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Trust Mistakes and How to Protect Your Estate · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
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  Speaker 1: need assistance in any of these areas, or have a
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  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
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a Masters in taxation. Welcome Todd,
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  Speaker 2: how are you today?
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  Speaker 3: I am never better on you. I'm excellent.
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  Speaker 4: Thank you.
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  Speaker 3: When he have for us this week a couple of cases.
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  Speaker 3: We've got a Texas Suppellate Court case where we're gonna
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  Speaker 3: deal with this trust and the ability to have self
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  Speaker 3: dealing either from a trust or as an attorney in fact,
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  Speaker 3: and we are also dealing with a special needs child situation,
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  Speaker 3: so I'm not sure why the trust wasn't designed for
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  Speaker 3: the special needs child and how these other brothers and
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  Speaker 3: not brothers, brothers of the decendent and sisters of the
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  Speaker 3: decedent got involved and sort of messed things up. So
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  Speaker 3: we're going to show you about how this thing unwound,
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  Speaker 3: but really learn more about how to plan when you
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  Speaker 3: have a special needs child situation, how you can do
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  Speaker 3: things way better than was done here in this Texas case.
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  Speaker 3: And then we're gonna head over to Ohio. We have
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  Speaker 3: an Ohio appellate court case here where you know, this
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  Speaker 3: is where an individual sues without an attorney. You're allowed
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  Speaker 3: to sue without an attorney. Usually it ends badly for
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  Speaker 3: the person who tries to sue without an attorney. Do
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  Speaker 3: it yourself legal work, please, yes, So we're going to
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  Speaker 3: talk a little bit about this case and how it
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  Speaker 3: plays out as we as we move through the case.
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  Speaker 3: But anyways, very important case and we're going to learn
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  Speaker 3: a little bit more about that. So let's talk before
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  Speaker 3: we talk about taxes and trusts and all that stuff,
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  Speaker 3: which is more of the You know that we talk
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  Speaker 3: a lot about that side of the equation, but this
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  Speaker 3: month is all about the family behind the estate plan.
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  Speaker 3: In fact, some of these cases are right. We've got
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  Speaker 3: special needs children, we've got other family members, and how
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  Speaker 3: the trusts are drafted to take care of the family
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  Speaker 3: behind the estate plan. The guide is called how to
• 2:38
  Speaker 3: Leave Assets to your Beneficiaries. It helps you understand what
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  Speaker 3: special needs trusts, how to deal with them. If you
• 2:45
  Speaker 3: want to do generation skipping. What if you have a
• 2:47
  Speaker 3: second marriage, how do you take care of both sides.
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  Speaker 3: How do you maybe incentivize your children. What if you
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  Speaker 3: want to protect your children from divorces and generation skipping.
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  Speaker 3: There's so many ways you can leave assets and to
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  Speaker 3: your children and provide better tax and creditor protection and
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  Speaker 3: live on, have the trust, live on after you die.
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  Speaker 3: Call and get the guide eight six six eight four
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  Speaker 3: com again eight six six eight four eight five six
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  Speaker 3: ninety nine or Legal Exchange Show dot com and download
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  Speaker 3: it there. Go to our Instagram page Cushing Dolan PC
• 3:26
  Speaker 3: for more information. It's head over to Texas. So in
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  Speaker 3: this case, we've got Joyce who becomes incapacitated, then her
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  Speaker 3: son as an attorney in fact, I'm sorry this. Then
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  Speaker 3: her son is the attorney in fact Stuart, but he
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  Speaker 3: had a falling out with his sister Marla. So Marla
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  Speaker 3: decides to file for guardianship. Remember, he's got the power
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  Speaker 3: of attorney, and so she's saying no, no, no, I
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  Speaker 3: want to remove him. And that's how you can do it.
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  Speaker 3: You can go to court and get a conservatorship or
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  Speaker 3: a guardianship to remove the attorney in fact. So I
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  Speaker 3: want to remove him. So Marla files for guardianship, and
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  Speaker 3: of course Stuart objects. Well, Marla argued that Stuart's interests
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  Speaker 3: are now directly opposed to his mother's needs and he
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  Speaker 3: should be removed and a guardianship should be appointed. Well,
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  Speaker 3: the court actually granted Marla's motion and removed Stuart and
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  Speaker 3: appointed Marla as guardian. Now what you didn't know about
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  Speaker 3: this was a little background, Dad. So Joyce's husband had
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  Speaker 3: already died, but he had a trust, and the trust
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  Speaker 3: left all three kids as co trustees to act by
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  Speaker 3: majority vote for their mother and their mother's benefit. Again,
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  Speaker 3: I'm sure Joyce was probably the trustee while she was competent,
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  Speaker 3: but remember she became incapacitated, so the kids were now
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  Speaker 3: trustees on this trust. This is some background that you
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  Speaker 3: didn't have when when you heard the appellate the appellate court.
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  Speaker 3: So the appellate court now comes in and says on appeal,
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  Speaker 3: of course, because obviously Stuart appealed. The appellate court says,
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  Speaker 3: we agree with the lower court and explained that Stuart's background,
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  Speaker 3: which I just explained to you about how these court
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  Speaker 3: situation was there that this old trust. No one really
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  Speaker 3: explained to Stuart how co trustees ship works. Why Well,
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  Speaker 3: because he Stuart started moving assets out of the trust
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  Speaker 3: to the mother's name. He then loaned himself money over
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  Speaker 3: time seven hundred and five thousand dollars years in the
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  Speaker 3: power attorney right, well, no, probably through the trust as well,
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  Speaker 3: or you're right if he if he took the money
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  Speaker 3: out to mom, then he had mom loan him the money.
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  Speaker 3: That's probably very true. Shell game. And then he gifted
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  Speaker 3: money to himself about two hundred thousand dollars and he
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  Speaker 3: spent money to pay for his own credit card bills, etc.
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  Speaker 3: Ard So so a lot of stuff was going on,
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  Speaker 3: and that's probably why the appellate court does agree with
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  Speaker 3: the lower court that he needs to be out of
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  Speaker 3: this situation. But folks, I'm not really telling you this
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  Speaker 3: because of this story. The story's fine. I want to
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  Speaker 3: learn more about what we're doing here and how this
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  Speaker 3: should have worked. Obviously, the trust itself worked. Remember Dad
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  Speaker 3: had a trust when he died, and that trust likely
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  Speaker 3: avoided probate. It likely sheltered assets for a state tax
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  Speaker 3: purposes when Dad died. It clearly provided for the spouse.
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  Speaker 3: It had a marital share or remainder share, just like
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  Speaker 3: it's supposed to do. My point is trust worked right,
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  Speaker 3: It's doing what it's supposed to do. The trustee likely
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  Speaker 3: was Joyce, the spouse while she was had capacity. When
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  Speaker 3: she lost capacity, the trust worked yet again, ongoing holding
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  Speaker 3: the assets and put all three kids on his trustee,
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  Speaker 3: which is why you're right. The assets came out of
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  Speaker 3: the trust to the Sun, and then the Sun used
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  Speaker 3: the power of attorney because they would have required all
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  Speaker 3: three kids, yes to see what was going on with
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  Speaker 3: the trust. So this works right now. Mom probably had
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  Speaker 3: her own trust as well. I'm just not sure why
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  Speaker 3: that didn't come up in this equation. Why wasn't mom's
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  Speaker 3: trust more fully funded? Again, when we do these plannings
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  Speaker 3: for folks, we make sure both trusts are funded. Okay,
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  Speaker 3: so little concern there again, this co trust e thing.
