Latest / The Legal Exchange / The basics of estate planning

Transcript

The basics of estate planning · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: 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 master's in taxation. Welcome Todd.
• 0:51
  Speaker 3: How are you today?
• 0:52
  Speaker 4: I am never better in you?
• 0:54
  Speaker 3: I'm great. Thanks. What do you have for us this week?
• 0:56
  Speaker 4: Couple of things. We've got a couple of cases.
• 0:58
  Speaker 5: It's a Maryland Depellate Court case, and we head over
• 1:01
  Speaker 5: to Iowa and we get to go to the Supreme Court,
• 1:04
  Speaker 5: so it's a super Bowl day for me. First one
• 1:08
  Speaker 5: is more about marital agreements and irrevocable trusts and you
• 1:13
  Speaker 5: know how they mix, how they don't mix?
• 1:16
  Speaker 4: Right?
• 1:16
  Speaker 5: So can you provide in a a second marriage situation,
• 1:20
  Speaker 5: you know, you put together a marital agreement guaranteeing a
• 1:24
  Speaker 5: spouse something like money, giving up their right to claim
• 1:29
  Speaker 5: other assets later, either at death or divorce, and how
• 1:33
  Speaker 5: do those mix in with the overall state plan. Give
• 1:35
  Speaker 5: this person a lot of kudos for doing some planning
• 1:37
  Speaker 5: after their first marriage, which is important.
• 1:39
  Speaker 4: But we're gonna play out the string and see.
• 1:41
  Speaker 5: If that actually works together, especially after you actually collect
• 1:45
  Speaker 5: income from this this agreement that you put together and
• 1:49
  Speaker 5: then try to claim that the agreement doesn't exist. We'll
• 1:52
  Speaker 5: see how that plays out well. Then we head over
• 1:55
  Speaker 5: to Iowa. We got a Supreme Court case there dealing
• 1:57
  Speaker 5: with really joint accounts. It's joint accounts and the problems
• 2:01
  Speaker 5: with them. We're going to explain how these joint accounts
• 2:04
  Speaker 5: were set up as a married couple and then he
• 2:07
  Speaker 5: decided to start taking money secretively from these joint accounts
• 2:12
  Speaker 5: without telling anybody, and then he went ahead and died
• 2:15
  Speaker 5: without an estate plan.
• 2:17
  Speaker 4: Well what do you think she did?
• 2:19
  Speaker 5: Yeah, well, we'll see what she did, and we'll see
• 2:21
  Speaker 5: how joint accounts work and all the pros and cons
• 2:23
  Speaker 5: that go with them. But folks, that's not really planning.
• 2:27
  Speaker 5: So if you want to not have just joint accounts
• 2:30
  Speaker 5: and learn how to do your own estate plan, this
• 2:33
  Speaker 5: guide is called back to the basics, but some parts
• 2:35
  Speaker 5: of me wants to say it's really your ability to
• 2:38
  Speaker 5: get your estate plan started, because it's an engagement letter
• 2:41
  Speaker 5: that I basically put together for a made up client
• 2:44
  Speaker 5: with fact patterns and family dynamics and money. And then
• 2:48
  Speaker 5: I go into a detailed explanation of all the documents
• 2:51
  Speaker 5: from wills and healthcares and powers of attorney and all
• 2:54
  Speaker 5: the basic documents that we need, culminating with a complete
• 2:57
  Speaker 5: description of how the irrevocable trust works to accomplish this
• 3:02
  Speaker 5: particular client's wishes. You then can take your own situation
• 3:08
  Speaker 5: attach it here see if the plan works for you.
• 3:11
  Speaker 5: Either way, it's gonna give you an opportunity to learn
• 3:14
  Speaker 5: how to begin your estate plan, to what to think
• 3:17
  Speaker 5: about when you're doing your estate plan along with a
• 3:20
  Speaker 5: lot of great planning information. Call and get the guide.
• 3:23
  Speaker 5: It is the end of the month, folks, it's the
• 3:25
  Speaker 5: last chance to get it back to the basics. Eight
• 3:28
  Speaker 5: six six eight four eight five six ninety nine or
• 3:32
  Speaker 5: Legal Exchange Show dot com again eight six six eight
• 3:36
  Speaker 5: four eight five six nine nine or Legal Exchange Show
• 3:41
  Speaker 5: dot Com. It's kind of scary. They can actually see
• 3:43
  Speaker 5: how I recommend things to clients with this.
• 3:46
  Speaker 4: That's good, interesting, good thing, folks.
• 3:49
  Speaker 5: Let's go to Maryland. We got a pellet cord case there.
• 3:52
  Speaker 4: So what happened?
• 3:53
  Speaker 5: Dorothy and John got married in nineteen ninety six. John
• 3:57
  Speaker 5: created an irrevocable trust right away to provide for Dorothy.
• 4:02
  Speaker 5: That's dorothy so income for life, and he throws two
• 4:06
  Speaker 5: million dollars into this account, and as a condition, Dorothy
• 4:12
  Speaker 5: would give up her right to assets additional claims against
• 4:16
  Speaker 5: John's assets in the event of death or divorce. They
• 4:21
  Speaker 5: sign the marital Property Agreement that included a release of
• 4:26
  Speaker 5: the rights against each other's separate property and the right
• 4:31
  Speaker 5: to the elective share. The elective share is wonder if
• 4:36
  Speaker 5: you're disinheriting a spouse, you can't just disinherit a spouse.
• 4:40
  Speaker 5: You have to provide something or they will go after
• 4:44
  Speaker 5: this for share. She's waiving that right, which you're allowed
• 4:47
  Speaker 5: to do. Dorothy, then over time ends up collecting four
• 4:54
  Speaker 5: hundred and fifty thousand dollars in income from this this
• 4:59
  Speaker 5: marital agreement, in this in this irrevocable trust. Well, then
• 5:05
  Speaker 5: John dies Well Dorothy decided to file a declaratory judgment
• 5:10
  Speaker 5: that said the marital agreement was void because she was
• 5:13
  Speaker 5: unaware of the agreement and John lacked capacity to enter
• 5:17
  Speaker 5: into that agreement. I know you should be looking with
• 5:21
  Speaker 5: a funny face.
• 5:21
  Speaker 2: Lacked capacity to enter the agreement, and the marriage because
• 5:25
  Speaker 2: it was at the same.
• 5:25
  Speaker 4: Time, seemed pretty close.
• 5:27
  Speaker 5: They didn't give us the actual dates. So what's the
• 5:33
  Speaker 5: estate to, Well, the estate files a motion for summary judgment, rightfully,
• 5:37
  Speaker 5: so I think that just means go away. You don't
• 5:39
  Speaker 5: really have a claim. There's there's no dispute of a
• 5:43
  Speaker 5: material fact here. That's what a summary judgment is. In
• 5:47
  Speaker 5: the trial court, no surprise granted the summary judgment because
• 5:51
  Speaker 5: they said, Dorothy, you accepted the benefits of the agreement,
• 5:56
  Speaker 5: you got the income from the trust, so you're a
• 5:59
  Speaker 5: stop I love that word has stopped from questioning the
• 6:03
  Speaker 5: validity of the irrevocable trust, which is why he said
• 6:06
  Speaker 5: he didn't have capacity. I think that comment goes towards
• 6:10
  Speaker 5: the ability to draft the trust. Her other comment was,
• 6:13
  Speaker 5: you know, I wasn't aware of the marital agreement.
• 6:16
  Speaker 2: You weren't aware that you got handed maybe a half
• 6:18
  Speaker 2: a million dollars close to.
• 6:19
  Speaker 3: It the course of the years.
• 6:21
  Speaker 5: Well, she appealed, so she obviously wasn't comfortable, so she
• 6:24
  Speaker 5: appealed to the appellate court agreed. Dorothy Year stopped from
• 6:28
  Speaker 5: challenging the marital property agreement because you accepted money from it.
• 6:34
  Speaker 5: You can't accept money from something and then claim it
• 6:37
  Speaker 5: doesn't exist.
• 6:37
  Speaker 2: Because that was basically their prena. They got divorced, she
• 6:42
  Speaker 2: would have gotten that, and that's it.
• 6:44
  Speaker 4: Kind of covered both.
• 6:45
  Speaker 5: So you know, I couldn't not present this case because
• 6:49
  Speaker 5: those facts are just egregious.
• 6:51
  Speaker 4: Right.
• 6:51
  Speaker 5: And again, folks, whether this couple is fighting or not fighting,
• 6:55
  Speaker 5: that isn't the issue. Let's talk about what the tips
• 6:58
  Speaker 5: are we can learn from this.
• 6:59
  Speaker 4: Right.
• 7:00
  Speaker 5: So, obviously it was a second marriage. So kudos for
• 7:04
  Speaker 5: this person stepping up to the plate and saying, look,
• 7:07
  Speaker 5: I want to, you know, provide protection of the assets
• 7:11
  Speaker 5: for his own family, but provide for her. And so
• 7:15
  Speaker 5: he's doing that here. And again it's important to plan
• 7:19
  Speaker 5: after the divorce, and he did that here. And by
• 7:21
  Speaker 5: the way, the trust was irrevocable from the get go,
• 7:24
  Speaker 5: so likely this was protected from the nursing home as well. Right,
• 7:29
  Speaker 5: probably had other creditor protection language in it as well.
