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Joint Accounts, Will Contests & Life Estate Mistakes · 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
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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: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: of financial Advisor with the Armstrong Advisory Group and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a Masters in taxation. Welcome Todd.
• 0:50
  Speaker 2: How are you today?
• 0:52
  Speaker 3: I am never better on you.
• 0:53
  Speaker 2: I'm great, Thank you. What do you have for us
• 0:55
  Speaker 2: this week?
• 0:56
  Speaker 3: Couple of shows, A couple of shows, couple of cases
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  Speaker 3: Ziavok couple of cases so I've got one out of
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  Speaker 3: the Eastern District of Rhode Island. I'm basically gonna just
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  Speaker 3: call this piecemeal planning and not planning. Both are not
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  Speaker 3: the way to go, okay, And this is just one
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  Speaker 3: where it's just like done partly with joint property, partly
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  Speaker 3: with a will that never really existed. And I don't
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  Speaker 3: I just don't understand how people do things like this.
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  Speaker 2: Hodge podge.
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  Speaker 3: Yeah, it really is. And you're gonna you're gonna see,
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  Speaker 3: we're gonna learn a little bit about joint property and
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  Speaker 3: testate succession. Did the will exist, did the will not exist?
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  Speaker 3: What happened to the joint property when the existence of
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  Speaker 3: a will? Kids getting different things, folks, I mean, please,
• 1:42
  Speaker 3: you got a plan for that? And then we'll go
• 1:45
  Speaker 3: over to Texas where we have a Supreme Court case
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  Speaker 3: here basically is there a will or is there no planning?
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  Speaker 3: And which is good? Which is better? There's no trust
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  Speaker 3: involved here, but there's a question as to whether or
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  Speaker 3: not the will exists or whether they died without a will,
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  Speaker 3: and it's just another sort of messy arrangement. And again, folks,
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  Speaker 3: these are both examples of what happens when you kind
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  Speaker 3: of do piecemeal planning or no planning, I'm going to
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  Speaker 3: leave it. They're both cases like that, so it'll be
• 2:21
  Speaker 3: interesting to see how we can fix that and prevent
• 2:23
  Speaker 3: that from happening. And quite frankly, speaking of piecemeal planning,
• 2:28
  Speaker 3: I think a life of state might kind of be
• 2:30
  Speaker 3: piecemeal planning. I think you're right about that, and that's
• 2:32
  Speaker 3: where some people and the Calculating the Consequences of a
• 2:35
  Speaker 3: Life Estate, folks, is the guide this month, and you
• 2:38
  Speaker 3: may have one. They're so often used thrown around all
• 2:41
  Speaker 3: the time. This guide tells you what you have and
• 2:45
  Speaker 3: whether you want to keep what you have. Right, So,
• 2:47
  Speaker 3: it tells you that gift tax consequences of it, the
• 2:51
  Speaker 3: income tax consequences of it, the control loss you might
• 2:54
  Speaker 3: have with it. It even tells you the two ways
• 2:57
  Speaker 3: to set it up, giving it to a kid or
• 2:59
  Speaker 3: giving it to a trust. In reserving a life estate,
• 3:02
  Speaker 3: compares and contrasts, and it also tells you that three
• 3:06
  Speaker 3: times I think a life estate should be used other
• 3:10
  Speaker 3: than that, learn what you got, folks, Get the guide
• 3:13
  Speaker 3: and see whether you want to keep it or whether
• 3:15
  Speaker 3: you want to undo it. Calculating the Consequences of a
• 3:18
  Speaker 3: life Estate eight six six eight four eight five six
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  Speaker 3: ninety nine or Legal Exchange Show dot com again eight
• 3:25
  Speaker 3: six six eight four eight five six nine nine or
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  Speaker 3: Legal Exchange Show dot com and always go to our
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  Speaker 3: Instagram page Cushing Dollan PC for lots more information. Eastern
• 3:40
  Speaker 3: District of Rhode Island. Here we go. What happened here? Well?
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  Speaker 3: Elaine died in May of twenty twenty three years later
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  Speaker 3: or three years prior to her death, excuse me. She
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  Speaker 3: opened up a Fidelity brokerage account with her daughter Marsha
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  Speaker 3: as a joint owner with right of survivorship. Okay, keep
• 4:02
  Speaker 3: that in mind. Right, joint owner, right of survivorship two
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  Speaker 3: years prior to her death. So a year later, a
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  Speaker 3: year later, two years prior to her death, she decided
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  Speaker 3: to create a revocable trust, naming her other daughter Michelle
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  Speaker 3: as the beneficiary hmm, interesting and William Flynn as trustee.
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  Speaker 3: We don't know who William is, right. Marcia was then
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  Speaker 3: appointed executriates when she died, and Marcia filed an inventory
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  Speaker 3: for the estate like you're supposed to do, but she
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  Speaker 3: didn't list the Fidelity account. That's okay, I think that's okay, okay,
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  Speaker 3: Michelle and William. Of course, Michelle the beneficiary of the trust. Remember,
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  Speaker 3: Michelle and William decided to sue Marcia, believing that she
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  Speaker 3: fraudulently obtained the right of survivorship status on that fidelity account,
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  Speaker 3: so they in federal court. The district court granted Marcia's
• 5:03
  Speaker 3: motion to dismiss the claim, which I think is probably good. Well,
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  Speaker 3: William wasn't having that. So William then reached out to
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  Speaker 3: an attorney to file a claim to recover the assets
• 5:16
  Speaker 3: of the estate, but that attorney didn't do anything very timely,
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  Speaker 3: so then he hired another lawyer. In that lawyer he
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  Speaker 3: hired on a contingency fee basis to try to recover
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  Speaker 3: the assets and file a motion to reopen the case.
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  Speaker 3: The district court granted the motion and said there were
• 5:33
  Speaker 3: various reasons why he wasn't The other lawyer didn't act.
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  Speaker 3: He followed, tried to rely on another professional. They allowed
• 5:40
  Speaker 3: him to reopen the case to go back and see
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  Speaker 3: how this brokerage account was actually set up. Was their
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  Speaker 3: fraud involved or undue influence or something I guess so
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  Speaker 3: no answer, but ah, but they they did.
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  Speaker 2: Remember I can tell by the gleam in your eye
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  Speaker 2: that you were going to leave us hanging again. But
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  Speaker 2: I think add to the list, folks. I hope someone's
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  Speaker 2: keeping track of these out there.
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  Speaker 3: I know, I know. I got to tell you though,
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  Speaker 3: I thought it was worth bringing up just when you
• 6:10
  Speaker 3: look at the facts. I mean, what a disaster, right,
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  Speaker 3: So let's sort of play out the string of what's
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  Speaker 3: going on here. So in this case, we have a
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  Speaker 3: joint account. What does that mean? Right? Remember joint accounts
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  Speaker 3: when the owner dies. When one owner dies, the assets
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  Speaker 3: automatically go to the surviving joint owner. Yes, that's it.
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  Speaker 3: It also avoids probate process, fine passes outside the will,
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  Speaker 3: outside the trust, and in other words, the will does
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  Speaker 3: not direct where this asset goes. Right, Okay, so not
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  Speaker 3: even sure there was a was a will here. There
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  Speaker 3: was a trust though, but there might have been a
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  Speaker 3: poor overwill with the trust. They didn't really mention it.
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  Speaker 3: But okay, so I get that. But what's the problem
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  Speaker 3: with that? Right? And this is why it's kind of
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  Speaker 3: piece meal? What's the problem with that? Well, did Elaine
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  Speaker 3: want to disinherit her daughter Michelle here and just give
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  Speaker 3: that one account only to Marcia?
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  Speaker 2: Well, maybe that's why Marsha wasn't included as a beneficiary
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  Speaker 2: in the trust.
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  Speaker 3: Very good point, Susan. It absolutely could have been somehow
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  Speaker 3: she's trying to plan. But again my point in telling
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  Speaker 3: you that this could be a problem is maybe here
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  Speaker 3: it worked right, but a lot of you folks listening
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  Speaker 3: right the general listener, might say, oh, yeah, I own
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  Speaker 3: a lot of accounts jointly with my one child who
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  Speaker 3: happens to live close by. Well that's great for convenience purposes,
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  Speaker 3: but what happens at the end of the day when
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  Speaker 3: you die, You actually disinherit your other children because everything
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  Speaker 3: goes to that one child. So be very careful with
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  Speaker 3: a joint account. Now Here, maybe it was intentional, but
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  Speaker 3: for a lot of us it's not so much so
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  Speaker 3: that at Cushing and Dolan, we put language in our
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  Speaker 3: will to prevent this mistake, this accidental disinheritance that couldn't happen.
