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Pooled trusts are back · 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
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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: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:36
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with a law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation.
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  Speaker 3: Welcome Todd. How are you today?
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  Speaker 4: I'm never better in you.
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  Speaker 3: I'm great? Thank you. What do you have for us today?
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  Speaker 4: Got a couple of things. Actually, we've got a Wisconsin
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  Speaker 4: appellate cord case. Really just dealing a lot about ensuring
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  Speaker 4: the donors intent is carried out. We talk about the trust,
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  Speaker 4: we talk about the wills, but what's most important is
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  Speaker 4: that your wishes are actually carried out. And planning will
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  Speaker 4: do that for you. And I'll show you what happened
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  Speaker 4: in this case and how important it is to get
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  Speaker 4: that plan in place. But that's nothing compared to the
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  Speaker 4: next thing, current events. We have brand new legislation here
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  Speaker 4: in Massachusetts, but I will explain how it affects all states.
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  Speaker 4: Brand new legislation here in Massachusetts about pooled trusts, the
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  Speaker 4: ongoing saga since twenty sixteen about pooled trusts for last
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  Speaker 4: minute medicaid planning. It is a great mass last minute
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  Speaker 4: medicaid planning technique that was taken away and now is
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  Speaker 4: coming back.
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  Speaker 3: Really right, Wow, that's exciting.
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  Speaker 4: So we're going to spend a lot lot of time
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  Speaker 4: on this new bill and not a bill. It's been
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  Speaker 4: signed in the law can keep your hanging, folks, Stay
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  Speaker 4: tuned to learn what it means to you about planning
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  Speaker 4: last minute. Of course, that's not what I want you
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  Speaker 4: to do. I want you to plan in advance because
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  Speaker 4: it's still way better. But unfortunately a lot of people don't.
• 2:20
  Speaker 4: And if you haven't started your planning in advance and
• 2:22
  Speaker 4: you don't know where to begin, this guide this month
• 2:27
  Speaker 4: is for you. It demystifies the top seven trusts that
• 2:32
  Speaker 4: are used that I think are the most frequently used trusts,
• 2:35
  Speaker 4: from nominee realty trusts which are not really trusts, to
• 2:39
  Speaker 4: regular revocable trusts, to medicaid irrevocable trusts, and then what
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  Speaker 4: about special needs trusts are sole benefit trusts? What about
• 2:49
  Speaker 4: life insurance trusts and gifting trust folks, These are different
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  Speaker 4: irrevocable trusts and the medicaid trusts. Learn how they're different,
• 2:57
  Speaker 4: learn how they work and how the taxes are saved
• 3:02
  Speaker 4: through using these trusts. So it's like one giant operational
• 3:06
  Speaker 4: guide to trusts. Please call Get the Guide eight six
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  Speaker 4: six eight four eight five six nine nine or Legal
• 3:15
  Speaker 4: Exchange Show dot com. Again demystifying the top seven estate
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  Speaker 4: planning trust folks eight six six eight four eight five
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  Speaker 4: six nine nine or Legal Exchange Show dot com. Let's
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  Speaker 4: go to Wisconsin. We'll keep your hanging on the pool
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  Speaker 4: trust for a while, so stay tuned. That's good radio.
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  Speaker 4: I hear facts, folks. Emmil hired attorney Lance to prepare
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  Speaker 4: several estate planning documents. The will was one of them.
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  Speaker 4: Of course, there's no trust here, but that we'll get
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  Speaker 4: to that later. The will nominated his daughter Jane to
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  Speaker 4: be the PR and it directed that the residue of
• 3:56
  Speaker 4: his estate is to go to her. Well that seems. However,
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  Speaker 4: in the will it gave one half ownership interest in
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  Speaker 4: a farm to a church. I'm not really sure how
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  Speaker 4: you give half an interest to a farm in a church.
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  Speaker 4: But we'll come back to that again. Bad planning, right,
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  Speaker 4: You could already see the problems arising here. Well, it
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  Speaker 4: gets worse because in September of twenty twenty one, Jane,
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  Speaker 4: remember she's the nominated PR, she sent a directive signed
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  Speaker 4: by emmil indicating that he wanted to change the will
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  Speaker 4: where five hundred thousand dollars of the sale proceeds of
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  Speaker 4: the farm go to Jane. So I guess the farm
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  Speaker 4: is being sold somewhere. That must be. I don't know
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  Speaker 4: how she came up with that. Lance the attorney said, yeah, yeah,
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  Speaker 4: I'll take care of it, no problem. He never did,
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  Speaker 4: so they go to court. Jane said that she was
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  Speaker 4: harmed by Lance's negligence. In not creating the change that
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  Speaker 4: was requested. Well, Lance filed a motion to dismiss for
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  Speaker 4: failure to state acclaim, and that motion was granted. Case over,
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  Speaker 4: What does that means? She didn't act, she didn't stay
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  Speaker 4: to claim, she doesn't have the right to sue the
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  Speaker 4: appellate court. Of course, she appealed. The appellate court said, well, look,
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  Speaker 4: there's a general rule that a person cannot sue another
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  Speaker 4: person's attorney as a beneficiary because of negligent drafting of
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  Speaker 4: the document. Now there's an exception to that rule, which
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  Speaker 4: I'll come back to in a minute. So the court
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  Speaker 4: agreed that this directive made clear that Jane was to
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  Speaker 4: get more of a benefit out of this will. However,
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  Speaker 4: the exception to the rule meaning you can't generally sue Jane.
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  Speaker 4: So Jane, you have no right to sue, so you
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  Speaker 4: can't state a claim. The exception to that rule is
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  Speaker 4: if the person suing right can sue the other attorney
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  Speaker 4: if you can show the decedent's intent to benefit that
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  Speaker 4: particular person was clear from a will or a trust.
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  Speaker 4: What did we have here? We had some directive, some
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  Speaker 4: letter that apparently arguably Jane wrote and Emill signed. That's
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  Speaker 4: not enough.
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  Speaker 3: That's not enough, not like he changed the will or
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  Speaker 3: changed the trust.
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  Speaker 5: Right.
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  Speaker 4: And so, folks, Jane, you're out, but you're really not out.
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  Speaker 4: You still get the residue of the estate. So let's
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  Speaker 4: figure out what that is and how this really isn't
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  Speaker 4: hurting you, probably at all, Jane, based on what we've said. Right,
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  Speaker 4: Remember go back up there and it said something about
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  Speaker 4: half a farm is to go to a church. Well,
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  Speaker 4: how do you deal with that? And let's talk about
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  Speaker 4: real estate in general from that. When you've got real estate, folks,
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  Speaker 4: the first thing you want to do is have a trust.
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  Speaker 4: You don't want to me in probate real estate, right. Second,
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  Speaker 4: the trust can really control the disposition of real estate.