• 7:32
  Speaker 5: So it's really ensuring that these assets are going to
• 7:36
  Speaker 5: be there for her, but in all fairness, probably also
• 7:40
  Speaker 5: for his side of the family right at the end
• 7:43
  Speaker 5: of the day.
• 7:44
  Speaker 4: So I don't have a problem with this.
• 7:46
  Speaker 5: And I'm going to share a real life story with
• 7:47
  Speaker 5: you because it really applies to this, and not too
• 7:50
  Speaker 5: long ago I had I'm working on it actually currently
• 7:52
  Speaker 5: that a client of mine is now entered into a
• 7:55
  Speaker 5: second marriage. I did the planning for her in her
• 7:58
  Speaker 5: first marriage, he died and we did the estate admin
• 8:01
  Speaker 5: and then she went away and then years later she's
• 8:03
  Speaker 5: now back married. Well it turns out she's marrying someone.
• 8:06
  Speaker 5: It's got some do now eight nine million whatever, And
• 8:10
  Speaker 5: basically he's getting his estate plan done by other attorneys
• 8:14
  Speaker 5: and they recommended that you use your own lawyer to
• 8:17
  Speaker 5: get your estate plan done to the wife. So so
• 8:21
  Speaker 5: she calls and she comes in and she says, we're gonna,
• 8:23
  Speaker 5: you know, do your own estate planning. But they sent
• 8:26
  Speaker 5: over the plan they put together for him for him
• 8:30
  Speaker 5: that takes care.
• 8:30
  Speaker 4: Of her for me to look at. And you know what,
• 8:33
  Speaker 4: it's not really bad.
• 8:35
  Speaker 5: Really basically it says when I reviewed it that basically
• 8:38
  Speaker 5: there's a marital share and a remainder share like you
• 8:40
  Speaker 5: would expect. And then it states that she gets to
• 8:43
  Speaker 5: live in the house for her whole life. It's a
• 8:46
  Speaker 5: nice place down in Florida whatever. She gets to live
• 8:49
  Speaker 5: in the house for her whole life. However, she must
• 8:51
  Speaker 5: pay for all expenses, up keep, maintenance, taxes, etc. Oh
• 8:55
  Speaker 5: and in addition, she is to get all the income
• 8:59
  Speaker 5: from I think it was the marital share or whatever
• 9:01
  Speaker 5: where the money was, but never less than three hundred
• 9:05
  Speaker 5: thousand dollars a year. So you get three hundred. Market
• 9:09
  Speaker 5: has a great year, and your trust earns four hundred thousand,
• 9:12
  Speaker 5: you get all four hundred. Ye has a bad year,
• 9:15
  Speaker 5: they tap into principle and you still get your three hundred.
• 9:17
  Speaker 4: Ye not a bad deal.
• 9:20
  Speaker 5: And in essence, that's basically paying that's giving her the
• 9:24
  Speaker 5: money to pay for the expenses to live in the house.
• 9:26
  Speaker 5: When you stop and think about it, right, so that's
• 9:29
  Speaker 5: not a bad deal at all. And so that's just
• 9:32
  Speaker 5: another example of a way to take care of you.
• 9:36
  Speaker 5: You know, these a lot of these are designed as
• 9:38
  Speaker 5: I love you, honey, but I don't trust you, and
• 9:41
  Speaker 5: so here's the stuff. And then we basically did an
• 9:45
  Speaker 5: estate plan for her, and he said, look, I don't
• 9:47
  Speaker 5: want any of your stuff, none of it when you're diye,
• 9:49
  Speaker 5: leave it all to your kids right away. It seems
• 9:51
  Speaker 5: like a relatively reasonable way to go. So, folks, that's
• 9:55
  Speaker 5: just planning again, second marriage. Ways to do things on
• 9:58
  Speaker 5: the second marriage. But this guide is back to the basics,
• 10:01
  Speaker 5: and you may have her done any planning. Get the
• 10:05
  Speaker 5: guide Learn how to kick off your estate plan. It's
• 10:08
  Speaker 5: a legal recommendation to a family that I made up.
• 10:12
  Speaker 5: Get the guide last Chance eight six six eight four
• 10:16
  Speaker 5: eight five six nine nine or Legal Exchange show dot com.
• 10:20
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:23
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:26
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:30
  Speaker 2: much more to come when we return to the Legal
• 10:32
  Speaker 2: Exchange with Todd Lutsky.
• 10:35
  Speaker 1: If you're a nearing retirement agent are concerned about how
• 10:37
  Speaker 1: to protect your assets, you need to call Cushing and Dolan,
• 10:40
  Speaker 1: the experts in o their law. Their new guide is
• 10:43
  Speaker 1: called Back to the Basics, and it will help you
• 10:45
  Speaker 1: create a plan that will help you understand issues like
• 10:47
  Speaker 1: avoiding probate, passing your assets along to your family, and
• 10:50
  Speaker 1: potentially eliminating your estate taxes. This free guide has all
• 10:54
  Speaker 1: the information you need to build a safe and secure
• 10:56
  Speaker 1: estate plan that will give you peace of mind as
• 10:58
  Speaker 1: you close in on retirement. Call eight six six eight
• 11:01
  Speaker 1: four eight five six ninety nine right now and request
• 11:03
  Speaker 1: your free guide today. You can also request a no
• 11:06
  Speaker 1: obligation consultation to review any current planning you've done. Cushing
• 11:10
  Speaker 1: and Dolan have been helping families like yours for thirty years.
• 11:13
  Speaker 1: Let them help you too. Get their new guide, called
• 11:15
  Speaker 1: Back to the Basics today Call eight sixty six eight
• 11:18
  Speaker 1: four eight five six nine nine, or request the guide
• 11:21
  Speaker 1: online by visiting Legal Exchange show dot com. The proceeding
• 11:24
  Speaker 1: was paid for and the mus expressed are sole lea
• 11:26
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 11:28
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 11:31
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 11:34
  Speaker 1: other and are not affiliated.
• 11:36
  Speaker 6: Medicare provides health coverage from millions of Americans, but it's
• 11:39
  Speaker 6: a challenging program. Being aware of its many complexities is
• 11:42
  Speaker 6: crucial to your healthcare plans for later life. Hi, this
• 11:45
  Speaker 6: is Mike Armstrong from the Armstrong Advisory Group and our
• 11:47
  Speaker 6: new guide is called Understanding Medicare. Essential Questions Answered in
• 11:51
  Speaker 6: It will help you learn about the basics, including enrollment periods, costs,
• 11:54
  Speaker 6: and coverage options, as well as more complicated issues like
• 11:57
  Speaker 6: filing claims and appeals and planning for long term care.
• 12:00
  Speaker 6: Call us today at eight hundred three nine three four
• 12:03
  Speaker 6: zero zero one and request your free guide today. There
• 12:05
  Speaker 6: are many resources available to help you understand your options
• 12:08
  Speaker 6: and rights under Medicare. Ask for our free guide and
• 12:11
  Speaker 6: learn more so that you can make the most informed
• 12:13
  Speaker 6: decisions for your healthcare. And you can get it by
• 12:16
  Speaker 6: calling eight hundred three nine three four zero zero one.
• 12:19
  Speaker 6: Again that numbers eight hundred three nine three four zero
• 12:22
  Speaker 6: zero one.
• 12:22
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 12:25
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 12:27
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 12:30
  Speaker 1: your own financial tax into state planning advisors before making
• 12:32
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 12:35
  Speaker 1: advisory services.
• 12:37
  Speaker 7: This is Michael Valila, adjudent of the Disabled American Veterans
• 12:40
  Speaker 7: Department of Massachusetts. The DAVIA, Massachusetts has helped me and
• 12:44
  Speaker 7: countless others adjust to civilian life through a variety of
• 12:47
  Speaker 7: incredible programs. Through our Local Veterans Assistance Program, we provide
• 12:52
  Speaker 7: necessary services to veterans in their communities such as food, shopping, landscaping,
• 12:57
  Speaker 7: and companionship. But we need your support. You can help
• 13:00
  Speaker 7: by making a donation today. Please visit DAV five k
• 13:03
  Speaker 7: dot Boston. That's dav five k dot Boston.
• 13:08
  Speaker 8: Oh what a night. Join me on Sunday, March second
• 13:11
  Speaker 8: for the twenty ninth annual Elli Fund Redcarpet Gala at
• 13:15
  Speaker 8: the Omni Boston Seaport Hotel Hi.
• 13:18
  Speaker 3: This is Candy O.
• 13:18
  Speaker 8: Terry, Honored to accept the Ellifund's Ellie Popkin Award with
• 13:23
  Speaker 8: wcvb's Karen Holmes Ward from this beloved nonprofit devoted to
• 13:28
  Speaker 8: breast cancer patients and their families ellifund dot org. That's
• 13:32
  Speaker 8: ellifund dot org. And don't forget to wear a pink.
• 13:37
  Speaker 1: You're listening to the Legal Exchange with Todd Ludsky, an
• 13:40
  Speaker 1: expert in elder life planning and taxation. Need help with
• 13:43
  Speaker 1: your estate plan? Contid right now and make an appointment
• 13:46
  Speaker 1: eight six six eight four eight five six ninety nine.
