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How to eliminate estate taxes for your children · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  Speaker 2: Welcome into Legal Exchange with Todd Lusky. I'm Susan Powers
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  Speaker 2: of financial Advisor the Armstrong Advisory Group, and I'm joined
• 0:45
  Speaker 2: by Todd Lutsky, a partner with the law firm of
• 0:47
  Speaker 2: Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you this week?
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  Speaker 3: I'm never better and you I am great?
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  Speaker 2: Thank you. What do you have for us today?
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  Speaker 4: I have a couple of new things. I have two
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  Speaker 4: cases that we're going to deal with. One is a
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  Speaker 4: new Jersey Appellate Cord case, and we don't talk about
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  Speaker 4: it a lot, but it's really a state recovery How
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  Speaker 4: does it work?
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  Speaker 3: And they're different in many states.
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  Speaker 4: Okay, so we don't think about it a lot, but
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  Speaker 4: this is a case where we actually have a case,
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  Speaker 4: an appellet cord case that dealt with a malpractice action
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  Speaker 4: and whether that malpractice action proceeds are recoverable by the
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  Speaker 4: decedent who was on Medicaid for a very long time
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  Speaker 4: in New Jersey. So we're going to see how that
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  Speaker 4: works and actually blended in with life estates because the
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  Speaker 4: way these estate recovery statutes vary can affect whether you
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  Speaker 4: do a life estate in your state.
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  Speaker 3: So stay tuned for that.
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  Speaker 4: And next we have a Kansas Appellate Court case, another
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  Speaker 4: one we don't get a lot to talk about, but
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  Speaker 4: we we do indirectly generation skipping tax This is it
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  Speaker 4: is a wonderful It's based how you build generational wealth
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  Speaker 4: right tax free, and a lot of our trusts have
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  Speaker 4: it built in and how to do it, but we
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  Speaker 4: don't always get into it that much. So I'm going
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  Speaker 4: to explain it in this case because there was definitely
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  Speaker 4: a generation skipping tax issue here that I want to
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  Speaker 4: bring up with the grandchildren.
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  Speaker 3: So lots to.
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  Speaker 4: Talk about in terms of planning in and of itself.
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  Speaker 4: But the guide, the new guide for the month is basically,
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  Speaker 4: you know, avoiding estate planning potholes.
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  Speaker 3: And what that.
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  Speaker 4: Means is, you know, if you've done an estate plan,
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  Speaker 4: maybe revisit it and see if it makes sense. That's
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  Speaker 4: a pothole, right, I haven't looked at my plan in
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  Speaker 4: a while. I don't have enough money to do in
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  Speaker 4: a state plan. I don't need one. I'm going to
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  Speaker 4: rely on a will. Oh, I got a nominee realty
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  Speaker 4: trust for my house. That's all I need. You know,
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  Speaker 4: I you know you need to think I I how
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  Speaker 4: and what you've done might need updated. And really, if
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  Speaker 4: you've never done your planning, this it's going to help
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  Speaker 4: you realize all the things that you shouldn't be doing,
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  Speaker 4: like relying on a will, et cetera. Folks, lots to
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  Speaker 4: think about with this guide. It'll help you get started
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  Speaker 4: if you haven't, and it'll help you refresh your existing
• 3:13
  Speaker 4: plan and figure out what you might need to do
• 3:15
  Speaker 4: if you've already done your planning. So call and get
• 3:18
  Speaker 4: the guide. Eight six six eight four eight five six
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  Speaker 4: nine nine or Legal Exchange Show dot com again eight
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  Speaker 4: six six eight four eight five six nine nine or
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  Speaker 4: Legal Exchange Show dot com New Jersey.
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  Speaker 3: Shall we so here are the facts.
