And this is important because a lot of people think,
• 1:07
  Speaker 3: you know, well, if I do my estate plan, you know,
• 1:10
  Speaker 3: are so and so going to sue? Well, there are
• 1:13
  Speaker 3: certain people that just can't. And that makes you feel
• 1:16
  Speaker 3: better about your doing your planning. And so I'm going
• 1:19
  Speaker 3: to explain to you what happened in this particular case,
• 1:23
  Speaker 3: and then I've got a real life story for you.
• 1:27
  Speaker 3: But it really ties into the article they're giving away
• 1:30
  Speaker 3: as well. An existing couple had come in that I
• 1:32
  Speaker 3: had done planning for back in four Well, we had
• 1:37
  Speaker 3: to review the estate plan. They're older, kids are older,
• 1:40
  Speaker 3: assets have changed, objectives might have changed, laws have changed,
• 1:45
  Speaker 3: all good reasons to come in, and we had to
• 1:48
  Speaker 3: go through what they've done and figure out if what
• 1:50
  Speaker 3: they've done is still good or if they want to
• 1:53
  Speaker 3: change it, what kind of trust makes sense for them now?
• 1:57
  Speaker 3: And so, folks, that's really what this is all about.
• 2:00
  Speaker 3: Going to learn a lot about this case. This is
• 2:01
  Speaker 3: actually a very interesting, uh, real life case for us.
• 2:06
  Speaker 3: But it really brings us back to the guide, which
• 2:08
  Speaker 3: is demystifying the top seven estate planning trusts. Both of
• 2:11
  Speaker 3: these cases that we're going to discuss really talk about
• 2:14
  Speaker 3: the need for trust and how they work. If you've
• 2:16
  Speaker 3: never done your estate plan, this guide will at least
• 2:19
  Speaker 3: give you some idea of which trust might be right
• 2:23
  Speaker 3: for you and what help you get started. It explains
• 2:25
  Speaker 3: pretty much the tax side of things on each trust,
• 2:28
  Speaker 3: from revocable to irrevocable to multiple kinds of irrevocable trusts
• 2:33
  Speaker 3: folks from pooled trusts to I'm sorry, no, pool trusts
• 2:37
  Speaker 3: aren't in there because that was new. They just came back.
• 2:40
  Speaker 3: But pool trust will be in the next guide. But
• 2:43
  Speaker 3: it also talks about special needs trust things like that.
• 2:45
  Speaker 3: Folks call and get the guide Demystifying the top seven
• 2:50
  Speaker 3: estate planning trusts eight six six eight four eight five
• 2:54
  Speaker 3: six nine nine or Legal Exchange Show dot Com again
• 2:58
  Speaker 3: eight six six eight five six nine nine or Legal
• 3:02
  Speaker 3: Exchange Show dot Com. Now off to Missouri. So what
• 3:07
  Speaker 3: happened here? Mike Senior creates a revocable trust in May
• 3:12
  Speaker 3: of twenty thirteen. He intentionally omits his son Mike Junior
• 3:18
  Speaker 3: and daughter Melinda h Okay, that was twenty thirteen. January fifteen,
• 3:22
  Speaker 3: twenty fifteen, he revokes the trust okay, and he creates
• 3:27
  Speaker 3: a new will, leaving one half of his assets to
• 3:31
  Speaker 3: Junior and Melinda and one half to this aunt. Ethel
• 3:36
  Speaker 3: seemingly came out of nowhere. June one, twenty fifteen, Mike dies. Okay,
• 3:42
  Speaker 3: that's six months after he creates this new will, yep,
• 3:46
  Speaker 3: And so Mike's senior dies and the kids file a
• 3:50
  Speaker 3: lawsuit against Ethel, saying that this will that was created
• 3:55
  Speaker 3: six months ago, Mike lacked capacity and she unduly influenced
• 4:00
  Speaker 3: him to create the will. I know you should be
• 4:02
  Speaker 3: looking funny at me now because you're saying, well, wait
• 4:04
  Speaker 3: a minute, these kids were disinherited before. Now they're getting half.
• 4:09
  Speaker 3: Why are they fighting this will? Or some other facts
• 4:12
  Speaker 3: come to life, and one of which is one of
• 4:14
  Speaker 3: Ethel's sisters disinherited Ethel and left the money to the mother,
• 4:18
  Speaker 3: who in turn left the money to Mike Senior. So
• 4:21
  Speaker 3: Mike Senior ended up getting another seven hundred and twelve
• 4:24
  Speaker 3: thousand dollars, which he ended up dying before actually being
• 4:29
  Speaker 3: able to put it anywhere.
• 4:30
  Speaker 2: So there's a pipeline going on.
• 4:31
  Speaker 3: So there's money here, and so the personal representative for
• 4:35
  Speaker 3: the estate argued that no, the kids don't have any
• 4:38
  Speaker 3: standing here. They can't sue because even if they will
• 4:41
  Speaker 3: turns out to be no good, which is what they want. Well,
• 4:44
  Speaker 3: then the trust gets the assets and they're disinherited, and
• 4:47
  Speaker 3: so they cannot benefit, and so therefore you cannot sue.
• 4:50
  Speaker 3: You need to be able to benefit in order to
• 4:53
  Speaker 3: have standing to sue. So they issued summary judgment, Kids,
• 4:57
  Speaker 3: you're out.
• 4:57
  Speaker 2: So they saved him from themselves because they would get nothing.
• 5:01
  Speaker 3: Oh but they weren't happy with that answer, so they appealed, well,
• 5:06
  Speaker 3: let's let's hang on. So turns out and again I
• 5:10
  Speaker 3: already am thinking exactly what the appellate court does. It
• 5:13
  Speaker 3: says here the kid said, well, wait a minute, we
• 5:16
  Speaker 3: could benefit from this because if the will is no good,
• 5:21
  Speaker 3: then the assets passed via the intestate succession statute, and
• 5:25
  Speaker 3: I E. That means it goes to the next closest
• 5:27
  Speaker 3: next of kin in most states, and therefore that might
• 5:31
  Speaker 3: be them and not aunt ethel. It's going to go
• 5:36
  Speaker 3: to the next closest next of kin, so they can benefit.
• 5:39
  Speaker 3: So they said, we should have the ability to sue. Well,
• 5:44
  Speaker 3: the court said, I guess that's right now. They said,
• 5:48
  Speaker 3: before they receive the inheritance, Mike Senior died, so that
• 5:52
  Speaker 3: money is sitting in his and that in his estate.
• 5:55
  Speaker 3: And apparently the old will did not provide a poor
• 6:00
  Speaker 3: over to the trust, and therefore the assets would never
• 6:05
  Speaker 3: get in the trust even if the trust was valid
• 6:08
  Speaker 3: and in existence. So therefore there is a chance that
• 6:11
  Speaker 3: they can benefit. So they have standing.
• 6:14
  Speaker 2: So you get to follow it all through the plunk
• 6:16
  Speaker 2: Go board.
• 6:16
  Speaker 3: So all this means is they've remanded the case. I
• 6:19
  Speaker 3: don't have an answer for.
• 6:20
  Speaker 2: You, but oh, you know, I don't enjoy that when
• 6:22
  Speaker 2: you do that.
• 6:23
  Speaker 3: But they are going to allow them to sue. So
• 6:26
  Speaker 3: in this case, folks, they had standing. Now just try
• 6:30
  Speaker 3: to revisit this a little bit. I have a couple
• 6:32
  Speaker 3: of problems with it right off the bat, right But
• 6:36
  Speaker 3: my first problem is, Oh, if there was an old will,
• 6:41
  Speaker 3: then that old will will work. Even if it wasn't
• 6:43
  Speaker 3: a poor overwill, the old will would still work, although
• 6:48
  Speaker 3: maybe it wouldn't depending on what the trust says. If
• 6:53
  Speaker 3: it wasn't a poor overwill, then I guess it's not
• 6:55
  Speaker 3: going to the trust. But I guess then it would
• 6:56
  Speaker 3: have language as to where the assets would go, which
• 7:00
  Speaker 3: may or may not be them. I don't know what
• 7:02
  Speaker 3: the will says, So this one was tough, But I
• 7:05
  Speaker 3: think the lessons we learned from this, folks, is obviously
• 7:08
  Speaker 3: do your planning because you may want your wishes to
• 7:11
  Speaker 3: take place. And everybody always wonders, No, can a spouse sue?