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  Speaker 4: It can provide for a forced sale, you know, it
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  Speaker 4: can provide for the valuation of the sale. You can
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  Speaker 4: give one child to one property to one kid, and
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  Speaker 4: you can really direct things in a trust. Also, you
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  Speaker 4: can make sure kids don't fight over You can put
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  Speaker 4: you know, the right to buy out other children. Or
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  Speaker 4: you could say it goes equally unless they all want it,
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  Speaker 4: and if they all want it, they all get it,
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  Speaker 4: and whoever doesn't want it can buy out the ones
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  Speaker 4: who do want it, which is what we do. So
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  Speaker 4: that way everybody and you do it at fair market value,
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  Speaker 4: so we do it in a way where there's no
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  Speaker 4: fighting and everybody still treated equally. So, I mean, you
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  Speaker 4: can really control things with a trust. So that's my
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  Speaker 4: first issue. Secondly, the donors intent. Right, here's where you
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  Speaker 4: really got to be careful. Right. When kids call and
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  Speaker 4: start saying, you know, we want to take a look
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  Speaker 4: at my parents' documents, my parents a state plan, we
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  Speaker 4: tell them, well, go ask your parents for the documents,
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  Speaker 4: because they have it and if they want to share
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  Speaker 4: it with you, they'll share it with you. And you know,
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  Speaker 4: and if a kid says he wants to make a change,
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  Speaker 4: well we really say, look, you need to bring the
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  Speaker 4: client in.
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  Speaker 3: It's not documents change.
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  Speaker 4: But not your document to change. This is great that
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  Speaker 4: you're telling me what the parents want, but I want
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  Speaker 4: to hear what the parents want, right, so you know,
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  Speaker 4: if if a kid's coming in, we don't want them
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  Speaker 4: coaching or influencing the parent. And Folks, when I tell
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  Speaker 4: kids this and I tell him that, I say, look,
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  Speaker 4: I'm not telling you this because I'm mad at you.
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  Speaker 4: If in fact your parents want to make this change,
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  Speaker 4: and if in fact it's actually benefiting you, you want
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  Speaker 4: to make sure it works when your parents die and
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  Speaker 4: can survive something called an undue influence claim. So whenever
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  Speaker 4: we tell people this, we're telling them to do it
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  Speaker 4: for their own good.
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  Speaker 3: Right to save them trouble later on.
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  Speaker 4: Right, I mean, if you're this is classic, right, Jane.
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  Speaker 4: You're the one bringing this directive to the attorney, telling
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  Speaker 4: the attorney this is what your dad wants to make
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  Speaker 4: a change, and that change benefits you. That's right, that's
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  Speaker 4: classic undue influence. So you want to make sure you
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  Speaker 4: come in in person, sit down alone, and we'll discuss
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  Speaker 4: because the attorney we can ask a lot of questions
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  Speaker 4: to know that we're getting the right intent you know
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  Speaker 4: out here. So again, it's all just to make sure
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  Speaker 4: that later on, when when the person dies, this this
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  Speaker 4: actually you know, works for everybody. So, folks, I think
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  Speaker 4: this was the right decision. The attorney didn't have to
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  Speaker 4: make a change based on some letter that got produced
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  Speaker 4: for him. He should bring the client in, sit down
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  Speaker 4: and discuss it. So, folks, your intent will be honored.
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  Speaker 4: Do your estate plan, and you make sure that your
• 10:03
  Speaker 4: wishes are honored it worked here or will work for you.
• 10:06
  Speaker 4: If you're not sure how to begin your estate planning,
• 10:09
  Speaker 4: get this guide Top seven estate planning trusts Demystifying them
• 10:13
  Speaker 4: learn how to get started eight six six eight four
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  Speaker 4: eight five six ninety nine or Legal Exchange show dot com.
• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:30
  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Lutsky.
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  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
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  Speaker 2: Welcome back into legal exchange with Todd Latsky. I'm Susan Powers,
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  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
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  Speaker 2: joined by Todd Lutsky, a partner with the law firm
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  Speaker 2: of Cushing and Dolan with a master's in taxation.
• 14:08
  Speaker 3: Pool trusts are back.
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  Speaker 4: How about that?
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  Speaker 3: Yeah, that's great.
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  Speaker 4: We're going to give you a little history so that
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  Speaker 4: you can appreciate.
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  Speaker 3: Yeah, and explain what they are, what we're.
• 14:16
  Speaker 4: Doing, and explain what they are. So in this case, folks,
• 14:19
  Speaker 4: the House Bill five zero three three came out up
• 14:25
  Speaker 4: almost a week ago, maybe maybe two, and it hit
• 14:30
  Speaker 4: the Governor's desk, who, of course had ten days to
• 14:32
  Speaker 4: sign it, veto it, or change it. It is now
• 14:38
  Speaker 4: signed into law. She just signed it, and these pool
• 14:42
  Speaker 4: trusts are back. There's a few changes in there, but
• 14:45
  Speaker 4: I'm only going to focus on section nineteen of the bill,
• 14:48
  Speaker 4: which deals with pooled trusts, and it's back. They're effective
• 14:54
  Speaker 4: December sixth, near as we can tell. It's hard to tell.
• 14:57
  Speaker 4: It just happened, so I think the effective for new
• 15:00
  Speaker 4: pool trust will be December sixth. You can create them now,
• 15:04
  Speaker 4: but I don't think you can actually fund them until
• 15:07
  Speaker 4: December sixth, So.
• 15:08
  Speaker 2: Let's explain what they are so people can appreciate them
• 15:12
  Speaker 2: being back.
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  Speaker 4: So in twenty sixteen the fight started where they started.
• 15:17
  Speaker 4: The state started thinking, well, we really don't want these
• 15:19
  Speaker 4: pool trusts, and there was public hearings. I spoke at him.
• 15:22
  Speaker 4: Then there was lots of discussion. Then there was you know,
• 15:26
  Speaker 4: a time where they were going to come up with
• 15:27
  Speaker 4: legislation to legislate it back and not just let the
• 15:30
  Speaker 4: state change the regulation. And everything went round and round,
• 15:35
  Speaker 4: and then right before Governor Baker left, one thing he
• 15:38
  Speaker 4: signed right at the end tail end of his thing
• 15:40
  Speaker 4: was eliminated pool trusts, and they were effectively gone March
• 15:46
  Speaker 4: twenty twenty four. Well that didn't take long. Now they're
• 15:51
  Speaker 4: back with new legislation. So what is it? A pool
• 15:56
  Speaker 4: trust is something that allows people age sixty five and
• 16:01
  Speaker 4: older to transfer assets last minute into this pooled trust. Right,
• 16:08
  Speaker 4: and then this is governed by thirteen ninety six PD
• 16:12
  Speaker 4: four C of the Federal Rules and five twenty oh
• 16:15
  Speaker 4: one to nine D of the Mass Rules. The effect
• 16:17
  Speaker 4: would be to treat the transfer to these trusts as
• 16:22
  Speaker 4: done for fair market value. So it's as if you're
• 16:25
  Speaker 4: getting something back equal to fair market value. Therefore it's
• 16:28
  Speaker 4: not a disqualifying transfer, and it does not trigger a
• 16:33
  Speaker 4: five year waiting period on the transfer.
• 16:35
  Speaker 2: So this is something you would use if someone's in
• 16:37
  Speaker 2: the nursing home.
• 16:39
  Speaker 4: Correct. It's the last planning technique, absolutely, and it has
• 16:43
  Speaker 4: no five year waiting period. One of the very few
• 16:46
  Speaker 4: exceptions to that rule.
• 16:49
  Speaker 3: To loophole. I love a loophole.