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  Speaker 4: Eleanor Lenor was a patient in a nursing home. On
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  Speaker 4: March twenty eighteen. She fell out of bed, fractured her neck,
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  Speaker 4: and died ten days later. So she received Medicaid benefits
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  Speaker 4: from six to twenty eighteen. Okay, it's a long time,
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  Speaker 4: so in January of twenty nineteen, so March of twenty
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  Speaker 4: eighteen is when she passed. January of twenty nineteen, Teresa,
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  Speaker 4: the pr of the estate, filed a medical malpractice claim
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  Speaker 4: with survivorship claims because of what happened made sense well.
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  Speaker 4: In April of twenty nineteen, the dates are somewhat important,
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  Speaker 4: New Jersey filed The Department of Medical Assistance in New
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  Speaker 4: Jersey filed a claim for two hundred and fourteen thousand dollars,
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  Speaker 4: which was the services that they paid for for Lenore.
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  Speaker 2: For twelve years when she was in the nursing home.
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  Speaker 4: Right, and so they want to get that money back.
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  Speaker 4: That's what a state recovery is. So the claim was
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  Speaker 4: against the estate assets, including proceeds from the malpractice lawsuit. Well,
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  Speaker 4: the estate filed a claim right after that to show
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  Speaker 4: cause as to why that claim should be extinguished as
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  Speaker 4: to the malpractice proceeds. Well, the trial court denied that
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  Speaker 4: claim and said, you know what, the malpractice claim was
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  Speaker 4: in a state asset and subject to a state recovery. Well,
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  Speaker 4: they didn't like that, so they appealed, and the appellate
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  Speaker 4: court affirmed, basically said, look for purposes of a state recovery,
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  Speaker 4: one's estate includes probate assets, and in New Jersey they're
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  Speaker 4: all different. We're going to explore this right in New Jersey,
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  Speaker 4: it said, and any other real or personal property in
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  Speaker 4: which the recipient had any legal title or interest in
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  Speaker 4: at the time of death, which includes any interest in
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  Speaker 4: the estate might have in a malpractice claim.
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  Speaker 3: I kind of see how you could.
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  Speaker 4: Get there, Although what I was concerned with was the
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  Speaker 4: claim was filed after the individual died, so on the
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  Speaker 4: date of death, that action wasn't filed, but the injury
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  Speaker 4: had already occurred. So I guess, I guess you get there. Yeah,
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  Speaker 4: it is an interest. The estate has an interest in
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  Speaker 4: that action if it gets brought It.
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  Speaker 2: Would be one thing if the nursing home would be
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  Speaker 2: recovering these assets when they're the ones that caused that
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  Speaker 2: or were responsible for that. But this is the state,
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  Speaker 2: the state right benefits that they paid on their behalf.
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  Speaker 2: So I kind of get that.
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  Speaker 4: I think it's probably right. So but let's let's explore
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  Speaker 4: exactly what a state recovery is. I don't think we
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  Speaker 4: talk about it enough, right, and it is that it's
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  Speaker 4: the ability for the state to get paid back from
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  Speaker 4: the assets of a decedent if they were on medicaid
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  Speaker 4: and received benefits.
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  Speaker 3: Over a period of time. So let's play that out.
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  Speaker 4: Each state's a little different, right, and this rule varies,
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  Speaker 4: like I said, between states, and so it can make
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  Speaker 4: a big difference. So let's say, example here, they can
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  Speaker 4: get probate assets in Massachusetts. No, no, this this case
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  Speaker 4: the New Jersey. They can get probate assets. And any
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  Speaker 4: asset you die in your name is a probate asset.
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  Speaker 4: So that's that's what that means. Well, when you think
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  Speaker 4: about it, what are the assets that you might have
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  Speaker 4: in your name when you die. And by the way,
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  Speaker 4: Massachusetts is also a probate estate recovery. So now we'll
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  Speaker 4: bleed that in in Massachusetts you can only recover against
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  Speaker 4: probate assets. Keep that in mind when I talk about
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  Speaker 4: New Hampshire in a few minutes. Okay, so Todd, in
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  Speaker 4: order to have a probate asset, it has to be
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  Speaker 4: in your name with no designated beneficiary.