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  Speaker 3: In this case. We have all adjoints, we count them.
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  Speaker 3: All joint accounts are to be held for convenience only,
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  Speaker 3: and are not to avoid probate, and are to be
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  Speaker 3: governed by the will. We put that right in our trust.
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  Speaker 2: So even investment accounts, not just bank accounts.
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  Speaker 3: Joint accounts, okay, designated beneficiary different. Okay, that's not a
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  Speaker 3: joint account. You went out of your way to put
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  Speaker 3: a dB on that account. Yep, that's where it goes.
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  Speaker 3: But joint accounts just happen too frequently by accident and
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  Speaker 3: for convenience, So we put it on there. So that now,
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  Speaker 3: if you had the will, the will would have been
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  Speaker 3: a poor over will. It would ap poured the asset
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  Speaker 3: that this joint account would have poured into the trust.
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  Speaker 3: And generally the trust would then distribute the assets in
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  Speaker 3: accordance with its terms. And if it says equally to
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  Speaker 3: all kids in the trust, problem solved.
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  Speaker 2: Why wouldn't the attorney have advised her to do that
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  Speaker 2: if that was her intention? You know, like that account.
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  Speaker 2: You know, let's say it was going to be even
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  Speaker 2: between the two kids, you know, put it all in
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  Speaker 2: the trust and then you don't have to worry about
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  Speaker 2: the nonsense.
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  Speaker 3: True, And I say, in general this would normally affix
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  Speaker 3: it if the trust was equally to everybody. But this
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  Speaker 3: one just said all to Michelle, right, So then a
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  Speaker 3: poor over here would have actually disinherited Marcia. Yeah, so
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  Speaker 3: that's very important that you kind of figure out. This
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  Speaker 3: is again kind of piecemealish. Why are you trying to
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  Speaker 3: do one thing on one side of your equation. On
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  Speaker 3: the other side of your estate plan, you're doing something
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  Speaker 3: entirely different.
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  Speaker 2: Have a plan that covers everything.
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  Speaker 3: Yeah, it's just sort of hodgepodge here, And that's what
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  Speaker 3: you get that you end up in court. I mean,
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  Speaker 3: I think that's the answer here as you end up
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  Speaker 3: in court. And again, she filed an inventory and didn't
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  Speaker 3: put the joint account on. I think that's perfectly normal.
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  Speaker 3: It avoids probate, it avoids it's not a probate asset
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  Speaker 3: doesn't belong on the inventory. But I do think we
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  Speaker 3: need to figure out whether or not there was any
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  Speaker 3: fraudulent or undue influence to get her on that account.
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  Speaker 3: I don't see it.
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  Speaker 2: If we had a resolution, we could really answer that
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  Speaker 2: for the people.
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  Speaker 3: Yeah, you see it here, though, I think she's probably
• 10:00
  Speaker 3: okay here. I think she's going to be okay folks.
• 10:03
  Speaker 3: You guys could be okay. But if you have a
• 10:05
  Speaker 3: life estate, it's also it's also something that's kind of hodgepodges.
• 10:09
  Speaker 3: Learn what you have when you have a life estate,
• 10:11
  Speaker 3: whether you want to keep it or not. Learn the
• 10:14
  Speaker 3: consequences of a life estate eight six six eight four
• 10:18
  Speaker 3: eight five six nine nine or Legal Exchange show dot com.
• 10:22
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:24
  Speaker 2: law firm of Cushing in Dolan. I'm Susan Powers, a
• 10:28
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:31
  Speaker 2: more to come when we return to the Legal Exchange
• 10:34
  Speaker 2: with Todd Lutsky.
• 10:36
  Speaker 1: Life estates are sometimes used to protect your home as
• 10:39
  Speaker 1: part of your future, but it's important to understand how
• 10:41
  Speaker 1: they really work before making any changes to your state plan.
• 10:44
  Speaker 1: Cushing and Dolan are experts and nailed your lawn in taxation.
• 10:47
  Speaker 1: Their new guide, called Calculating the Consequences of Life Estates
• 10:50
  Speaker 1: explains the pros and cons and why careful planning is
• 10:53
  Speaker 1: so critical. A life estate can allow you to remain
• 10:56
  Speaker 1: in your home while transferring future ownership, but decisions like
• 11:00
  Speaker 1: putting the property in your children's names versus using a
• 11:02
  Speaker 1: trust can have very different consequences when it comes to taxes, control,
• 11:07
  Speaker 1: and protection from creditors. Before you sign any deed or
• 11:10
  Speaker 1: a transfer property, be sure you understand your options. Call
• 11:13
  Speaker 1: Cushing and Dolan at eight sixty six eight four eight
• 11:15
  Speaker 1: five six ninet nine and ask for your free guide today.
• 11:19
  Speaker 1: That's eight six six eight four eight five six nine nine,
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  Speaker 1: or you can request the guide online by visiting Legal
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  Speaker 1: The views expressed are solely those of Cushing and Dolan.
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  Speaker 1: do not endorse each other and are not affiliated.
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• 13:07
  Speaker 1: Life estates are sometimes used to protect your home as
• 13:10
  Speaker 1: part of your future, but it's important to understand how
• 13:12
  Speaker 1: they really work before making any changes to your state plan.
• 13:15
  Speaker 1: Cushing and Dolan are experts in elder lawn taxation. Their
• 13:18
  Speaker 1: new guide, called Calculating the Consequences of Life Estates, explains
• 13:22
  Speaker 1: the pros and cons and why careful planning is so critical.
• 13:25
  Speaker 1: A life estate can allow you to remain in your
• 13:28
  Speaker 1: home while transferring future ownership, but decisions like putting the
• 13:31
  Speaker 1: property in your children's names versus using a trust can
• 13:34
  Speaker 1: have very different consequences when it comes to taxes, control,
• 13:38
  Speaker 1: and protection from creditors. Before you sign any deed or
• 13:41
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 13:44
  Speaker 1: and Dolan at eight six six eight four eight five
• 13:47
  Speaker 1: six ninety nine and ask for your free guide today.
• 13:50
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 13:52
  Speaker 1: or you can request the guide online by visiting Legal
• 13:55
  Speaker 1: Exchange show dot com. The proceeding was paid for in
• 13:57
  Speaker 1: The views expressed are solely those of Cushing and Doolin
• 14:00
  Speaker 1: Fishing and Dolan and Armstrong Advisory may contact you offering
• 14:02
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
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  Speaker 1: do not endorse each other and are not affiliated. You're
• 14:08
  Speaker 1: listening to the Legal Exchange with Todd Lunsky, an expert
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  Speaker 1: in elder life planning and taxation. Need help with your
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  Speaker 1: That's eight six six eight four eight five six ninety nine.
• 14:24
  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
• 14:27
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:30
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:33
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:37
  Speaker 2: Where are we headed now, Todd.
• 14:39
  Speaker 3: Texas Supreme Court. M So it's like the Super Bowl? Yeah, okay,
• 14:44
  Speaker 3: what do we got here? We've got Hugh Wheaton. He
• 14:47
  Speaker 3: died in twenty eighteen. In February of twenty nineteen, Isaiah
• 14:52
  Speaker 3: Isaiah Wheat, I'm sorry, not Wheat and Wheatfall. Isaiah Wheatfall
• 14:56
  Speaker 3: files an application for letters of administration. That's why. When
• 15:00
  Speaker 3: you don't have a will, alleging that he's Hugh's son
• 15:04
  Speaker 3: and sole surviving heir and Hugh died without a will's
• 15:08
  Speaker 3: why the letters of administration. Shockingly, a week later, Teresa
• 15:15
  Speaker 3: Dubois files an application to admit and probate a twenty
• 15:19
  Speaker 3: two thousand and nine will. Teresa said she is Hugh's
• 15:24
  Speaker 3: granddaughter and that the will was valid. Wow, so you've
• 15:29
  Speaker 3: got Isaiah saying that he's the sole heir. Yet there's
• 15:33
  Speaker 3: a granddaughter, which makes me think that there's some kid
• 15:36
  Speaker 3: somewhere else that had a kid. Aw that, I'm like,
• 15:39
  Speaker 3: I'm a little lost with I need a pie chart.