• 13:49
  Speaker 1: That's eight six six eight four eight five six nine.
• 13:51
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:55
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 13:58
  Speaker 2: and I'm joined by Todd LETTI a partner with the
• 14:01
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:05
  Speaker 3: Where are we headed now, Todd, We're.
• 14:07
  Speaker 5: Gonna head over to iowaka super Bowl Supreme Court. John
• 14:11
  Speaker 5: and Peggy we're gonna talk about joint accounts. This is
• 14:14
  Speaker 5: all about joint accounts. And you're wondering how joint accounts hockeme.
• 14:17
  Speaker 5: It's not a trust, Todd. Well, because some people don't plan,
• 14:20
  Speaker 5: and they think doing a will and having joint accounts
• 14:22
  Speaker 5: is planning. I think we're going to find out it's not.
• 14:25
  Speaker 5: So John and Peggy get married in nineteen eighty. They
• 14:29
  Speaker 5: had jointly owned bank accounts, very common. They never distinguished
• 14:34
  Speaker 5: between what money went in there, like who put what in?
• 14:37
  Speaker 5: And that also makes sense, no one does that. They
• 14:41
  Speaker 5: don't specifically want to know who put what in. Well,
• 14:45
  Speaker 5: later on John became kind of secretive about the money
• 14:49
  Speaker 5: and he started making withdraws without Peggy knowing. Is he
• 14:53
  Speaker 5: allowed to Well, it's a joint account. The answer, yes,
• 14:57
  Speaker 5: he can do that. And then John went ahead and
• 15:00
  Speaker 5: twenty eighteen and died. Remember they were married in nineteen eighty.
• 15:04
  Speaker 5: Twenty eighteen, he died guess what without with a will,
• 15:09
  Speaker 5: not mentioning Peggy. So we all should be scratching our
• 15:13
  Speaker 5: head saying, how are you married that long doing estate
• 15:16
  Speaker 5: plan on your own and only do a will and
• 15:20
  Speaker 5: ignore your wife in the will.
• 15:22
  Speaker 3: So he did it after they were married.
• 15:24
  Speaker 5: I assume it doesn't say in the facts, but I
• 15:27
  Speaker 5: mean it's such a long time. So it was like,
• 15:29
  Speaker 5: why would you not have a state planning done together? Again,
• 15:32
  Speaker 5: that's why people get this guy. So you get started. Okay,
• 15:36
  Speaker 5: So we go on. So Peggy files a forced share,
• 15:39
  Speaker 5: of course, saying, well, wait a minute, remember we talked
• 15:41
  Speaker 5: about force share in the last segment. Hey, you can't
• 15:44
  Speaker 5: just disinherit your spouse. That's what a forced share is.
• 15:47
  Speaker 5: You have the right to get at least something, and
• 15:51
  Speaker 5: every state is different, so check with your state. She
• 15:55
  Speaker 5: also claimed one half of the balance of two CDs
• 16:00
  Speaker 5: that Peggy alleged John had purchased with their joint money. Remember,
• 16:06
  Speaker 5: he was taking money out of their joint account on
• 16:10
  Speaker 5: a regular basis, unbeknownst to her, and she thinks he
• 16:14
  Speaker 5: used that money to buy these CDs. He argued that
• 16:18
  Speaker 5: John had an unequal interest in the money in their
• 16:21
  Speaker 5: joint account, but he didn't.
• 16:25
  Speaker 4: I'm sorry.
• 16:25
  Speaker 5: He had an equal interest in the money, but he
• 16:28
  Speaker 5: had converted and diverted more of those funds than he
• 16:32
  Speaker 5: was entitled to it, and that's how he bought these CDs. Well,
• 16:38
  Speaker 5: as you might imagine, the estate filed a motion to dismiss.
• 16:42
  Speaker 5: Peggy did not file a conversion claim, but the court
• 16:47
  Speaker 5: used the legal standard of conversion to this case and
• 16:52
  Speaker 5: granted the estate's motion to dismiss. Why because there was
• 16:57
  Speaker 5: no evidence that Peggy had owned ownership interest or possessory
• 17:01
  Speaker 5: rights greater than John over those CDs. Well, Peggy appealed
• 17:09
  Speaker 5: and argued at the appellate level that they applied the
• 17:12
  Speaker 5: wrong standard. The court applied this conversion standard and that
• 17:18
  Speaker 5: shouldn't be the case, and the Supreme and the Court
• 17:23
  Speaker 5: of Appeals agreed wrong standard.
• 17:25
  Speaker 4: So Peggy has a chance.
• 17:27
  Speaker 5: Supreme Court affirmed conversion standard would apply if Peggy argued
• 17:33
  Speaker 5: that John removed money from an account he did not
• 17:36
  Speaker 5: have an interest in. That's converting assets. But in this case,
• 17:42
  Speaker 5: John really took money from Peggy's interest in a joint account.
• 17:48
  Speaker 5: So she's arguing, did John infringe on the amount of
• 17:51
  Speaker 5: assets that were in this joint account?
• 17:54
  Speaker 4: So of course we remanded.
• 17:55
  Speaker 5: There's no decision, but the Supreme Court said, yeah, you
• 17:59
  Speaker 5: applied the wrong stated and lower court go back and
• 18:01
  Speaker 5: rehear this because there's not a conversion claim here. He
• 18:05
  Speaker 5: didn't take money from an account that was not his.
• 18:08
  Speaker 5: He took money from a joint account, and she's arguing
• 18:12
  Speaker 5: that he took more than he was supposed to take.
• 18:15
  Speaker 2: But when you have a joint account, can't you empty
• 18:19
  Speaker 2: it all out if you want to? If you're one
• 18:20
  Speaker 2: of those joint owners.
• 18:21
  Speaker 4: Well, Susan, you stay tuned like everybody else.
• 18:23
  Speaker 2: We're going to make me stay tuned for this whole
• 18:25
  Speaker 2: answer to this.
• 18:26
  Speaker 5: One, and we're going to talk about joint accounts and
• 18:29
  Speaker 5: the pros and content you.
• 18:30
  Speaker 3: No, I don't like it when you leave us hanging.
• 18:32
  Speaker 5: So this one we don't have an answer for. But
• 18:34
  Speaker 5: we do have an answer because this guide is what
• 18:37
  Speaker 5: you should get for your answer. It's called back to
• 18:39
  Speaker 5: the basics. Folks, don't do joint account planning and call
• 18:44
  Speaker 5: it an estate plan. Don't just have a will learn
• 18:47
  Speaker 5: about how to do an estate plan, and that's what
• 18:50
  Speaker 5: this guide is. It's basically an engagement letter from me
• 18:53
  Speaker 5: to a made up client with a fact pattern, assets,
• 18:55
  Speaker 5: and family dynamics all laid out. It explains all the
• 18:59
  Speaker 5: basic documents and culminates in the explanation of an irrevocable trust,
• 19:04
  Speaker 5: explaining exactly how those work. That may or may not
• 19:07
  Speaker 5: be right for you. But what this guide is going
• 19:09
  Speaker 5: to do is allow you to put your information in
• 19:11
  Speaker 5: there and decide whether revocable or re irrevocable is right
• 19:15
  Speaker 5: for you. But more importantly, it's going to educate you
• 19:18
  Speaker 5: on all the things you should be aware of when
• 19:21
  Speaker 5: you go in and start your state plan, gives you
• 19:23
  Speaker 5: things to think about. Folks, call and get the guide
• 19:26
  Speaker 5: eight six six eight four eight five six nine nine
• 19:30
  Speaker 5: or Legal Exchange show dot com. It is the end
• 19:33
  Speaker 5: of the month, last chance to get it folks eight
• 19:35
  Speaker 5: six six eight four eight five six ninety nine or
• 19:40
  Speaker 5: Legal Exchange show dot com.
• 19:43
  Speaker 4: You want some answer, Susan.
• 19:44
  Speaker 2: You're not going to give a stances. You already told
• 19:46
  Speaker 2: us you don't know how this one plays out.
• 19:48
  Speaker 5: Well, I can't tell you about the results of the
• 19:51
  Speaker 5: Superior Court on the remand yet, but I can tell
• 19:53
  Speaker 5: you about joint accounts and what not to do.
• 19:58
  Speaker 4: So let's talk about them.
• 20:00
  Speaker 5: First of all, when we talk about estate planning, is
• 20:02
  Speaker 5: having joint accounts and estate plan You know, family fights.
• 20:06
  Speaker 5: I get that we can't really focus on that. But
• 20:08
  Speaker 5: when you have a joint accounts there's risks and benefits,
• 20:12
  Speaker 5: like for example, number one, a benefit it avoids probate.
• 20:17
  Speaker 5: You have a joint account. Let's do joint accounts between
• 20:19
  Speaker 5: husband and wife first, so you got a married couple.
• 20:23
  Speaker 5: What happens, well, it avoids probate and it simply passes
• 20:26
  Speaker 5: to the surviving joint owner. As soon as you die
• 20:30
  Speaker 5: that account, the surviving joint owner can walk directly into
• 20:33
  Speaker 5: the bank account, withdraw all the money and go on
• 20:37
  Speaker 5: their way. No probate, You don't even have to say
• 20:40
  Speaker 5: the individual died.