• 7:15
  Speaker 3: Can you know what? Can one of my kids spouses
• 7:18
  Speaker 3: sue if they're unhappy with what they No, they would
• 7:22
  Speaker 3: not have standing to sue because spouses don't have the
• 7:27
  Speaker 3: ability to benefit from the lawsuit. Right, So you should
• 7:32
  Speaker 3: feel good about doing your estate plan because you're always wondering. Well,
• 7:35
  Speaker 3: everybody can always sue. Not everybody can always sue. So
• 7:40
  Speaker 3: let's just look at this a little bit. Break it down. First,
• 7:42
  Speaker 3: they had a revocable trust in place, which I liked. Yeah,
• 7:45
  Speaker 3: I mean, it would have avoided probate, It kept them
• 7:47
  Speaker 3: in control, It would have reduced the state taxes, you know,
• 7:50
  Speaker 3: just explaining how these trusts work. They wouldn't have even
• 7:53
  Speaker 3: had to file any income tax returns. The trusts are revocable,
• 7:57
  Speaker 3: works great, and and they could specifically say who gets
• 8:03
  Speaker 3: what and when. So one kid's in, one kid's out,
• 8:07
  Speaker 3: we're skipping, we're going to grandkids, we're divorce proofing, you know,
• 8:10
  Speaker 3: Junior and Melinda, you could control everything. Then he revoked it. Well,
• 8:16
  Speaker 3: I just wanted you to understand that's one way a
• 8:18
  Speaker 3: revocable trust works and why they're really good that he
• 8:22
  Speaker 3: did it, and if you ever wanted to know how
• 8:24
  Speaker 3: they work, that's how they work. What about the will
• 8:27
  Speaker 3: very confusing to me that this was not a poor overwill.
• 8:30
  Speaker 3: We would never do a trust and not have a
• 8:32
  Speaker 3: poor overwill. Remember, folks, the poor overwill is a safety net.
• 8:36
  Speaker 3: It simply says that if for some reason in this case,
• 8:38
  Speaker 3: Mike had spare bank accounts or brokerage accounts that were
• 8:42
  Speaker 3: not in his name because we're not with him every day,
• 8:45
  Speaker 3: the will would grab it and put it in his
• 8:47
  Speaker 3: trust safety net. But also what we do is who
• 8:52
  Speaker 3: knows what if Mike revoked the trust and never told
• 8:55
  Speaker 3: us could happen. Our will, even though it was a
• 8:59
  Speaker 3: poor over will, will would have language to say, in
• 9:02
  Speaker 3: the event the trust is not in existence, here's where
• 9:05
  Speaker 3: the assets go. So we still have language directing where
• 9:10
  Speaker 3: the assets go in our will in the outside chance
• 9:13
  Speaker 3: that the will got revoked and we didn't know it.
• 9:16
  Speaker 3: So so there's always this, you know, alternate provisions which
• 9:21
  Speaker 3: I don't understand if this will had it or didn't
• 9:24
  Speaker 3: have it. But you know that's the thing. And remember
• 9:27
  Speaker 3: this is all about funding, right, You got to make
• 9:30
  Speaker 3: sure you get stuff in the will. Don't rely on
• 9:32
  Speaker 3: the poor over if you don't put stuff in your trust.
• 9:35
  Speaker 3: And I had a client the other day with this.
• 9:37
  Speaker 3: They came in and only the house was in. They
• 9:39
  Speaker 3: were so upset to go, all our money's not in there,
• 9:41
  Speaker 3: it's all joint. I said, well, it's all joint with you. Guys.
• 9:44
  Speaker 3: You're going to completely bypass your trust because it's going
• 9:47
  Speaker 3: to bypass the will and bypass the trust going to
• 9:50
  Speaker 3: the surviving joint owner. Make sure you funded. And folks
• 9:53
  Speaker 3: with irrevocable trust, make sure you funded, or the five
• 9:56
  Speaker 3: year clock never starts to run. So that's the lessons
• 9:59
  Speaker 3: we learned from this situation. Most importantly, get the guide
• 10:03
  Speaker 3: Demystifying the Seven Trusts. This one was about revocable trusts.
• 10:07
  Speaker 3: It explains how they work. You might not need that.
• 10:10
  Speaker 3: Maybe you want irrevocable. Get the guide learn which trust
• 10:13
  Speaker 3: works for you eight six six eight four eight five
• 10:17
  Speaker 3: six ninety nine or Legal Exchange show dot com.
• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:23
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:31
  Speaker 2: more to come when we return to the legal exchange
• 10:34
  Speaker 2: with Todd Lutsky.
• 10:36
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 10:39
  Speaker 1: They know that every family is unique and that every
• 10:42
  Speaker 1: estate plan must be different. Early planning is crucial if
• 10:44
  Speaker 1: you want to stress for your retirement, and trusts are
• 10:47
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 10:50
  Speaker 1: but with so many kinds of trusts, you need to
• 10:52
  Speaker 1: learn about which one is right for your plan. Revocable
• 10:55
  Speaker 1: and irrevocable trusts are most common, but there are several
• 10:58
  Speaker 1: differences as well as numerous tax implications with each. If
• 11:01
  Speaker 1: you are ready to start your planning or need are
• 11:03
  Speaker 1: a fresh and existing plan, call Cushing and Dolan and
• 11:06
  Speaker 1: ask for their new guide called Dmistifying the Top seven
• 11:09
  Speaker 1: Estate Planning Trusts. Learn how to protect your assets and
• 11:12
  Speaker 1: potentially eliminate your estate taxes. Call eight six six eight
• 11:15
  Speaker 1: four eight five six ninety nine right now and ask
• 11:18
  Speaker 1: for your guide today. That's eight six six eight four
• 11:21
  Speaker 1: eight five six nine nine, or request it online at
• 11:24
  Speaker 1: Legal exchange show dot com. The proceeding was paid for
• 11:26
  Speaker 1: and the views expressed are solely those of Cushing and Dolan.
• 11:29
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 11:31
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 11:34
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 11:36
  Speaker 1: Summer is coming to an end, so it's time to
• 11:39
  Speaker 1: take out your planner and book a spectacular vacation in
• 11:41
  Speaker 1: the US Virgin Islands, America's Caribbean paradise. Saint Croix, Saint
• 11:45
  Speaker 1: Thomas and Saint John are three of the most incredible
• 11:48
  Speaker 1: islands anywhere in the Caribbean, and their popularity is at
• 11:50
  Speaker 1: an all time high. Go to visit USVI dot com
• 11:53
  Speaker 1: and check out the American Caribbean, where you'll find all
• 11:56
  Speaker 1: the information you need to book a trip that you'll
• 11:58
  Speaker 1: never forget if you act. You can still celebrate New
• 12:01
  Speaker 1: Years on Saint Croix and enjoy the Saint Croix Crucian
• 12:04
  Speaker 1: Festival from December twenty sixth through January fourth. Enjoy world
• 12:08
  Speaker 1: class cuisine, pristine beaches, a wide variety of water sports,
• 12:11
  Speaker 1: and some of the greatest music elacts the Islands have
• 12:14
  Speaker 1: to offer. Travel to and from New England is simple
• 12:16
  Speaker 1: and your state will be hassle free. Because this is
• 12:19
  Speaker 1: the American Caribbean. There's no passport needed and no money
• 12:22
  Speaker 1: to exchange. Fall naturally in rhythm with the heartbeat of
• 12:25
  Speaker 1: the Islands on your trip to America's Caribbean paradise. Go
• 12:29
  Speaker 1: to visit USVII dot com and make your plans today.
• 12:32
  Speaker 1: That's visit USVII dot com.
• 12:36
  Speaker 4: The IRS doesn't let you keep retirement funds indefinitely, so
• 12:39
  Speaker 4: make sure you understand the rules related to required minimum distributions.
• 12:43
  Speaker 3: HI.
• 12:44
  Speaker 4: This is Chuck Zauta from the Armstrong Advisory Group. It's
• 12:46
  Speaker 4: important for you to know that you must begin taking
• 12:49
  Speaker 4: minimal annual withdrawals from your traditional IRA, Simple IRA four
• 12:53
  Speaker 4: to one K plan or other retirement accounts once you
• 12:56
  Speaker 4: reach a certain age. These annual withdrawals will be included
• 12:59
  Speaker 4: in your tax income, except for any part that was
• 13:01
  Speaker 4: already taxed. When to take these withdrawals depends on your
• 13:04
  Speaker 4: exact age, So as you build your retirement strategy, the
• 13:07
  Speaker 4: rules regarding rmds become even more important. Call us right
• 13:11
  Speaker 4: now at eight hundred thirty nine three for zero zero one,
• 13:14
  Speaker 4: and ask for your copy of the new free guide
• 13:16
  Speaker 4: called Frequently Asked Questions about RMDS. That number again is
• 13:20
  Speaker 4: eight hundred three nine three for zero zero one.
• 13:23
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 13:25
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 13:28
  Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
• 13:30
  Speaker 1: your own financial tax into state planning advisors before making
• 13:33
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 13:35
  Speaker 1: advisory services. You're listening to the Legal Exchange with Todd Lutsky,
• 13:40
  Speaker 1: an expert in elder life planning and taxation. Need help
• 13:43
  Speaker 1: with your estate plan? Comp Todd right now and make
• 13:45
  Speaker 1: an appointment. Eight six six eight four eight five six
• 13:48
  Speaker 1: nine nine. That's eight sixty six eight four eight five
• 13:51
  Speaker 1: six nine nine.
• 13:52
  Speaker 2: Welcome back into the Legal Exchange with Todd Lotski. I'm
• 13:56
  Speaker 2: stusan powers of financial advice with the Armstrong Advisory Group.
• 14:00
  Speaker 2: I'm joined by Todd Lutsky, a partner with the law
• 14:02
  Speaker 2: firm of Cushing and Dolan with a Masters in taxation.
• 14:06
  Speaker 2: Where we headed now, Todd.