• 15:41
  Speaker 2: Oh, we do need a charge. This is salacious.
• 15:44
  Speaker 3: So so okay, where do we go from here? We
• 15:47
  Speaker 3: got this will? So then on September fifth, twenty nineteen,
• 15:52
  Speaker 3: before the court decided on the competing applications, Isaiah filed
• 15:57
  Speaker 3: a will contest alleging that the two nine will is
• 16:00
  Speaker 3: invalid or Hugh was not of sound mind at the time. Now, folks,
• 16:07
  Speaker 3: that might be a stretch. I mean, two thousand and
• 16:09
  Speaker 3: nine is the will. He died in twenty eighteen. It's
• 16:11
  Speaker 3: like almost ten years of not being a sound mind.
• 16:14
  Speaker 3: That might be a stretch here, Isaiah, I'm not sure,
• 16:18
  Speaker 3: but could be. But let's see, I would think maybe
• 16:22
  Speaker 3: undue influence might be a better argument. Who knows. Although
• 16:25
  Speaker 3: it doesn't sound like they were close to anybody September sixteenth,
• 16:29
  Speaker 3: trial court comes down and says, without holding a hearing
• 16:32
  Speaker 3: on the will contest at all, simply denies Isaiah's application
• 16:37
  Speaker 3: for letters of admission and instead admits the two thousand
• 16:40
  Speaker 3: and nine will to probate. Well, Isaiah then requested a
• 16:44
  Speaker 3: hearing for the will contest because you didn't even address it.
• 16:49
  Speaker 3: Teresa objected, saying, no, the September sixteenth ruling was a
• 16:52
  Speaker 3: final judgment about the two thousand and nine will's validity.
• 16:56
  Speaker 3: It's over. You can't do anything else. Well, the trial
• 17:00
  Speaker 3: court granted Teresa's objection and dismissed the will contest. Well,
• 17:06
  Speaker 3: as you might imagine, Isaiah is not happy about that,
• 17:08
  Speaker 3: so he appeals in the appellate court. On a divided
• 17:11
  Speaker 3: court of Appeals affirmed the trial court. HM, Well, we're
• 17:16
  Speaker 3: still not happy. So Isaiah goes to the Supreme Court
• 17:18
  Speaker 3: of Texas, which reversed and remanded to the appellate court
• 17:24
  Speaker 3: to address Isaiah's will contest objection. Right, is this a
• 17:28
  Speaker 3: good will or not? Because there is no statute in
• 17:32
  Speaker 3: Texas that states and order admitting a will to probate
• 17:36
  Speaker 3: is a final, non appealable order. You can't just admit
• 17:40
  Speaker 3: a will to probate and that's the end of it.
• 17:42
  Speaker 3: And the Supreme Court probably got that right. Well, they're
• 17:44
  Speaker 3: just following the statute in Texas.
• 17:47
  Speaker 2: So are you about to tell us you don't know
• 17:49
  Speaker 2: what happens.
• 17:49
  Speaker 3: It's exactly what happened. We've reminded this case to find
• 17:51
  Speaker 3: out whether or not the will contest actually is.
• 17:55
  Speaker 2: Going to win or you're going to be grounded.
• 17:57
  Speaker 3: I'm not doing well today, so but those are you know,
• 18:01
  Speaker 3: but again sort of sort of weird planning, right, sort
• 18:04
  Speaker 3: of no planning? Really did you have a will? Did
• 18:07
  Speaker 3: you not have a will? Is it good to have
• 18:08
  Speaker 3: a will? We're going to discuss all that, but folks,
• 18:11
  Speaker 3: that's sort of what you get into when you don't plan,
• 18:15
  Speaker 3: you're more.
• 18:16
  Speaker 2: Likely to be here two thousand and nine. You have
• 18:18
  Speaker 2: this will that would leave things to this granddaughter. That's
• 18:21
  Speaker 2: not like kind of out in the public granddaughter. You
• 18:25
  Speaker 2: know things are going down when you die.
• 18:27
  Speaker 3: Do a trust if there's even a will?
• 18:30
  Speaker 6: Right?
• 18:30
  Speaker 3: Who knows? This is the kind of thing. It's like,
• 18:33
  Speaker 3: you know, I don't are there any kids? I don't
• 18:34
  Speaker 3: know what's going on here, folks. This is confusing, but
• 18:38
  Speaker 3: sometimes having a life estate is confusing. If you got one,
• 18:42
  Speaker 3: the guides for you, learn what you have, learn what
• 18:45
  Speaker 3: you If you don't have one, the guides for you
• 18:48
  Speaker 3: before you get one. So, folks, this tells us how
• 18:52
  Speaker 3: to set them up. Two ways to set up a
• 18:54
  Speaker 3: life estate. It tells us the control you lose or gain.
• 18:58
  Speaker 3: It tells us the capital gain tax, the gift tax, ramifications,
• 19:02
  Speaker 3: the creditor risks that you run when you give assets
• 19:05
  Speaker 3: to children with a life estate. Folks, call and get
• 19:09
  Speaker 3: the guide. It also tells you the three times I
• 19:12
  Speaker 3: suggest using them. So learn what you have and what
• 19:16
  Speaker 3: you don't have with a life estate. Call and get
• 19:18
  Speaker 3: this guide calculating the consequences of a life estate. Everybody
• 19:23
  Speaker 3: uses them eight six six eight four eight five six
• 19:27
  Speaker 3: ninety nine or Legal Exchange Show dot com again eight
• 19:31
  Speaker 3: six six eight four eight five six nine nine or
• 19:35
  Speaker 3: Legal Exchange Show dot com and download it there and
• 19:39
  Speaker 3: always go to our our Instagram page Cushing Dolan PC
• 19:42
  Speaker 3: for more information. Okay, what are we going to take
• 19:48
  Speaker 3: away from them? What are the tips? What do we
• 19:50
  Speaker 3: learn from a case like this? Well, let's see what
• 19:53
  Speaker 3: happens when you die without a will? Now you know
• 19:55
  Speaker 3: me Basically, I'm always telling everybody you know you if
• 19:59
  Speaker 3: you have a will, at least you know you would
• 20:02
  Speaker 3: like to leave your assets a certain way. Well, I
• 20:05
  Speaker 3: always say a will is a won't, meaning it won't
• 20:08
  Speaker 3: avoid probate, it won't reduce your estate tax liability, it
• 20:11
  Speaker 3: won't protect the assets from a nursing home. It's really
• 20:14
  Speaker 3: not doing much, but it will at least direct where
• 20:18
  Speaker 3: your assets go if you want them to go a
• 20:20
  Speaker 3: certain way. Without that, you're sort of left hanging. So
• 20:26
  Speaker 3: at least do it if that's what you want to accomplish. Now,
• 20:30
  Speaker 3: in this case, we have competing issues. We have somebody
• 20:33
  Speaker 3: saying there's no will and he's the sole heir Isaiah right,
• 20:38
  Speaker 3: And we have somebody else saying, no, not only is
• 20:41
  Speaker 3: he not the sole air, I'm an heir, but I
• 20:44
  Speaker 3: also have a will. So without a will. If this
• 20:47
  Speaker 3: turns out to be without a will, you're then in
• 20:49
  Speaker 3: the intestate succession statute. Each state has their own version
• 20:54
  Speaker 3: of who gets what When you don't tell the world
• 20:58
  Speaker 3: who's supposed to get what.
• 21:00
  Speaker 6: M hm.
• 21:00
  Speaker 3: So you look here, now it appears here that that
• 21:04
  Speaker 3: you know family status. Family status really matters, right, order
• 21:10
  Speaker 3: matters so generally you first look to a spouse. So
• 21:14
  Speaker 3: so in this case, Hugh dies, is their a spouse?
• 21:17
  Speaker 1: No?
• 21:18
  Speaker 3: Okay, Next you look to kids. Are there kids there
• 21:23
  Speaker 3: may be one, then grandkids if none, siblings, then nieces, nephews,
• 21:31
  Speaker 3: then cousins and on down the line. We go sort
• 21:33
  Speaker 3: of this plinko board to figure out who gets what.