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  Speaker 2: And no joint owner and no joint owner.
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  Speaker 4: Okay, well fine, but Todd, if I'm going to get
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  Speaker 4: on Medicaid, I have to have less than two thousand
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  Speaker 4: dollars of assets.
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  Speaker 2: So what are you going?
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  Speaker 4: So how could you have a recovery? Well, remember a house,
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  Speaker 4: a house might be non countable but leanable. H So
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  Speaker 4: you put the house in your name, or a rental
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  Speaker 4: property non countable but leanable. As long as it's in
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  Speaker 4: your name, there could be these big assets. So even
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  Speaker 4: in Massachusetts, right, you could have these assets in your
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  Speaker 4: name when you die and they would be recoverable. Now, however,
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  Speaker 4: of course, if you do planning and these assets are
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  Speaker 4: at the home and the rental property are in a trust,
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  Speaker 4: well now you've avoided.
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  Speaker 3: Probate because they're in the trust.
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  Speaker 4: If they've been in there over five years, they're not
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  Speaker 4: your asset for Medicaid eligibility. And you're going to get
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  Speaker 4: on Medicaid, and when you die, it's not recoverable by
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  Speaker 4: the state, at least in Massachusetts and seemingly also in
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  Speaker 4: New Jersey because at the time of death you would
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  Speaker 4: not have had an interest in those properties. So now
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  Speaker 4: this particular statute includes any legal title or interest at
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  Speaker 4: the time of death. Let's talk about New Hampshire for
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  Speaker 4: a minute. New Hampshire says any legal title at the
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  Speaker 4: moment before or death. Why is that difference so important?
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  Speaker 4: So in New Hampshire they can go after not only
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  Speaker 4: probate assets, but any legal title you had an interest
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  Speaker 4: in immediately prior to death. Well, if you're a life
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  Speaker 4: tenant in a life estate situation, then immediately prior to
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  Speaker 4: death you do have an interest in that property.
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  Speaker 2: Had a value to that it was a value to
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  Speaker 2: that life.
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  Speaker 4: Estate, and they would be able to go after that right.
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  Speaker 4: And so that makes a big difference. And that's why
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  Speaker 4: in New Jersey and New Hampshire we don't oftentimes do
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  Speaker 4: life estates. Now, remember, the amount that they can go
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  Speaker 4: after is only the value of the life estate, and
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  Speaker 4: if you're really old, the value of the life estate
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  Speaker 4: could be very small. It might only be ten percent
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  Speaker 4: or twenty fifteen percent.
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  Speaker 2: But who wants to give that away?
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  Speaker 4: It's still recoverable. So New Hampshire has that distinction between
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  Speaker 4: immediately prior to death versus at the time of death.
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  Speaker 4: Massachusetts only probate assets things in a trust they're not
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  Speaker 4: real coverable. Folks, learn how to do your own planning.
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  Speaker 4: things you might want to do now to tweak it.
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  Speaker 4: Eight six six eight four eight five six nine nine
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  Speaker 2: You've been listening to Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:29
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
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  Speaker 2: much more to come when we return to the Legal
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  Speaker 2: Exchange with Todd Lutsky.
• 10:38
  Speaker 1: Creating an estate plan can be a difficult process if
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  Speaker 1: being able to enjoy your later years, and it may
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  Speaker 5: A solid financial plan has many layers, and trusts are
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  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
• 13:59
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:03
  Speaker 2: and I'm joined by Todd Lutsky, a partner with a
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  Speaker 2: law firm of Cushing and Dolan with a masters in taxation.
• 14:10
  Speaker 2: Where we had it you now we're eliminating a state
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  Speaker 2: taxes next, aren't we?
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  Speaker 4: Well, we're doing generation skipping even better taxes. It is
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  Speaker 4: a Kansas sappelle at court, folks. So here's a situation.