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  Speaker 3: I love the idea. The majority vote idea is great. Now, Remember,
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  Speaker 3: the marital share probably said income to mom spouse principle
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  Speaker 3: as needed to maintain her standard of living. The remainders
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  Speaker 3: share probably allowed discretionary distributions to the kids, but self
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  Speaker 3: dealing is usually out from this trust.
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  Speaker 5: Right.
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  Speaker 3: Again, we've got majority shareholders, So even the remainders share
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  Speaker 3: would have allowed income to mom and principal to mom
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  Speaker 3: as needed, but it also would have allowed principal to
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  Speaker 3: the kids, but not through self dealing. In other words,
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  Speaker 3: if you're the trustee, yeah, so let's play it out.
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  Speaker 3: If we're trustees on the same trust, Susan, and it
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  Speaker 3: says that we can make discretionary distributions to the kids,
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  Speaker 3: and we're the kids, Yep, I can't distribute to myself, right,
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  Speaker 3: I would have to give you a check. Yeah, there's
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  Speaker 3: language in our trust that says whenever you exercise discretion
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  Speaker 3: in the sole discretion of an individual to themselves that
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  Speaker 3: has to be done by the other trustee. Yep, So
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  Speaker 3: you wouldn't be able to do the self dealing anyway.
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  Speaker 3: But if it was subject to standards health, education, maintenance,
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  Speaker 3: and support, arguably I could give it to myself. So
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  Speaker 3: you just got to be careful how the trust is
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  Speaker 3: drafted and read it well. But nevertheless, I'm gonna blame
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  Speaker 3: the kids a little bit here because they kind of
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  Speaker 3: have a fiduciary duty. Sure, the other trustees, they should
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  Speaker 3: have been watching the trust accounts a little better. They
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  Speaker 3: should have been able to see if assets were coming
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  Speaker 3: out of the trust. You know, they need to maybe
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  Speaker 3: keep track to accountings. They should be more on board
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  Speaker 3: with what's going on. And so here you know that
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  Speaker 3: when they sued the brother for breach of fiduciary duty,
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  Speaker 3: the counterclaim to this should have been back at him
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  Speaker 3: as well. So you know, I kind of think that
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  Speaker 3: this worked. I just think the biggest problem I see
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  Speaker 3: with this is I'm assuming there were two trusts, but
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  Speaker 3: I think that Joyce's trust probably wasn't funded heavily, maybe
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  Speaker 3: his was, and even then should have provided some discretion.
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  Speaker 3: Look look a little better as trustees. But folks, do
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  Speaker 3: your planning, take care of how these assis. Let's go.
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  Speaker 3: I'm sure these trust provided for a distribution to the kids.
• 10:04
  Speaker 3: That's what you need to do. Get the guide and
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  Speaker 2: You've been listening to Todd Lutsky, a partner with the
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  Speaker 2: Welcome back into the Legal Exchange.
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  Speaker 3: With Todd Lutsky.
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  Speaker 2: I'm Susan Powers if you need advisor with the Armstrong
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  Speaker 2: Advisory Group, and I'm joined by Todd Letsky, a partner
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  Speaker 3: We are going to go to Ohio little appellate court
• 14:14
  Speaker 3: case there. So what do we have here? This is
• 14:17
  Speaker 3: that special needs situation we talked about, right? So Christine,
• 14:21
  Speaker 3: she dies in twenty seventeen. She has a disabled son
• 14:27
  Speaker 3: who is her only heir. Again mind blown as to
• 14:31
  Speaker 3: why there's no planning done here, right, But nevertheless, let's
• 14:34
  Speaker 3: play out the string. Vernon is the brother of Christine.
• 14:39
  Speaker 3: Remember she had a sole heir of her son. So
• 14:42
  Speaker 3: Vernon is the brother of the mother Christine. He files
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  Speaker 3: a claim that he was that he had an oral
• 14:50
  Speaker 3: contract to repay him for years of service that he
• 14:54
  Speaker 3: provided to the sister for care Christine and provided Christine's care,
• 14:59
  Speaker 3: and that was to be aid prior to her death.
• 15:02
  Speaker 3: Of course that didn't happen, so he sued, but he
• 15:06
  Speaker 3: sued through the siblings. He basically issuing the siblings instead
• 15:11
  Speaker 3: of suing the estate. So keep that in mind and
• 15:15
  Speaker 3: that them as their power of attorney. They depleted Christine's
• 15:21
  Speaker 3: assets and prevented her from seeing him to discuss repayment.
• 15:27
  Speaker 3: And so he's claiming that they had fraudulent activities, unjust enrichment,
• 15:33
  Speaker 3: they interfered with a tortious interference of inheritance, etc. And
• 15:38
  Speaker 3: they went to the Superior court. Well there was a
• 15:41
  Speaker 3: motion to dismiss why because this was a probate court
• 15:45
  Speaker 3: jurisdiction only, and they didn't file in the probate court.
• 15:49
  Speaker 3: They filed in the superior court and they agreed and
• 15:53
  Speaker 3: they dismissed the case. So be careful, and again this
• 15:57
  Speaker 3: is what happens. You know, when you sue without an attorney,
• 16:01
  Speaker 3: you picked the wrong court.
• 16:02
  Speaker 2: Don't do any do it yourself, medical or legal.
• 16:05
  Speaker 3: That's my goal and that's my guideline in life. It's
• 16:08
  Speaker 3: just kind of silly, right, Why did you not have
• 16:09
  Speaker 3: a lawyer? Now you picked the wrong court to sue
• 16:11
  Speaker 3: in and they don't have jurisdiction over this case. That's
• 16:14
  Speaker 3: a problem. So you know, jurisdiction is something as a
• 16:17
  Speaker 3: non lawyer that you wouldn't even understand. Okay, Well, so
• 16:22
  Speaker 3: in January of twenty twenty one, he decides to bring
• 16:25
  Speaker 3: another action. This time he wants to sue in probate
• 16:29
  Speaker 3: court the right way, and he wants to reopen the
• 16:31
  Speaker 3: pleadings and you know, basically make the same arguments in
• 16:34
  Speaker 3: the same grounds. Well, the court dismissed again why, basically
• 16:39
  Speaker 3: stating that the brother was not an heir of Christine's estate,
• 16:43
  Speaker 3: not a creditor of the estate, and he's filed way
• 16:45
  Speaker 3: beyond the five year statute of limitations. So sorry, thanks
• 16:50
  Speaker 3: for playing right. But again, I think the function here
• 16:53
  Speaker 3: is not for me so much to teach you folks
• 16:55
  Speaker 3: that say, you know, don't try to do you know,
• 17:00
  Speaker 3: go work on your own. Obviously that's a lesson that
• 17:02
  Speaker 3: you can learn from this case. But we're going to
• 17:04
  Speaker 3: learn a lot more than that. I want to talk
• 17:06
  Speaker 3: to you more about, you know, why wasn't proper planning
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  Speaker 3: done here? Why didn't Christine, you know, prepare a trust
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  Speaker 3: or a special needs trust to take care of a
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  Speaker 3: special needs son who was the only heir. So want
• 17:22
  Speaker 3: to learn more about these special needs trusts and how
• 17:25
  Speaker 3: they work. And so that's really what I want to
• 17:27
  Speaker 3: take away from this case. But folks, nevertheless, to guide
• 17:33
  Speaker 3: for this month, how to leave assets to beneficiaries. We
• 17:38
  Speaker 3: can learn a lot from this case, because this case
• 17:40
  Speaker 3: didn't do it. One of the ideas when you're leaving
• 17:43
  Speaker 3: guides when you're leaving assets to beneficiaries special needs. If
• 17:47
  Speaker 3: you've got a special needs it's in the trust, folks,
• 17:49
  Speaker 3: how do I create a special needs trust inside of
• 17:53
  Speaker 3: my family trust to take care of my special needs child?