• 21:38
  Speaker 3: So let's play out the string here. If Isaiah is
• 21:42
  Speaker 3: the son and he had no kids, he thought he
• 21:45
  Speaker 3: was the sole heir. This is the confusing part. He
• 21:48
  Speaker 3: thought he was the sole heir, well, then he may
• 21:50
  Speaker 3: take it all.
• 21:51
  Speaker 2: So if he had a sibling he didn't know about.
• 21:54
  Speaker 2: This is his niece who's saying, but it would stop
• 21:58
  Speaker 2: at him, it wouldn't.
• 22:00
  Speaker 3: I don't necessarily go to like that's a really good
• 22:04
  Speaker 3: I think you're gonna have to look state by state
• 22:06
  Speaker 3: on this one, Susan. Every state's a little different in
• 22:08
  Speaker 3: terms of how they do the inter state succession statute,
• 22:12
  Speaker 3: meaning they would look across the board. Okay, we drop
• 22:15
  Speaker 3: down to the sibling level and then you go across, Well,
• 22:18
  Speaker 3: we find one, and then we find a deceased sibling
• 22:22
  Speaker 3: who left this right, this child who's a grandchild. Well,
• 22:26
  Speaker 3: maybe it's still splits in half and that half goes
• 22:29
  Speaker 3: down to that deceased child because it's across the generations
• 22:33
  Speaker 3: have to read the statue. So it's possible that Teresa
• 22:36
  Speaker 3: and Isaiah still might benefit if there's no will. It's
• 22:40
  Speaker 3: possible Isaiah stands to get it all if there's no will.
• 22:44
  Speaker 3: But certainly if this will is valid and it leaves
• 22:49
  Speaker 3: everything to the granddaughter, well that stands that Isaiah might
• 22:53
  Speaker 3: get nothing here. Right, So I think getting the validity
• 22:58
  Speaker 3: of this will is very import important. And folks, at
• 23:01
  Speaker 3: the end of the day, not planning here is really
• 23:05
  Speaker 3: a disaster, right. You got to at least make sure
• 23:10
  Speaker 3: you say where you want your assets to go. And
• 23:14
  Speaker 3: in this case, Hugh, you have to know how many
• 23:16
  Speaker 3: kids you have. You have to know how many grandchildren
• 23:19
  Speaker 3: you have, so you know if you know that, and
• 23:21
  Speaker 3: if there's a second marriage involved or who knows what's
• 23:24
  Speaker 3: going on, you again, you really got to make sure
• 23:27
  Speaker 3: you plan right. It's really important because and again if
• 23:30
  Speaker 3: you have multiple kids from multiple marriages, really important that
• 23:34
  Speaker 3: you figure out who gets what, how and when. So folks,
• 23:38
  Speaker 3: do your planning, don't leave things hanging, and don't take
• 23:43
  Speaker 3: shortcuts like saying I'm just going to do a life
• 23:45
  Speaker 3: estate and nothing else with my home. Life estates are
• 23:47
  Speaker 3: primarily used for your home number one, but learn how
• 23:50
  Speaker 3: they work. Learn what you have and learn what you
• 23:53
  Speaker 3: give up, and decide whether you want to keep these
• 23:56
  Speaker 3: life estates. Calculating the Consequences of a Life Estate eight
• 24:00
  Speaker 3: six six eight four eight five six ninety nine, or
• 24:04
  Speaker 3: go to our website Legal Exchange Show dot com and
• 24:07
  Speaker 3: download it.
• 24:08
  Speaker 2: Today you've been listening to Todd Lutsky, a partner with
• 24:11
  Speaker 2: the law firm of Cushing and Dolan. I'm Susan Powers,
• 24:15
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
• 24:18
  Speaker 2: will be answering your listener questions when we return to
• 24:21
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 24:24
  Speaker 1: Life estates are sometimes used to protect your home as
• 24:27
  Speaker 1: part of your future, but it's important to understand how
• 24:29
  Speaker 1: they really work before making any changes to your state plan.
• 24:33
  Speaker 1: Cushing and Dolan are experts and held your lawn taxation.
• 24:35
  Speaker 1: Their new guide, called Calculating the Consequences of Life Estates
• 24:39
  Speaker 1: explains the pros and cons and why careful planning is
• 24:42
  Speaker 1: so critical. A life estate can allow you to remain
• 24:44
  Speaker 1: in your home while transferring future ownership, but decisions like
• 24:48
  Speaker 1: putting the property in your children's names versus using a
• 24:51
  Speaker 1: trust can have very different consequences when it comes to taxes, control,
• 24:55
  Speaker 1: and protection from creditors. Before you sign any deed or
• 24:58
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 25:02
  Speaker 1: and Dolan at eight six six eight four eight five
• 25:04
  Speaker 1: six ninet nine and ask for your free guide today.
• 25:07
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 25:10
  Speaker 1: or you can request the guide online by visiting Legal
• 25:12
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 25:15
  Speaker 1: The views expressed are solely those of Cushing and Dolan.
• 25:17
  Speaker 1: Cushing and Dolan and Armstrong Advisory may contact you offering
• 25:20
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 25:22
  Speaker 1: do not endorse each other and are not affiliated.
• 25:25
  Speaker 6: As you navigate life after divorce, planning for your family's
• 25:28
  Speaker 6: future becomes even more important.
• 25:30
  Speaker 3: HI.
• 25:30
  Speaker 6: This is Mike Armstrong from the Armstrong Advisory Group. From
• 25:33
  Speaker 6: everyday expenses to thinking about how college will be funded,
• 25:36
  Speaker 6: it's important to have a clear plan for how all
• 25:38
  Speaker 6: of your upcoming costs will be handled over time. Divorce
• 25:41
  Speaker 6: also means adjusting to a new financial reality where one
• 25:44
  Speaker 6: household becomes two and your budget saving strategy and long
• 25:48
  Speaker 6: term goals may need to be reevaluated. Our new guide
• 25:51
  Speaker 6: is called Divorce in your Financial Plan, and it discusses
• 25:54
  Speaker 6: ways to build a financial strategy that supports your family's
• 25:57
  Speaker 6: next chapter. You can get your free guide to day
• 26:00
  Speaker 6: by calling eight hundred three nine three four zero zero one.
• 26:03
  Speaker 6: That's eight hundred three nine three four zero zero one,
• 26:06
  Speaker 6: or you can request the guide online at Armstrong Advisory
• 26:09
  Speaker 6: dot com.
• 26:10
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:12
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 26:15
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 26:18
  Speaker 1: your own financial tax into state planning advisors before making
• 26:20
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 26:24
  Speaker 1: advisory services. Protecting your home with the life estate can
• 26:27
  Speaker 1: be problematic if you don't understand the rules. Cushing and
• 26:29
  Speaker 1: Dolan's new guide, called Calculating the Consequences of Life Estates,
• 26:32
  Speaker 1: can help you learn about how this strategy works and
• 26:35
  Speaker 1: what to consider. Call Cushing and Dolan at eight six
• 26:37
  Speaker 1: six eight four eight five six nine nine and get
• 26:39
  Speaker 1: your guide today or request it online at Legal Exchange
• 26:43
  Speaker 1: show dot com. The proceeding was paid for and the
• 26:45
  Speaker 1: views expressed are solely those of Cushing and Dolan. Cushing
• 26:47
  Speaker 1: and Dolan and or Armstrong Advisory may contact you offering
• 26:50
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 26:53
  Speaker 1: do not endorse each other and are not affiliated.
• 26:55
  Speaker 6: Hi.
• 26:55
  Speaker 5: I'm Michael Vlila, adjedent of the Disabled American Veterans Department
• 26:58
  Speaker 5: of Massachusetts. The DAV of Massachusetts provides thousands of hours
• 27:03
  Speaker 5: of voluntary services at our VA medical centers and soldiers homes,
• 27:06
  Speaker 5: and is the only DAV department in the country to
• 27:09
  Speaker 5: lead a veterans housing initiative for both single veterans and
• 27:12
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• 27:15
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  Speaker 5: great American heroes by making a donation today. Please visit
• 27:21
  Speaker 5: DAV fivek dot Boston. That's DAV fivek dot Boston.
• 27:26
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 27:29
  Speaker 1: Ask Todd, the segment where Tod will answer your questions
• 27:33
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:37
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:41
  Speaker 2: Welcome back, tod We've a few questions for listeners for you.