• 20:42
  Speaker 4: Easy. Two.
• 20:44
  Speaker 5: What about a state taxes? Absolutely no help. So if
• 20:48
  Speaker 5: you're a husband and wife or a married couple and
• 20:50
  Speaker 5: you have no planning done, but you have all these
• 20:52
  Speaker 5: joint accounts, there's no benefit here. Why because the assets
• 20:56
  Speaker 5: passed directly to the surviving spouse under the unlimited marital deduction,
• 21:03
  Speaker 5: thereby wasting your state estate tax exemption and potentially your
• 21:08
  Speaker 5: federal estate tax exemption. Remember you could elect portability by
• 21:13
  Speaker 5: filing within five years if there's no tax to a
• 21:17
  Speaker 5: seven oh six and electing portability to save that unused exemption.
• 21:21
  Speaker 5: But lots of times when people don't plan, they don't
• 21:24
  Speaker 5: know about it, they're not going to do that, and
• 21:26
  Speaker 5: so they really could waste both of their exemptions. So
• 21:32
  Speaker 5: zero help from an estate tax planning standpoint. So in Massachusetts,
• 21:36
  Speaker 5: you could have sheltered four million if you did planning,
• 21:39
  Speaker 5: But if you waste the first spouse's exemption, that's two
• 21:42
  Speaker 5: million gone.
• 21:43
  Speaker 4: You don't use it, you lose it. Okay, doesn't seem
• 21:48
  Speaker 4: like what married couples.
• 21:49
  Speaker 5: This is a great idea or a great way to proceed. Well,
• 21:53
  Speaker 5: what about with kids? It gets worse. So with kids,
• 21:57
  Speaker 5: when you set it up and you have when you
• 22:00
  Speaker 5: add a child's name to the account, did you make
• 22:02
  Speaker 5: a completed gift at that moment?
• 22:05
  Speaker 4: No? Why because you both can take the money.
• 22:08
  Speaker 5: So until that child goes in and withdraws the money,
• 22:13
  Speaker 5: it's not a completed gift. But the moment that child
• 22:17
  Speaker 5: withdraws the money, which they can do, be very careful
• 22:20
  Speaker 5: they take the money. Yeah, then you've made a completed gift.
• 22:24
  Speaker 5: Not only do they have your money, but you get
• 22:25
  Speaker 5: to pay gift tax on top of it. Isn't that special,
• 22:29
  Speaker 5: So you don't think about those things. But that's how
• 22:31
  Speaker 5: that plays out. So that's a problem. A second problem
• 22:35
  Speaker 5: is creditors. Right, you put a child's name on that account.
• 22:39
  Speaker 5: Even if the child's trustworthy, nothing happens and they get
• 22:41
  Speaker 5: a divorce, half that asset is subject to that creditor.
• 22:45
  Speaker 4: Yep, not all of it, but half of it.
• 22:47
  Speaker 5: So, and it's not just that credit, could be any
• 22:50
  Speaker 5: financial creditor, So be careful and in.
• 22:53
  Speaker 2: Most cases you got good kids, your money doesn't end
• 22:56
  Speaker 2: up being at risk. But what happens when you die
• 22:58
  Speaker 2: and you have more than one.
• 23:00
  Speaker 5: And that's the last item on the list, right, you
• 23:02
  Speaker 5: disinherit somebody. You could accidentally disinherit other children because you
• 23:06
  Speaker 5: have a child who lives close by and it is
• 23:08
  Speaker 5: convenient for them to pay bills and help you with
• 23:10
  Speaker 5: the assets, and yet you end up leaving all those
• 23:13
  Speaker 5: assets of that child unless you have a provision in
• 23:15
  Speaker 5: the will to prevent that.
• 23:17
  Speaker 4: And not everybody does.
• 23:18
  Speaker 5: We do at Cushing and Dolan, but be careful about
• 23:22
  Speaker 5: joint accounts, folks. In fact, just get the guide and
• 23:26
  Speaker 5: learn how to do your estate plan the right way
• 23:28
  Speaker 5: back to the basics eight sixty six eight four eight
• 23:31
  Speaker 5: five six nine nine or Legal Exchange show dot com.
• 23:36
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:38
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:42
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:45
  Speaker 2: be answering your listener questions when we return to the
• 23:49
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:52
  Speaker 1: If you're a nearing retirement agent, are concerned about how
• 23:54
  Speaker 1: to protect your assets. You need to call Cushing and
• 23:57
  Speaker 1: Dolan the experts and know their law. Their new guide
• 23:59
  Speaker 1: is called Back to the Basics, and it will help
• 24:01
  Speaker 1: you create a plan that will help you understand issues
• 24:04
  Speaker 1: like avoiding probate, passing your assets along to your family,
• 24:07
  Speaker 1: and potentially eliminating your estate taxes. This free guide has
• 24:10
  Speaker 1: all the information you need to build a safe and
• 24:12
  Speaker 1: secure estate plan that will give you peace of mind
• 24:15
  Speaker 1: as you close in on retirement. Call eight six six
• 24:17
  Speaker 1: eight four eight five six ninety nine right now and
• 24:20
  Speaker 1: request your free guide today. You can also request a
• 24:23
  Speaker 1: no obligation consultation to review any current planning you've done.
• 24:26
  Speaker 1: Cushing and Dolan have been helping families like yours for
• 24:28
  Speaker 1: thirty years. Let them help you too. Get their new
• 24:31
  Speaker 1: guide called Back to the Basics today Call eight sixty
• 24:34
  Speaker 1: six eight four eight five six nine nine, or request
• 24:37
  Speaker 1: the guide online by visiting Legal exchange show dot com.
• 24:40
  Speaker 1: The proceeding was paid for and the mus expressed are
• 24:42
  Speaker 1: sole lea those of Cushing and Dolan. Cushing and Dolan
• 24:44
  Speaker 1: and or Armstrong Advisory may contact you offering legal or
• 24:47
  Speaker 1: investment services. Cushing and Dolan and Armstrong Advisory do not
• 24:50
  Speaker 1: endorse each other and are not affiliated.
• 24:53
  Speaker 9: Understanding the cost of Medicare can be complicated.
• 24:55
  Speaker 4: Hi.
• 24:56
  Speaker 9: This is Chuck Zauta from the Armstrong Advisory Group. Medicare
• 24:59
  Speaker 9: was originally a two part program but is now four parts,
• 25:02
  Speaker 9: and making sure you know what you're eligible for and
• 25:04
  Speaker 9: how much you'll need to pay is key to having
• 25:06
  Speaker 9: the right healthcare coverage as you get older. Medicare is
• 25:09
  Speaker 9: divided among parts ABCND, all of which have different premiums, deductibles,
• 25:14
  Speaker 9: and co insurance. Our new guide, called Understanding Medicare Essential
• 25:17
  Speaker 9: Questions Answered, can help you learn about these issues in others,
• 25:20
  Speaker 9: such as whether Medicare pays for long term care. Call
• 25:23
  Speaker 9: the Armstrong Advisory Group at eight hundred three nine three
• 25:26
  Speaker 9: for zero zero one and request your free guide today
• 25:29
  Speaker 9: so you can determine which plan works best for you.
• 25:31
  Speaker 9: That number again is eight hundred thirty nine three for
• 25:34
  Speaker 9: zero zero one, or you can request the guide online
• 25:37
  Speaker 9: at Armstrong Advisory dot com.
• 25:39
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:42
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:44
  Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
• 25:47
  Speaker 1: your own financial tax intestate planning advisors before making any
• 25:49
  Speaker 1: investment decisions. Armstrong may contact you to offer investment advisory services.
• 25:54
  Speaker 1: The calendar is turned and the cold is here to stay,
• 25:56
  Speaker 1: So now is the perfect time to plan that getaway
• 25:59
  Speaker 1: to the US for Virgin Islands. Act now and take
• 26:01
  Speaker 1: advantage of a special promotion to Saint Croix. Experience a
• 26:05
  Speaker 1: vibe like no other, and receive a two hundred and
• 26:07
  Speaker 1: fifty dollars per person airfare credit and a free hotel
• 26:11
  Speaker 1: night when you book a five night minimum stay with
• 26:13
  Speaker 1: any participating hotel before June thirtieth, twenty twenty five. Saint
• 26:17
  Speaker 1: Croix is known for its incredible history and spectacular architecture,
• 26:20
  Speaker 1: along with world class cuisine, incredible golf courses, and a
• 26:24
  Speaker 1: wide variety of water sports. From the moment you arrive,
• 26:27
  Speaker 1: you'll fall naturally in rhythm with the heartbeat of the islands.
• 26:30
  Speaker 1: There's no money to exchange, and travel from New England
• 26:33
  Speaker 1: could not be easier. America's Caribbean Paradise is waiting for you.
• 26:38
  Speaker 1: Experience a vibe like no other on the island of
• 26:40
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
• 26:43
  Speaker 1: the code vibe twenty twenty five for more information and
• 26:46
  Speaker 1: book your trip today. That's visit USVII dot com and
• 26:50
  Speaker 1: code Vibe twenty twenty five. You're listening to the Legal Exchange,
• 26:56
  Speaker 1: and it's time for Ask Todd, the segment where Todd
• 26:59
  Speaker 1: will answer your questions about anything and everything that's included
• 27:03
  Speaker 1: in the estate planning process. Once again, here's Todd Lutsky
• 27:07
  Speaker 1: and Susan Powers.