• 16:51
  Speaker 4: Yeah, transferred in. So what's the effect of this, Well,
• 16:56
  Speaker 4: once it goes in the pool trust. These pool trusts
• 16:59
  Speaker 4: are general created by financial institution, not by us, not
• 17:03
  Speaker 4: by lawyers. The money then gets managed by that particular institution.
• 17:09
  Speaker 4: There's usually one assigned for it along with other people's money,
• 17:13
  Speaker 4: i e. Pulled trust pulled money for the benefit of
• 17:17
  Speaker 4: that individual who's in the nursing home. So you can
• 17:21
  Speaker 4: use this money for that individual in the nursing home,
• 17:24
  Speaker 4: just generally not for food and shelter because they're already
• 17:27
  Speaker 4: getting that.
• 17:27
  Speaker 3: So this is for a single individual, not a married person.
• 17:30
  Speaker 4: We're definitely going to get to that, but you're probably right,
• 17:34
  Speaker 4: and these assets then become immediately non countable for medicaid eligibility.
• 17:41
  Speaker 4: Sounds too good to be true. It's not. Now there
• 17:44
  Speaker 4: is a payback provision, so let me explain what that is.
• 17:49
  Speaker 4: But first let me tell you a little bit about
• 17:51
  Speaker 4: this new guide demystifying the top seven estate planning trust which,
• 17:56
  Speaker 4: by the way, and this.
• 17:57
  Speaker 3: Is the hope Press is not in there, right, This.
• 18:00
  Speaker 4: This trust, this pooled trust used to be in here. Yeah,
• 18:05
  Speaker 4: but it's not in here. So uh.
• 18:08
  Speaker 3: But there's the future.
• 18:09
  Speaker 4: Perhaps there will be it will be added back. But
• 18:11
  Speaker 4: there are plenty of other trusts in here for you
• 18:14
  Speaker 4: to learn about from, you know, life insurance trusts to
• 18:18
  Speaker 4: medicaid irrevocable trusts and the difference between those two and
• 18:22
  Speaker 4: Nominee Realty trust But really, folks, it's designed to say,
• 18:25
  Speaker 4: if I've never done my estate planning and I want
• 18:28
  Speaker 4: to get started, this is going to help me pick
• 18:30
  Speaker 4: the right trust for me. And if I've done my planning,
• 18:34
  Speaker 4: I might learn to see if switching from the trust
• 18:37
  Speaker 4: I have to one of these other ones might be
• 18:39
  Speaker 4: better for me. That's kind of the way I describe it.
• 18:42
  Speaker 4: Call and Get It eight six six eight four eight
• 18:45
  Speaker 4: five six nine nine or Legal Exchange show dot Com
• 18:49
  Speaker 4: again eight six six eight four eight five, six, nine
• 18:53
  Speaker 4: nine or Legal Exchange show dot com. Let's get back
• 18:57
  Speaker 4: to the payback. Yeah, so you're right, it sounds great
• 19:00
  Speaker 4: so far. We take all our excess money and we
• 19:02
  Speaker 4: put it in there, and but what happens then we're
• 19:04
  Speaker 4: immediately eligible for medicaid. Yeah, that's kind of what we're
• 19:08
  Speaker 4: trying to do. But what if you don't use it all?
• 19:12
  Speaker 4: And usually you don't. You're in the nursing home. It's
• 19:14
  Speaker 4: there to make your life better, however that can be,
• 19:18
  Speaker 4: but it doesn't always get used up.
• 19:20
  Speaker 2: So not food and shelters, so like companion care, things
• 19:24
  Speaker 2: like that.
• 19:24
  Speaker 4: You have companion care. Perhaps you know new TV for
• 19:28
  Speaker 4: the room, you want new sweatpants. We would buy something
• 19:31
  Speaker 4: to make the life better. Okay, what's the payback? Well,
• 19:38
  Speaker 4: we haven't used up all the money, and the applicant
• 19:40
  Speaker 4: or the individual and the nursing home passes away, then
• 19:43
  Speaker 4: what happens? Well three things. One, if you were in
• 19:47
  Speaker 4: there for less than two years, in the nursing home
• 19:51
  Speaker 4: for less than two years, then you've got to give charity.
• 19:55
  Speaker 4: And this is the plan of Massachusetts, Rhode Island. You
• 19:57
  Speaker 4: got to give the charity at ten p okay of
• 20:01
  Speaker 4: whatever's left. If you're in there two years or more,
• 20:06
  Speaker 4: you got to give the charity twenty percent. Okay, So
• 20:09
  Speaker 4: if there was five hundred thousand dollars left in the
• 20:11
  Speaker 4: pool trust, you got to give twenty percent charity off
• 20:14
  Speaker 4: the top. Now what's left, we have to pay the
• 20:19
  Speaker 4: state back for whatever the state incurred. So the state
• 20:24
  Speaker 4: ended up paying one hundred grand for your benefits over
• 20:26
  Speaker 4: several years. Give them one hundred grand.
• 20:29
  Speaker 2: But whatever the state paid, it's a much lower rate
• 20:32
  Speaker 2: than if you had private paid.
• 20:34
  Speaker 4: Way Laurie might you might have a lean on average
• 20:36
  Speaker 4: running up two three thousand a month.
• 20:38
  Speaker 3: Yeah, that's where you right in check for fifteen every month.
• 20:41
  Speaker 4: Yeah, okay, big difference. So so now whatever we owe
• 20:46
  Speaker 4: the state, and say it was one hundred grand in
• 20:48
  Speaker 4: our case, should give them one hundred.
• 20:49
  Speaker 3: Grand, So charity and state, and then the rest.
• 20:52
  Speaker 4: Back to the family. So whatever's left over can go
• 20:56
  Speaker 4: back to the family.
• 20:57
  Speaker 3: So everybody wins.
• 20:58
  Speaker 4: Yeah, so this is the problem. I don't know why
• 21:00
  Speaker 4: we ever wanted to get rid of it to begin with.
• 21:01
  Speaker 4: It's a win win win. The charity wins, the state
• 21:05
  Speaker 4: gets paid back, they win. The applicant is winning because
• 21:08
  Speaker 4: it's used for their care and ultimately the family might
• 21:11
  Speaker 4: have a little more left then would be the case
• 21:15
  Speaker 4: if we didn't have this. Yeah, no one is harmed.
• 21:18
  Speaker 4: Why get rid of it? Who knows? We don't have
• 21:20
  Speaker 4: to worry because it's back effect of December sixth. Well,
• 21:24
  Speaker 4: let me give you an example of exactly how it
• 21:25
  Speaker 4: would work, who would use it and when and all that.
• 21:28
  Speaker 4: Like you said, married couples, No, we're never going to
• 21:31
  Speaker 4: do this. For married couples. If you have one person
• 21:33
  Speaker 4: at home who's healthy, the spouse, and one who's going
• 21:36
  Speaker 4: in the nursing home, the spouse at home, if there's
• 21:41
  Speaker 4: excess resources, meaning there's more than one hundred and fifty
• 21:44
  Speaker 4: thousand dollars approximately kicking around, that will be used to
• 21:49
  Speaker 4: buy a Medicaid annuity, most likely for the healthy spouse.
• 21:53
  Speaker 3: To protect that.