• 27:44
  Speaker 2: First question comes from Mike and Clinton mass and Mike writes,
• 27:47
  Speaker 2: my brother inherited a home from our mother through her
• 27:50
  Speaker 2: nominee reality trust, but never updated the deed to put
• 27:53
  Speaker 2: it in his name. He recently passed away after spending
• 27:57
  Speaker 2: some time in a nursing home. What happens to his
• 28:00
  Speaker 2: house now? If he didn't have a will, will the
• 28:03
  Speaker 2: nursing home take it or will it go to his beneficiary,
• 28:06
  Speaker 2: which is me?
• 28:07
  Speaker 3: So let's see if we got if I got all
• 28:09
  Speaker 3: the facts here, this is a packed house. He's somehow,
• 28:14
  Speaker 3: I'm guessing when he was in the nursing home managed
• 28:16
  Speaker 3: to get on Medicaid. Sounds like it because he didn't
• 28:20
  Speaker 3: know he had this house and so probably it was
• 28:24
  Speaker 3: never reported sure to anybody. And folks, this is what
• 28:29
  Speaker 3: happens when someone dies. If they leave you the house,
• 28:33
  Speaker 3: even if you don't change the deed, it's your house.
• 28:38
  Speaker 3: In fact, it's your house the moment they die. In Massachusetts,
• 28:41
  Speaker 3: real estate vests in you as a beneficiary the moment
• 28:47
  Speaker 3: someone dies. So be careful, okay, So and gets hurt
• 28:49
  Speaker 3: on your property. It's your property.
• 28:51
  Speaker 2: So even if there's no deed change or anything.
• 28:53
  Speaker 3: Right, right, Okay, so there's there oftentimes isn't even they
• 28:57
  Speaker 3: call it an estate deed. They oftentimes don't even prepared
• 29:00
  Speaker 3: deeds out of the estate. It just when you inherit it.
• 29:03
  Speaker 3: If you go to sell it, you would reference the
• 29:05
  Speaker 3: probate number, got it the probate court on your deed
• 29:08
  Speaker 3: out And of course that means there's got to be
• 29:10
  Speaker 3: a release of lean and whatnot for Massa state taxes.
• 29:13
  Speaker 3: So I think at the end of the day, he
• 29:15
  Speaker 3: actually did own this property when he went into the
• 29:19
  Speaker 3: nursing home, got it, and somehow that just didn't get reported.
• 29:23
  Speaker 2: Unless Mom died after he went in, which is.
• 29:27
  Speaker 3: Possible, which is also possible. That's a really good point.
• 29:30
  Speaker 2: So maybe it's that.
• 29:31
  Speaker 3: Maybe he went in, got on Medicaid, and then mom
• 29:34
  Speaker 3: died and nothing ever happened because he's in the nursing
• 29:37
  Speaker 3: home and nobody really told him about it, and now
• 29:40
  Speaker 3: he died. Well, when he dies, they're going to go
• 29:43
  Speaker 3: through what they call in a state administration process. I
• 29:45
  Speaker 3: tell everybody that when someone dies, please call. In fact,
• 29:50
  Speaker 3: I had someone recently who came in and was texting
• 29:53
  Speaker 3: me a bunch of information about selling their property. I go,
• 29:56
  Speaker 3: did you use us when you sold this? No, we
• 29:58
  Speaker 3: use some real term like the This is why you
• 30:00
  Speaker 3: have all these questions. Now, Please, don't you know, call folks,
• 30:04
  Speaker 3: call your estate planning attorney that did your plan when
• 30:07
  Speaker 3: you're doing things, because they tend to make sure that
• 30:09
  Speaker 3: gets done right. So this was a sale out of
• 30:12
  Speaker 3: a irrevocable trust too. So in this case, yeah, you know,
• 30:17
  Speaker 3: you have to do an a state administration for this
• 30:19
  Speaker 3: deceased beneficiary. And so in doing so, we now learn
• 30:25
  Speaker 3: that he does own this piece of property. Yeah, it's
• 30:27
  Speaker 3: part of his estate for state tax purposes. Well, if
• 30:31
  Speaker 3: it's part of his estate, you have to notify the state,
• 30:34
  Speaker 3: especially if he was on Medicaid, that they died so
• 30:38
  Speaker 3: that they have a right to file a claim against
• 30:41
  Speaker 3: the estate. Remember that's called a state recovery from the
• 30:45
  Speaker 3: medicaid world. So in this case, they would now have
• 30:49
  Speaker 3: a right to file a claim against this person's estate,
• 30:52
  Speaker 3: and that suspect, that's kind of why you have a
• 30:54
  Speaker 3: state recovery right for people like this who might have
• 30:57
  Speaker 3: inherited something while they were on Medicaid. Well, now Medicaid
• 31:01
  Speaker 3: wants reimbursed, so they're gonna put a lien on this house.
• 31:05
  Speaker 3: They're then gonna either force you whoever is inheriting from
• 31:09
  Speaker 3: this person, which is Mike, his brother, so Mike, So
• 31:12
  Speaker 3: Mike would be inheriting from the from the deceased brother.
• 31:16
  Speaker 3: Mike's gonna have to deal with this lean. Mike's gonna
• 31:18
  Speaker 3: have to say, well, I'll either sell the house, pay
• 31:20
  Speaker 3: off the lean and give me the balance, or just
• 31:25
  Speaker 3: sell the house. I guess just either way, that's what
• 31:27
  Speaker 3: you're gonna have to sell the house. Or if there's
• 31:29
  Speaker 3: another way, the mortgage.
• 31:30
  Speaker 2: You could take a mortgage, because likely they wouldn't unless
• 31:33
  Speaker 2: he was in there for a really long time.
• 31:35
  Speaker 3: Yeah, you could take a l mortgage.
• 31:36
  Speaker 2: Part of the house that they could only for the
• 31:39
  Speaker 2: amount of lean.
• 31:42
  Speaker 3: And the good news is if you're on Medicaid, you
• 31:44
  Speaker 3: know you're probably paying a much smaller rate, so so
• 31:47
  Speaker 3: the lean would be smaller. So yeah, probably he could
• 31:49
  Speaker 3: take out a mortgage and keep the house and then
• 31:51
  Speaker 3: pay it pay it off. But but he is gonna
• 31:53
  Speaker 3: have to deal with that, So yeah, I think that's
• 31:56
  Speaker 3: the answer. It okay, So again, part of it comes
• 31:58
  Speaker 3: from no planning and of planning somewhere along the line here,
• 32:01
  Speaker 3: Not that we're pointing a finger for blame, but folks,
• 32:05
  Speaker 3: that happens. Sometimes people do quick planning. I like to
• 32:07
  Speaker 3: call it life estate planning only, which is exactly what
• 32:10
  Speaker 3: this guide is about. Calculating the consequences of a life estate.
• 32:14
  Speaker 3: You bought a home, you threw your house in it,
• 32:16
  Speaker 3: and then you gave it to the kids and reserved
• 32:18
  Speaker 3: a life estate. You know who you are if I'm
• 32:20
  Speaker 3: describing this, and so if you've done it, learn what
• 32:24
  Speaker 3: you've done. What control have you given up? What were
• 32:26
  Speaker 3: the gift tax consequences, what are the income tax consequences?
• 32:30
  Speaker 3: If you want to sell, what can you even sell?
• 32:33
  Speaker 3: How do you go about selling and moving? What do
• 32:36
  Speaker 3: you really have? Folks? And it also gives you the
• 32:38
  Speaker 3: two ways to create it and the three times I
• 32:41
  Speaker 3: think it's important to use them, which is not very
• 32:44
  Speaker 3: many folks. Call and get the guide eight six six
• 32:48
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:52
  Speaker 3: Show dot com again eight six six eight four eight
• 32:56
  Speaker 3: five six nine nine or Legal Exchange Show dot com
• 33:00
  Speaker 3: and download it there. You can also go to our
• 33:02
  Speaker 3: Instagram page Cushing Dolan PC for lots more information.