• 27:09
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:12
  Speaker 2: for you. First question comes from Janice in North Attleborough,
• 27:16
  Speaker 2: and Janice writes, if I transfer my home into an
• 27:19
  Speaker 2: irrevocable trust, am I still allowed to draw on my
• 27:23
  Speaker 2: home equity loan? If yes, will I be able to
• 27:26
  Speaker 2: do this myself or will my trustee be the only
• 27:29
  Speaker 2: one who can make withdrawals.
• 27:31
  Speaker 4: There's a lot of questions here.
• 27:32
  Speaker 2: People are afraid of giving up control when it comes
• 27:35
  Speaker 2: to their I mean, the word irrevocable is scary, right.
• 27:38
  Speaker 5: Yeah, But it doesn't need to be right that way, folks.
• 27:41
  Speaker 5: But I know it is because a lot of us
• 27:43
  Speaker 5: have preconceived ideas as to what goes on with an
• 27:48
  Speaker 5: irrevocable trust. But the problem is there's many different kinds
• 27:52
  Speaker 5: so please remember that, and let's explore this particular kind
• 27:57
  Speaker 5: for Janie, and I would say this is a medicaid
• 28:01
  Speaker 5: type irrevocable trust.
• 28:03
  Speaker 4: So a couple of things.
• 28:05
  Speaker 5: We're talking about an equity loan, right, so if the
• 28:10
  Speaker 5: equity loan doesn't exist, let's start with that, and you're
• 28:15
  Speaker 5: doing the estate plan and there's no debt on the property,
• 28:18
  Speaker 5: and the client says, well, what if I need to borrow?
• 28:22
  Speaker 3: A lot of people ask that question in the future.
• 28:24
  Speaker 5: It's nice to be able to tap my equity if
• 28:26
  Speaker 5: I run out of money as a safety net. Sure
• 28:29
  Speaker 5: you know, whether it's a reverse mortgage or a regular mortgage.
• 28:32
  Speaker 4: Can I do it? Well?
• 28:34
  Speaker 5: Oftentimes, what I'll tell them is, if you want to
• 28:37
  Speaker 5: do that before we complete this process, set up establish
• 28:44
  Speaker 5: not borrow, just establish an equity line before before you transfer.
• 28:51
  Speaker 5: So which brings me to this question, which says, I
• 28:53
  Speaker 5: already have an equity line, which is the same as
• 28:56
  Speaker 5: setting it up before we transfer. But I just wanted
• 28:59
  Speaker 5: people to know that they had that option when we're
• 29:02
  Speaker 5: doing this. Right, if you don't have one, go get one.
• 29:06
  Speaker 2: And if you don't and you transfer your home, will
• 29:09
  Speaker 2: you not be able to get one?
• 29:10
  Speaker 4: After.
• 29:10
  Speaker 5: Yeah, so that's why you do it, right, Can you
• 29:13
  Speaker 5: get it after yes, But there's ramifications to that. In
• 29:17
  Speaker 5: order to refinance an existing debt or get a new
• 29:23
  Speaker 5: debt if you've never had any, you have to reset
• 29:27
  Speaker 5: the five year waiting period.
• 29:28
  Speaker 2: Because you have to take it out of your trust, right.
• 29:30
  Speaker 5: Yeah, So there's a ramification to that. So rather than
• 29:33
  Speaker 5: do that, just establish this equity line. Now you owe
• 29:37
  Speaker 5: no money, but you can borrow. Say they give you
• 29:39
  Speaker 5: a two hundred thousand dollars limit, Fine, you got a checkbook?
• 29:43
  Speaker 5: Who does That's the next question, Not the trustee, not
• 29:48
  Speaker 5: the trust at all. In fact, you got this before
• 29:52
  Speaker 5: you put the house in the trust, which means it's
• 29:54
  Speaker 5: in your name personally. The bank lent you the money,
• 29:59
  Speaker 5: not the trust the money.
• 30:01
  Speaker 2: Doesn't that become kind of null if you're transferred into
• 30:04
  Speaker 2: the trust, it's going into a different.
• 30:06
  Speaker 5: A different entity entity exactly right. So when you do
• 30:10
  Speaker 5: this and you tell your estate planning attorney either there's
• 30:13
  Speaker 5: a existing debt or I've got this home equity line,
• 30:17
  Speaker 5: that will trigger the attorney to say, okay, when we
• 30:20
  Speaker 5: transfer the property to the trust, we must reserve a.
• 30:24
  Speaker 4: Legal life estate and the deed.
• 30:27
  Speaker 5: If we do that, that little nugget of ownership called
• 30:30
  Speaker 5: your right to live there means that you are the
• 30:34
  Speaker 5: present owner of the property, thereby not allowing it to
• 30:39
  Speaker 5: trigger the du on transfer clause or the du on
• 30:42
  Speaker 5: sale clause. So the bank.
• 30:43
  Speaker 4: Doesn't need to be told.
• 30:45
  Speaker 5: And even if they discovered it, it does not trigger
• 30:49
  Speaker 5: that due on sale clause.
• 30:51
  Speaker 2: So Janie would be able to continue to draw on
• 30:54
  Speaker 2: the home equity loan personally, Yeah, and not have to
• 30:58
  Speaker 2: ask her trustee for permission for.
• 30:59
  Speaker 4: Any of that.
• 31:00
  Speaker 5: That's exactly right, okay, And so it's a really win
• 31:03
  Speaker 5: win situation.
• 31:04
  Speaker 2: And would it be a different story if you have
• 31:06
  Speaker 2: a revocable trust if you're not dealing with the irrevocable.
• 31:10
  Speaker 5: No, So with a revocable trust, it's is it a
• 31:13
  Speaker 5: different story? It's still the bank would like you to
• 31:15
  Speaker 5: have the note in your name, So if it's in
• 31:18
  Speaker 5: a revocable trust, they're likely to make you take it
• 31:20
  Speaker 5: out to get the loan. But then you can throw
• 31:23
  Speaker 5: it right back in, okay, And they'll tell you go
• 31:25
  Speaker 5: ahead and throw it right back in. It's a revocable trust.
• 31:27
  Speaker 5: A revocable trust is not like giving something away, So
• 31:31
  Speaker 5: putting a property that's encumbered into a revocable trust would
• 31:36
  Speaker 5: never trigger the do on sail clause, so lots of flexibility.
• 31:41
  Speaker 5: Very similar to both kinds of trust.
• 31:43
  Speaker 4: Folks.
• 31:44
  Speaker 5: We talked just now a little bit about the revocable
• 31:46
  Speaker 5: and the irrevocable. The guide which is the end of
• 31:50
  Speaker 5: the month. Time to get this guide, folks, if you've
• 31:53
  Speaker 5: never started your state plan. It deals with the irrevocable trust.
• 31:57
  Speaker 5: It's basically my legal recommendation in an engagement letter form
• 32:02
  Speaker 5: to a made up client with facts and assets and
• 32:06
  Speaker 5: family dynamics, spells out all the basic documents from basic
• 32:10
  Speaker 5: wills to u healthcare proxies to powers of attorney, and
• 32:14
  Speaker 5: then also explains the irrevocable trust pretty much soup to
• 32:18
  Speaker 5: nuts in terms of how it works and how it
• 32:21
  Speaker 5: applies to a real family. You could apply to your
• 32:24
  Speaker 5: own family. Maybe this is a recommendation that works for you.
• 32:27
  Speaker 5: If not, at least it's going to give you the
• 32:29
  Speaker 5: ideas to think about when starting your estate plan. End
• 32:34
  Speaker 5: of the month, folks, Get the guide back to the
• 32:36
  Speaker 5: basics eight sixty six, eight four eight five six nine
• 32:41
  Speaker 5: nine or Legal Exchange Show dot Com again eight sixty
• 32:44
  Speaker 5: six eight, four, eight, five, six, nine nine or Legal
• 32:48
  Speaker 5: Exchange show dot com todd.
• 32:51
  Speaker 2: Our last question comes from Murial in Falmouth, Mass immurial rights.
• 32:55
  Speaker 2: My son told me I should be getting an irrevocable
• 32:58
  Speaker 2: trust to protect my asset, but I already have a
• 33:01
  Speaker 2: five year long term care insurance policy. It seems to
• 33:05
  Speaker 2: me that I should be all set with my insurance
• 33:08
  Speaker 2: if I also had an irrevocable trust, wouldn't that be overkill?
• 33:12
  Speaker 5: Well, of course, you know what's missing from this fact pattern.
• 33:15
  Speaker 5: What's that the amount of the long term care insurance?
• 33:19
  Speaker 4: Right now?
• 33:20
  Speaker 5: Folks, when we say that there's going to be a
• 33:23
  Speaker 5: term to the long term.
• 33:25
  Speaker 3: Care length of number of years that it will.
• 33:27
  Speaker 5: Pay out, yeap generally, And you could chime in, Susan,
• 33:30
  Speaker 5: you know more about this than I do. I'm thinking
• 33:32
  Speaker 5: a three year term is pretty normal.