• 17:57
  Speaker 3: Or maybe I've got a spendthrift child. Maybe I've got
• 17:59
  Speaker 3: a child that's got an addiction situation. I want to
• 18:03
  Speaker 3: hold these assets and I want to protect them for
• 18:04
  Speaker 3: those reasons, never mind that I might want to just
• 18:07
  Speaker 3: protect them from future divorces. I need to know how
• 18:10
  Speaker 3: to do that. I don't want to pay taxes at
• 18:13
  Speaker 3: every generation. If I can skip a generation and have
• 18:16
  Speaker 3: a generational growth built up and not taxed, Wow, mind blowing.
• 18:22
  Speaker 3: So folks, second marriages comes to mind. There's so much
• 18:26
  Speaker 3: to think about when you're doing your estate plan, not
• 18:29
  Speaker 3: just taxes in probate. Call and get the guide to
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  Speaker 3: learn how to treat the family behind the estate plan
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  Speaker 3: Show dot com and go to our Instagram page Cushing
• 18:50
  Speaker 3: Dolean PC for much more information. All right, are you
• 18:56
  Speaker 3: ready to learn Something's see what we can do. So
• 18:59
  Speaker 3: Chris Deane's got a sole air that's a special needs child.
• 19:02
  Speaker 3: What am I going to do? Well, she's going to
• 19:04
  Speaker 3: create a trust first and foremost what kind of trust? Well?
• 19:08
  Speaker 3: You know again factual, I don't know exactly how much
• 19:11
  Speaker 3: they're worth, but I'd be thinking irrevocable, depending on her
• 19:14
  Speaker 3: net worth. Of course, because I'd not only provide for
• 19:18
  Speaker 3: my special needs child, I'd want my assets not depleted
• 19:22
  Speaker 3: if I went to a nursing home, so that there'd
• 19:24
  Speaker 3: be more left for my special needs. Sure there is
• 19:28
  Speaker 3: a resource, right, So one, I would be thinking, all right,
• 19:31
  Speaker 3: I need to do state planning. Second, I'm probably settling
• 19:35
  Speaker 3: in more on the irrevocable trust side from the get
• 19:39
  Speaker 3: go to provide protection for the assets.
• 19:42
  Speaker 1: For my son.
• 19:44
  Speaker 3: Okay, then what Well, the first thing is if you
• 19:48
  Speaker 3: know if there was no special needs trust prepared here,
• 19:52
  Speaker 3: you know what happens, Well, all the assets could go
• 19:55
  Speaker 3: right to the kid. Number one, we don't avoid probate.
• 19:59
  Speaker 3: The trust would probably just go right to them. And
• 20:03
  Speaker 3: not only that, so we don't approbate. Now, also we
• 20:07
  Speaker 3: want to having a trust, we want to keep the
• 20:09
  Speaker 3: assets out approbate, which it will accomplish that. Another benefit
• 20:13
  Speaker 3: that this trust will do is it's going to leave
• 20:16
  Speaker 3: the assets. It's not going to leave the assets outright
• 20:18
  Speaker 3: to the child. If you leave the assets outright to
• 20:22
  Speaker 3: the child, the child's going to lose whatever governmental benefits
• 20:26
  Speaker 3: they were getting. Right, So that's a problem. The trust
• 20:30
  Speaker 3: itself would have language in it that would provide for
• 20:36
  Speaker 3: the child. So let's say the language might say the trustee,
• 20:43
  Speaker 3: and again I don't know who they'd appoint, probably one
• 20:45
  Speaker 3: of the one of the siblings. I mean, that's all
• 20:48
  Speaker 3: they had. So they were appointed one of their siblings.
• 20:51
  Speaker 3: The trustee can make discretionary distributions soul discretionary distributions of
• 20:59
  Speaker 3: the assets to or for the benefit of this particular child.
• 21:04
  Speaker 3: That way, this special needs child does not own the asset,
• 21:08
  Speaker 3: will not lose governmental benefits, but will continue to enjoy
• 21:13
  Speaker 3: what's in there, make their life a little better for
• 21:16
  Speaker 3: having these assets available to them. Now, I say that
• 21:22
  Speaker 3: because this trust also could have provided for the siblings
• 21:25
  Speaker 3: as well. Right, Why not be clear if you had
• 21:29
  Speaker 3: if you knew Christine that your brother was providing you services,
• 21:33
  Speaker 3: taking care of you, and you wanted him to get
• 21:36
  Speaker 3: paid for that. Now the brother said, I was supposed
• 21:39
  Speaker 3: to be paid before he died. But even if you didn't,
• 21:42
  Speaker 3: you could have drafted in the document that you know,
• 21:45
  Speaker 3: I want to allocate X number of dollars to my
• 21:48
  Speaker 3: brother for the kind services that he provided. And in addition,
• 21:52
  Speaker 3: you know, we don't know if those services were provided
• 21:56
  Speaker 3: out of love and affection or if there was supposed
• 21:59
  Speaker 3: to be a work contract there. So if there was
• 22:02
  Speaker 3: no work contract, then it was done out of a
• 22:04
  Speaker 3: love and affection. She should have provided for it in
• 22:06
  Speaker 3: the trust and you could have done that, right. Remember
• 22:10
  Speaker 3: I always tell people you really, as you do, Susan,
• 22:12
  Speaker 3: you really have no beneficiaries till your debt, and that's
• 22:16
  Speaker 3: really at the end of the day. That's the point, right.
• 22:19
  Speaker 3: You always need to be careful who you appoint as
• 22:22
  Speaker 3: power of attorney as well. Here they appointed the brother
• 22:25
  Speaker 3: or they appointed the daughters I guess as power of attorney,
• 22:28
  Speaker 3: and for whatever reason, it sounds like they breached their
• 22:32
  Speaker 3: own fiduciary duty by making all these gifts to themselves
• 22:37
  Speaker 3: according to the brother depleting moms or the sister Christine's assets,
• 22:42
  Speaker 3: so there was nothing there to pay him. Now, the
• 22:45
  Speaker 3: case got thrown out because he was foolish enough not
• 22:48
  Speaker 3: to hire a lawyer. But I think if those facts
• 22:51
  Speaker 3: could have come to fruition, maybe he would have been
• 22:54
  Speaker 3: provided for, maybe he would have been taken care of.
• 22:57
  Speaker 3: So I think those are some things to think about.
• 23:00
  Speaker 3: But folks, mostly planning works having assets in a trust
• 23:04
  Speaker 3: are going to provide clear direction for how your assets
• 23:09
  Speaker 3: go to whom when they get it, how they get it,
• 23:12
  Speaker 3: all of the above, and for you to understand that
• 23:15
  Speaker 3: aspect of a state planning better call and get this
• 23:18
  Speaker 3: guide how to Leave Assets to your Beneficiaries eight six
• 23:22
  Speaker 3: six eight four eight five six ninety nine or Legal
• 23:26
  Speaker 3: Exchange show dot com and it will lay out many
• 23:29
  Speaker 3: options to you in terms of how to leave your
• 23:32
  Speaker 3: assets eight six six eight four eight five six nine
• 23:37
  Speaker 3: nine or Legal Exchange Show dot com.