• 14:07
  Speaker 3: We're going to go nowhere, We're going to stay right
• 14:09
  Speaker 3: here and do a real life story. Nice, how about this?
• 14:11
  Speaker 3: So this is a situation where we always talk about trusts.
• 14:16
  Speaker 3: What kind of trust is right for you? Very similar
• 14:18
  Speaker 3: to the guide? But when should you review your state plan?
• 14:23
  Speaker 1: Right?
• 14:23
  Speaker 3: We talk about this a lot. Yeah, Well, here's a
• 14:26
  Speaker 3: client who must have been listening, an existing client we've
• 14:29
  Speaker 3: done planning for them way back two thousand and something
• 14:32
  Speaker 3: for whatever, a long time ago. They were obviously younger
• 14:37
  Speaker 3: than they had younger kids then, and it turned out
• 14:40
  Speaker 3: that the two revocable trust plan was right for them.
• 14:45
  Speaker 3: I mean, this plan avoided probate, It eliminated their federal
• 14:48
  Speaker 3: estate tax at the time. It even it might have
• 14:52
  Speaker 3: even eliminated their state death tax. I can't remember what
• 14:54
  Speaker 3: they were worth twenty years ago back then. I can't
• 14:58
  Speaker 3: imagine why you can't remember that. Yeah, it and it
• 15:01
  Speaker 3: provided you know, the nice staggered distributions for their kids.
• 15:05
  Speaker 3: They were younger, and we just you know, twenty five
• 15:07
  Speaker 3: thirty thirty five years of age as to when the
• 15:09
  Speaker 3: payouts come and and and if not, living to grandchildren.
• 15:13
  Speaker 3: So it had some basic bloodline planning into it. And certainly,
• 15:18
  Speaker 3: I mean it was the foundation for their estate plan
• 15:20
  Speaker 3: and is working, and arguably it might still be working.
• 15:25
  Speaker 3: But of course they're much older, kids are grown, and
• 15:28
  Speaker 3: we took a look at their assets. So we always
• 15:30
  Speaker 3: start when we review a plan by looking at someone's
• 15:33
  Speaker 3: net worth. See how they've how they've moved while they
• 15:36
  Speaker 3: had you know, about a million in the home and
• 15:38
  Speaker 3: and about one point two in investment. So there's two
• 15:40
  Speaker 3: point two they had between them iras totaling two million
• 15:46
  Speaker 3: split up not necessarily equally, so about a four point
• 15:50
  Speaker 3: two million dollar estate. Pretty good. Well, first thing we
• 15:53
  Speaker 3: need to think about is, Wow, you're older now, and
• 15:55
  Speaker 3: that's that's a size of state where you might consider,
• 15:59
  Speaker 3: you know, long term care planning.
• 16:00
  Speaker 2: How old are they now at this point?
• 16:02
  Speaker 3: Are they mid seventies?
• 16:03
  Speaker 5: Oh?
• 16:03
  Speaker 2: Okay?
• 16:04
  Speaker 3: So yeah, they were probably in their early fifties and yep, okay,
• 16:08
  Speaker 3: and so we have to talk about that. I mean,
• 16:12
  Speaker 3: that's a possibility. Oh and they have this great long
• 16:15
  Speaker 3: term care insurance policy, I mean Cadillac policy. Yeah, and
• 16:20
  Speaker 3: I mean they're covered. Plus they have you know, lots
• 16:22
  Speaker 3: of they have big iras, hard to protect iras from
• 16:26
  Speaker 3: nursing homes, and plus when you add up that with
• 16:28
  Speaker 3: pension and interest and dividend income. I mean, they're really
• 16:32
  Speaker 3: We really ran the numbers and it turned out that
• 16:34
  Speaker 3: they're really self insured. Yeah, and we concluded that, yeah,
• 16:37
  Speaker 3: it makes sense that you don't need to switch to
• 16:41
  Speaker 3: the irrevocable trust with all of that in place, And
• 16:45
  Speaker 3: so we didn't. And then we said, well, what might
• 16:49
  Speaker 3: we want to do. Well, I first said, probably we
• 16:53
  Speaker 3: want to talk about divorce proofing and credit or protecting
• 16:56
  Speaker 3: your trust, which you didn't have before you had that
• 17:00
  Speaker 3: stagger distribution. And yes, the kids have gotten married and
• 17:02
  Speaker 3: there's grandkids, and yes we want we want to talk
• 17:06
  Speaker 3: about that. And then I said, well, you have two trusts.
• 17:11
  Speaker 3: Your estate is four point two, the mass estate tax
• 17:14
  Speaker 3: laws have changed, federal exemptions have gone up. Maybe you
• 17:20
  Speaker 3: don't need two trusts. Maybe a joint revocable trust will
• 17:24
  Speaker 3: be far better for you than what you have now.
• 17:27
  Speaker 2: Because way back when twenty years ago you needed separate ones.
• 17:30
  Speaker 3: You needed these separate ones, and joint trust really weren't
• 17:33
  Speaker 3: a thing, right, and so now they are. And I'm
• 17:36
  Speaker 3: going to explain to you folks how knowing which trust
• 17:40
  Speaker 3: is right for you matters. And here we're going to
• 17:42
  Speaker 3: end up making a change and it'll be for the better,
• 17:46
  Speaker 3: and I'll show you in just a minute. But that's
• 17:47
  Speaker 3: all about what this guide is, folks, demystifying the top
• 17:52
  Speaker 3: seven estate planning trusts. Revocable trusts coming two flavors, joint
• 17:56
  Speaker 3: trusts and individual trusts for a married couple and single
• 18:01
  Speaker 3: of course trust. But there's also many kinds of irrevocable trusts.
• 18:05
  Speaker 3: There's life insurance trusts and medicaid trust they're different, they're
• 18:08
  Speaker 3: both in here. You know, special needs trust, sole benefits trusts,
• 18:12
  Speaker 3: they're in here. Folks, get the guide, learn what trust
• 18:17
  Speaker 3: is right for you, and kick off your estate planning
• 18:19
  Speaker 3: eight six six eight four eight five six nine nine
• 18:24
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 18:28
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 18:32
  Speaker 3: Show dot com.
• 18:33
  Speaker 2: Now, so they had two trusts and now you're going
• 18:35
  Speaker 2: to go to one. Why yeah, why wouldn't you just
• 18:38
  Speaker 2: keep the same.
• 18:39
  Speaker 3: And it makes sense that we would think that, so
• 18:41
  Speaker 3: obviously the old trust. I'm thinking a joint trust is
• 18:44
  Speaker 3: better here, right, you're going to go from two trusts
• 18:47
  Speaker 3: to one trusts. Back then, remember the mass estate tax
• 18:51
  Speaker 3: was one million. Well, with one million dollars, we were
• 18:56
  Speaker 3: actually able to do that. Right, we could put a
• 18:59
  Speaker 3: million in each trust and it would shelter a million
• 19:02
  Speaker 3: dollars on the first death. But today, let's look at
• 19:05
  Speaker 3: their numbers and see how it works. Because first, let
• 19:08
  Speaker 3: me explain a joint trust. By going to a joint trust,
• 19:10
  Speaker 3: it's going to be simpler. We can put all assets
• 19:12
  Speaker 3: that we can put in the trust in one trust
• 19:16
  Speaker 3: rather than split them between two trusts. Easier to manage,
• 19:21
  Speaker 3: easier to operate. Again, still no tax returns to file,
• 19:25
  Speaker 3: it's revocable. You're in complete control. But it allows us
• 19:29
  Speaker 3: to shelter more assets on the first death than we
• 19:33
  Speaker 3: could with two trusts, especially when you have such a
• 19:37
  Speaker 3: large amount of money tied up in an era. Remember
• 19:40
  Speaker 3: the facts in this case, folks, there's about two million
• 19:44
  Speaker 3: dollars of IRA money of a whole four point two
• 19:47
  Speaker 3: million dollar estate. That's about half, right, So that's a
• 19:51
  Speaker 3: big number. So here's how it will work under the
• 19:55
  Speaker 3: old approach. Right, they would have these two trusts and
• 19:58
  Speaker 3: we would put you know, half of their assets in
• 20:02
  Speaker 3: each trust. So on the first death, how much could
• 20:05
  Speaker 3: we shelter, Well, they have two point two million dollars
• 20:09
  Speaker 3: of assets that would be in their trusts a house
• 20:12
  Speaker 3: and a one point two million dollar investment account. That's
• 20:14
  Speaker 3: two point two. So each trust would have one point
• 20:17
  Speaker 3: one yep, have to divide it because we don't know
• 20:19
  Speaker 3: who's going to die first. And then on the first death,
• 20:23
  Speaker 3: one million dollars would go to the remainder share sheltered
• 20:27
  Speaker 3: from a state tax as well. Of course, in the
• 20:29
  Speaker 3: past there was only a million dollar exemption. Well, that
• 20:32
  Speaker 3: works well, and the one hundred thousand would go to
• 20:36
  Speaker 3: what we call in the q TIP share to be
• 20:38
  Speaker 3: taxed later. Okay, but at least we would shelter a
• 20:41
  Speaker 3: million dollars. Sounds good. Unfortunately, today the exemption is two
• 20:48
  Speaker 3: million dollars.