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  Speaker 4: So Norma in nineteen ninety six established a revocable trust
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  Speaker 4: for her husband and children and a separate I think
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  Speaker 4: I think it's a separate generation skipping trust for the
• 14:36
  Speaker 4: benefit of the grandkids. Well, the son Perry is trustee
• 14:41
  Speaker 4: of the generation skipping trust and success or trustee of
• 14:45
  Speaker 4: the realty trust. So definitely two trusts u seccess or trustee.
• 14:50
  Speaker 4: Because when Norma dies then Perry will serve Well, on
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  Speaker 4: October twenty nineteenth, Norma died Peter, not Perry. Peter, the grandson,
• 15:01
  Speaker 4: decided to write a letter to Uncle Peter to discuss
• 15:04
  Speaker 4: family situation and petitioning and partitioning family assets. The response
• 15:09
  Speaker 4: comes from Perry's attorney, who wrote a letter telling the
• 15:13
  Speaker 4: grandkids that they were beneficiaries of a generation skipping trust
• 15:17
  Speaker 4: and provided them a copy of that trust.
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  Speaker 3: That's good.
• 15:21
  Speaker 4: Well, Peter decided to write the attorney back and said,
• 15:23
  Speaker 4: you know, can I have a copy of the revocable
• 15:25
  Speaker 4: trust up now? It's irrevocable because Norma died, you know,
• 15:30
  Speaker 4: to help me better understand, you know, his interest in
• 15:35
  Speaker 4: his generation skipping trust and the revocable trust sort of
• 15:40
  Speaker 4: make sure it's funded properly.
• 15:42
  Speaker 2: Uh huh.
• 15:43
  Speaker 3: Got no response, Peers.
• 15:45
  Speaker 2: Sounds like Peter's getting a little ahead of himself here.
• 15:47
  Speaker 3: Well, I don't know.
• 15:48
  Speaker 4: I mean, I think he has a right to understand
• 15:50
  Speaker 4: how it works. But Peter files a petition a declaratory
• 15:55
  Speaker 4: judgment against Perry in his role as trustee of both
• 15:59
  Speaker 4: the revocable trust stand the generation skipping trust. He was
• 16:03
  Speaker 4: basically saying he was denied information that he needed to
• 16:06
  Speaker 4: understand and protect his interest in the Generation Skipping Trust
• 16:10
  Speaker 4: and ensure that the Generation Skipping Trust has funded properly.
• 16:15
  Speaker 4: Seems like a reasonable request. Perry moved to dismiss, and
• 16:20
  Speaker 4: the district court dismissed the petition as to the revocable
• 16:24
  Speaker 4: trust for lack of standing, but denied the motion to
• 16:27
  Speaker 4: dismiss against Perry on the Generation's Skipping Trust, which is
• 16:31
  Speaker 4: the kid's trust to grank his trust ye. Perry also
• 16:36
  Speaker 4: answered the petition with a counterclaim, basically asserting that Peter
• 16:42
  Speaker 4: violated a no contest clause in the trust.
• 16:44
  Speaker 2: By asking for this copy of the trust.
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  Speaker 4: So Perry moved for summary judgment. The district court actually
• 16:51
  Speaker 4: granted the summary judgment and saying you violated the no
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  Speaker 4: contest clause. The appellate court reversed. Of course, Peter didn't
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  Speaker 4: like that result, so Peter appealed in the appellate court
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  Speaker 4: reversed and said, look, seeking information about a trust to
• 17:09
  Speaker 4: understand how it works, is not challenging the trust or
• 17:12
  Speaker 4: validating the trust. It's simply and it's not trying to
• 17:15
  Speaker 4: remove anybody as trustee. It's just saying I need to
• 17:18
  Speaker 4: understand what my rights are. And so this case turns
• 17:22
  Speaker 4: on the fact that he was allowed to ask these
• 17:25
  Speaker 4: questions and it didn't violate a no contest clause.
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  Speaker 3: And that's great.