• 23:40
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:43
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:46
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:49
  Speaker 2: be answering your listener questions when we return to the
• 23:52
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:55
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 23:58
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 24:02
  Speaker 1: in other law, and their new guide is called How
• 24:04
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint owners
• 24:07
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 24:11
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 24:15
  Speaker 1: learn why leaving assets to your children may not always
• 24:17
  Speaker 1: be the best plan. The guide also explains how trusts
• 24:20
  Speaker 1: can be used to stagger distributions over time, help protect
• 24:23
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 24:27
  Speaker 1: your inheritance in a way that makes sense for your
• 24:29
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• 24:41
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• 24:49
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• 24:54
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• 24:56
  Speaker 4: Organization can make a big difference when life takes an
• 24:58
  Speaker 4: unexpected TURNI this is Mike Armstrong from the Armstrong Advisory Group.
• 25:02
  Speaker 4: Having your most important information all in one place may
• 25:05
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• 25:21
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• 25:24
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• 25:26
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• 25:31
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• 25:35
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• 25:38
  Speaker 4: or you can request it online at Armstrong Advisory dot com.
• 25:41
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• 25:43
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• 25:46
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• 25:49
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• 25:52
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• 25:55
  Speaker 1: advisory services. Leaving assets to your family may sound simple,
• 25:58
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• 26:00
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• 26:03
  Speaker 1: your assets and control your family's inheritance. Call eight sixty
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• 26:11
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• 26:14
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• 26:16
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• 26:18
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• 26:20
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• 26:23
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• 26:26
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• 26:30
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• 26:57
  Speaker 1: You're listening to the Legal Exchange and it's time ask
• 27:01
  Speaker 1: Todd the segment where Tod will answer your questions about
• 27:04
  Speaker 1: anything and everything that's included in the estate planning process.
• 27:07
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:12
  Speaker 3: Welcome back, Todd.
• 27:13
  Speaker 2: We have a few questions from listeners. First question comes
• 27:17
  Speaker 2: from Susan and Bridgewater, mass not me, by the way,
• 27:20
  Speaker 2: and she writes, my husband and I have a revocable
• 27:23
  Speaker 2: trust that we created with you several years ago.
• 27:25
  Speaker 3: How's the first mistake?
• 27:27
  Speaker 2: You transferred our home into the trust and we've moved
• 27:30
  Speaker 2: our small investment account into it as well, per your instructions.
• 27:33
  Speaker 2: We've also updated the beneficiary on our life life insurance
• 27:37
  Speaker 2: policies to the trust. My question is this, when one
• 27:42
  Speaker 2: of us passes away, what happens to the money from
• 27:45
  Speaker 2: the insurance proceeds that are in the trust. Will the
• 27:48
  Speaker 2: surviving spouse have free access to the funds? Are there
• 27:51
  Speaker 2: any restrictions.
• 27:54
  Speaker 3: So just checking the trust that we did, it's revocable.
• 27:58
  Speaker 3: I just wanted to get a handle on that. So
• 28:01
  Speaker 3: in the end of the day, if I'm glad they
• 28:03
  Speaker 3: did the revocable trust and I'm glad they're fully funded, that, folks,
• 28:06
  Speaker 3: is the number one thing you take away from this question. Okay, yeah,
• 28:09
  Speaker 3: one doing the planning and two funding it. So I'm
• 28:12
  Speaker 3: just please take that away listeners as a lesson from
• 28:16
  Speaker 3: this situation. Now they're asking a specific question about what
• 28:21
  Speaker 3: happens when I guess one dies that happened to own
• 28:25
  Speaker 3: the insurance, and again we would have changed the beneficiary
• 28:29
  Speaker 3: to not pay directly to Just to let you know,
• 28:33
  Speaker 3: most of you out there, if you have insurance and
• 28:36
  Speaker 3: you look at the beneficiary form, you're going to see
• 28:39
  Speaker 3: a spouse probably listed as the primary beneficiary. Well, you
• 28:43
  Speaker 3: want to make sure that we change that beneficiary not
• 28:47
  Speaker 3: to be the spouse, but to be the trust. And
• 28:51
  Speaker 3: if it's the trust, what happens that's the question. So
• 28:54
  Speaker 3: now let's just say a million dollars flows into this
• 28:57
  Speaker 3: trust along with all the other assets that are already
• 29:00
  Speaker 3: in here. So let's not lose sight of the fact
• 29:03
  Speaker 3: that there's a million dollars of money. There may be
• 29:06
  Speaker 3: lots more money in here, So I don't want to
• 29:09
  Speaker 3: make it. I don't want you to make it think
• 29:11
  Speaker 3: that there's somehow different treatment for life insurance money versus
• 29:17
  Speaker 3: investment portfolio money is the same. Yep. Okay, So the
• 29:23
  Speaker 3: money's in the trust. Likely there's going to be two
• 29:25
  Speaker 3: or three buckets in this trust, depending on the size
• 29:28
  Speaker 3: of the estate. One there'll be a remainder share, and
• 29:31
  Speaker 3: one there'll be a q tip share, and then a
• 29:34
  Speaker 3: general marital share. This q tip share, I'm sorry. The
• 29:38
  Speaker 3: remainder share is we're going to take from the trust
• 29:42
  Speaker 3: and put two million dollars in it. And why that amount?
• 29:45
  Speaker 3: That's the amount that equals the state death tax exemption. Okay,
• 29:50
  Speaker 3: that's your shelter, that's your coupon you want to use
• 29:53
  Speaker 3: up on the first death. And again I mentioned a
• 29:57
  Speaker 3: million dollar policy. So there's half the two million in
• 30:00
  Speaker 3: one ASSETEP. So then we might take, you know, a
• 30:03
  Speaker 3: house or an investment portfolio and put the rest in there.
• 30:06
  Speaker 3: Let's say there's some other money left over. Maybe there's
• 30:08
  Speaker 3: another two million left over that's going to spill over
• 30:11
  Speaker 3: into the q tip share. The state marital share is
• 30:15
  Speaker 3: what we like to call it. The state marital share
• 30:19
  Speaker 3: gets the amount of assets up to the federal exemption
• 30:23
  Speaker 3: or the amount needed to eliminate state death tax. So
• 30:27
  Speaker 3: fifteen million, okay, So everything else is basically going in that.
• 30:31
  Speaker 3: But in this case, I'm assuming that the total trust
• 30:34
  Speaker 3: only has four million dollars in it. But in this case, yes,
• 30:37
  Speaker 3: the other two million would go into the state marital
• 30:41
  Speaker 3: or an amount up to fifteen million, and then the
• 30:45
  Speaker 3: excess over fifteen million would spill over into the general
• 30:49
  Speaker 3: marital or federal marital So we have a remainder and
• 30:53
  Speaker 3: a q TIP share. Those two were funded. If I
• 30:56
  Speaker 3: die in.
• 30:57
  Speaker 2: My husband's surviving MEKA, what can he do with both
• 31:01
  Speaker 2: of those rightts.
• 31:02
  Speaker 3: So now we've got four million dollars in these two buckets,
• 31:05
  Speaker 3: and likely he's going to be the trustee, and he
• 31:08
  Speaker 3: will be able to manage invest he will be able
• 31:11
  Speaker 3: to take out all the income from both of them,
• 31:14
  Speaker 3: and he personally, without asking anyone else, will be able
• 31:17
  Speaker 3: to reach in there and take out the principle. But
• 31:20
  Speaker 3: he is supposed to take out the principle as he
• 31:23
  Speaker 3: needs it to maintain his standard of living. What if
• 31:26
  Speaker 3: he wants a hire ser then I let him have
• 31:28
  Speaker 3: well I was living well. Then the kids will complain,
• 31:31
  Speaker 3: But then he'll disinherit him under the limited power of appointment.