• 33:06
  Speaker 2: Our last question comes from Janine in Burlington, mass And
• 33:09
  Speaker 2: Janine writes, I'd like to put my house into an
• 33:12
  Speaker 2: irrevookable trust to protect it. But I get an abatement
• 33:15
  Speaker 2: on my real estate taxes because I'm over sixty two. Well,
• 33:18
  Speaker 2: I still get that credit or do I need to
• 33:21
  Speaker 2: give that up? It's really helpful to me because I'm
• 33:24
  Speaker 2: on a fixed income.
• 33:25
  Speaker 3: No, there's no question that every town doesn't do this,
• 33:29
  Speaker 3: And folks, this is so important when we meet with clients.
• 33:32
  Speaker 3: I'm just going to tell everybody in case we ever
• 33:34
  Speaker 3: meet to tell me at the meeting, tell your estate
• 33:38
  Speaker 3: planning attorney at the meeting whether you get one of
• 33:41
  Speaker 3: these abatements, because we don't know which towns offer them
• 33:46
  Speaker 3: and which towns don't, and what the requirements are in
• 33:50
  Speaker 3: each town. Right, So, sometimes you could just be a veteran,
• 33:54
  Speaker 3: you have to be an owner occupant, you have to
• 33:56
  Speaker 3: be over sixty five, there's different rules that allow you
• 34:00
  Speaker 3: to get these benefits. Well, the benefits in this case
• 34:04
  Speaker 3: is a reduction in the amount of real estate taxes
• 34:08
  Speaker 3: that you pay, right, and it is helpful be a
• 34:10
  Speaker 3: grand or something Okay, I told you in the guide
• 34:16
  Speaker 3: that there's three times that I recommend using a life estate,
• 34:23
  Speaker 3: and this is one of them. So if you tell
• 34:26
  Speaker 3: us when we're doing the estate plan and that you
• 34:30
  Speaker 3: have this real estate tax abatement or like a mortgage
• 34:33
  Speaker 3: on your house, I'll do it right. So if you
• 34:37
  Speaker 3: have a real estate tax abatement, then I will tell
• 34:41
  Speaker 3: you to transfer your home to the irrevocable trust, still
• 34:44
  Speaker 3: okay to do, but will reserve the right to live there.
• 34:48
  Speaker 3: That's a life estate. Why, because the retention of a
• 34:53
  Speaker 3: life estate is just that it's a nugget of ownership
• 34:56
  Speaker 3: that means I still am the current owner of my property.
• 35:02
  Speaker 3: Whatever this piece is, I'm the current owner. No one
• 35:06
  Speaker 3: else there is maybe future owners that I've completed a
• 35:11
  Speaker 3: gift to and it's done, but I'm the current owner.
• 35:16
  Speaker 3: And so if I'm the current owner, then I can
• 35:19
  Speaker 3: still get my real estate tax abatement if I put
• 35:23
  Speaker 3: the whole house in the irrevocable trust, even though I
• 35:26
  Speaker 3: kind of have the right to live there, still you
• 35:28
  Speaker 3: do because you have a lot of control over their
• 35:32
  Speaker 3: irrevocable trust. From a real estate tax point of view,
• 35:36
  Speaker 3: you don't own it and therefore you would lose that exemption.
• 35:39
  Speaker 2: So what if you have someone who might have forgotten
• 35:41
  Speaker 2: to mention that, is there anything they could do after
• 35:43
  Speaker 2: the fact? Can you add a life estate on after
• 35:46
  Speaker 2: the fact?
• 35:47
  Speaker 3: What do you do? Yeah? You can. So now it's
• 35:49
  Speaker 3: just a function of if that happened and you have
• 35:53
  Speaker 3: lost your exemption, you're gonna have two choices. Either you
• 35:57
  Speaker 3: forget it and move on and just pay the high
• 36:00
  Speaker 3: real estate tax as I say, the higher the real
• 36:02
  Speaker 3: estate taxes everybody else pays. Or depending on how long
• 36:07
  Speaker 3: ago you did it when I say, did it created
• 36:11
  Speaker 3: the estate tax that created the irrevocable trust? Either how
• 36:15
  Speaker 3: long ago you created the irrevocable trust or how old
• 36:20
  Speaker 3: you are, or a combination of both. Right, So, if
• 36:23
  Speaker 3: I'm like a year or two in to my five
• 36:27
  Speaker 3: year waiting period, but I'm only like sixty five, I
• 36:32
  Speaker 3: might tell you, let's take it out of the trust,
• 36:35
  Speaker 3: put it back in the trust, and reserve a life estate,
• 36:38
  Speaker 3: and now you'll be fine going start your clock for that,
• 36:41
  Speaker 3: but you restart the clock. But if I'm like four
• 36:43
  Speaker 3: and a half years in, I might not do that.
• 36:46
  Speaker 3: So those are your options, folks. That's just one idea.
• 36:50
  Speaker 3: That's one of the three ways to calculate a life estate.
• 36:53
  Speaker 3: Learn about the other ways to calculate or to deal
• 36:56
  Speaker 3: with a life estate. Learn what you got how it
• 36:59
  Speaker 3: works eight four, eight, five, six, nine nine, or Legal
• 37:04
  Speaker 3: Exchange Show dot com and you can download the guide
• 37:07
  Speaker 3: right there.
• 37:09
  Speaker 2: If you have a question you'd like to ask Todd,
• 37:11
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:14
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:16
  Speaker 2: read your question on the air, and hopefully his answer
• 37:19
  Speaker 2: will stop you from becoming one of his next real
• 37:21
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:25
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:29
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:32
  Speaker 2: back with more after this quick break on the Legal
• 37:35
  Speaker 2: Exchange with Todd Lutsky.
• 37:38
  Speaker 1: Life estates are sometimes used to protect your home as
• 37:40
  Speaker 1: part of your future, but it's important to understand how
• 37:43
  Speaker 1: they really work before making any changes to your state plan.
• 37:46
  Speaker 1: Cushing and Dolan are experts and elder law and taxation.
• 37:49
  Speaker 1: Their new guide, called Calculating the Consequences of Life Estates,
• 37:52
  Speaker 1: explains the pros and cons and why careful planning is
• 37:55
  Speaker 1: so critical. A life estate can allow you to remain
• 37:58
  Speaker 1: in your home while transferring few your ownership, but decisions
• 38:01
  Speaker 1: like putting the property in your children's names versus using
• 38:04
  Speaker 1: a trust can have very different consequences when it comes
• 38:07
  Speaker 1: to taxes, control, and protection from creditors. Before you sign
• 38:11
  Speaker 1: any deed or a transfer property, be sure you understand
• 38:14
  Speaker 1: your options. Call Cushing and Dolan at eight sixty six
• 38:16
  Speaker 1: eight four eight five six ninet nine and ask for
• 38:19
  Speaker 1: your free guide today. That's eight six six eight four
• 38:22
  Speaker 1: eight five six nine nine, or you can request the
• 38:24
  Speaker 1: guide online by visiting Legal exchange show dot com. The
• 38:27
  Speaker 1: proceeding was paid for and the views expressed are solely
• 38:29
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 38:31
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 38:34
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:36
  Speaker 1: other and are not affiliated.
• 38:39
  Speaker 4: When going through a divorce, understanding the rules around your
• 38:41
  Speaker 4: finances can make a real difference. This is Chuck Zada
• 38:44
  Speaker 4: from the Armstrong Advisory Group. State law plays a major
• 38:47
  Speaker 4: role in how assets are divided, whether that means a
• 38:50
  Speaker 4: strict split or a distribution based on what the court
• 38:52
  Speaker 4: considers fair. Health insurance and social security benefits are other
• 38:56
  Speaker 4: considerations that you'll need to prepare for. You may have
• 38:58
  Speaker 4: been covered under a spouse us plan and now need
• 39:00
  Speaker 4: to find one of your own, and social Security may
• 39:03
  Speaker 4: offer benefits based on your former spouse's record. Our new guide,
• 39:06
  Speaker 4: Divorce in your Financial Plan will walk you through these
• 39:09
  Speaker 4: issues and more to help you make informed decisions that
• 39:12
  Speaker 4: may affect your future. Call eight hundred three nine three
• 39:15
  Speaker 4: for zero zero one to request your free copy. That's
• 39:18
  Speaker 4: eight hundred three nine three for zero zero one A
• 39:21
  Speaker 4: request the guide online at Armstrong Advisory dot com.