• 20:49
  Speaker 2: Is that unfortunate?
• 20:50
  Speaker 3: Well, it's fortunate if you haven't done your planning, and
• 20:56
  Speaker 3: so why does that If we leave it like this,
• 20:59
  Speaker 3: what would happen While on the first death you shelter
• 21:02
  Speaker 3: one million, on the second death, the survivor would be
• 21:06
  Speaker 3: worth three point two, Yeah, right, four point two minus
• 21:09
  Speaker 3: one three point two, Well three point two if the
• 21:13
  Speaker 3: survivor dies, Now at least there's a two million dollar exemption,
• 21:16
  Speaker 3: you'd get it. So three point two minus two is
• 21:20
  Speaker 3: one point two. Now you ten percent about one hundred
• 21:25
  Speaker 3: and twenty thousand dollars in tax under the current plan. Yep.
• 21:30
  Speaker 3: Why because remember the IRA money two million has to
• 21:34
  Speaker 3: pass to the surviving spouse. That's better from an income
• 21:38
  Speaker 3: tax perspective for the IRA, but not necessarily in a
• 21:43
  Speaker 3: state tax perspective, as you just saw here.
• 21:46
  Speaker 2: And how would it work if you have just the
• 21:48
  Speaker 2: one trust instead?
• 21:49
  Speaker 3: So instead we put together a joint trust. Now in
• 21:53
  Speaker 3: the joint trust we're able to put the whole two
• 21:56
  Speaker 3: point two million dollars in. Obviously, the I money still
• 22:00
  Speaker 3: has to stay outside the trust.
• 22:02
  Speaker 1: All right.
• 22:03
  Speaker 3: Now I got two point two million dollars in there
• 22:05
  Speaker 3: in a joint trust, regardless of who contributed to it,
• 22:10
  Speaker 3: which they likely would have both put their half in.
• 22:14
  Speaker 3: On the first death, I can get full inclusion in
• 22:19
  Speaker 3: the estate of the first to die by something called
• 22:21
  Speaker 3: a general power of appointment. It's language we put in
• 22:25
  Speaker 3: the trust that says, regardless of who contributed the assets,
• 22:30
  Speaker 3: when one dies, not half the assets are included, but
• 22:35
  Speaker 3: the other half that the other one put in is
• 22:37
  Speaker 3: the survivor also included.
• 22:40
  Speaker 2: So now you can get that whole example.
• 22:42
  Speaker 3: So now with two point two million dollars dollars in
• 22:44
  Speaker 3: the trust. I'm going to be able to shelter two
• 22:46
  Speaker 3: million and put two hundred thousand in the q TIP.
• 22:50
  Speaker 3: So now I've backed out two million, and now on
• 22:53
  Speaker 3: the second death, she's worth two point two minus two.
• 22:58
  Speaker 3: Were at two hundred dollars, and there's some expenses and deductions.
• 23:03
  Speaker 3: Maybe there's ten grand due. I mean we would save
• 23:05
  Speaker 3: one hundred and ten thousand dollars in tax by using
• 23:09
  Speaker 3: a joint trust. Folks. Sometimes joint trusts are better for
• 23:14
  Speaker 3: moderate estates under the federal exemption. Times two. Get the guide, folks.
• 23:20
  Speaker 3: Learn all the different type Top seven estate planning trusts.
• 23:25
  Speaker 3: Learn which trust is right for you eight six six
• 23:29
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 23:33
  Speaker 3: show dot com and you can 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 Powers, a
• 23:43
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:46
  Speaker 2: be answering your close listener questions when we return to
• 23:50
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 23:52
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 23:56
  Speaker 1: They know that every family is unique and that every
• 23:58
  Speaker 1: estate plan must be different. Early planning is crucial if
• 24:01
  Speaker 1: you want to stress for your retirement, and trusts are
• 24:04
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 24:07
  Speaker 1: but with so many kinds of trusts, you need to
• 24:09
  Speaker 1: learn about which one is right for your plan. Revocable
• 24:12
  Speaker 1: and irrevocable trusts are most common, but there are several differences,
• 24:15
  Speaker 1: as well as numerous tax implications with each. If you
• 24:18
  Speaker 1: are ready to start your planning or need a refresh
• 24:20
  Speaker 1: and existing plan, call Cushing and Dolan and ask for
• 24:23
  Speaker 1: their new guide called Dmistifying the Top seven Estate Planning Trusts.
• 24:27
  Speaker 1: Learn how to protect your assets and potentially eliminate your
• 24:30
  Speaker 1: estate taxes. Call eight six six eight four eight five
• 24:33
  Speaker 1: six ninety nine right now and ask for your guide today.
• 24:36
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 24:39
  Speaker 1: or request it online at Legal exchange show dot com.
• 24:42
  Speaker 1: The proceeding was paid four and the US expressed are
• 24:44
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 24:46
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 24:49
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:51
  Speaker 1: other and are not affiliated.
• 24:53
  Speaker 5: If you're approaching or have recently reached the age of
• 24:55
  Speaker 5: seventy three, required minimum distributions should be a key consideration
• 24:59
  Speaker 5: as you have valuate your retirement strategy. HI, this is
• 25:02
  Speaker 5: Mike Armstrong from the Armstrong Advisory Group. There are several
• 25:05
  Speaker 5: factors to think about when it comes to rmds, including
• 25:08
  Speaker 5: the types of accounts that require rmds, when to take
• 25:10
  Speaker 5: your withdrawals, how your RMD is calculated, and the penalty
• 25:14
  Speaker 5: for missing all or part of an RMD. That's what
• 25:16
  Speaker 5: our new guide this month is all about. It's called
• 25:18
  Speaker 5: Frequently asked Questions about required minimum distributions and you can
• 25:22
  Speaker 5: get your copy today by calling eight hundred three nine
• 25:25
  Speaker 5: three four zero zero one. Rmds are a key part
• 25:28
  Speaker 5: of your retirement strategy, so don't delay. Get your guide
• 25:31
  Speaker 5: today by calling eight hundred three nine three four zero
• 25:34
  Speaker 5: zero one. That number one more time, eight hundred three
• 25:37
  Speaker 5: nine three four zero zero one.
• 25:38
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:41
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:43
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 25:46
  Speaker 1: your own financial tax into state planning advisors before making
• 25:49
  Speaker 1: any investment decisions, Armstrong may contact you to offer investment
• 25:52
  Speaker 1: advisory services.
• 25:53
  Speaker 6: Last year, we introduced you to Mark Vodder, CEO of
• 25:56
  Speaker 6: Veterans Development Corporation. Mark is a career military man and
• 26:00
  Speaker 6: we're proud to have him back as the presenting sponsor
• 26:02
  Speaker 6: of the twenty twenty four DAV five K Boston.
• 26:05
  Speaker 7: I'm a proud member of a military family, including my father,
• 26:08
  Speaker 7: Victor and my brother Timmy serving my country was one
• 26:12
  Speaker 7: of the greatest achievements of my life and it's why
• 26:14
  Speaker 7: I choose to give back to this special community. My
• 26:18
  Speaker 7: father build Veterans Development Corporation, and I am honored to
• 26:21
  Speaker 7: continue his legacy of working to help many disabled veterans
• 26:25
  Speaker 7: in their families. It also gives me great pleasure to
• 26:28
  Speaker 7: once again be the presenting sponsor of this year's DAV
• 26:31
  Speaker 7: five K Boston. I hope that by sharing my story,
• 26:34
  Speaker 7: many other disabled veterans will be able to reach their
• 26:37
  Speaker 7: goals once they conclude their service.
• 26:39
  Speaker 6: Veterans Development Corporation is proud to be the presenting sponsor
• 26:42
  Speaker 6: of this year's DAV five K, taking place on Saturday,
• 26:46
  Speaker 6: November ninth at Fort Independence in South Boston. To register
• 26:49
  Speaker 6: for this year's race. Visit dav five k dot Boston.
• 26:53
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 26:57
  Speaker 1: ask Todd, the segment where Tom will answer. You are
• 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 Todd Lutsky and Susan Powers.
• 27:10
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:12
  Speaker 2: First question comes from Carol and Salmoth Mass and Carol writes,
• 27:16
  Speaker 2: my only son has been in some financial trouble in
• 27:19
  Speaker 2: the past, and he has an estranged ex girlfriend that
• 27:22
  Speaker 2: claims he is the father of her child. If he
• 27:26
  Speaker 2: were to inherit money from me, could an alleged child
• 27:29
  Speaker 2: go after his inheritance? How about once he passes away,
• 27:33
  Speaker 2: could they go after his estate? He stands to inherit
• 27:36
  Speaker 2: around two million.
• 27:39
  Speaker 3: Ooh, there's no trust here, right, it's just a will
• 27:43
  Speaker 3: or we don't know what's just.
• 27:44
  Speaker 2: So she doesn't say anything, So I think she's looking
• 27:47
  Speaker 2: for a solution.