• 31:33
  Speaker 3: So he does have a lot of power, and then
• 31:35
  Speaker 3: that's important. I think that's your point, is that these
• 31:38
  Speaker 3: trusts are not designed on a first marriage situation to
• 31:42
  Speaker 3: provide too much restriction for the surviving spouse. This is
• 31:46
  Speaker 3: designed for flexibility. It's designed for each spouse to be
• 31:52
  Speaker 3: in control while they're alive, and the survivor to be
• 31:55
  Speaker 3: in control when one dies, and the kids to remain
• 31:58
  Speaker 3: at bay. Your favorite expression, no beneficiaries until you're dead
• 32:02
  Speaker 3: suitan So that applies here, and I think that's the
• 32:05
  Speaker 3: answer for this case. But again, you were talking about
• 32:11
  Speaker 3: a guide here, folks, as to how to leave assets
• 32:13
  Speaker 3: to your beneficiaries. This was how to leave it to
• 32:15
  Speaker 3: take care of the spouse. That's important too. But then
• 32:18
  Speaker 3: now when the spouse dies, how do we get it
• 32:21
  Speaker 3: to the kids. And there's so many things to think about.
• 32:24
  Speaker 3: You need to think about whether there's a drug addiction,
• 32:26
  Speaker 3: whether they're horrible with money, they just spend like crazy.
• 32:29
  Speaker 3: What if I'm just worried about future divorces. How do
• 32:32
  Speaker 3: I extend the trust for many years? How can I
• 32:35
  Speaker 3: skip a generation for a state tax purposes and let
• 32:39
  Speaker 3: wealth build tax free over the generations. What if I've
• 32:42
  Speaker 3: got a second marriage situation? What if I've got a
• 32:45
  Speaker 3: special needs child? Folks, this guide has so much in it,
• 32:50
  Speaker 3: and it's all about the family and how to leave
• 32:52
  Speaker 3: it to your family. No right or wrong answer here.
• 32:56
  Speaker 3: What's right for your family is up to you. Get
• 32:59
  Speaker 3: the guide eight six six eight four eight five six
• 33:03
  Speaker 3: nine nine or Legal Exchange Show dot com again eight
• 33:07
  Speaker 3: six six eight four eight five six nine nine or
• 33:11
  Speaker 3: Legal Exchange Show dot com and go to our Instagram
• 33:14
  Speaker 3: page Cushing Dolan PC for more information.
• 33:17
  Speaker 2: Our last question comes from Ken in Stone and Mass
• 33:21
  Speaker 2: and Ken writes, my wife and I created irrevocable trusts
• 33:25
  Speaker 2: with you many years ago. We each have two kids
• 33:27
  Speaker 2: from prior marriages, and I have divided our assets equally
• 33:31
  Speaker 2: among our four children. My daughter recently passed away and
• 33:35
  Speaker 2: I'm not sure if we need to update our trust
• 33:37
  Speaker 2: to reflect this. She had two children and we are
• 33:40
  Speaker 2: estranged from one of them. Can I have her share
• 33:43
  Speaker 2: go to my grandson that I still have a relationship
• 33:46
  Speaker 2: with or will my other son receive everything and exclude
• 33:50
  Speaker 2: her children completely? Is it too late to change?
• 33:53
  Speaker 3: Is I'm gonna give you I know.
• 33:55
  Speaker 2: I'm gonna give you a flow chart here. This is
• 33:58
  Speaker 2: a mutual client. He has two kids, She has two kids,
• 34:02
  Speaker 2: got it? They died treating everyone equally. However, they first
• 34:08
  Speaker 2: divided everything by two.
• 34:10
  Speaker 3: Got it.
• 34:10
  Speaker 2: So his bloodline gets half, her blind bloodline gets half
• 34:14
  Speaker 2: in his bloodline. His daughter died, so now he has
• 34:17
  Speaker 2: a son and a grandchild.
• 34:20
  Speaker 3: Is the grandchild the child of the deceased child?
• 34:24
  Speaker 2: Yes, okay, so he's got a grandchild from the daughter
• 34:29
  Speaker 2: and a son, got it. Son has kids too, but
• 34:32
  Speaker 2: that doesn't matter because he's living.
• 34:34
  Speaker 3: Yes, okay, all right, folks. Now I'm going to give
• 34:37
  Speaker 3: you this breakdown sort of in English here, and it
• 34:39
  Speaker 3: sounds like the way I would have drafted this, And
• 34:41
  Speaker 3: I'm assuming this is how it's drafted. It's going to
• 34:44
  Speaker 3: say it is because this is your trust. So because
• 34:48
  Speaker 3: I would have in a second marriage, member, folks, I
• 34:50
  Speaker 3: would have asked a lot of questions before we got
• 34:52
  Speaker 3: to this point, and the questions would have helped us
• 34:55
  Speaker 3: figure out whether or not they feel like they have
• 34:59
  Speaker 3: four children?
• 35:00
  Speaker 5: Right.
• 35:00
  Speaker 3: A lot of times they don't always feel like they
• 35:03
  Speaker 3: have four children. In this case, they said, yes, we
• 35:05
  Speaker 3: are close, we all get along, we all want to
• 35:07
  Speaker 3: treat each other like we're our own kids. Wonderful. That
• 35:10
  Speaker 3: makes it feel like it's a first marriage, right, and
• 35:13
  Speaker 3: that's important. So in this case, it would say, divide
• 35:18
  Speaker 3: everything into four equal shares, got it? Okay? Todd, Well,
• 35:22
  Speaker 3: what happens if one child dies, which is exactly what
• 35:25
  Speaker 3: happened here. Well, if one child dies and in this
• 35:28
  Speaker 3: case four equal shares, it wouldn't matter whether I was
• 35:31
  Speaker 3: taking half and half and then dividing the half. It's
• 35:33
  Speaker 3: just four equal shares. Yep. Well, when one child dies,
• 35:37
  Speaker 3: there have been language likely that would have said I
• 35:41
  Speaker 3: want to leave it to my children, if living otherwise,
• 35:44
  Speaker 3: to their kids. So this one quarter, yep, would drop
• 35:48
  Speaker 3: down to that child's kid. You're a grandkid. So to
• 35:53
  Speaker 3: his question, without doing anything, it would have been to
• 35:57
  Speaker 3: that grandkid. But he seems to want and if he
• 36:00
  Speaker 3: can change, has.
• 36:01
  Speaker 2: Two kids, Well, one of them he has no relationship.
• 36:04
  Speaker 3: With the start of it. Down she has two kids.
• 36:09
  Speaker 3: He only has a relationship with one of them. So
• 36:11
  Speaker 3: now he wants to change his mind and not leave it.
• 36:13
  Speaker 3: Four ways. Are they both living? They are so if
• 36:17
  Speaker 3: they're both living and it's and it's an irrevocable trust,
• 36:20
  Speaker 3: they are allowed to talk to each other and they
• 36:22
  Speaker 3: can make the change if they want to, not too late,
• 36:25
  Speaker 3: because it's not too late. But that's how it would work. Folks,
• 36:28
  Speaker 3: get the guide eight six six eight four eight five
• 36:32
  Speaker 3: six nine nine or Legal Exchange Show dot com and
• 36:35
  Speaker 3: you can download it there.
• 36:37
  Speaker 2: If you have a question you would like to ask Todd,
• 36:39
  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 in the air, and hopefully his answer
• 36:48
  Speaker 2: will stop you from being 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 and Dolan. I'm Susan Powers,
• 36:58
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:02
  Speaker 2: back with more after this quick break on the Legal
• 37:05
  Speaker 2: Exchange with Todd Lutsky.