• 33:34
  Speaker 2: Pretty common, maybe the most common. And she's got a
• 33:37
  Speaker 2: five year so I would say that a five year
• 33:40
  Speaker 2: is a little less common.
• 33:41
  Speaker 5: Oh, you're right, this one does have the term, so
• 33:43
  Speaker 5: five years is the other one. So five year term
• 33:46
  Speaker 5: is very helpful.
• 33:48
  Speaker 4: I would think.
• 33:49
  Speaker 5: Now the amount of money that it pays out.
• 33:52
  Speaker 3: So ballpark average maybe three fifty a day.
• 33:55
  Speaker 4: So we're talking a little over, you know.
• 33:57
  Speaker 3: So ten Let's say it's ten grand.
• 34:00
  Speaker 5: And you'll find a lot of them pay out about
• 34:03
  Speaker 5: six seven thousand a month. That's a normal amount, which is,
• 34:07
  Speaker 5: by the way, about half the cost of a nursing home.
• 34:10
  Speaker 5: But if you're getting up to ten thousand a month
• 34:13
  Speaker 5: a month out of this policy, that's that's pretty high.
• 34:17
  Speaker 5: That's a pretty good policy. Of course, I would never
• 34:20
  Speaker 5: tell anybody to get rid of it because it also
• 34:22
  Speaker 5: has in home care, so you want to keep it
• 34:25
  Speaker 5: for the in home care for nothing else. Now, again,
• 34:27
  Speaker 5: ten thousand a month if the nursing home cost fifteen
• 34:30
  Speaker 5: thousand a month. The question that's being begged here when
• 34:34
  Speaker 5: you're trying to answer this question for a client is
• 34:36
  Speaker 5: do you have enough other income to make up that
• 34:39
  Speaker 5: difference and still have enough left over for the healthy
• 34:43
  Speaker 5: spouse to live comfortably. That might be a tall order.
• 34:47
  Speaker 5: You've got to come up with five grand a month.
• 34:50
  Speaker 5: On top of that, the person living might need five
• 34:53
  Speaker 5: grand a month to live.
• 34:55
  Speaker 4: So the answer is, you don't know.
• 34:58
  Speaker 5: I can tell you off the bat that I would
• 35:01
  Speaker 5: never tell somebody to get rid of it if they
• 35:04
  Speaker 5: have it, and they can afford it. But I also
• 35:07
  Speaker 5: would never tell them that that's the end all, be
• 35:09
  Speaker 5: all of your estate plan, because remember you want to
• 35:13
  Speaker 5: still avoid probate. You still may depending on how much
• 35:16
  Speaker 5: you're worth here now I found with you might have
• 35:18
  Speaker 5: a nice house on the cape, so that could be
• 35:21
  Speaker 5: a lot of money. You want to make sure that
• 35:23
  Speaker 5: you don't pay death tax, at least in mass and
• 35:27
  Speaker 5: potentially federally depending on where we are.
• 35:30
  Speaker 4: Well.
• 35:31
  Speaker 5: Those are two important reasons to plan with a trust.
• 35:33
  Speaker 5: And also you want bloodline planning, so you want to
• 35:36
  Speaker 5: figure out how these assets get to particular people when
• 35:40
  Speaker 5: you pass. So those reasons for the planning still matter.
• 35:45
  Speaker 5: And if you're even thinking about nursing home protection and
• 35:50
  Speaker 5: your assets are within that realm that we would be
• 35:53
  Speaker 5: doing nursing home protection, then my question would simply be,
• 35:57
  Speaker 5: why wouldn't I just if I'm going to set up
• 36:00
  Speaker 5: trusts anyway, why wouldn't I just make them irrevocable to
• 36:06
  Speaker 5: protect the assets from the nursing home anyway? And I
• 36:10
  Speaker 5: probably would if the client wants to do that, So
• 36:12
  Speaker 5: this isn't a reason not to do it. But the
• 36:16
  Speaker 5: other reason is, you know, not only would I set
• 36:18
  Speaker 5: them up but sometimes those premiums can go sky high
• 36:20
  Speaker 5: on you. You are next thing you know you need
• 36:22
  Speaker 5: to get rid of the policy, and then you're in trouble. Folks,
• 36:25
  Speaker 5: there's always reasons to do planning. Don't rely on one thing.
• 36:28
  Speaker 5: Last chance to get the guide Back to the Basics
• 36:31
  Speaker 5: eight six six eight four eight five six nine nine
• 36:35
  Speaker 5: or Legal Exchange Show dot com.
• 36:37
  Speaker 2: If you have a question you would like to ask Todd,
• 36:40
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:43
  Speaker 2: on the as Tod tab. Maybe I'll be able to
• 36:46
  Speaker 2: read your question on the air, and hopefully his answer
• 36:49
  Speaker 2: will stop you from becoming one of his next real
• 36:52
  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 Zusan Powers,
• 36:59
  Speaker 2: a financial advice 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.
• 37:07
  Speaker 1: If you're nearing retirement age and are concerned about how
• 37:10
  Speaker 1: to protect your assets, you need to call Cushing and Dolan,
• 37:13
  Speaker 1: the experts in elder law. Their new guide is called
• 37:15
  Speaker 1: Back to the Basics, and it will help you create
• 37:17
  Speaker 1: a plan that will help you understand issues like avoiding probate,
• 37:20
  Speaker 1: passing your assets along to your family, and potentially eliminating
• 37:24
  Speaker 1: your estate taxes. This free guide has all the information
• 37:27
  Speaker 1: you need to build a safe and secure estate plan
• 37:29
  Speaker 1: that will give you peace of mind as you close
• 37:31
  Speaker 1: in on retirement. Call eight six six eight four eight
• 37:33
  Speaker 1: five six ninety nine right now and request your free
• 37:36
  Speaker 1: guide today. You can also request a no obligation consultation
• 37:40
  Speaker 1: to review any current planning you've done. Cushing and Dolan
• 37:42
  Speaker 1: have been helping families like yours for thirty years. Let
• 37:45
  Speaker 1: them help you too. Get their new guide, called Back
• 37:48
  Speaker 1: to the Basics today Call eight sixty six eight four
• 37:51
  Speaker 1: eight five six ninety nine, or request the guide online
• 37:53
  Speaker 1: by visiting Legal exchange show dot com. The proceeding was
• 37:56
  Speaker 1: paid for and the music expressed are sole leados of
• 37:58
  Speaker 1: Cushing and Dolan. Cushing in Dolan and or Armstrong Advisory
• 38:01
  Speaker 1: may contact you offering legal or investment services. Cushing in
• 38:04
  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
• 38:06
  Speaker 1: are not affiliated.
• 38:08
  Speaker 6: Medicare provides health coverage from millions of Americans, but it's
• 38:11
  Speaker 6: a challenging program. Being aware of its many complexities is
• 38:14
  Speaker 6: crucial to your healthcare plans for later life. Hi, this
• 38:17
  Speaker 6: is Mike Armstrong from the Armstrong Advisory Group and our
• 38:19
  Speaker 6: new guide is called Understanding Medicare. Essential Questions answered in
• 38:23
  Speaker 6: it will help you learn about the basics, including enrollment periods, costs,
• 38:26
  Speaker 6: and coverage options, as well as more complicated issues like
• 38:29
  Speaker 6: filing claims and appeals and planning for long term care.
• 38:32
  Speaker 6: Call us today at eight hundred three nine three four
• 38:35
  Speaker 6: zero zero one and request your free guide today. There
• 38:38
  Speaker 6: are many resources available to help you understand your options
• 38:41
  Speaker 6: and rights under Medicare. Ask for our free guide and
• 38:43
  Speaker 6: learn more so that you can make the most informed
• 38:45
  Speaker 6: decisions for your health care. And you can get it
• 38:48
  Speaker 6: by calling eight hundred three nine three four zero zero one.
• 38:51
  Speaker 6: Again that numbers eight hundred three nine three four zero
• 38:54
  Speaker 6: zero one.
• 38:54
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 38:57
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 38:59
  Speaker 1: Armstrong Guide specific financial, legal or tax advice. Consult your
• 39:02
  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 1: The calendar is turned and the cold is here to stay.
• 39:12
  Speaker 1: So now is the perfect time to plan that getaway
• 39:14
  Speaker 1: to the US Virgin Islands. Act now and take advantage
• 39:17
  Speaker 1: of a special promotion to Saint Croix. Experience a vibe
• 39:21
  Speaker 1: like no other and receive a two hundred and fifty
• 39:23
  Speaker 1: dollars per person airfare credit and a free hotel night
• 39:26
  Speaker 1: when you book a five night minimum stay with any
• 39:29
  Speaker 1: participating hotel before June thirtieth, twenty twenty five. Saint Croix
• 39:33
  Speaker 1: is known for its incredible history and spectacular architecture, along
• 39:36
  Speaker 1: with world class cuisine, incredible golf courses, and a wide
• 39:40
  Speaker 1: variety of water sports. From the moment you arrive, you'll
• 39:43
  Speaker 1: fall naturally in rhythm with the heartbeat of the islands.
• 39:46
  Speaker 1: There's no money to exchange, and travel from New England
• 39:48
  Speaker 1: could not be easier. America's Caribbean Paradise is waiting for you.