• 17:29
  Speaker 4: We understand how no contest clause works and all that,
• 17:31
  Speaker 4: but I'm more importantly concerned about this whole generation skipping
• 17:35
  Speaker 4: trust that was set up and how we can do
• 17:38
  Speaker 4: that in our estate planning world. And so, folks, before
• 17:42
  Speaker 4: I get there, I just want to remind you of
• 17:45
  Speaker 4: the guide we're giving away this month. It's called Estate
• 17:48
  Speaker 4: Planning Potholes to Avoid. So if you've done your planning,
• 17:51
  Speaker 4: it's got information in it to tell you what you
• 17:53
  Speaker 4: might still need to do, Like if you haven't looked
• 17:56
  Speaker 4: at it in ten or fifteen years, that's a good
• 17:58
  Speaker 4: idea to look at it. What if one of you
• 18:00
  Speaker 4: got divorced, What if you know you've had a family
• 18:03
  Speaker 4: situation change. There might be any number of reasons you've
• 18:07
  Speaker 4: changed residencies, folks. These are all things to think about
• 18:10
  Speaker 4: if you've done your estate plan. If you haven't done
• 18:13
  Speaker 4: your estate plan, the guide is perfect for you. Because
• 18:15
  Speaker 4: you might say I'm relying on a will or I've
• 18:18
  Speaker 4: got a nominee realty trust for my house. I'm all sad,
• 18:20
  Speaker 4: I don't need a trust. I don't have enough money.
• 18:22
  Speaker 3: Folks.
• 18:23
  Speaker 4: It gives you answers to all of these things. So
• 18:26
  Speaker 4: it's good for people who have done it, good for
• 18:28
  Speaker 4: people who haven't done their estate plan Call and get
• 18:31
  Speaker 4: it eight six six eight four eight five six nine
• 18:35
  Speaker 4: nine or Legal Exchange Show dot Com again eight six
• 18:39
  Speaker 4: six eight four eight five six nine nine or Legal
• 18:43
  Speaker 4: Exchange Show dot Com Tips and Lessons. What can we
• 18:47
  Speaker 4: learn from this, Well, let's talk about what generation skipping
• 18:53
  Speaker 4: tax is.
• 18:54
  Speaker 2: It sounds fabulous, Yeah.
• 18:56
  Speaker 4: We call it GST Right if basically, first, if you
• 19:02
  Speaker 4: you do not need a separate trust like this, you
• 19:05
  Speaker 4: can have one. You can set up a separate trust
• 19:07
  Speaker 4: and have it be just a grand children's trust and
• 19:10
  Speaker 4: stick money in it right now, make completed gifts perfectly, okay, okay,
• 19:14
  Speaker 4: and then those assets are not part of your estate anymore,
• 19:19
  Speaker 4: and if designed properly, will be available to the grandkids
• 19:23
  Speaker 4: through trustee actions. They don't own it, and ultimately when
• 19:28
  Speaker 4: the grandkids died, it might not be included in their
• 19:30
  Speaker 4: estate and can continue on another generation down.
• 19:33
  Speaker 2: What's the benefit of setting that up now before you die? Todd?
• 19:36
  Speaker 2: That separate talk trust why would you actually be motivated
• 19:39
  Speaker 2: to do that.
• 19:39
  Speaker 4: So those are probably for folks that have a lot
• 19:42
  Speaker 4: more assets, right network, higher net worth people that you
• 19:45
  Speaker 4: want to actually get assets out of your estate now,
• 19:48
  Speaker 4: because remember, folks, if you're worth I don't even know
• 19:51
  Speaker 4: what number we should be using anymore, but certainly people
• 19:54
  Speaker 4: over thirty million are over twenty over twenty eight million.
• 19:57
  Speaker 4: But even if you think of the estate's going to
• 19:59
  Speaker 4: come down depending on where you are, you want to
• 20:01
  Speaker 4: get these assets out of your estate because it's not
• 20:04
  Speaker 4: just the asset you're giving away, it's all the future
• 20:08
  Speaker 4: growth that you care about.