• 37:08
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 37:11
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 37:14
  Speaker 1: in other law, and their new guide is called How
• 37:17
  Speaker 1: to leave Assets to beneficiaries. Adding children as joint owners
• 37:20
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 37:23
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 37:27
  Speaker 1: learn why leaving assets to your children may not always
• 37:30
  Speaker 1: be the best plan. The guide also explains how trusts
• 37:33
  Speaker 1: can be used to stagger distributions over time, help protect
• 37:36
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 37:39
  Speaker 1: your inheritance in a way that makes sense for your
• 37:42
  Speaker 1: personal situation. Call eight six six eight four eight five
• 37:45
  Speaker 1: six ninety nine right now and ask for your free
• 37:48
  Speaker 1: guide How to Leave Assets to Beneficiaries. That's eight six
• 37:51
  Speaker 1: six eight four eight five six nine nine, or requested
• 37:54
  Speaker 1: online at Legal exchange show dot com. The proceeding is
• 37:57
  Speaker 1: paid for and the views expressed are solely those of Cushingkindo.
• 38:00
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 38:02
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 38:05
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 38:09
  Speaker 4: Sudden family emergencies can create confusion, especially when important information
• 38:13
  Speaker 4: is scattered across different accounts. HI, this is Mike Armstrong
• 38:16
  Speaker 4: from the Armstrong Advisory Group. When something unexpected happens, loved
• 38:20
  Speaker 4: ones may need quick access to legal documents or financial
• 38:23
  Speaker 4: accounts that could affect your future. Our brand new guide
• 38:26
  Speaker 4: is called Building your Emergency Financial Binder. It'll help you
• 38:29
  Speaker 4: learn how to organize the information your family may need
• 38:32
  Speaker 4: one day, everything from emergency contacts and identification documents to
• 38:35
  Speaker 4: bank accounts and retirement plans. The goal is to create
• 38:38
  Speaker 4: one clear roadmap so that people you trust can quickly
• 38:41
  Speaker 4: find what they need. If a crisis occurs. Call eight
• 38:44
  Speaker 4: hundred three nine three four zero zero one and request
• 38:47
  Speaker 4: your free guide Building your Emergency Financial Binder. That's eight
• 38:50
  Speaker 4: hundred three nine three for zero zero one, or request
• 38:53
  Speaker 4: the guide online at Armstrong Advisory dot com.
• 38:56
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 38:58
  Speaker 1: registered investment advisor. Nothing in the ad or any Armstrong
• 39:00
  Speaker 1: guide a specific financial, legal, or tax advice. Consult your
• 39:03
  Speaker 1: own financial, tax into state planning advisors before making any
• 39:05
  Speaker 1: investment decisions. Armstrong may contact you to offer investment advisory services.
• 39:09
  Speaker 5: This is Michael Valila, adjudent of the Disabled American Veterans
• 39:13
  Speaker 5: Department of Massachusetts, the dav of Massachusetts has helped me
• 39:17
  Speaker 5: and countless others adjust to civilian life through a variety
• 39:20
  Speaker 5: of incredible programs. Through our Local Veterans Assistance Program, we
• 39:24
  Speaker 5: provide necessary services to veterans in their communities, such as food, shopping, landscaping,
• 39:30
  Speaker 5: and companionship. But we need your support. You can help
• 39:33
  Speaker 5: by making a donation today. Please visit DAV fivek dot Boston.
• 39:37
  Speaker 5: That's dav fivek dot Boston.
• 39:40
  Speaker 1: When it comes to estate planning, many families focus on taxes,
• 39:44
  Speaker 1: but understanding how your family will receive the assets you
• 39:46
  Speaker 1: leave behind is just as important. Cushing and Dolan are
• 39:50
  Speaker 1: experts and know their law and have a new guide
• 39:52
  Speaker 1: out called how to Leave Assets to Beneficiaries. The guide
• 39:55
  Speaker 1: explains decisions that may be problematic, such as adding a
• 39:58
  Speaker 1: child as a joint don r on a real estate property,
• 40:01
  Speaker 1: which could expose your assets to creditors or a possible divorce.
• 40:05
  Speaker 1: You'll also learn how trusts can be used to help
• 40:07
  Speaker 1: protect your assets and control when your beneficiaries receive their inheritance.
• 40:11
  Speaker 1: Call eight six six eight four eight five six nine
• 40:14
  Speaker 1: nine right now and ask for your free guide called
• 40:17
  Speaker 1: how to Leave Assets to Beneficiaries. That's eight six six
• 40:20
  Speaker 1: eight four eight, five, six nine nine, or request the
• 40:23
  Speaker 1: guide online by visiting Legal exchainshow dot com. That's Legal
• 40:27
  Speaker 1: exchange show dot com. The proceeding was paid for and
• 40:30
  Speaker 1: the views expressed are solely those of Cushing and Dolan.
• 40:32
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 40:34
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 40:37
  Speaker 1: Advisory do not endorse each other and are not affiliated
• 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 five,
• 40:50
  Speaker 1: six nine nine and let him make sure your assets
• 40:52
  Speaker 1: are protected. That's eight six six eight four eight five
• 40:55
  Speaker 1: six nine nine, or visit him online at legal exchange
• 40:58
  Speaker 1: show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky.
• 41:03
  Speaker 3: I'm Susan Powers.
• 41:04
  Speaker 2: A financial advisor with the Armstrong Advisory Group, and I'm
• 41:07
  Speaker 2: joined by Todd Lutsky, a partner with the law firm.
• 41:10
  Speaker 3: Of Cushing A.
• 41:11
  Speaker 2: Dolan with a Masters in taxation. Todd, your guide this
• 41:15
  Speaker 2: month is all about how to leave assets to beneficiaries,
• 41:19
  Speaker 2: and I want to talk about real estate and more
• 41:23
  Speaker 2: specifically rental properties. A lot of people have rental properties
• 41:27
  Speaker 2: around here, A lot of clients have rental properties.
• 41:30
  Speaker 3: So they're the smart ones.
• 41:32
  Speaker 2: Yes, you talk about having your your rental properties in
• 41:36
  Speaker 2: an LLC in this guide. What is an LLC and
• 41:40
  Speaker 2: why should someone consider using it?
• 41:43
  Speaker 3: Yeah? So an LLC is let's define what it is.
• 41:47
  Speaker 3: It's a limited liability company. Okay, So it is a
• 41:52
  Speaker 3: company and it would generally hold rental property because you
• 42:00
  Speaker 3: want to protect it from creditors. So you would take
• 42:03
  Speaker 3: your rental properties and put them in there, and that way,
• 42:07
  Speaker 3: if there's a lawsuit on let's say property number one,
• 42:11
  Speaker 3: and I don't know, we'll talk about maybe more properties later,
• 42:13
  Speaker 3: but let's say property number one, somebody right now, if
• 42:17
  Speaker 3: that property is not in an LLC and you get sued,
• 42:20
  Speaker 3: they're gonna sue you personally. Why because you own it.
• 42:23
  Speaker 3: So if you own it, they sue the owner. Well,
• 42:26
  Speaker 3: you might also own many other properties a home, a
• 42:29
  Speaker 3: vacation home, and investment portfolio. Wow, all my assets are
• 42:34
  Speaker 3: at risk right if I put it in an LLC
• 42:38
  Speaker 3: and somebody gets hurt on property number one, and that's
• 42:42
  Speaker 3: all that's in that LLC, then they sue the owner.