• 39:53
  Speaker 1: Experience a vibe like no other on the island of
• 39:56
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
• 39:59
  Speaker 1: the code vibe twenty five for more information and book
• 40:02
  Speaker 1: your trip today. That's visit USVII dot com and code
• 40:06
  Speaker 1: vibe twenty twenty five.
• 40:10
  Speaker 7: This is Michael Valila Adjudent of the Disabled American Veterans
• 40:13
  Speaker 7: Department of Massachusetts. The DAV of Massachusetts has helped me
• 40:17
  Speaker 7: and countless others adjust to civilian life through a variety
• 40:20
  Speaker 7: of incredible programs. Through our Local Veterans Assistance Program, we
• 40:24
  Speaker 7: provide necessary services to veterans in their communities, such as food, shopping, landscaping,
• 40:30
  Speaker 7: and companionship. But we need your support. You can help
• 40:33
  Speaker 7: by making a donation today. Please visit DAV FIVEK dot Boston.
• 40:37
  Speaker 7: That's DAV five K dot Boston.
• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:47
  Speaker 1: Todd right now at eight six six eight four eight
• 40:49
  Speaker 1: five six ninety nine and let him make sure your
• 40:51
  Speaker 1: assets are protected. That's eight sixty 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.
• 41:00
  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 Group,
• 41:07
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 41:10
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation, Todd.
• 41:15
  Speaker 2: I find that some people.
• 41:17
  Speaker 3: Need to be motivated.
• 41:18
  Speaker 4: Yeah, them you think to plan? Yeah, you think.
• 41:21
  Speaker 2: We see how many people put things off. So I
• 41:24
  Speaker 2: thought we could talk about that joyous process of probate
• 41:28
  Speaker 2: and really dive into all that it entails. Why don't
• 41:34
  Speaker 2: you start by explaining what exactly is probate?
• 41:38
  Speaker 4: Yeah? Where do I begin? So it is a long process.
• 41:42
  Speaker 5: It's a court driven process, which means it's it's open
• 41:48
  Speaker 5: to the public, so there's privacy issues, it's it's a
• 41:52
  Speaker 5: duration based.
• 41:55
  Speaker 4: Problem.
• 41:56
  Speaker 5: It takes about a year to take you through the
• 42:00
  Speaker 5: entire process, and and along with it there are filing fees,
• 42:04
  Speaker 5: So there's costs. And I joke because the filing fees
• 42:08
  Speaker 5: pale in comparison to the legal fees that go along
• 42:12
  Speaker 5: with taking a family through the probate process. So that's
• 42:16
  Speaker 5: a that's a general overview, but.
• 42:19
  Speaker 2: Your basic of state planning process, when you take people through,
• 42:22
  Speaker 2: like building a plan, that's a flat fee. Yes, when
• 42:26
  Speaker 2: you go through probate, that's an hourly rate.
• 42:29
  Speaker 5: Right, Yeah, that is the one part of our practice
• 42:33
  Speaker 5: where we have to charge hourly. You just you just
• 42:37
  Speaker 5: don't know what you're going to uncover. They tell you
• 42:40
  Speaker 5: what they think everything is. And then you start digging
• 42:43
  Speaker 5: and you find other accounts, you find other assets, you
• 42:46
  Speaker 5: run into problem family members. Next thing you know, there's litigation.
• 42:51
  Speaker 5: So you could never just give somebody a flat fee.
• 42:56
  Speaker 5: If you did and there was litigation, you'd be you'd
• 42:59
  Speaker 5: be in trouble.
• 43:00
  Speaker 2: So let's walk through what happens when someone has not
• 43:03
  Speaker 2: done any planning. Someone dies, single person, let's make it
• 43:10
  Speaker 2: a single person. Let's say they did some basic stuff.
• 43:14
  Speaker 2: Maybe they have a will, So what do you have
• 43:17
  Speaker 2: to do? Okay, mom died, what's next?
• 43:21
  Speaker 5: So the kids are likely going to come in? And
• 43:23
  Speaker 5: then we start by gathering all the assets. We say, okay,
• 43:27
  Speaker 5: how first of all, what are the assets real estate, home, vacation, rental?
• 43:33
  Speaker 4: How are they owned?
• 43:35
  Speaker 5: Most importantly, and again, if you're single and you've only
• 43:37
  Speaker 5: got a will, high probability that those real estate items
• 43:42
  Speaker 5: will be owned in that decedent's name alone, right, high probability.
• 43:46
  Speaker 5: Then you know ira accounts, who's the beneficiary?
• 43:50
  Speaker 4: If there is one?
• 43:51
  Speaker 3: That why they updated from their spouse when they.
• 43:54
  Speaker 4: Died, right right?
• 43:56
  Speaker 5: And if there is one, then the beneficiary that item
• 44:00
  Speaker 5: would cause it to avoid probate, So that would be
• 44:03
  Speaker 5: a helpful avoidance of probate and likely on those you're
• 44:06
  Speaker 5: going to find beneficiaries. Then we drop down a little further. Oh,
• 44:10
  Speaker 5: do you have an investment account of any kind?
• 44:12
  Speaker 4: Yes?
• 44:13
  Speaker 5: How is it owned? Well, if it's owned in the
• 44:15
  Speaker 5: individual's own name, probate item. Throw it on the list.
• 44:21
  Speaker 5: If by chance, there happens to be a designated beneficiary
• 44:24
  Speaker 5: attached to that account, it would avoid probate. Likelihood is
• 44:30
  Speaker 5: less likely than the IRA, but still possible.
• 44:33
  Speaker 3: Yep.
• 44:34
  Speaker 5: Then we drop down to bank accounts CDs. Do you
• 44:37
  Speaker 5: have any of those?
• 44:38
  Speaker 4: Yes?
• 44:38
  Speaker 5: How are they owned? Right, what's the name of the institution?
• 44:42
  Speaker 5: How much is in there? So the value of all
• 44:44
  Speaker 5: these assets have to be added up at the same time. Again,
• 44:48
  Speaker 5: if that's in their name alone, it's a probate item.
• 44:51
  Speaker 2: CDs seem to be one of the most common culprits
• 44:55
  Speaker 2: to have no beneficial.
• 44:57
  Speaker 5: Usually not so, and bank accounts usually not so. Once
• 45:00
  Speaker 5: you list all the assets, you know life insurance, same idea.
• 45:04
  Speaker 5: You have to just list all of the assets, learn
• 45:07
  Speaker 5: how they are owned to determine whether they're a probate
• 45:11
  Speaker 5: item or not. Remember, they're all in the gross estate,
• 45:15
  Speaker 5: but only certain ones will hit the probate state. And
• 45:19
  Speaker 5: then you've got a value all of those items on
• 45:23
  Speaker 5: the date of death, and that just is enough to
• 45:25
  Speaker 5: get us started. Then we have to take and push
• 45:29
  Speaker 5: all that information through the probate court. Folks, we are
• 45:34
  Speaker 5: just touching the tip of the iceberg here in the
• 45:36
  Speaker 5: probate world. If you want to avoid that, back to
• 45:39
  Speaker 5: the basics is the guide that would be one way
• 45:42
  Speaker 5: of getting your estate plan in order. And by putting
• 45:44
  Speaker 5: all the assets into a trust when you die, we've
• 45:47
  Speaker 5: avoided all of this, all these things that we're just
• 45:50
  Speaker 5: talking about already that is not an issue. Why because
• 45:52
  Speaker 5: they're owned by the trust they would avoid probate Folks,
• 45:56
  Speaker 5: Learn how to get your estate plan in order. Last
• 45:58
  Speaker 5: chance to get the guide back to the basics right.
• 46:01
  Speaker 5: Learn about a legal recommendation I make to this made
• 46:05
  Speaker 5: up family. Put your family situation in there. Who knows,
• 46:09
  Speaker 5: Maybe it's a legal recommendation for you. If not, it
• 46:12
  Speaker 5: at least explains all the basic documents from wills to
• 46:15
  Speaker 5: healthcare proxies, to powers of attorney and an irrevocable trust.
• 46:20
  Speaker 5: And it gives you things to think about when you
• 46:23
  Speaker 5: are beginning this guide or beginning this to stay planning
• 46:27
  Speaker 5: process before you go to the lawyer eight six six
• 46:31
  Speaker 5: eight four eight five six nine nine or legal exchange
• 46:35
  Speaker 5: show dot com. Last chance to get the guide eight
• 46:38
  Speaker 5: six six eight four eight five six nine nine or
• 46:42
  Speaker 5: legal exchange show dot com.
• 46:44
  Speaker 2: So you've got this inventory if you will of assets.
• 46:48
  Speaker 2: You've got one big cure list for a state taxes,
• 46:52
  Speaker 2: and then you've got one list of those things that
• 46:55
  Speaker 2: you died owning in your own name without a joint
• 46:58
  Speaker 2: owner or a.
• 46:59
  Speaker 4: Benefit share, two separate buckets.
• 47:02
  Speaker 2: Yeah, so what happens at that point that that's the
• 47:05
  Speaker 2: list that goes through probate.
• 47:06
  Speaker 5: So the ones that are in the probate bucket, meaning
• 47:10
  Speaker 5: they're in your own name with no beneficiary, you then
• 47:13
  Speaker 5: put together just what you said in inventory. I mean,
• 47:15
  Speaker 5: before we do even that, we have to file the will.