• 21:54
  Speaker 4: That will protect it for the healthy spouse. I don't
• 21:57
  Speaker 4: need to get involved in the pool trust. But for
• 22:00
  Speaker 4: single people yes, and then when for single people would
• 22:04
  Speaker 4: you use it? Well, you got to run some numbers.
• 22:07
  Speaker 4: I mean, if the single person is young enough that
• 22:10
  Speaker 4: the excess resources will allow them to get on Medicaid
• 22:14
  Speaker 4: by buying a Medicaid annuity, for the single person, meaning
• 22:18
  Speaker 4: the payout is lower than sixty five hundred dollars a
• 22:22
  Speaker 4: month YEP, or the combined payout plus their plus their
• 22:25
  Speaker 4: Social Security is lower than about sixty five hundred dollars
• 22:29
  Speaker 4: a month. Well, then then the annuity would would work.
• 22:34
  Speaker 4: But there's plenty of people that are older. Of course,
• 22:36
  Speaker 4: when you're older, the term of the annuity is very short,
• 22:39
  Speaker 4: so and the amount of the annuity coupled with a
• 22:44
  Speaker 4: shorter term because you're older, causes the payout to be
• 22:48
  Speaker 4: way over sixty five hundred a month. Well, then the
• 22:51
  Speaker 4: annuity doesn't work. Well, if the annuity doesn't work, what's
• 22:55
  Speaker 4: our option? Pull trust?
• 22:56
  Speaker 3: Yay, they're back.
• 22:57
  Speaker 4: They're back. Now we can throw these things into the
• 22:59
  Speaker 4: pooled trust. This individual will become immediately eligible for medicaid,
• 23:04
  Speaker 4: and of course you've got to deal with the payback
• 23:07
  Speaker 4: provision and everything else. But it really stretches the money
• 23:10
  Speaker 4: for the family and allows the money to be used
• 23:13
  Speaker 4: to better the life of the person in the nursing home. Folks,
• 23:17
  Speaker 4: that's not in the guide, but at least we know
• 23:20
  Speaker 4: they're back. But if you want to get started learning
• 23:23
  Speaker 4: about what potential trust is right for you, in the
• 23:26
  Speaker 4: estate planning world. Get Demystifying the Top seven estate Planning
• 23:30
  Speaker 4: Trusts eight six, six, eight, four, eight, five, six, nine
• 23:34
  Speaker 4: to nine or Legal Exchange show dot com.
• 23:38
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:40
  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
• 23:47
  Speaker 2: be answering your listener questions when we return to the
• 23:50
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:53
  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 free your retirement and trusts are
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• 24:42
  Speaker 1: The proceeding was paid for and the views expressed are
• 24:44
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• 27:25
  Speaker 1: You're listening to the legal exchange, and it's time for
• 27:28
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:31
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:35
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:39
  Speaker 3: Welcome back, Todd.
• 27:40
  Speaker 2: We have a few questions and listeners for you. First
• 27:43
  Speaker 2: question comes from a Lane in Westboro, mass and a
• 27:46
  Speaker 2: Lane rights. My husband and I have irrevocable trusts that
• 27:49
  Speaker 2: we created in two thousand and five. He passed away
• 27:53
  Speaker 2: five years ago, and we worked with your office to
• 27:55
  Speaker 2: file the estate tax return. We both have money in
• 27:58
  Speaker 2: our trusts. I would like to make some small gifts
• 28:01
  Speaker 2: to my children this holiday season. What's the best place
• 28:05
  Speaker 2: for me to gift from his trust, my trust or
• 28:08
  Speaker 2: my bank account.
• 28:10
  Speaker 4: The first thing that's upsetting is that you mentioned the
• 28:12
  Speaker 4: holiday season already, and that's kind of oh.
• 28:14
  Speaker 2: My gosh, Summer's over and then boom Christmas.
• 28:18
  Speaker 4: We haven't got the Halloween yet.
• 28:20
  Speaker 2: She's just doing a little pre planning.
• 28:22
  Speaker 3: She wants to know I hear you, I hear you
• 28:25
  Speaker 3: to drive run for the holidays.
• 28:26
  Speaker 4: Let's run through this because there are some things to
• 28:28
  Speaker 4: think about.
• 28:29
  Speaker 3: So and can she gifts?
• 28:31
  Speaker 4: Oh, of course she can gift. Of course she can gift.
• 28:33
  Speaker 4: We've got trusts that are flexible here, folks. That's what
• 28:37
  Speaker 4: they're all about. So it's great that she's thinking about this,
• 28:41
  Speaker 4: And so anybody who has these irrevocable trusts in place,
• 28:46
  Speaker 4: I tell them sometimes, you know, if you're doing something
• 28:50
  Speaker 4: that you think might impact your estate plan in some way,
• 28:56
  Speaker 4: even if you don't know how, you might want to
• 28:59
  Speaker 4: ask about it, the question before you act, because if
• 29:03
  Speaker 4: you act and then ask, I can't help you. So
• 29:08
  Speaker 4: in this case it does make sense. This is a
• 29:11
  Speaker 4: good question. Where do I gift from? And can I gift? Yes,
• 29:15
  Speaker 4: you can gift, and you can gift from any one
• 29:17
  Speaker 4: of the buckets that she mentioned, his trust, her trust,
• 29:20
  Speaker 4: bank accounts. I'd stay away from the bank accounts. Okay,
• 29:26
  Speaker 4: why because well, one, they did this, you know, back
• 29:29
  Speaker 4: in five I don't know how old they are now.
• 29:32
  Speaker 4: I have to guess that they were probably old. Yeah,
• 29:35
  Speaker 4: I mean, even if they were sixty five or seventy
• 29:37
  Speaker 4: when they did this, they've got to be getting up there.
• 29:41
  Speaker 4: And so one, I would not want to create a
• 29:45
  Speaker 4: new five year waiting period here for someone who might
• 29:49
  Speaker 4: be in their eighties.
• 29:52
  Speaker 2: And if she gives out of her bank account, she
• 29:54
  Speaker 2: would create a new one. Or his Well he's he's
• 29:58
  Speaker 2: he passed away five years old.
• 30:00
  Speaker 4: I'm sorry, you're right, I forgot that.
• 30:01
  Speaker 2: Yeah, So if she gives from the bank account, that's
• 30:03
  Speaker 2: going to create a new fire waiting period.
• 30:06
  Speaker 4: So many people think, for whatever reason that, well, I
• 30:09
  Speaker 4: just won't do a trust that if there's a five
• 30:11
  Speaker 4: year waiting period, I'll just give my assets to my children.
• 30:14
  Speaker 4: Well there's still a five year waiting period, folks, It
• 30:16
  Speaker 4: does not matter.
• 30:18
  Speaker 3: You've just given up control in the process.
• 30:20
  Speaker 4: That The definition of a disqualifying transfer is simply you,
• 30:27
  Speaker 4: Elaine in this case, taking money that was available to
• 30:32
  Speaker 4: the nursing home i e. Your bank account and transferring
• 30:38
  Speaker 4: that money anywhere and you don't get back fair market
• 30:44
  Speaker 4: value for the transfer.
• 30:46
  Speaker 2: So like if you bought a car, that's fine because
• 30:48
  Speaker 2: you're giving a dealership money and you're getting back a car.