• 42:45
  Speaker 3: Well who's the owner, Well, the LLC owns it. Well
• 42:49
  Speaker 3: what about the shareholder. They don't sue the shareholder. They
• 42:53
  Speaker 3: sue the owner. The owner is the LLC. So they
• 42:57
  Speaker 3: can only get the assets of the LLC, not you
• 43:01
  Speaker 3: personally segregated to that one property or whatever. Right, No,
• 43:04
  Speaker 3: not you personally. And again I always try to make
• 43:07
  Speaker 3: liken that to you know, owning company stock in a
• 43:11
  Speaker 3: like let's say a medical company like a Pfizer yea,
• 43:15
  Speaker 3: and they file a drug that kills people, right, Well,
• 43:19
  Speaker 3: they're gonna get sued, right, but you're the shareholder. You
• 43:22
  Speaker 3: don't get sued. You're not getting right. You would never
• 43:25
  Speaker 3: want to own stock if you got sued. Same idea, Okay,
• 43:28
  Speaker 3: same idea.
• 43:29
  Speaker 2: So when you talk about forming this corporation, just so
• 43:32
  Speaker 2: people understand, you're not talking about going to rent space
• 43:35
  Speaker 2: and hang a shingle and start an actual company somewhere.
• 43:39
  Speaker 2: It's a legal document that creates this LLC entity.
• 43:46
  Speaker 3: You just actually created a company.
• 43:48
  Speaker 2: Right, But but it's a it's a non paper company, right,
• 43:50
  Speaker 2: it's not you know, to go we'll all start up
• 43:54
  Speaker 2: a company.
• 43:54
  Speaker 3: Well, I think we're talking about semantics every company is
• 43:58
  Speaker 3: a paper company, right you you file at the Register
• 44:01
  Speaker 3: Secretary of State, you get a operating agreement, you get
• 44:04
  Speaker 3: stock certificates, and you actually pay Massachusetts five hundred bucks
• 44:08
  Speaker 3: a year for the privilege of now owning a company. Okay,
• 44:12
  Speaker 3: what you do with the company and how much effort
• 44:14
  Speaker 3: you put into it is and how big you grow
• 44:16
  Speaker 3: it is up to you.
• 44:17
  Speaker 2: But it is a company, okay, okay, And then the
• 44:22
  Speaker 2: so you have this LLC. So let's say it's me
• 44:25
  Speaker 2: and my husband and we have a rental property. We
• 44:27
  Speaker 2: have you create this LLC for us. What happens then,
• 44:32
  Speaker 2: so you create stock certificates and then the property is just.
• 44:36
  Speaker 3: Part of that. Yeah, I prepared to eat and put
• 44:38
  Speaker 3: it in there, and then you just run it. You're
• 44:39
  Speaker 3: the manager. You collect rent, you deposit in a bank account,
• 44:42
  Speaker 3: you pay the bills of the property, and you make
• 44:45
  Speaker 3: distributions from that bank account for the net rent to
• 44:48
  Speaker 3: your pocket because you're the shareholder.
• 44:51
  Speaker 2: So same as I did beforehand, No restrictions and I'm
• 44:54
  Speaker 2: not dealing with anybody else and saying okay, I need
• 44:57
  Speaker 2: to evict someone and got to do different things.
• 45:00
  Speaker 3: Restrictions, so you can still do everything you can do
• 45:02
  Speaker 3: no problem.
• 45:03
  Speaker 2: So let's say we have decided, after having a fabulous
• 45:06
  Speaker 2: experience with having one rental property, that I want to
• 45:09
  Speaker 2: have a real estate empire and I want to buy
• 45:12
  Speaker 2: several pieces of property. Do I need to create separate
• 45:16
  Speaker 2: LLCs for every single one of them? Or can I
• 45:18
  Speaker 2: put them all in the same one. The answer is
• 45:22
  Speaker 2: it depends?
• 45:22
  Speaker 3: Right? Well? Is that?
• 45:23
  Speaker 2: The answer is it depends.
• 45:24
  Speaker 3: Kind of depends, but it does depend a little. And
• 45:27
  Speaker 3: I'm going to share with you a real life story.
• 45:29
  Speaker 3: Okay on that in just a minute, but I want
• 45:32
  Speaker 3: to at least let you know because now that we
• 45:35
  Speaker 3: have these assets, we're talking about how do we get
• 45:37
  Speaker 3: them to the family. How do we leave assets to
• 45:41
  Speaker 3: a beneficiary? So that's what this guide is about this month, folks,
• 45:44
  Speaker 3: whether it's real estate and an LLC, we leave shares,
• 45:47
  Speaker 3: but we don't leave it outright. We might leave it
• 45:49
  Speaker 3: in trust for them. We might say, you know, I
• 45:52
  Speaker 3: want my kids to be a certain age before they
• 45:54
  Speaker 3: get distributions from the asset. I might want to incentivize
• 45:58
  Speaker 3: my children. I might have children that are addicted. I
• 46:01
  Speaker 3: might have children that are bad spenders. I might have
• 46:04
  Speaker 3: happily married children that will get divorced. Maybe I want
• 46:07
  Speaker 3: to protect from future divorces and creditors. Maybe I have
• 46:11
  Speaker 3: second marriages. Maybe I've got the ability to let assets
• 46:14
  Speaker 3: grow generationally tax free. Folks, so much to think about.
• 46:19
  Speaker 3: This guy just chocked full of information. How to leave
• 46:23
  Speaker 3: assets to beneficiaries eight six six eight four eight five
• 46:27
  Speaker 3: six nine to nine or Legal Exchange Show dot com
• 46:31
  Speaker 3: again eight six six eight four eight five six nine
• 46:36
  Speaker 3: to nine or Legal Exchange Show dot com. Download it
• 46:39
  Speaker 3: there and go to our Instagram page Cushing Dolan PC
• 46:43
  Speaker 3: for more information.
• 46:45
  Speaker 2: Okay, so now I'm still building my real estate empire.
• 46:48
  Speaker 3: Oh the real life.
• 46:48
  Speaker 2: I need a bunch of different LLCs. I need to
• 46:51
  Speaker 2: separate one for every property. Or can I just throw
• 46:54
  Speaker 2: them all into one?
• 46:55
  Speaker 3: Yeah, you could throw them all into one. They ain't
• 46:57
  Speaker 3: gonna provide any benefits.
• 46:58
  Speaker 2: So don't do that, because if they're all in the
• 47:00
  Speaker 2: same LLC, then all the properties that iris get once.
• 47:04
  Speaker 3: Oh right, and again, we're not here to run up,
• 47:07
  Speaker 3: you know, legal bills and tell you to have one
• 47:09
  Speaker 3: LLC for every single property, although you can, you can,
• 47:14
  Speaker 3: And and so I've I've got a client comes in.
• 47:19
  Speaker 3: I'm gonna say fifty six rental properties. Wow in the
• 47:24
  Speaker 3: surrounding area. Wow. Not in LLC's wow. Wow. Is right.
• 47:32
  Speaker 3: So and again, I think part of the problem that
• 47:35
  Speaker 3: you run into when you when you have this is,
• 47:38
  Speaker 3: you know, I don't want to have to file income
• 47:41
  Speaker 3: tax returns and ports and fifty that's a crazy administrative headache. Yeah,
• 47:48
  Speaker 3: not the case. And folks, I'm not saying everybody has this.
• 47:51
  Speaker 3: You might have three or four or five perfectly fine,
• 47:54
  Speaker 3: and the same concept applies. That's why I wanted to
• 47:57
  Speaker 3: make a big number to show you that it works.
• 47:59
  Speaker 3: The same aim for big numbers. So what do we do?
• 48:04
  Speaker 3: Holding company? One holding company where the parents own their
• 48:10
  Speaker 3: trusts own fifty to fifty what's in the holding company? Okay?
• 48:14
  Speaker 3: I likely because of an estate that's really large, I
• 48:16
  Speaker 3: would make it voting in non voting shares. But if
• 48:19
  Speaker 3: it's not really large, I don't have to worry about
• 48:21
  Speaker 3: voting and non voting. I just put fifty percent in
• 48:23
  Speaker 3: each of the husband and wife's respective revocable trusts.