• 27:48
  Speaker 3: Yeah, it's interesting because and I'll just tell you what
• 27:52
  Speaker 3: our trust says. I know, when we define, we have
• 27:55
  Speaker 3: a definition section about children child children issue, and we
• 28:00
  Speaker 3: define that, but we also define like if you're adopted legally,
• 28:07
  Speaker 3: then you fit the description of child children issue. If
• 28:10
  Speaker 3: you're a stepchild, clearly you're out. That doesn't mean anything,
• 28:15
  Speaker 3: so you would not be included. And we have language
• 28:18
  Speaker 3: that says a child born out of wedlock. And this
• 28:23
  Speaker 3: is interesting to be because is this Caroll No, my son,
• 28:27
  Speaker 3: her son's ex girlfriend. So they were not married, so
• 28:30
  Speaker 3: this is the son. So our our document says a
• 28:35
  Speaker 3: child born out of wedlock is deemed to be the
• 28:40
  Speaker 3: child of the mother only unless they marry or maybe
• 28:45
  Speaker 3: prove paternity. Well, that didn't happen here. So if it
• 28:50
  Speaker 3: was our trust, I think the son would be that
• 28:54
  Speaker 3: she wouldn't have any any She would not be in
• 28:58
  Speaker 3: or the kid when would not be in because it
• 29:01
  Speaker 3: would be deemed the child of the mother, not the
• 29:04
  Speaker 3: child or son, so it couldn't be a grandparent.
• 29:06
  Speaker 2: So in this case, if her son predeceases her, then
• 29:09
  Speaker 2: that child would not have no standing.
• 29:11
  Speaker 3: Well would not yeah, it would not get it, not
• 29:13
  Speaker 3: about the standing question, but would certainly not not be
• 29:18
  Speaker 3: listed as someone who's supposed to take.
• 29:20
  Speaker 2: So he so he's got that going on. He also
• 29:22
  Speaker 2: has financial troubles. What would you recommend for her in
• 29:25
  Speaker 2: terms of sounds like his inheritance shouldn't just be putting
• 29:29
  Speaker 2: his own name in his own hands, right if he's
• 29:32
  Speaker 2: got financial troubles to boot.
• 29:33
  Speaker 3: So this is how Carol wants to leave to her
• 29:36
  Speaker 3: son son. Yeah. Yeah, And just another comment on this
• 29:40
  Speaker 3: child out of wedlock thing. You know, arguably, if there's
• 29:45
  Speaker 3: just an estate going on and you don't have that
• 29:47
  Speaker 3: trust with that definition in there, and this child's able
• 29:50
  Speaker 3: to come out and show that they are a blood child,
• 29:53
  Speaker 3: they might they might have standing to sue. I don't know,
• 29:56
  Speaker 3: but I imagine they might. They might have standing to
• 29:58
  Speaker 3: sue there. So big big issue there. So when you
• 30:03
  Speaker 3: have these issues, you're right rather than prior to play
• 30:05
  Speaker 3: guesswork as to whether this person is in or this
• 30:08
  Speaker 3: person is out to your planning and make it clear.
• 30:12
  Speaker 3: So in this case, I would say, you know, I'm
• 30:14
  Speaker 3: going to leave something to my son if I want to,
• 30:16
  Speaker 3: but I'm going to hold it in trust, right, I'm
• 30:19
  Speaker 3: not just going to let it go right out and
• 30:21
  Speaker 3: then control it from the grave. That way you can
• 30:23
  Speaker 3: sort of see in case there's a divorce, in case
• 30:26
  Speaker 3: there's you know, it goes out to him and his kids,
• 30:31
  Speaker 3: but you have to make it clear that well, I
• 30:33
  Speaker 3: mean you can't. I mean, if he's got a kid,
• 30:37
  Speaker 3: maybe you want to define again children are, which one
• 30:40
  Speaker 3: born out of wedlock or you could specifically write the
• 30:43
  Speaker 3: ones you want in and that way, someone who's not
• 30:47
  Speaker 3: included in the list arguably is disinherited, and then you
• 30:51
  Speaker 3: can protect it inside this trust all the way down
• 30:54
  Speaker 3: to the next generation. So that way these outside forces
• 30:57
  Speaker 3: for the kid maybe won't.
• 31:00
  Speaker 2: Would that also protect him from financial issues he might have?
• 31:04
  Speaker 3: Yeah, So if it's own inside this trust, it's divorced proof.
• 31:07
  Speaker 3: Any creditor right can't get it. So if he's got
• 31:10
  Speaker 3: some creditor chasing him, if it's in the trust after
• 31:13
  Speaker 3: Mom dies, Carol dies, and he doesn't own it, well
• 31:17
  Speaker 3: then it's not an asset. They can't get it. Other
• 31:21
  Speaker 3: than if the trustee, the disinterested trustee, makes a distribution
• 31:24
  Speaker 3: so he can.
• 31:25
  Speaker 2: Still access it.
• 31:26
  Speaker 3: Would that trustee Yeah, So I mean, if this kid's
• 31:29
  Speaker 3: in trouble and you know, they say, look, I need
• 31:31
  Speaker 3: money to bail me out here or something, Yeah, I mean,
• 31:33
  Speaker 3: you can make the distribution, but it's in the trustees discretion,
• 31:37
  Speaker 3: which is what ultimately protects it from the creditor and
• 31:40
  Speaker 3: the ownership situation protects it from the creditor.
• 31:42
  Speaker 2: Got it.
• 31:43
  Speaker 3: So yeah, she needs to set up a trust in
• 31:45
  Speaker 3: detail about how to control when this property goes out,
• 31:50
  Speaker 3: and that will take care of it, I think all
• 31:52
  Speaker 3: the way around. So it folks, that's all part of
• 31:55
  Speaker 3: this guide. These trusts are not only here to tell
• 31:58
  Speaker 3: you how they operate while you're living, what happens when
• 32:02
  Speaker 3: you die. You can control things from the grave, as
• 32:05
  Speaker 3: this example indicates. Learn what type of trust is right
• 32:08
  Speaker 3: for you. There's the top seven estate planning trust guide
• 32:11
  Speaker 3: we're giving away this month. If you've never got your
• 32:13
  Speaker 3: estate planning started, this will be help you rather get
• 32:17
  Speaker 3: off on the right foot because you might be able
• 32:19
  Speaker 3: to better choose which trust is right for you. There's
• 32:23
  Speaker 3: about seven of them, from revocable to irrevocable, listed, special
• 32:26
  Speaker 3: needs trust, sole benefit trust, things that you don't think
• 32:29
  Speaker 3: about all the time but might have disabled children, et cetera.
• 32:34
  Speaker 3: Eight six six eight four eight five six nine nine
• 32:38
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 32:42
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:46
  Speaker 3: Show dot Com.
• 32:47
  Speaker 2: Our last question comes from Felix in Boston, mass and
• 32:50
  Speaker 2: felix rights. My wife has been housebound for many years.
• 32:54
  Speaker 2: All of her identification documents expired many years ago, and
• 32:58
  Speaker 2: she's physically unable to go out to have them renewed.
• 33:02
  Speaker 2: If we were interested in an irrevocable trust, does a
• 33:05
  Speaker 2: notary need valid identification during the signing process for the
• 33:09
  Speaker 2: trust in other documents? How would you handle that?
• 33:12
  Speaker 3: Well? Yeah, I mean they do need valid. Well, when
• 33:16
  Speaker 3: you say valid, I mean if you have we're using this,
• 33:21
  Speaker 3: I d when they when they sign, I always take
• 33:24
  Speaker 3: a copy of the driver's license, and you do. I
• 33:27
  Speaker 3: mean sometimes I can take a copy of a you know,
• 33:29
  Speaker 3: a veteran might give me a military ID, or they
• 33:32
  Speaker 3: might even give me an ID that relates to them
• 33:34
  Speaker 3: being a gun owner or something. All I really need
• 33:37
  Speaker 3: is a photo ID proving who they are. That's really
• 33:42
  Speaker 3: what I'm looking at. So arguably an expired driver's license
• 33:46
  Speaker 3: but has her picture on it in her name who
• 33:49
  Speaker 3: she is. I'm not taking it because I want it
• 33:52
  Speaker 3: to be you know, that says she can drive a car.
• 33:56
  Speaker 3: I just need to know that that's her. It's a
• 33:58
  Speaker 3: fair question. I've never taken one that was expired, so
• 34:03
  Speaker 3: I don't know. I would I don't know what I
• 34:06
  Speaker 3: would do, but arguably I think that's what it is.
• 34:09
  Speaker 3: Lots of times what you run into is in this case,
• 34:12
  Speaker 3: maybe not, but lots of times what you run into
• 34:14
  Speaker 3: is people who have they can't drive, but they just
• 34:18
  Speaker 3: got an ID. You can just go to Mass you
• 34:20
  Speaker 3: can still get it an ID, not a driver's r
• 34:23
  Speaker 3: and so maybe that's what she should do. And lots
• 34:25
  Speaker 3: of times you can do that online these days. Yeah,
• 34:28
  Speaker 3: you can renew your driver's license for like ten years online.
• 34:31
  Speaker 3: After that, I think they want another picture. But for
• 34:34
  Speaker 3: the most part, there might be in this case, I
• 34:37
  Speaker 3: don't know if you can get up you know, an
• 34:39
  Speaker 3: ID online's just a MASS ID card.