• 30:51
  Speaker 2: Whereas they give a child purchase, you're getting nothing back.
• 30:55
  Speaker 4: Right, So if you give it away and you don't
• 30:58
  Speaker 4: get it back fair mark value to anybody, you have
• 31:02
  Speaker 4: this five year waiting period. So bank bad idea trust
• 31:07
  Speaker 4: good idea. Why, Because this money has been sitting in
• 31:11
  Speaker 4: this trust since two thousand and five.
• 31:14
  Speaker 3: So oh five is when the clock started on that money.
• 31:17
  Speaker 4: Right, So twenty ten, all the money that's in this
• 31:21
  Speaker 4: bank account, all the growth, is already protected. A transfer
• 31:27
  Speaker 4: from there to a child, which I know our trusts
• 31:32
  Speaker 4: allowed distributions in the trustees discretion to go to you know,
• 31:37
  Speaker 4: a class children of all generations, et cetera. That's permitted.
• 31:43
  Speaker 4: So a transfer from the trust to the child, albeit
• 31:46
  Speaker 4: a gift. Nevertheless, because it's a grand our trust does
• 31:50
  Speaker 4: not create a five year waiting period because you didn't
• 31:54
  Speaker 4: make the gifty lane the trusted.
• 31:58
  Speaker 2: So better from her trust or his trust now he's
• 32:01
  Speaker 2: passed away, all right.
• 32:02
  Speaker 4: Great question. I would err on the side of taking
• 32:06
  Speaker 4: it from your trust, Elaine, because likely his trust is
• 32:10
  Speaker 4: already sheltered in some way from future death taxes when
• 32:17
  Speaker 4: you die, Elaine. So you see how all of these
• 32:20
  Speaker 4: are connected so closely together.
• 32:23
  Speaker 3: Good to trust?
• 32:24
  Speaker 4: Please ask the advice? And that's great, great question, because
• 32:28
  Speaker 4: that's exactly what this guide is all about, folks. It's
• 32:31
  Speaker 4: demystifying the top seven estate planning trusts. It explains the
• 32:36
  Speaker 4: benefits of the trusts, the tax intricacies of the trust,
• 32:41
  Speaker 4: how they operate, and then you More importantly, it'll help
• 32:45
  Speaker 4: you get started. If you've never done your estate plan
• 32:48
  Speaker 4: maybe you don't know which trust is right for you.
• 32:51
  Speaker 4: After you read this guide, you might have a better
• 32:53
  Speaker 4: idea of how to begin. Or maybe you've done your
• 32:55
  Speaker 4: planning and you want to switch folks. Get the guide
• 32:59
  Speaker 4: eight six six eight four eight five six nine nine
• 33:03
  Speaker 4: or Legal Exchange Show dot com again eight sixty six
• 33:07
  Speaker 4: eight four eight five six nine nine or Legal Exchange
• 33:11
  Speaker 4: Show dot com.
• 33:12
  Speaker 2: Last question comes from Dennis and Braintree, mass and Dennis writes,
• 33:16
  Speaker 2: my wife and I created an irrevocable trust with you
• 33:19
  Speaker 2: several years ago. We put our home and land into
• 33:22
  Speaker 2: the trust. We did not have any liquid assets to
• 33:25
  Speaker 2: put into the trust before. We are now going to
• 33:28
  Speaker 2: be selling the land. How do I handle the sale
• 33:30
  Speaker 2: of the land and the proceeds.
• 33:33
  Speaker 4: First of all, people might ask can you sell? Yeah? Absolutely,
• 33:38
  Speaker 4: can sell any time you want. So you simply direct
• 33:42
  Speaker 4: the trustee to sell. Same paperwork, P and s offer
• 33:49
  Speaker 4: whatever you need. You sign it, the trustee signs it,
• 33:52
  Speaker 4: or trustee signs it directed by mom and dad of course,
• 33:57
  Speaker 4: and if not there's that removal clause. I'll back things
• 34:00
  Speaker 4: will happen. So out goes the house or the land
• 34:06
  Speaker 4: in this case and in comes all the money. So
• 34:10
  Speaker 4: now there's an account opened up in the name of
• 34:13
  Speaker 4: the trust to receive that money.
• 34:15
  Speaker 2: So how do they get a tax ID number for that?
• 34:17
  Speaker 2: Because if they only had real estate before, they may
• 34:19
  Speaker 2: not have had one issue.
• 34:20
  Speaker 4: They may not have had one. So this is where
• 34:22
  Speaker 4: you could call back your lawyer. Yeah, and you know
• 34:24
  Speaker 4: we do it. We would just get you a tax
• 34:26
  Speaker 4: ID number right online, and then you would take the
• 34:29
  Speaker 4: ID number or the trustee would to the bank along
• 34:32
  Speaker 4: with the the trust trust itself and open up an account,
• 34:37
  Speaker 4: open up the account prior to the sale. So the
• 34:39
  Speaker 4: money is ready to flow right into this to this account.
• 34:44
  Speaker 4: Now the money's in the account and the clock never reset.
• 34:49
  Speaker 4: That's what people think. Well, now if I sold it,
• 34:51
  Speaker 4: because you said it was put in several years ago,
• 34:53
  Speaker 4: years ago, so several in my mind is three. So
• 34:56
  Speaker 4: let's say it was put in three years ago. Well,
• 35:00
  Speaker 4: there's still two more years to go before that land
• 35:05
  Speaker 4: is protected. But now Todd, you've converted the land to money,
• 35:11
  Speaker 4: just a different investment, nothing new. When in the trust,
• 35:16
  Speaker 4: all stayed in the name of the trust.
• 35:18
  Speaker 1: Right.
• 35:18
  Speaker 4: All that happened was the real estate went out and
• 35:21
  Speaker 4: money came in, and you might now open up a
• 35:24
  Speaker 4: brokerage account to invest the money.
• 35:26
  Speaker 2: So yeah, what can they do with the actual proceeds
• 35:29
  Speaker 2: from the sale? What can it be used for?
• 35:31
  Speaker 4: So now you can take that money and let's say
• 35:34
  Speaker 4: you want to invest it. You can invest it just
• 35:37
  Speaker 4: like you would if it was in your own name, right,
• 35:40
  Speaker 4: and the five year clock doesn't reset, so two more
• 35:43
  Speaker 4: years that money will be protected. And then once it's invested,
• 35:47
  Speaker 4: that money can just be used and collect the income, etc.
• 35:50
  Speaker 4: Some people might say, well, I don't want to invest it.
• 35:53
  Speaker 4: What do you want to do. I want to buy
• 35:55
  Speaker 4: a new place, a new property. I want to go
• 35:57
  Speaker 4: buy a little vacation home somewhere, maybe down in Florida
• 36:00
  Speaker 4: or in New Hampshire. Yep, you can do that again.
• 36:03
  Speaker 4: You'd simply direct the trustee to the money would go
• 36:07
  Speaker 4: out and the new home would come in again, not
• 36:13
  Speaker 4: creating a new five year waiting period.
• 36:16
  Speaker 2: Could you use that money if there's excess, could you
• 36:18
  Speaker 2: use that to fix up your current house, like make
• 36:21
  Speaker 2: home improvements and kind of pay expenses from that, like taxes,
• 36:25
  Speaker 2: and so.