• 20:10
  Speaker 2: So you're using up some of your lifetime gifting exemption.
• 20:14
  Speaker 4: To give it away now and then have all the
• 20:17
  Speaker 4: growth be outside of your estate. And that's really the key.
• 20:21
  Speaker 4: Growing estate tax free is what we want. And so
• 20:25
  Speaker 4: that's kind of what the idea is. But when I
• 20:27
  Speaker 4: say you don't need to trust, you could just have
• 20:29
  Speaker 4: your own revocable trust like they had in this case,
• 20:32
  Speaker 4: and then have language in there that talks about how
• 20:34
  Speaker 4: you leave it to the next generation, like, for example,
• 20:38
  Speaker 4: you know, if we can get assets down there without
• 20:40
  Speaker 4: paying tax, So they say you set aside at death
• 20:43
  Speaker 4: an amount equal to your GST exemption, which today equals
• 20:47
  Speaker 4: the federal exemption thirteen point nine million. Yeah, pretty close,
• 20:51
  Speaker 4: you're right, four fourteen million. So the GST exemption is
• 20:56
  Speaker 4: the same as your federal exemption. Right now, if you
• 21:00
  Speaker 4: set up a revocable trust, you could provide in there
• 21:02
  Speaker 4: that all assets equally to the kids and then have
• 21:06
  Speaker 4: that sole discretionary language that we talk about. Right, So
• 21:09
  Speaker 4: you got ten million dollars in the trust and you
• 21:11
  Speaker 4: divide it amongst three kids. So now you got you know,
• 21:15
  Speaker 4: three point three three million bucks in each bucket. Yep,
• 21:20
  Speaker 4: kids can take it out in the disinterested trustees discretion.
• 21:25
  Speaker 4: So now it's coming out to them. Basically up to
• 21:28
  Speaker 4: the disinterested trustee.
• 21:29
  Speaker 2: Still like an attorney or a CPA or somewhere.
• 21:31
  Speaker 4: Somebody not related or supporting, and the kids can remove
• 21:34
  Speaker 4: and replace that person. Give them a lot of power,
• 21:36
  Speaker 4: and so distributions come out when they pretty much needed
• 21:39
  Speaker 4: college education for the for their kids, or or they're
• 21:43
  Speaker 4: buying a family car taking a trip. You know, Yeah,
• 21:46
  Speaker 4: the money comes out.
• 21:46
  Speaker 2: They could still buy houses and things within the name
• 21:49
  Speaker 2: of the trust. Sure, they say it'll use it the
• 21:51
  Speaker 2: same way.
• 21:51
  Speaker 4: Absolutely, Susan, you could buy a vacation home. Don't distribute
• 21:56
  Speaker 4: the money out, buy it inside the trust. And so
• 21:59
  Speaker 4: and by the way, the kids are the ones managing
• 22:01
  Speaker 4: all of this, and then they have their own kids.
• 22:03
  Speaker 4: Those are the grandkids that I'm talking about, and so
• 22:05
  Speaker 4: life goes on, and so never mind are they protected
• 22:08
  Speaker 4: from divorce. But when you die, whatever is in that trust,
• 22:11
  Speaker 4: the kids still didn't own, so that will pass estate
• 22:15
  Speaker 4: tax free to the grandkids because it's not tax at
• 22:19
  Speaker 4: the kids level, and.
• 22:19
  Speaker 2: Who knows what it's worth at that point, right.
• 22:22
  Speaker 4: And the bigger issue is when mom and dad set
• 22:24
  Speaker 4: up the revocable trust for their kids and grandkids. When
• 22:29
  Speaker 4: mom and dad died, that's when we allocate this generation
• 22:32
  Speaker 4: skipping tax exemption. So if we had ten million dollars
• 22:36
  Speaker 4: in the trust and our exemption is thirteen point nine,
• 22:39
  Speaker 4: your inclusion ratio is zero. In English, that means that
• 22:42
  Speaker 4: it's less than the exempt amount.