• 34:42
  Speaker 2: Yeah, so got it. So do you guys? Do you
• 34:45
  Speaker 2: guys work with people who are kind of housebound like that?
• 34:48
  Speaker 2: Do you do house calls and things like that when
• 34:50
  Speaker 2: it's necessary?
• 34:51
  Speaker 3: Yeah? Yeah, I mean obviously you have to do that
• 34:54
  Speaker 3: sometimes if they can't physically get around. Now good news.
• 34:57
  Speaker 3: There's a lot of all of our offices are are
• 35:00
  Speaker 3: handicap accessible, and lots of times, even if they don't drive,
• 35:03
  Speaker 3: someone just wheel you know, there's a wheelchair or something
• 35:05
  Speaker 3: and and they'll come in. So more often than not,
• 35:08
  Speaker 3: we don't have to do that, but yeah, I mean
• 35:10
  Speaker 3: we've sent people to you know, assisted living facilities or
• 35:14
  Speaker 3: skilled nursing facilities where were again they could be perfectly
• 35:18
  Speaker 3: competent yep, just immobile, and that happens a lot now.
• 35:23
  Speaker 3: Obviously if they're not competent, then we're not they're not signing, right, So.
• 35:28
  Speaker 2: Yeah, you can do that, And how do you determine,
• 35:30
  Speaker 2: todd whether someone is competent, Like you meet these folks,
• 35:34
  Speaker 2: and I mean there's a difference in levels of competency
• 35:37
  Speaker 2: to sign, like their will and things like that versus
• 35:39
  Speaker 2: you know, oh, I'm going to take out a mortgage
• 35:41
  Speaker 2: or something like that, like a financial.
• 35:43
  Speaker 6: Right, right.
• 35:43
  Speaker 3: I think what you're driving at is like a contractual
• 35:47
  Speaker 3: uh capacity versus testamentary capacity, and there is a difference.
• 35:53
  Speaker 3: Obviously contractual capacity. You have a much higher standard for
• 35:58
  Speaker 3: testamentary capacity. You know, we usually just ask a series
• 36:01
  Speaker 3: of questions. Obviously we'll first find out if there is
• 36:04
  Speaker 3: a medical diagnosis, then we need to be careful. So
• 36:07
  Speaker 3: if there's a medical diagnosis, then yes, you know you're
• 36:12
  Speaker 3: probably not signing. But if there's no medical diagnosis, just
• 36:15
  Speaker 3: you know, do you know how many kids you have?
• 36:17
  Speaker 3: Do you know their names? Do you know where they live?
• 36:19
  Speaker 3: You know how many daughters versus sons? Do you know
• 36:22
  Speaker 3: how many grandchildren? A lot of stuff that just helps
• 36:25
  Speaker 3: us acknowledge the nature of their boundary. It got it, folks,
• 36:29
  Speaker 3: learn how to do your estate plan get it in order.
• 36:32
  Speaker 3: Top seven estate planning guides trusts eight six six eight
• 36:37
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 36:40
  Speaker 3: dot com.
• 36:41
  Speaker 2: If you have a question you would like to ask Todd,
• 36:43
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:47
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:49
  Speaker 2: read your question on the air, and hopefully his answer
• 36:52
  Speaker 2: will stop you from becoming one of his next real
• 36:54
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 36:58
  Speaker 2: with the law firm of Pushing into Dolan. I'm Susan Powers,
• 37:01
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:05
  Speaker 2: back with more after this quick break on the Legal
• 37:07
  Speaker 2: Exchange with Todd Lutsky.
• 37:10
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 37:13
  Speaker 1: They know that every family is unique and that every
• 37:15
  Speaker 1: estate plan must be different. Early planning is crucial if
• 37:18
  Speaker 1: you want to stress free your retirement and trusts are
• 37:21
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 37:24
  Speaker 1: but with so many kinds of trusts, you need to
• 37:26
  Speaker 1: learn about which one is right for your plan. Revocable
• 37:29
  Speaker 1: and irrevocable trusts are most common, but there are several differences,
• 37:33
  Speaker 1: as well as numerous tax implications with each. If you're
• 37:35
  Speaker 1: ready to start your planning or need are a fresh
• 37:38
  Speaker 1: and existing plan, call Cushing and Dolan and ask for
• 37:40
  Speaker 1: their new guide called Dmystifying the Top seven Estate Planning Trusts.
• 37:44
  Speaker 1: Learn how to protect your assets and potentially eliminate your
• 37:47
  Speaker 1: estate taxes. Call eight six six eight four eight five
• 37:50
  Speaker 1: six ninety nine right now and ask for your guide today.
• 37:53
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 37:56
  Speaker 1: or request it online at legal exchange show dot com.
• 38:00
  Speaker 1: The preceeding was paid for and the use expressed are
• 38:01
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 38:03
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 38:06
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:09
  Speaker 1: other and are not affiliated.
• 38:10
  Speaker 4: The IRS doesn't let you keep retirement funds indefinitely, so
• 38:13
  Speaker 4: make sure you understand the rules related to required minimum
• 38:16
  Speaker 4: distributions HI. This is Chucks outa from the Armstrong Advisory Group.
• 38:20
  Speaker 4: It's important for you to know that you must begin
• 38:22
  Speaker 4: taking minimal annual withdrawals from your traditional IRA, Simple IRA
• 38:27
  Speaker 4: four to one K plan or other retirement accounts once
• 38:29
  Speaker 4: you reach a certain age. These annual withdrawals will be
• 38:32
  Speaker 4: included in your taxable income, except for any part that
• 38:35
  Speaker 4: was already taxed. When to take these withdraws depends on
• 38:38
  Speaker 4: your exact age, so as you build your retirement strategy,
• 38:41
  Speaker 4: the rules regarding rmds become even more important. Call us
• 38:45
  Speaker 4: right now at eight hundred three nine three for zero
• 38:48
  Speaker 4: zero one and ask for your copy of the new
• 38:50
  Speaker 4: free guide called Frequently Asked Questions about rmds. That number
• 38:54
  Speaker 4: again is eight hundred three nine three for zero zero one.
• 38:57
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 38:59
  Speaker 1: red stood investment advisor. Nothing in the ad or any
• 39:01
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 39:04
  Speaker 1: your own financial tax into state planning advisors before making
• 39:07
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:09
  Speaker 1: advisory services.
• 39:11
  Speaker 8: For forty years. Cancer Support Community has been a relentless
• 39:15
  Speaker 8: ally for anyone impacted by cancer, with free services provided
• 39:19
  Speaker 8: online and in person. With their newest location in Massachusetts.
• 39:23
  Speaker 8: Connect with Cancer Support Community Massachusetts for free emotional support,
• 39:28
  Speaker 8: educational resources, patient navigation, financial counseling and more. Six one, seven, seven, nine, seven,
• 39:35
  Speaker 8: three three nine one. Cancer Support mass dot org. Cancer
• 39:39
  Speaker 8: supportmass dot Org.
• 39:42
  Speaker 1: Summer is coming to an end, so it's time to
• 39:44
  Speaker 1: take out your planner and book a spectacular vacation in
• 39:46
  Speaker 1: the US Virgin Islands, America's Caribbean paradise. Saint Croix, Saint
• 39:50
  Speaker 1: Thomas and Saint John are three of the most incredible
• 39:53
  Speaker 1: islands anywhere in the Caribbean, and their popularity is at
• 39:56
  Speaker 1: an all time high. Go to visit USVI dot com
• 39:59
  Speaker 1: and check out the AMA and Caribbean, where you'll find
• 40:01
  Speaker 1: all the information you need to book a trip that
• 40:03
  Speaker 1: you'll never forget if you act fast. You can still
• 40:06
  Speaker 1: celebrate New Years on Saint Croix and enjoy the Saint
• 40:09
  Speaker 1: Croix Crucian Festival from December twenty sixth through January fourth.
• 40:12
  Speaker 1: Enjoy world class cuisine, pristine beaches, a wide variety of
• 40:16
  Speaker 1: water sports and some of the greatest musical acts the
• 40:18
  Speaker 1: Islands have to offer. Travel to and from New England
• 40:21
  Speaker 1: is simple and your stay will be hassle free. Because
• 40:24
  Speaker 1: this is the American Caribbean. There's no passport needed and
• 40:27
  Speaker 1: no money to exchange. Fall naturally in rhythm with the
• 40:30
  Speaker 1: heartbeat of the Islands on your trip to America's Caribbean paradise.
• 40:34
  Speaker 1: Go to visit USVII dot com and make your plans today.
• 40:38
  Speaker 1: That's visit USVII dot com. Your tune to the Legal
• 40:43
  Speaker 1: Exchange with Todd Lutsky. If you are a loved one
• 40:46
  Speaker 1: needs a nursing homestay, call Todd right now at eight
• 40:49
  Speaker 1: six six eight four eight five six ninet nine and
• 40:51
  Speaker 1: let him make sure your assets are protected. That's eight
• 40:54
  Speaker 1: six six eight four eight five six nine nine, or
• 40:56
  Speaker 1: visit him online at Legal Exchange show dot com.