• 36:25
  Speaker 4: Let's say let's say there was a home already in
• 36:29
  Speaker 4: there and a vacation home in there, and they dumped
• 36:31
  Speaker 4: the vacation home and want to fix up their home. Absolutely,
• 36:34
  Speaker 4: why you can't take the money and put it in
• 36:37
  Speaker 4: your pocket, but you can certainly use the money that's
• 36:40
  Speaker 4: in the trust to fix up an asset that's in
• 36:44
  Speaker 4: the trust, because that's simply the trustee saying I'm going
• 36:48
  Speaker 4: to invest in real estate.
• 36:51
  Speaker 3: Right, so you can pay like real estate taxes and
• 36:53
  Speaker 3: all that with that.
• 36:54
  Speaker 4: That's right, not bad. You could certainly get that done
• 36:56
  Speaker 4: and invest in the real estate. So folks lots and
• 37:00
  Speaker 4: be done with these trusts. Learn about all seven top
• 37:03
  Speaker 4: estate planning trusts. Get the guide eight six six eight
• 37:07
  Speaker 4: four eight five six nine nine or Legal Exchange Show
• 37:10
  Speaker 4: dot com.
• 37:11
  Speaker 2: If you have a question you would like to ask Todd,
• 37:13
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:17
  Speaker 2: on the ask Tod tap. Maybe I'll be able to
• 37:19
  Speaker 2: read your question on the air, and hopefully his answer
• 37:22
  Speaker 2: will stop you from becoming one of his next real
• 37:25
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:28
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:32
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:35
  Speaker 2: back with more after a quick break on the Legal
• 37:38
  Speaker 2: Exchange with Todd Lutsky.
• 37:41
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 37:44
  Speaker 1: They know that every family is unique and that every
• 37:47
  Speaker 1: estate plan must be different. Early planning is crucial if
• 37:50
  Speaker 1: you want to stress for your retirement, and trust are
• 37:52
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 37:55
  Speaker 1: but with so many kinds of trusts, you need to
• 37:57
  Speaker 1: learn about which one is right for your plan. Revocable
• 38:00
  Speaker 1: and irrevocable trusts are most common, but there are several
• 38:03
  Speaker 1: differences as well as numerous tax implications with each. If
• 38:06
  Speaker 1: you are ready to start your planning or need are
• 38:08
  Speaker 1: a fresh and existing plan, call Cushing and Dolan and
• 38:11
  Speaker 1: ask for their new guide called Dmistifying the Top seven
• 38:14
  Speaker 1: Estate Planning Trusts. Learn how to protect your assets and
• 38:17
  Speaker 1: potentially eliminate your estate taxes. Call eight six six eight
• 38:21
  Speaker 1: four eight five six ninety nine right now and ask
• 38:23
  Speaker 1: for your guide today. That's eight six six eight four
• 38:26
  Speaker 1: eight five six nine nine, or request it online at
• 38:29
  Speaker 1: Legal exchange show dot Com. The proceeding was paid four in.
• 38:32
  Speaker 1: The views expressed are solely those of Cushing and Dolan.
• 38:34
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 38:36
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 38:39
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 38:41
  Speaker 5: If you're approaching or have recently reached, the age of
• 38:44
  Speaker 5: seventy three, required minimum distributions should be a key consideration
• 38:47
  Speaker 5: as you evaluate your retirement strategy.
• 38:49
  Speaker 1: Hi.
• 38:50
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. There
• 38:52
  Speaker 5: are several factors to think about when it comes to rmds,
• 38:55
  Speaker 5: including the types of accounts that require rmds, when to
• 38:58
  Speaker 5: take your withdrawals, how your RMD is calculated, and the
• 39:01
  Speaker 5: penalty for missing all or part of an RMD. That's
• 39:04
  Speaker 5: what our new guide this month is all about. It's
• 39:06
  Speaker 5: called Frequently Asked Questions about required minimum distributions and you
• 39:10
  Speaker 5: can get your copy today by calling eight hundred three
• 39:13
  Speaker 5: nine three four zero zero one.
• 39:15
  Speaker 4: Rmds are a key.
• 39:16
  Speaker 5: Part of your retirement strategy, so don't delay. Get your
• 39:19
  Speaker 5: guide today by calling eight hundred three nine three four
• 39:22
  Speaker 5: zero zero one. That number one more time eight hundred
• 39:25
  Speaker 5: three nine three four zero zero one.
• 39:27
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:32
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:35
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:37
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:40
  Speaker 1: advisory services.
• 39:41
  Speaker 8: Last year, we introduced you to Mark Vodder, CEO of
• 39:44
  Speaker 8: Veterans Development Corporation. Mark is a career military man and
• 39:48
  Speaker 8: we're proud to have him back as the presenting sponsor
• 39:50
  Speaker 8: of the twenty twenty four DAV five K Boston.
• 39:53
  Speaker 9: I am a problem member of a military family, including
• 39:56
  Speaker 9: my father, Victor and my brother Timmy Serving my country
• 40:00
  Speaker 9: is one of the greatest achievements of my life, and
• 40:02
  Speaker 9: it's why I choose to give back to this special community.
• 40:06
  Speaker 9: My father build Veterans Development Corporation, and I am honored
• 40:09
  Speaker 9: to continue his legacy of working to help many disabled
• 40:12
  Speaker 9: veterans in their families. It also gives me great pleasure
• 40:16
  Speaker 9: to once again be the presenting sponsor of this year's
• 40:19
  Speaker 9: DAV five K Boston. I hope that by sharing my story,
• 40:22
  Speaker 9: many other disabled veterans will be able to reach their
• 40:25
  Speaker 9: goals once they conclude their service.
• 40:27
  Speaker 8: Veterans Development Corporation is proud to be the presenting sponsor
• 40:31
  Speaker 8: of this year's DAV five k, taking place on Saturday,
• 40:34
  Speaker 8: November ninth at Fort Independence in South Boston. To register
• 40:37
  Speaker 8: for this year's race, visit DAV five k dot Boston.
• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you were a loved one needs a nursing homestay, call
• 40:47
  Speaker 1: Tod right now at eight six six eight four eight
• 40:49
  Speaker 1: five six nine nine and let him make sure your
• 40:51
  Speaker 1: assets are protected. That's eight six six eight for eight
• 40:54
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:57
  Speaker 1: Exchange show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan Power as a financial advisor with the Armstrong Advisory
• 41:07
  Speaker 2: Group and I'm joined, of course by Todd Lutsky, a
• 41:10
  Speaker 2: partner with the law firm of Cushing and Dolan with
• 41:13
  Speaker 2: a master's in taxation. So Todd, I met with a
• 41:16
  Speaker 2: client this week and they have a very young family,
• 41:20
  Speaker 2: and I said, oh, did you the last time I
• 41:23
  Speaker 2: met with them? They were going to meet with an attorney.
• 41:25
  Speaker 2: I said, Oh, did you end up meeting with an attorney?
• 41:27
  Speaker 2: They're like, no, we really got to do that. I'm like,
• 41:29
  Speaker 2: you really got to do it. So it made me think.