• 48:28
  Speaker 2: So does that mean that all of those properties are
• 48:31
  Speaker 2: in that holding company?
• 48:33
  Speaker 3: Right into the holding thing? That's right. We did all
• 48:35
  Speaker 3: the properties into the holding company and then the magic happens.
• 48:39
  Speaker 3: The holding company deeds the properties to subsidiary LLCs. Oh,
• 48:44
  Speaker 3: so you've got them within that. Yeah. So underneath the
• 48:47
  Speaker 3: holding company is subs. You know, depending on how many
• 48:51
  Speaker 3: you want, Maybe you want to put three or four
• 48:53
  Speaker 3: properties in each sub that's okay, you don't have to
• 48:56
  Speaker 3: have individually, you can group them. So, and then let's
• 49:00
  Speaker 3: say sub number one has two properties in it. The
• 49:03
  Speaker 3: shares of sub number one are given to the holding
• 49:06
  Speaker 3: company in exchange for the holding company transferring the house
• 49:11
  Speaker 3: houses to sub number one.
• 49:13
  Speaker 2: So what does that get you though, Because you have
• 49:15
  Speaker 2: all these LLC's within the holding company, So don't you
• 49:17
  Speaker 2: have to file taxes for every one of them.
• 49:19
  Speaker 3: So let's say we have five subsidiary ll c's in
• 49:23
  Speaker 3: a holding company. Yep, you have one bank account where
• 49:26
  Speaker 3: in the holding company. Okay, you have collect all the rent,
• 49:30
  Speaker 3: which is what you're doing now of this person that
• 49:32
  Speaker 3: has fifty six with nothing on account, pay all the bills.
• 49:37
  Speaker 3: You got to keep books and records for the other ones. Obviously,
• 49:40
  Speaker 3: you got to know what to depreciate. A new window
• 49:42
  Speaker 3: was put here, a new roof was put on this one. Yeah,
• 49:44
  Speaker 3: you got to keep quick books you're doing the game.
• 49:47
  Speaker 3: You're doing that anyway, but now it's one bank account in,
• 49:52
  Speaker 3: one bank account out. And here's the beauty. All the
• 49:55
  Speaker 3: subsidiary LLC's are single member LLC's owned one one hundred
• 50:00
  Speaker 3: percent by the holding company. Yep. Single member LLCs do
• 50:04
  Speaker 3: not file income tax returns, so we only have to
• 50:08
  Speaker 3: file one income tax return, not five, six, seven or
• 50:11
  Speaker 3: however many subs you have yet at the same token
• 50:14
  Speaker 3: you have said, anybody who gets sued on subsidiary number one,
• 50:17
  Speaker 3: they only sue subsidiary number one, not any of the
• 50:20
  Speaker 3: other properties or you personally. Folks, call and get the
• 50:25
  Speaker 3: guide how to leave assets to your family members, don't
• 50:29
  Speaker 3: make mistakes eight six six eight four eight five six
• 50:33
  Speaker 3: nine nine or Legal Exchange show dot com. You can
• 50:37
  Speaker 3: download it there again. Eight six six eight four eight
• 50:40
  Speaker 3: five six nine to nine.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan. Always a pleasure.
• 50:48
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:52
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: When it comes to leaving assets to your family, simplicity
• 51:03
  Speaker 1: isn't always the best approach. Cushing and Dolan are experts
• 51:06
  Speaker 1: in other law, and their new guide is called How
• 51:09
  Speaker 1: to Leave Assets to Beneficiaries. Adding children as joint donors
• 51:12
  Speaker 1: on accounts or property doesn't guarantee you can avoid probate.
• 51:15
  Speaker 1: It may create serious unintended consequences. In this guide, you'll
• 51:19
  Speaker 1: learn why leaving assets to your children may not always
• 51:22
  Speaker 1: be the best plan. The guide also explains how trusts
• 51:25
  Speaker 1: can be used to stagger distributions over time, help protect
• 51:28
  Speaker 1: assets from creditors or divorce, and ensure your family receives
• 51:31
  Speaker 1: your inheritance in a way that makes sense for your
• 51:34
  Speaker 1: personal situation. Call eight six six eight four eight five
• 51:37
  Speaker 1: six ninety nine right now and ask for your free
• 51:39
  Speaker 1: guide How to Leave Assets to Beneficiaries. That's eight sixty
• 51:43
  Speaker 1: six eight four eight five six nine nine, or requested
• 51:46
  Speaker 1: online at Legal exchange show dot com. The proceeding was
• 51:49
  Speaker 1: paid for and the views expressed are solely those of
• 51:51
  Speaker 1: Cushing and Dolan. Cushing and Dolan and or Armstrong Advisory
• 51:54
  Speaker 1: may contact you offering legal or investment services. Cushing and
• 51:56
  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
• 51:59
  Speaker 1: are not affiliated.
• 52:00
  Speaker 4: Organization can make a big difference when life takes an
• 52:02
  Speaker 4: unexpected turn. Hi, this is Mike Armstrong from the Armstrong
• 52:05
  Speaker 4: Advisory Group. Having your most important information all in one
• 52:09
  Speaker 4: place may help the people you trust handle critical financial
• 52:12
  Speaker 4: or legal decisions if a crisis occurs. We've written a
• 52:15
  Speaker 4: new guide called Building your Emergency Financial Binder. In it,
• 52:18
  Speaker 4: we offer strategies that can help you coordinate the most
• 52:21
  Speaker 4: vital details of your life, including key contacts, legal documents,
• 52:24
  Speaker 4: and property information. Our goal is to provide you with
• 52:27
  Speaker 4: a clear plan for the people you trust if they
• 52:29
  Speaker 4: ever need to help manage a life altering situation. Call
• 52:32
  Speaker 4: eight hundred three nine three four zero zero one right
• 52:35
  Speaker 4: now and ask for your free guide called Building your
• 52:37
  Speaker 4: Emergency Financial Binder. That's eight hundred three nine three four
• 52:41
  Speaker 4: zero zero one, or you can request it online at
• 52:43
  Speaker 4: Armstrong Advisory dot com.
• 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. Leaving assets to your family may sound simple,
• 53:02
  Speaker 1: but you need the right plan. Cushing and Dolan's new
• 53:04
  Speaker 1: guide is called how to Leave Assets to Beneficiaries, Protect
• 53:07
  Speaker 1: your assets and control your family's inheritance. Call eight six
• 53:10
  Speaker 1: six eight four eight five six nine nine and request
• 53:12
  Speaker 1: your free guide today. That's eight six six eight four
• 53:15
  Speaker 1: eight five six nine nine, or request the guide online
• 53:17
  Speaker 1: at Legal exchange show dot com. The proceeding was paid
• 53:20
  Speaker 1: for in The views expressed are solely those of Cushing
• 53:22
  Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
• 53:24
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 53:27
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 53:29
  Speaker 1: not affiliated.
• 53:30
  Speaker 5: This is Michael Valila, adjudant of the Disabled American Veterans
• 53:33
  Speaker 5: Department of Massachusetts. The dav of Massachusetts has helped me
• 53:37
  Speaker 5: and countless others adjust to civilian life through a variety
• 53:40
  Speaker 5: of incredible programs. Through our Local Veterans Assistance Program, we
• 53:44
  Speaker 5: provide necessary services to veterans in their communities, such as food, shopping, landscaping,
• 53:50
  Speaker 5: and companionship. But we need your support. You can help
• 53:53
  Speaker 5: by making a donation today, please visit Dav fivek dot Boston.
• 53:57
  Speaker 5: That's Dav five k dot Boston.