• 41:02
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:05
  Speaker 2: Susan Powers, a financial advice with the Armstrong Advisory Group,
• 41:09
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:11
  Speaker 2: with the law firm of Cushing and Olan with a
• 41:14
  Speaker 2: master's in taxation. So Todd Life insurance can be a
• 41:19
  Speaker 2: tricky asset when it comes to your estate plan and
• 41:22
  Speaker 2: you include information in your guide about irrevocable life insurance
• 41:25
  Speaker 2: trust both for first to die and second to die.
• 41:29
  Speaker 2: So how do these airevocable trusts differ from like the
• 41:33
  Speaker 2: Medicaid air evocable trust that we talk about more often.
• 41:37
  Speaker 3: Yeah, and again first to die in second to die,
• 41:41
  Speaker 3: people wonder what does that even mean. It's it's the
• 41:43
  Speaker 3: type of insurance that's in there. It's either covering one
• 41:46
  Speaker 3: life or it's covering two lives. But that could be
• 41:49
  Speaker 3: a song for another day. That trust themselves, this category
• 41:54
  Speaker 3: of irrevocable trusts versus the category of Medicaid irrevocable trust,
• 42:00
  Speaker 3: the single biggest difference, I would say would be control. Okay,
• 42:05
  Speaker 3: I would say control would be the single business if
• 42:07
  Speaker 3: with the Medicaida revocable trust, we constantly say, how you
• 42:12
  Speaker 3: put it in, You get the income, you can manage
• 42:16
  Speaker 3: the money, you can even have distributions out. You know,
• 42:20
  Speaker 3: you have access to selling your house, buying another house, moving,
• 42:24
  Speaker 3: I mean all this control over this money you put
• 42:29
  Speaker 3: in an irrevocable life insurance trust. Right, One, you could
• 42:33
  Speaker 3: never be trustee okay. Two, you can never be the
• 42:37
  Speaker 3: beneficiary in any way, Okay, not income, not principle.
• 42:42
  Speaker 2: So you're giving it away completely.
• 42:44
  Speaker 3: It's not yours. You've given it away now arguably your
• 42:47
  Speaker 3: spouse if it's a first to die, your spouse could
• 42:51
  Speaker 3: have access to what's in there, but not you. Yeah,
• 42:54
  Speaker 3: if your spouse has access to it, you know, I
• 42:56
  Speaker 3: guess as long as she treats you nice, you could
• 42:58
  Speaker 3: go out the dinner or something.
• 43:00
  Speaker 2: She can pick up the tab.
• 43:01
  Speaker 3: Yeah, occasionally you can kind of somehow get benefits from there.
• 43:04
  Speaker 3: But you know, ultimately, yes, you are making a completed
• 43:08
  Speaker 3: gift to this particular irrevocable life insurance trust. I am
• 43:13
  Speaker 3: now no longer the owner of my life insurance policy,
• 43:16
  Speaker 3: and that's what I want, And I don't want it
• 43:18
  Speaker 3: in any way included in my estate when I die,
• 43:22
  Speaker 3: but the Medicaid trusts I don't mind. I want inclusion.
• 43:26
  Speaker 3: I want to step up in basis. I don't want
• 43:28
  Speaker 3: that here.
• 43:29
  Speaker 2: And that's just because of the value of the life insurance.
• 43:31
  Speaker 3: Sure could be a million dollar policy, two million dollar policy.
• 43:34
  Speaker 3: I want it to be outside my estate for state
• 43:38
  Speaker 3: tax purposes. Otherwise I'm paying estate taxes on life insurance
• 43:43
  Speaker 3: and I don't want.
• 43:43
  Speaker 1: To do that.
• 43:44
  Speaker 3: Yeah, So that's the difference is the control.
• 43:47
  Speaker 2: So the folks who should consider using this are those
• 43:50
  Speaker 2: that that life insurance will maybe make them have a
• 43:54
  Speaker 2: taxable estate or something like that. Who uses these?
• 43:58
  Speaker 3: Yeah, I think it's important to to say, you know,
• 44:01
  Speaker 3: when if you're looking at your estate and you say, Okay,
• 44:04
  Speaker 3: I'm worth four million dollars. Oh, but I got this
• 44:06
  Speaker 3: two million dollar term policy, all of a sudden, now
• 44:09
  Speaker 3: I'm worth six million dollars. Well, for federal purposes that
• 44:12
  Speaker 3: might not be a problem, but for Mass it is.
• 44:16
  Speaker 3: So does it justify the expense to create it, to
• 44:20
  Speaker 3: make it not only federal estate tax free, which it
• 44:23
  Speaker 3: arguably would have been anyway, but mass state tax free?
• 44:28
  Speaker 3: Might got to run the numbers. I got two million
• 44:31
  Speaker 3: dollars that's subject to tax. I mean, that's two hundred
• 44:34
  Speaker 3: thousand dollars in Mass Why do I want to give
• 44:36
  Speaker 3: that away? And if the federal exemptions come down, right,
• 44:39
  Speaker 3: who knows, you could be putting yourself into a federal
• 44:42
  Speaker 3: estate taxable situation. So yeah, and similarly enough, interestingly enough,
• 44:47
  Speaker 3: they are for grant toward trust purposes, they're the same
• 44:51
  Speaker 3: They still pay tax at the individual's level, just like
• 44:54
  Speaker 3: with the Medicaid trust. So there's no adverse income tax
• 44:58
  Speaker 3: consequence to having these, but big estate tax savings.
• 45:02
  Speaker 2: So you made a comment that if you put money
• 45:05
  Speaker 2: into these trusts, you can never get back at it.
• 45:07
  Speaker 2: You can't be the benefici, so you can't get access
• 45:09
  Speaker 2: to it. These are life insurance trust Would you put
• 45:13
  Speaker 2: money into them? Or it's not just for life insurance.
• 45:16
  Speaker 3: That's a great question. Yeah, you could put anything you wanted.
• 45:18
  Speaker 3: This is like a gifting trust as well. I decided
• 45:21
  Speaker 3: to gift my life insurance policy to it. And over
• 45:23
  Speaker 3: the years, I say, you know what, I've got extra
• 45:26
  Speaker 3: money I want to give away. I've got, you know,
• 45:28
  Speaker 3: three kids and three grandkids, and I can throw eighteen
• 45:31
  Speaker 3: thousand dollars time six free into this trust every year
• 45:36
  Speaker 3: if I want to, and then have you manage the money,
• 45:38
  Speaker 3: invest it any way you want, and off and running
• 45:40
  Speaker 3: we go. And it's out of my estate for state
• 45:43
  Speaker 3: tax purposes, and my kids can access it, and I
• 45:47
  Speaker 3: can kind of control it, you know, through the trustee
• 45:50
  Speaker 3: and whatnot. I'm not trustee, but you know, at least
• 45:52
  Speaker 3: I know they don't have it in their pocket yet, right,
• 45:55
  Speaker 3: And it's not subject to their estate taxes either, depending
• 45:59
  Speaker 3: on how you draft that. I love it. Yep, folks,
• 46:03
  Speaker 3: that's just one of the seven trusts mentioned in our
• 46:08
  Speaker 3: top seven estate planning trust guide that we're giving away
• 46:11
  Speaker 3: this month. Learn which trust is right for you. Regular
• 46:14
  Speaker 3: revocable trust. Now you've heard a little bit about the
• 46:17
  Speaker 3: differences between medicaid or revocable and life insurance here revocable.
• 46:21
  Speaker 3: Maybe you've got a special needs child and you want
• 46:23
  Speaker 3: to learn about a special needs trust. Folks, get the guide.
• 46:27
  Speaker 3: And most importantly, realty trusts are in here. I keep
• 46:29
  Speaker 3: forgetting to talk about those, but they're not really trust.
• 46:32
  Speaker 3: So if you have one of those, please get this
• 46:34
  Speaker 3: guide to learn how it actually works. Eight six six
• 46:38
  Speaker 3: eight four eight five six ninety nine or Legal Exchange
• 46:42
  Speaker 3: show dot com. You can download it there eight six
• 46:45
  Speaker 3: six eight four eight five six nine nine or Legal
• 46:49
  Speaker 3: Exchange Show dot com.
• 46:51
  Speaker 2: So keeping in the theme of life insurance, because people
• 46:55
  Speaker 2: are oftentimes confused about what they should do with their
• 46:58
  Speaker 2: life insurance. So I understand the larger life insurance. You
• 47:02
  Speaker 2: want to keep it out of your taxable estate. What
• 47:04
  Speaker 2: about if you just have like a term policy or
• 47:07
  Speaker 2: even a whole life policy, not a giant one, but
• 47:10
  Speaker 2: you know, you want to make sure that you know,
• 47:13
  Speaker 2: if you've done your estate planning, what do you do
• 47:16
  Speaker 2: with it? Do you transfer it into your trust? Do
• 47:19
  Speaker 2: you just change the beneficiary? What do you do with
• 47:21
  Speaker 2: your regular life insurance. It's not giant if you don't
• 47:25
  Speaker 2: have one of these irrevocable life insurance.
• 47:27
  Speaker 4: Yeah.