• 41:33
  Speaker 2: I know, we talk an awful lot about irrevocable trust planning,
• 41:37
  Speaker 2: but I want to talk about revocable trust planning and
• 41:41
  Speaker 2: the benefits of that, because some people think of a
• 41:44
  Speaker 2: state planning as something I do when I'm old, and
• 41:46
  Speaker 2: it's really not.
• 41:48
  Speaker 3: It's really not.
• 41:49
  Speaker 2: So who should actually consider using a revocable trust?
• 41:54
  Speaker 4: Yeah, and that's a great question, because you're right. I
• 41:56
  Speaker 4: think mostly the idea is we will who are estate
• 42:00
  Speaker 4: planning when we're older, when we have stuff, and we
• 42:04
  Speaker 4: might not have a lot of stuff when we're younger,
• 42:07
  Speaker 4: so we don't care. And to some degree that's correct.
• 42:12
  Speaker 4: But I think you need to add a little more
• 42:15
  Speaker 4: facts to the situation because they have.
• 42:18
  Speaker 2: Two very valuable assets, beautiful little children.
• 42:22
  Speaker 4: And so I think at the end of the day,
• 42:25
  Speaker 4: you're right. If you're single, you're graduated, you're working in
• 42:29
  Speaker 4: your first job, you may or may not have your
• 42:31
  Speaker 4: house yet. I mean, yeah, you probably don't need in
• 42:34
  Speaker 4: a state plan you know, you buy your first house,
• 42:36
  Speaker 4: but you're still single. I mean, yeah, not still not critical, right,
• 42:41
  Speaker 4: I get it. But once you get married and then
• 42:44
  Speaker 4: have children, now it's not so much about the assets.
• 42:49
  Speaker 4: Although by that time you might also have a house. Sure,
• 42:54
  Speaker 4: you might have you know, some money in a four
• 42:55
  Speaker 4: to oh one k or a bank account, and we
• 42:57
  Speaker 4: might be starting to save assets.
• 42:58
  Speaker 3: You may have some life insurance.
• 43:01
  Speaker 4: That's a really good point. You don't think about that,
• 43:03
  Speaker 4: but most younger people have the life insurance and in
• 43:07
  Speaker 4: that one item alone could be a million dollar payout. Right,
• 43:11
  Speaker 4: you could about a million dollars of life insurance. So
• 43:14
  Speaker 4: so I think you start thinking that there may be
• 43:16
  Speaker 4: some assets, but more importantly, how do we take care
• 43:19
  Speaker 4: of the young children. And so in that case, you
• 43:23
  Speaker 4: know you want to trust, Yes to avoid the probate.
• 43:26
  Speaker 4: Yes to perhaps you know, eliminate maybe more of a
• 43:30
  Speaker 4: state death tax than it would be a federal death tax,
• 43:35
  Speaker 4: just because life insurance could be a million dollars by itself,
• 43:37
  Speaker 4: and you get close to that two million dollars in
• 43:40
  Speaker 4: mass anyway, and then check your own state for your
• 43:43
  Speaker 4: own exemption. So yes to avoid probate, Yes to reduce
• 43:47
  Speaker 4: the state taxes. But really more important than any of
• 43:51
  Speaker 4: that is, my kids are miners and cannot own anything,
• 43:57
  Speaker 4: and I don't want the guardian owning my stuff. I'd
• 44:01
  Speaker 4: rather have my stuff owned in the trust, which it
• 44:04
  Speaker 4: can do yep. And then the trust has language governing
• 44:08
  Speaker 4: how it's going to be used for my children and
• 44:12
  Speaker 4: owned by the trust. So I like that way better.
• 44:15
  Speaker 4: And that's really why you do it, to take care
• 44:18
  Speaker 4: of the children, decide benefits are good too. But that's
• 44:24
  Speaker 4: really why, you know.
• 44:24
  Speaker 2: It was interesting and I think we take for granted
• 44:27
  Speaker 2: because we've been talking about this stuff for a long
• 44:29
  Speaker 2: time and you've been practicing a long time.
• 44:31
  Speaker 3: Not that you're old, but saying that.
• 44:34
  Speaker 2: However, one of the things one of the spouses said was.
• 44:38
  Speaker 3: Well, what is a trust? What do you mean? What
• 44:41
  Speaker 3: is a trust?
• 44:41
  Speaker 2: So maybe just in very basic terms, explain what that is.
• 44:47
  Speaker 4: Yeah, So people get hung up when they say, you know,
• 44:49
  Speaker 4: trust a trust? I go, A trust is an entity
• 44:53
  Speaker 4: like any other entity. I know, it's a big thick
• 44:56
  Speaker 4: piece of paper, big big legal document, and that's the entity.
• 45:00
  Speaker 4: You want to say, show to them, here's your trust.
• 45:02
  Speaker 4: But it's just a bunch of paper. Yeah, But it's
• 45:05
  Speaker 4: just an entity. It's no different than an operating agreement
• 45:08
  Speaker 4: for an LLC. Right, they say, well, what is it? Well,
• 45:11
  Speaker 4: it's an LLC. Here's the operating agreement. It's about as
• 45:13
  Speaker 4: thick as a trust. It's just an entity, folks. It's
• 45:17
  Speaker 4: an entity like a corporation, entity that owns things and
• 45:23
  Speaker 4: is controlled. Remember the entities cannot act on their own.
• 45:27
  Speaker 4: They're controlled by a trustee, or if it's a corporation,
• 45:31
  Speaker 4: it might be a president.
• 45:32
  Speaker 3: And if it's a.
• 45:33
  Speaker 2: Revocable trust, you're your own trustee.
• 45:36
  Speaker 3: Usually right now, your alter ego.
• 45:37
  Speaker 4: You can do everything you could do before you put
• 45:41
  Speaker 4: it in this entity. But the name of the stuff
• 45:45
  Speaker 4: that you have in there comes in the name of
• 45:47
  Speaker 4: the entity.
• 45:48
  Speaker 3: So like Jones Family Trust.
• 45:49
  Speaker 4: And mister Jones is a trustee. Have a ball?
• 45:53
  Speaker 3: Got it?
• 45:54
  Speaker 4: Really simple, straightforward. Don't overthink it, folks. And to help
• 45:58
  Speaker 4: you not overthink it, get this new guide Demystifying the
• 46:02
  Speaker 4: top seven estate planning trusts. They will help you with
• 46:06
  Speaker 4: not only revocable trust like Susan was just asking about,
• 46:09
  Speaker 4: but not many realty trusts so misunderstood all the time.
• 46:14
  Speaker 4: They're misunderstood. What about medicaid irrevocable and how do they
• 46:17
  Speaker 4: differ from irrevocable life insurance trust, which we talked a
• 46:21
  Speaker 4: little bit about a moment ago. Right, life insurance trusts
• 46:24
  Speaker 4: are way different than a medicaid irrevocable trust. So how
• 46:29
  Speaker 4: these things work? What if you've got a special needs child?
• 46:32
  Speaker 4: Folks seven trusts to learn about. They will help you
• 46:37
  Speaker 4: get started in the estate planning world, call and get
• 46:40
  Speaker 4: the guide eight six six eight four eight five six
• 46:44
  Speaker 4: ninety nine or Legal Exchange show dot com again eight
• 46:48
  Speaker 4: sixty six eight four eight five six nine nine or
• 46:52
  Speaker 4: Legal Exchange Show dot com.