• 39:24
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:27
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:29
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 39:32
  Speaker 1: your own financial tax into state planning advisors before making
• 39:35
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:38
  Speaker 1: advisory services. Protecting your home with the life estate can
• 39:41
  Speaker 1: be problematic if you don't understand the rules. Cushing and
• 39:43
  Speaker 1: Dolan's new guide called Calculating the Consequences of Life Estates
• 39:46
  Speaker 1: can help you learn about how this strategy works and
• 39:49
  Speaker 1: what to consider. Call Cushing and Dolan at eight six
• 39:51
  Speaker 1: six eight four eight five six nine nine and get
• 39:53
  Speaker 1: your guide today or request it online at Legal exchange
• 39:57
  Speaker 1: show dot com. The proceeding was paid for in the
• 39:59
  Speaker 1: views express start so lead those of Cushing and Dolan.
• 40:01
  Speaker 1: Cushing and Dolan into Armstrong Advisory may contact you offering
• 40:04
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 40:07
  Speaker 1: do not endorse each other and are not affiliated.
• 40:09
  Speaker 3: Hi.
• 40:09
  Speaker 5: I'm Michael Valila, adjuedent of the Disabled American Veterans Department
• 40:12
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• 40:17
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• 40:20
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• 40:40
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:43
  Speaker 1: you are a loved one needs a nursing homestay. Call
• 40:45
  Speaker 1: Todd right now at eight sixty six eight four eight
• 40:47
  Speaker 1: five six ninet nine and let him make sure your
• 40:50
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• 40:53
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• 40:56
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Come back into the Legal Exchange with Todd Lutsky. I'm
• 41:02
  Speaker 2: Susan Powers of Financial Advice with the Armstrong Advisory Group
• 41:06
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:09
  Speaker 2: with a law firm of Cushing and Dolan with a
• 41:11
  Speaker 2: master's in taxation. Todd, I want to kind of dive
• 41:15
  Speaker 2: back into the life estate situation we were talking about
• 41:19
  Speaker 2: in the last segment. I have a client who they
• 41:24
  Speaker 2: had a life estate reserved when they first did their
• 41:27
  Speaker 2: trust planning. They had a primary residence with a mortgage,
• 41:30
  Speaker 2: and then they had a vacation home. They're your client
• 41:34
  Speaker 2: as well, they're mutual clients. When they first created their trust,
• 41:38
  Speaker 2: they did reserve a life estate on the primary because
• 41:41
  Speaker 2: of that mortgage. They have since sold the primary and
• 41:45
  Speaker 2: have moved into their vacation home. So this was probably
• 41:51
  Speaker 2: I want to say, six or seven years ago that
• 41:54
  Speaker 2: they did do the trust planning with you.
• 41:55
  Speaker 3: When did they sell?
• 41:59
  Speaker 2: Maybe three years ago? Okay, two or three years ago maybe, Okay.
• 42:04
  Speaker 2: So for them because they did ask me about the
• 42:08
  Speaker 2: abatement because the town they're vaga for the vacation home. Yeah,
• 42:12
  Speaker 2: because the town that they moved into the house they
• 42:14
  Speaker 2: moved into their vacation home, they do an abatement their
• 42:17
  Speaker 2: primary didn't if they just happened to have one because
• 42:20
  Speaker 2: of the mortgage. So they did ask the question of
• 42:25
  Speaker 2: is there anything we can do at this point so
• 42:27
  Speaker 2: that we would qualify for that abatement?
• 42:29
  Speaker 3: How old are they?
• 42:32
  Speaker 2: They're mid to late seventies and ones and not so
• 42:36
  Speaker 2: great a health. So is it possible they would go
• 42:40
  Speaker 2: into a nursing home. I think it's probably more possible
• 42:44
  Speaker 2: that they will than that they won't. So not the
• 42:47
  Speaker 2: best health situation.
• 42:49
  Speaker 3: Okay.
• 42:50
  Speaker 2: So at this point, would that be something that you
• 42:52
  Speaker 2: would recommend against put adding that on?
• 42:56
  Speaker 3: Yeah?
• 42:56
  Speaker 2: Probably okay.
• 42:57
  Speaker 3: In others, I don't want to be that person who's
• 43:00
  Speaker 3: as your house, which is now your primary residence, is
• 43:04
  Speaker 3: fully protected because it's been more than five years since
• 43:08
  Speaker 3: you created the plan. I mean, folks, I'm always up.
• 43:13
  Speaker 3: I try to be practical about things right, Yes, And
• 43:16
  Speaker 3: here the question is, look, I'm saving a thousand dollars
• 43:20
  Speaker 3: a month if I get my real estate text, I'm
• 43:23
  Speaker 3: sorry a year A thousand, yeah, a thousand dollars a year,
• 43:26
  Speaker 3: even making it for my point, right, you know, I'm
• 43:31
  Speaker 3: for a thousand dollars a year. I'll pay it because
• 43:35
  Speaker 3: I'm risking sixteen thousand a month if I go to
• 43:38
  Speaker 3: a nursing home. I mean, just just look at the
• 43:40
  Speaker 3: practicality of it. Folks don't always look right. You know,
• 43:43
  Speaker 3: You've got to look beyond your nose sometimes and say,
• 43:47
  Speaker 3: you know, this is the short term benefit, but there's
• 43:50
  Speaker 3: a much bigger long term benefit that you need to
• 43:52
  Speaker 3: pay attention to.
• 43:53
  Speaker 2: Right right.
• 43:54
  Speaker 3: And so that's probably what I would tell them. I
• 43:55
  Speaker 3: would be really reluctant to take it out for.
• 43:58
  Speaker 2: Them, kind of penny wise and poundful, take that approach
• 44:01
  Speaker 2: to do that. Is there ever a situation Todd where
• 44:04
  Speaker 2: you would have a life estate on more than one property,
• 44:07
  Speaker 2: like if they said, back way back when, yeah, you
• 44:09
  Speaker 2: know what, we this is our primary now, but the
• 44:12
  Speaker 2: goal has always been to move into that cape house. Yeah, yeah,
• 44:15
  Speaker 2: So would there ever be a situation where you could
• 44:17
  Speaker 2: reserve a life estate on a primary and a vacation
• 44:22
  Speaker 2: property or multiple houses like.
• 44:23
  Speaker 3: That, so they would have to you know, that would
• 44:26
  Speaker 3: be this would be up to the client, right, This
• 44:28
  Speaker 3: would be sort of not against met legal advice, so
• 44:31
  Speaker 3: to speak, but it would be here's your risk of
• 44:33
  Speaker 3: doing that.
• 44:33
  Speaker 2: Yeah.
• 44:34
  Speaker 3: So if you're telling me, I've got my house with
• 44:38
  Speaker 3: a mortgage on it, so I have to reserve a
• 44:40
  Speaker 3: life estate on that, I don't want to lose my mortgage.
• 44:42
  Speaker 3: I got it. But you know what, Todd, in two years,
• 44:45
  Speaker 3: we're going to be moving into this vacation home. So
• 44:48
  Speaker 3: can we just reserve a life estate on that now
• 44:50
  Speaker 3: because we know we're going to get an abatement or
• 44:52
  Speaker 3: I'm not sure why I would need to. Again, remember folks,
• 44:54
  Speaker 3: I don't use life estates very often ever. But if
• 44:58
  Speaker 3: for some reason they knew that they could get an
• 45:01
  Speaker 3: abatement on their primary residence in their vacation home once
• 45:04
  Speaker 3: they move there, and they say, let's reserve a life estate,
• 45:08
  Speaker 3: I would tell them we can do that, okay. But
• 45:11
  Speaker 3: if for some reason you don't sell your home and
• 45:15
  Speaker 3: you end up getting sick and going into a nursing home,
• 45:18
  Speaker 3: the vacation home will not be fully protected, and you'll
• 45:21
  Speaker 3: be denied medicaid because you can't have a life estate
• 45:26
  Speaker 3: in more than one property. Well you can, but it
• 45:30
  Speaker 3: doesn't provide a medicaid benefitt Remember, the life estate still
• 45:35
  Speaker 3: has a value. The reason the life estate is protected
• 45:39
  Speaker 3: in your home is because it's your home right and
• 45:42
  Speaker 3: it's non accountable. But yeah, not so much there. So, folks,
• 45:46
  Speaker 3: good does a great question. But that's part of what
• 45:49
  Speaker 3: you have to think about when you're dealing with calculating
• 45:52
  Speaker 3: the consequences of a life estate, which is what this
• 45:54
  Speaker 3: guide is about this month. Folks, What do I really have?