• 47:27
  Speaker 3: So if it's not we'll say even using the word giants,
• 47:30
  Speaker 3: so it's one that doesn't seem to be causing you
• 47:34
  Speaker 3: an estate tax problem. Yes, let's say that, I mean
• 47:37
  Speaker 3: a significant estate tax problem, because you know these trusts
• 47:40
  Speaker 3: are you got to spend some money to set them up. Sure,
• 47:42
  Speaker 3: so it's got to make economic sense to do this.
• 47:45
  Speaker 3: So if not, then you want to make sure that
• 47:50
  Speaker 3: if it's a revocable trust estate plan that you have, again,
• 47:54
  Speaker 3: we don't need the islet. Now we're assuming we don't
• 47:56
  Speaker 3: need the islant because it's not causing an estate taxable problem. Well,
• 48:01
  Speaker 3: then you want to make sure you at a bare
• 48:02
  Speaker 3: minimum change the designated beneficiary. And this is important. This
• 48:06
  Speaker 3: comes back to this funding concept that we talk about
• 48:09
  Speaker 3: over and over. When you have your revocable trusts in place,
• 48:13
  Speaker 3: make sure the designated beneficiary on the life insurance policy
• 48:18
  Speaker 3: is not your spouse, okay, because if it is, it's
• 48:22
  Speaker 3: bypassing your state. It's bypassing your trust. It's not being
• 48:27
  Speaker 3: sheltered first Aid tax purposes. You want it, it's included
• 48:32
  Speaker 3: in your estate anyway, you might as well have it
• 48:36
  Speaker 3: get to your trust. So make the beneficiary of the
• 48:39
  Speaker 3: life insurance policy your revocable trust. You don't need to
• 48:43
  Speaker 3: change the owner, just the beneficiary.
• 48:48
  Speaker 2: So what if you're older and you are not doing
• 48:51
  Speaker 2: revocable trust, you're doing irrevocable trusts. Does the same thing
• 48:54
  Speaker 2: hold true?
• 48:55
  Speaker 3: Oh you mean like a medicaid trust?
• 48:58
  Speaker 1: Yeah? No, very.
• 49:03
  Speaker 3: So what we would do there is I would make again,
• 49:06
  Speaker 3: I generally can't change the owner anyway, because if I'm
• 49:09
  Speaker 3: paying premiums every time you paid a premium on a
• 49:13
  Speaker 3: life insurance policy you don't own because it's in a
• 49:15
  Speaker 3: medicaid trust, you'd be creating a new five year waiting
• 49:19
  Speaker 3: period for Medicaid eligibility. Well that's never helpful, so probably
• 49:23
  Speaker 3: that would not go in there. I would instead make
• 49:26
  Speaker 3: the designated beneficiary the estate of the owner.
• 49:31
  Speaker 2: That screams probate to me. How would you do that.
• 49:34
  Speaker 3: So that one item would go to probate, I get it.
• 49:37
  Speaker 3: But by having it go to probate, now it'll get
• 49:39
  Speaker 3: into the testamentary trust, remainder share sheltered for state tax
• 49:44
  Speaker 3: purposes for the surviving spouse, which is what I want.
• 49:47
  Speaker 3: The surviving spouse will have access to both income and principle,
• 49:53
  Speaker 3: so the whole face value of the life insurance to
• 49:57
  Speaker 3: live on and enjoy. However, if she gets sick the
• 50:02
  Speaker 3: next day, it's immediately protected from the nursing home for
• 50:06
  Speaker 3: the family, so no look back on that, no five
• 50:08
  Speaker 3: year lookback period on that. Whereas if you name the
• 50:11
  Speaker 3: spouse still subject to a state tax, still at risk
• 50:14
  Speaker 3: for the nursing home, on and on we go, not
• 50:17
  Speaker 3: sheltered for state taxes. I wouldn't do that. I would
• 50:21
  Speaker 3: set up the testamentary trust and name the estate. The
• 50:24
  Speaker 3: little bit of probate you have to deal with for
• 50:26
  Speaker 3: one item, you know what I think. The pros outweigh
• 50:29
  Speaker 3: the cons Folks, call and learn what trust is right
• 50:32
  Speaker 3: for you. Get the guide eight six six eight four
• 50:35
  Speaker 3: eight five six nine nine or Legal Exchange show dot com.
• 50:39
  Speaker 3: Top seven Estate planning trusts.
• 50:44
  Speaker 2: Todd Lutsk from the law firm of Cushion and Dolan.
• 50:47
  Speaker 2: 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 grew.
• 50:54
  Speaker 2: We thank you for joining us today and we'll be
• 50:56
  Speaker 2: back again next week on the Legal Exchange with Todd Lutske.
• 51:00
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 51:03
  Speaker 1: They know that every family is unique and that every
• 51:05
  Speaker 1: estate plan must be different. Early planning is crucial if
• 51:08
  Speaker 1: you want to stress for your retirement, and trusts are
• 51:11
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 51:14
  Speaker 1: but with so many kinds of trusts, you need to
• 51:16
  Speaker 1: learn about which one is right for your plan. Revocable
• 51:19
  Speaker 1: and irrevocable trusts are most common, but there are several
• 51:22
  Speaker 1: differences as well as numerous tax implications with each. If
• 51:25
  Speaker 1: you are ready to start your planning or need are
• 51:27
  Speaker 1: a fresh and existing plan, call Cushing and Dolan and
• 51:30
  Speaker 1: ask for their new guide called Dmistifying the Top seven
• 51:33
  Speaker 1: Estate Planning Trusts. Learn how to protect your assets and
• 51:36
  Speaker 1: potentially eliminate your estate taxes. Call eight six six eight
• 51:39
  Speaker 1: four eight five six ninety nine right now and ask
• 51:42
  Speaker 1: for your guide today that's eight six six eight four
• 51:45
  Speaker 1: eight five six nine nine, or request it online at
• 51:48
  Speaker 1: Legal exchange show dot com. The proceeding was paid for
• 51:50
  Speaker 1: and the views expressed are solely those of Cushing and Dolan.
• 51:52
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 51:55
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 51:57
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 52:00
  Speaker 5: If you're approaching or have recently reached the age of
• 52:02
  Speaker 5: seventy three, required minimum distributions should be a key consideration
• 52:06
  Speaker 5: as you evaluate your retirement strategy.
• 52:08
  Speaker 3: HI.
• 52:08
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. There
• 52:11
  Speaker 5: are several factors to think about when it comes to rmds,
• 52:14
  Speaker 5: including the types of accounts that require rmds, when to
• 52:17
  Speaker 5: take your withdrawals, how your RMD is calculated, and the
• 52:20
  Speaker 5: penalty for missing all or part of an RMD. That's
• 52:23
  Speaker 5: what our new guide this month is all about. It's
• 52:25
  Speaker 5: called Frequently Asked Questions about required minimum Distributions and you
• 52:29
  Speaker 5: can get your copy today by calling eight hundred three
• 52:31
  Speaker 5: nine three four zero zero one.
• 52:33
  Speaker 3: Rmds are a key.
• 52:34
  Speaker 5: Part of your retirement strategy.
• 52:36
  Speaker 4: So don't delay.
• 52:37
  Speaker 5: Get your guide today by calling eight hundred three nine
• 52:40
  Speaker 5: three four zero zero one That number one more time,
• 52:43
  Speaker 5: eight hundred three nine three four zero zero one.
• 52:45
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:48
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:50
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial tax into state planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory service high on Lisa.
• 53:01
  Speaker 9: Use this Veterans Day weekend. Help honor all who've served
• 53:03
  Speaker 9: our country and join wb Z for the annual DAV
• 53:07
  Speaker 9: five k, a run or walk to support disabled vets
• 53:10
  Speaker 9: here in Massachusetts with housing, transportation and other critical support, Saturday,
• 53:14
  Speaker 9: November ninth at DCR's Castle Island in South Boston. Let's
• 53:18
  Speaker 9: thank all who have sacrificed for our freedom and help
• 53:21
  Speaker 9: our heroes on their road to recovery. Visit DAV five
• 53:24
  Speaker 9: k dot Boston to register or donate today.
• 53:27
  Speaker 4: The DAV five K Boston is presented by Veterans Development Corporation.
• 53:31
  Speaker 1: Trusts are essential documents that can help protect your assets
• 53:33
  Speaker 1: from the nursing home call cushing and Dolan right now
• 53:35
  Speaker 1: at eight six six, eight four, eight five, six nine
• 53:37
  Speaker 1: nine and get their free guide called Demystifying the Top
• 53:40
  Speaker 1: seven Estate Planning Trusts. Let them help determine which is
• 53:42
  Speaker 1: right for you that's eight six six eight four, eight
• 53:44
  Speaker 1: five six ninet nine, or request the guide online by
• 53:47
  Speaker 1: visiting their website at legal exchainshow dot com. The proceeding
• 53:50
  Speaker 1: was paid for in The views expressed are solely those
• 53:52
  Speaker 1: of Cushing and Dolan. Cushing and Dolan and or Armstrong
• 53:54
  Speaker 1: Advisory may contact your offering legal or investment services. Cushing
• 53:56
  Speaker 1: and Dolan and Armstrong Advisory do not endorse each other
• 53:59
  Speaker 1: and our not affiliate it