• 46:54
  Speaker 2: So you have this trust, this separate entity that now
• 46:58
  Speaker 2: owns your stuff. So do you have to file a
• 47:00
  Speaker 2: separate tax return when you have a revocable trust.
• 47:04
  Speaker 4: A revocable trust? The answer is emphatically no. Okay, Well
• 47:09
  Speaker 4: let me explain why it's no. People say, well, you
• 47:12
  Speaker 4: just said it's an entity. How come it doesn't have
• 47:14
  Speaker 4: to file? Like you know, an LLC is an entity
• 47:17
  Speaker 4: and it may have to file. Corporations have to file, right,
• 47:23
  Speaker 4: But in this case, since it's a revocable trust, when
• 47:27
  Speaker 4: you retitle your brokerage account, let's say, or your bank
• 47:32
  Speaker 4: account into the name of the trust, and it starts
• 47:35
  Speaker 4: generating interest and dividends. When you open up that account,
• 47:39
  Speaker 4: the bank or the institution is going to ask you
• 47:42
  Speaker 4: for an ID number for the trust, a tax ID number,
• 47:46
  Speaker 4: a tax ID number for the trust, because it's an
• 47:49
  Speaker 4: entity and it might have to file. However, in this case,
• 47:53
  Speaker 4: the ID number you give for the trust when it's
• 47:56
  Speaker 4: revocable is your own Social Security number. So now the
• 48:03
  Speaker 4: ten ninety nine's come in the name of the trust,
• 48:06
  Speaker 4: but under your social So the IRS is simply looking
• 48:12
  Speaker 4: for that to show up on your personal ten forty.
• 48:17
  Speaker 3: Okay, perfect, thanks and easy.
• 48:19
  Speaker 4: Yeah.
• 48:19
  Speaker 2: What type of assets should you actually transfer into your
• 48:22
  Speaker 2: revocable trust?
• 48:24
  Speaker 4: Yeah, and that's that's also it's a lot easier to
• 48:27
  Speaker 4: think about because I'm going to say to begin with
• 48:32
  Speaker 4: everything and then carve out what you can't iras four
• 48:39
  Speaker 4: oh one k's, four oh three bs, you know, four
• 48:41
  Speaker 4: fifty seven plans, the qualified plan money you can't transfer.
• 48:48
  Speaker 3: No retirement accounts.
• 48:49
  Speaker 4: No retirement accounts can go into the trust. Everything else
• 48:53
  Speaker 4: I don't see why you can't. I mean, even so
• 48:57
  Speaker 4: your home, your vacation home, your rental properties, your brokerage account,
• 49:03
  Speaker 4: even life insurance. You have to think about it. It
• 49:06
  Speaker 4: may go into the revocable trust or you term.
• 49:10
  Speaker 2: Life at that stage of life, if you have a
• 49:11
  Speaker 2: younger family, right.
• 49:13
  Speaker 4: Right, right, so the term you might just say, yeah,
• 49:15
  Speaker 4: just leave it in there. But in the long run,
• 49:17
  Speaker 4: if you have whole life or something and you want
• 49:19
  Speaker 4: to think about making the life insurance estate tax free,
• 49:25
  Speaker 4: remember it's always income tax free, then you might think
• 49:28
  Speaker 4: about putting that somewhere else. But other than that, I
• 49:30
  Speaker 4: would say yes, and even little joint bank.
• 49:33
  Speaker 3: Accounts, Okay, I don't have a problem with you.
• 49:35
  Speaker 2: So there's no restrictions on putting something in and taking
• 49:38
  Speaker 2: it out. Then that's kind of what it sounds like.
• 49:41
  Speaker 4: That's exactly right, and that's why I would put it
• 49:43
  Speaker 4: in because you will do everything you did before you
• 49:48
  Speaker 4: had in there the same way.
• 49:50
  Speaker 2: So at that stage of life, for like my couple
• 49:53
  Speaker 2: I was speaking to, their house is their biggest asset.
• 49:57
  Speaker 3: Sure, but they have a mortgage on it.
• 49:59
  Speaker 2: So if they they have that mortgage, can they still
• 50:01
  Speaker 2: transfer it to the revocable trust.
• 50:04
  Speaker 4: And now, in an easy quick answer, yes, So because
• 50:07
  Speaker 4: it's a revocable trust, you're still considered the owner of
• 50:12
  Speaker 4: the property, and so the do on sale clause will
• 50:16
  Speaker 4: not be triggered. Okay, that may be different when you
• 50:18
  Speaker 4: talk about other trusts. Folks, speaking of other trusts, get
• 50:22
  Speaker 4: the guide Top seven estate Planning Trusts eight sixty six,
• 50:26
  Speaker 4: eight four, eight five six ninety nine or Legal Exchange
• 50:30
  Speaker 4: show dot com.
• 50:32
  Speaker 2: And all this stuff in there that we've talked about.
• 50:34
  Speaker 2: The revocable that's in their details on that as well.
• 50:37
  Speaker 4: Yes, revocable, irrevocable. Get the guide, especially nominy realty trusts
• 50:41
  Speaker 4: even yeah, learn about those because those are tricky.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 4: Thank you, Susan, always pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 3: We thank you for joining us today and.
• 50:55
  Speaker 2: We'll be back again next week on the Legal Exchange
• 50:58
  Speaker 2: with Todd.
• 50:59
  Speaker 1: Lutsky 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
• 51:10
  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
• 51:29
  Speaker 1: ask for their new guide called Dmistifying the Top seven
• 51:32
  Speaker 1: Estate Planning Trusts. Learn how to protect your assets and
• 51:35
  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
• 51:47
  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
• 51:54
  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 1: Saving money in.
• 52:00
  Speaker 5: An IRA or a four to oh one K can
• 52:02
  Speaker 5: provide tax advantages and are excellent ways to help make
• 52:05
  Speaker 5: sure you're financially prepared for retirement. Hy This is Mike
• 52:07
  Speaker 5: Armstrong from the Armstrong Advisory Group and if you're nearing retirement,
• 52:11
  Speaker 5: you need to be aware of the federal regulations regarding
• 52:14
  Speaker 5: required minimum distributions. Once you reach a certain age, you
• 52:17
  Speaker 5: must begin withdrawing money from these accounts. Rm ds can
• 52:20
  Speaker 5: influence which accounts to withdraw from first and how much
• 52:23
  Speaker 5: you'll owe in taxes during retirement. If you need information
• 52:25
  Speaker 5: regarding the rules related to rmds, call us at eight
• 52:28
  Speaker 5: hundred three nine three four zero zero one and ask
• 52:31
  Speaker 5: for your copy of our new free guide called Frequently
• 52:34
  Speaker 5: Asked Questions about Required Minimum Distributions. Rmds are a core
• 52:38
  Speaker 5: element to your retirement strategy, and this guide can help
• 52:41
  Speaker 5: educate you on the rules related to them. That number again,
• 52:44
  Speaker 5: eight hundred three nine three four zero zero one.
• 52:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or any Armstrong
• 52:51
  Speaker 1: guide a specific financial, legal, or tax advice cansult your
• 52:54
  Speaker 1: own financial tax into state planning advisors before making any
• 52:56
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