• 45:58
  Speaker 3: What can I do with it? Can I sell it?
• 46:00
  Speaker 3: Can I move? Do I need somebody's permission? Or do
• 46:02
  Speaker 3: the capital gains tax consequences when I sell it? How
• 46:05
  Speaker 3: do the proceeds move when I sell it? Who gets
• 46:08
  Speaker 3: all the money? Who gets some of the money? Remember,
• 46:11
  Speaker 3: life estate arrangements usually mean there's more than one owner.
• 46:14
  Speaker 3: How does the money get split? Do I need permission
• 46:17
  Speaker 3: from somebody? Folks? These are all important things to understand
• 46:21
  Speaker 3: if you have one. So if you have one, learn
• 46:23
  Speaker 3: what you have and maybe how you want to get
• 46:26
  Speaker 3: out of it. If you don't have one, get the
• 46:28
  Speaker 3: guide before you get one and learn whether or not
• 46:31
  Speaker 3: you should get one eight six six eight four eight
• 46:35
  Speaker 3: five six nine nine or Legal Exchange show dot com
• 46:39
  Speaker 3: again eight six six eight four eight five six nine
• 46:42
  Speaker 3: nine or Legal Exchange Show dot com. Can download it
• 46:46
  Speaker 3: right there and go to our Instagram page Cushing Dolin
• 46:50
  Speaker 3: PC for more information.
• 46:52
  Speaker 2: So, in terms of pros and cons, Todd, the pros
• 46:56
  Speaker 2: of it is, you get to keep your real estate
• 46:58
  Speaker 2: tax abatement you're a veteran or they do sometimes do
• 47:02
  Speaker 2: a for senior citizens. It doesn't call the note on
• 47:05
  Speaker 2: your mortgage, so that's a good thing. And you mentioned
• 47:09
  Speaker 2: a couple shows ago that if you have a two
• 47:11
  Speaker 2: family home that you live in part and you rent
• 47:14
  Speaker 2: out the other part, you don't have to open up
• 47:16
  Speaker 2: a separate bank account.
• 47:17
  Speaker 3: Yeah, you can go with the pre come directly. Yeah. Yeah.
• 47:20
  Speaker 2: The cons because you just made a comment saying that
• 47:23
  Speaker 2: that life estate has a value. So in the case
• 47:27
  Speaker 2: of my clients that moved from their primary into their vacation,
• 47:31
  Speaker 2: they had a life estate on their primary residence and
• 47:34
  Speaker 2: when it was sold, they got two checks. Yes, well
• 47:40
  Speaker 2: really three checks were issued. One to the mortgage company, yeah,
• 47:44
  Speaker 2: one to the name of their trust and one to
• 47:47
  Speaker 2: them because they had a life estate on it. So
• 47:50
  Speaker 2: there is a downside to that, somewhat.
• 47:53
  Speaker 3: There is, But in this case, since they're are client,
• 47:57
  Speaker 3: they did a life estate. That's less bad.
• 48:00
  Speaker 2: Yes, yes, definitely they.
• 48:01
  Speaker 3: Did the less bad life estate. The less bad life
• 48:04
  Speaker 3: estate is when you take the house like we did,
• 48:08
  Speaker 3: put the remainder share into an irrevocable grant or trust,
• 48:13
  Speaker 3: and keep the life estate. Notice nowhere in my description
• 48:19
  Speaker 3: that I say children, right, children don't own anything here.
• 48:23
  Speaker 3: It's when you take a house and give it to
• 48:26
  Speaker 3: the kids and reserve the right to live there the
• 48:30
  Speaker 3: life estate that it's more.
• 48:32
  Speaker 2: Bad instead of using a trust.
• 48:34
  Speaker 3: Instead of using a trust, So it's the children part
• 48:36
  Speaker 3: that make it more bad.
• 48:38
  Speaker 2: So if you have a life estate that you've put
• 48:41
  Speaker 2: on your home, and let's just say for sake of
• 48:43
  Speaker 2: this conversation, you have one home, your primary residence. You
• 48:47
  Speaker 2: had a mortgage on it. That's why you have the
• 48:49
  Speaker 2: life estate, and the mortgage is no longer there. You've
• 48:53
  Speaker 2: paid that off. Yeah, would you go through a process
• 48:56
  Speaker 2: of getting rid of the life estate so that you
• 48:59
  Speaker 2: have that full protection on your primary Would you have
• 49:02
  Speaker 2: to get rid of it.
• 49:03
  Speaker 3: So remember, either way you still have full protection. The
• 49:06
  Speaker 3: house is fully protected from a nursing home. I think
• 49:09
  Speaker 3: what you mean is what I want to put the
• 49:12
  Speaker 3: life estate into the irrevocable trust, that piece that nothing
• 49:16
  Speaker 3: that I owned, so that when I go to sell it,
• 49:18
  Speaker 3: I don't have to worry about this allocation getting some
• 49:21
  Speaker 3: money back, right, it can just all go to the
• 49:23
  Speaker 3: trust and be protected. So the answer is maybe it
• 49:27
  Speaker 3: would depends on how old you are and whether you
• 49:30
  Speaker 3: can get past another five year waiting period. But only
• 49:33
  Speaker 3: for the new addition is that piece? Yeah, for just
• 49:35
  Speaker 3: that piece, so it's possible. I would say it probably
• 49:38
  Speaker 3: rarely happens that I do that. But just to complete
• 49:42
  Speaker 3: that idea of why you would do what you're suggesting, Susan,
• 49:45
  Speaker 3: remember the less bad approaches when you sell the house.
• 49:49
  Speaker 3: In this case, with the house being in the trust,
• 49:52
  Speaker 3: a large portion or based on your age, is going
• 49:55
  Speaker 3: to go to the trust, and a portion may be
• 49:58
  Speaker 3: smaller depending on how old you are, or the older
• 50:00
  Speaker 3: you are, the smaller the piece goes to your pocket.
• 50:03
  Speaker 3: At least that way, you still control all the money, right,
• 50:06
  Speaker 3: But when a portion goes to the kids, you give
• 50:08
  Speaker 3: up control. Over a large portion of that money. When
• 50:10
  Speaker 3: you sell it, it's bad. Yeah, and again with a
• 50:13
  Speaker 3: life estate, any piece that comes to you is in
• 50:15
  Speaker 3: fact still at risk for the nursing home. So there
• 50:19
  Speaker 3: are things to think about long term when you're doing
• 50:23
  Speaker 3: life estates, like moving and buying another house and downsizing.
• 50:27
  Speaker 3: You should have that flexibility. Folks, call and get the
• 50:31
  Speaker 3: guide everybody seems to do Life Estates Calculating the Consequences
• 50:35
  Speaker 3: of a Life Estate eight six six eight four eight
• 50:39
  Speaker 3: five six nine nine or Legal Exchange show dot Com.
• 50:44
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Life estates are sometimes used to protect your home as
• 51:02
  Speaker 1: part of your future, but it's important to understand how
• 51:05
  Speaker 1: they really work before making any changes to your state plan.
• 51:08
  Speaker 1: Cushing and Dolan are experts in elder lawn taxation. Their
• 51:11
  Speaker 1: new guide, called Calculating the Consequences of Life Estates explains
• 51:14
  Speaker 1: the pros and cons and why careful planning is so critical.
• 51:18
  Speaker 1: A life estate can allow you to remain in your
• 51:20
  Speaker 1: home while transferring future ownership, but decisions like putting the
• 51:24
  Speaker 1: property in your children's names versus using a trust can
• 51:26
  Speaker 1: have very different consequences when it comes to taxes, control,
• 51:30
  Speaker 1: and protection from creditors. Before you sign any deed or
• 51:33
  Speaker 1: transfer property, be sure you understand your options. Call Cushing
• 51:37
  Speaker 1: and Dolan at eight six six eight four eight five
• 51:39
  Speaker 1: six ninety nine and ask for your free guide today.
• 51:42
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 51:45
  Speaker 1: or you can request the guide online by visiting Legal
• 51:47
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 51:50
  Speaker 1: 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 in Armstrong
• 51:57
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 52:00
  Speaker 6: As you navigate life after divorce, planning for your family's
• 52:03
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