• 47:18
  Speaker 5: We have to notify all the heirs at law. What
• 47:22
  Speaker 5: why are we notifying them, Well, we're notifying them that
• 47:24
  Speaker 5: the personal representative listed in the will is petitioning the
• 47:28
  Speaker 5: court to become personal representative.
• 47:31
  Speaker 2: So even if I pick one of my kids to
• 47:33
  Speaker 2: be personal representative, that's not a given.
• 47:36
  Speaker 5: No, because we got to notify the airs at law
• 47:38
  Speaker 5: and they have thirty days to object.
• 47:40
  Speaker 3: Say they can fight it.
• 47:41
  Speaker 5: Yeah, mostly they don't, but if they do, we got
• 47:44
  Speaker 5: to go through the objection process.
• 47:46
  Speaker 4: If not, we waited about another.
• 47:48
  Speaker 5: Thirty days, give or take, and the probate court calls
• 47:52
  Speaker 5: us back called a return day, and we go back
• 47:54
  Speaker 5: to the court. You don't do any of this, you know,
• 47:56
  Speaker 5: the lawyers are doing it, and we get a piece
• 47:59
  Speaker 5: of paper saying congratulations, you've been knighted. You're now a
• 48:03
  Speaker 5: personal representative. I now go have fun. So now you
• 48:07
  Speaker 5: can go access all these accounts, the bank accounts, the
• 48:10
  Speaker 5: brokerage accounts, the I are anything that was in probate world.
• 48:14
  Speaker 5: You can now go to the institution with your appointment
• 48:19
  Speaker 5: in one hand and the death certificate in the other
• 48:23
  Speaker 5: and they'll talk to you.
• 48:25
  Speaker 3: Okay.
• 48:25
  Speaker 5: So you can gather and you get these assets you know,
• 48:30
  Speaker 5: out of where they are and into a new account
• 48:33
  Speaker 5: called an estate administration account. So you're going to close
• 48:36
  Speaker 5: out these accounts, put them in one estate administration account, yes,
• 48:41
  Speaker 5: with a new ID number for that account. Why because
• 48:46
  Speaker 5: they'll generate income while you're going through the process. Then
• 48:49
  Speaker 5: you're gonna have to file an income tax return for
• 48:51
  Speaker 5: the estate while it's sitting there earning income.
• 48:57
  Speaker 4: So you got all those little headaches.
• 48:59
  Speaker 5: Yeah, then you now can finally say, okay, now I'm
• 49:03
  Speaker 5: going to go list, as you said, Susan, all these
• 49:06
  Speaker 5: assets on an inventory form, and I'm going to get
• 49:09
  Speaker 5: them all valued, and I'm going to put the value
• 49:12
  Speaker 5: there for the whole world to see.
• 49:14
  Speaker 4: Why, because it's public, you could walk in.
• 49:18
  Speaker 3: And that probate inventory.
• 49:20
  Speaker 5: So you walk in and I said, like to see
• 49:22
  Speaker 5: the Susan Powers estate file. There it is, why because
• 49:26
  Speaker 5: it's public record. So all that is listed. Now what Well,
• 49:32
  Speaker 5: as we go through this process, remember you're using that
• 49:34
  Speaker 5: new account to pay bills, funeral bills, legal bills, filing fees,
• 49:40
  Speaker 5: close out the house, whatever, and so at the end
• 49:45
  Speaker 5: of the year, you need to file an accounting that
• 49:49
  Speaker 5: says here's what went in and out of this account.
• 49:54
  Speaker 4: Well, you were the pr a fiduciary. So then you
• 49:58
  Speaker 4: do that.
• 49:59
  Speaker 5: Now again, you that you might be able to if
• 50:00
  Speaker 5: you haven't done anything else and you're ready to close
• 50:02
  Speaker 5: out the estate, you might be able to make that
• 50:04
  Speaker 5: a first and final accounting. If not, you've got to
• 50:07
  Speaker 5: continue on. If you're not done yet, So folks, that's
• 50:10
  Speaker 5: a little flavor. You can see how long of the
• 50:14
  Speaker 5: things that this could take have to be done when
• 50:16
  Speaker 5: you're doing this, and it really is a process that
• 50:20
  Speaker 5: can be in and probably should be avoided, and you
• 50:23
  Speaker 5: can do that. You can avoid that by getting the guide.
• 50:25
  Speaker 5: Learn how to do your estate plan properly. A will
• 50:29
  Speaker 5: by itself is not an estate plan. Learn how to
• 50:33
  Speaker 5: do an estate plan Back to the Basics eight six
• 50:35
  Speaker 5: six eight four eight five six nine nine or Legal
• 50:39
  Speaker 5: Exchange show dot com. It is the end of the month.
• 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 4: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:51
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:54
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:57
  Speaker 2: with Todd Lutsky.
• 50:59
  Speaker 1: If you're nearing retirement age and are concerned about how
• 51:02
  Speaker 1: to protect your assets, you need to call Cushing and Dolan,
• 51:05
  Speaker 1: the experts in elder law. Their new guide is called
• 51:08
  Speaker 1: Back to the Basics, and it will help you create
• 51:10
  Speaker 1: a plan that will help you understand issues like avoiding probate,
• 51:13
  Speaker 1: passing your assets along to your family and potentially eliminating
• 51:16
  Speaker 1: your estate taxes. This free guide has all the information
• 51:19
  Speaker 1: you need to build a safe and secure estate plan
• 51:21
  Speaker 1: that will give you peace of mind as you close
• 51:23
  Speaker 1: in on retirement. Call eight six six eight four eight
• 51:26
  Speaker 1: five six ninety nine right now and request your free
• 51:28
  Speaker 1: guide today. You can also request a no obligation consultation
• 51:32
  Speaker 1: to review any current planning you've done. Cushing and Dolan
• 51:35
  Speaker 1: have been helping families like yours for thirty years. Let
• 51:37
  Speaker 1: them help you too. Get their new guide, called Back
• 51:40
  Speaker 1: to the Basics today Call eight sixty six eight four
• 51:43
  Speaker 1: eight five six ninety nine, or request the guide online
• 51:46
  Speaker 1: by visiting Legal exchange show dot com. The proceeding was
• 51:49
  Speaker 1: paid for and the music expressed are sole leados of
• 51:51
  Speaker 1: Cushing and Dolan. Cushing and Dolan and or Armstrong Advisory
• 51:53
  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
• 51:58
  Speaker 1: are not affiliated.
• 52:00
  Speaker 9: Understanding the costs of medicare can be complicated HI. This
• 52:03
  Speaker 9: is Chuck Zauta from the Armstrong Advisory Group. Medicare was
• 52:05
  Speaker 9: originally a two part program, but is now four parts,
• 52:08
  Speaker 9: and making sure you know what you're eligible for and
• 52:11
  Speaker 9: how much you'll need to pay is key to having
• 52:13
  Speaker 9: the right healthcare coverage as you get older. Medicare is
• 52:15
  Speaker 9: divided among parts ABCND, all of which have different premiums, deductibles,
• 52:20
  Speaker 9: and co insurance. Our new guide, called Understanding Medicare Essential
• 52:24
  Speaker 9: Questions Answered, can help you learn about these issues in others,
• 52:27
  Speaker 9: such as whether Medicare pays for long term care. Call
• 52:29
  Speaker 9: the Armstrong Advisory Group at eight hundred three nine three
• 52:33
  Speaker 9: for zero zero one and request your free guide today
• 52:36
  Speaker 9: so you can determine which plan works best for you.
• 52:38
  Speaker 9: That number again is eight hundred three nine three four
• 52:41
  Speaker 9: zero zero one, or you can request the guide online
• 52:44
  Speaker 9: at Armstrong Advisory dot com.
• 52:46
  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
• 52:51
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory services. The calendar is turned and the cold is
• 53:02
  Speaker 1: here to stay, so now's the perfect time to plan
• 53:05
  Speaker 1: that getaway to the US Virgin Islands Act now and
• 53:07
  Speaker 1: take advantage of a special promotion to Saint Croix. Experience
• 53:11
  Speaker 1: a vibe like no other and receive a two hundred
• 53:13
  Speaker 1: and fifty dollars per person airfare credit and a free
• 53:16
  Speaker 1: hotel night when you book a five night minimum stay
• 53:19
  Speaker 1: with any participating hotel before June thirtieth, twenty twenty five.
• 53:23
  Speaker 1: Saint Croix is known for its incredible history and spectacular architecture,
• 53:27
  Speaker 1: along with world class cuisine, incredible golf courses, and a
• 53:30
  Speaker 1: wide variety of water sports. From the moment you arrive,
• 53:33
  Speaker 1: you'll fall naturally in rhythm with the heartbeat of the islands.
• 53:36
  Speaker 1: There's no money to exchange, and travel from New England
• 53:39
  Speaker 1: could not be easier. America's Caribbean Paradise is waiting for you.
• 53:44
  Speaker 1: Experience a vibe like no other on the island of
• 53:46
  Speaker 1: Saint Croix. Go to visit USVII dot com and use
• 53:50
  Speaker 1: the code Vibe twenty twenty five for more information and
• 53:53
  Speaker 1: book your trip today. That's visit USVII dot com and
• 53:56
  Speaker 1: code Vibe twenty twenty five.