• 22:44
  Speaker 2: So you're not paying those fed estate taxes.
• 22:45
  Speaker 4: Well, not only that, it can grow and grow to
• 22:47
  Speaker 4: twenty million, and even though it grew over the exemption amount,
• 22:51
  Speaker 4: when you die, it's still in that trust, it passes
• 22:55
  Speaker 4: a state tax free to the grandkids. So even though
• 22:57
  Speaker 4: it might grow to exceed the exemption amount during the
• 23:00
  Speaker 4: kids' life, it won't matter. It won't be included in
• 23:04
  Speaker 4: the kids estate and it won't be a generation skipping
• 23:06
  Speaker 4: tax problem when it goes to the grand kids. Nice
• 23:09
  Speaker 4: tax free. And you're right, you cannot even begin to
• 23:13
  Speaker 4: calculate the estate tax savings that go with these kinds
• 23:17
  Speaker 4: of things. Folks, if you haven't done your planning, this
• 23:20
  Speaker 4: guide is for you. If you've done your planning, this
• 23:23
  Speaker 4: guide is for you. It's got something for both of you.
• 23:26
  Speaker 4: Estate planning potholes to avoid, things to do after you've
• 23:28
  Speaker 4: done your planning, and things to look out for while
• 23:31
  Speaker 4: you're doing your planning eight six six eight four eight
• 23:35
  Speaker 4: five six ninety nine or Legal Exchange show dot com.
• 23:39
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
• 23:42
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:45
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:49
  Speaker 2: be answering your listener questions when we return to the
• 23:52
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:55
  Speaker 1: Creating an estate plan can be a difficult process if
• 23:58
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  Speaker 1: five six ninety nine, or request an online from their
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  Speaker 1: website Legal exchange show dot com. The proceeding is paid
• 24:46
  Speaker 1: for in The views expressed are solely those of Cushing
• 24:48
  Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
• 24:50
  Speaker 1: contact you offering legal or investment services. Cushing and Armstrong
• 24:53
  Speaker 1: do not endorse each other and are not affiliated HI.
• 24:56
  Speaker 1: This is Mike Armstrong from the Armstrong Advisory Group.
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  Speaker 5: A state and financial planning go hand in hand, and
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  Speaker 1: That's visit USVII dot com. You're listening to the Legal Exchange,
• 27:29
  Speaker 1: and it's time for Ask Todd, the segment where Todd
• 27:32
  Speaker 1: will answer your questions about anything and everything that's included
• 27:35
  Speaker 1: in the estate planning process. Once again, here's Todd, Lutsky
• 27:39
  Speaker 1: and Susan Powers.
• 27:41
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:44
  Speaker 2: for you. First question comes from Ron in Freetown, mass
• 27:49
  Speaker 2: and Ron writes, my wife is currently in a rehab
• 27:52
  Speaker 2: facility after having fallen recently, and it's likely that she
• 27:55
  Speaker 2: will not be able to return home due to her
• 27:57
  Speaker 2: memory issues. We've not done any planning to protect our assets,
• 28:02
  Speaker 2: but we do have a revocable trust, a power of attorney,
• 28:05
  Speaker 2: and a healthcare proxy. Our home is worth four hundred thousand,
• 28:09
  Speaker 2: We have around eight hundred thousand in iras split evenly,
• 28:14
  Speaker 2: and other investments in savings of four hundred thousand. What
• 28:18
  Speaker 2: are my options now?
• 28:21
  Speaker 4: So, so at least there's it's a married situation. So
• 28:25
  Speaker 4: we've got what is called a community spouse, somebody living
• 28:29
  Speaker 4: at home that's married. So that allows us a lot
• 28:32
  Speaker 4: more options, and these are called last minute options, right,
• 28:36
  Speaker 4: A lot more options last minute than we would have
• 28:40
  Speaker 4: if you're single.
• 28:42
  Speaker 3: Yeah.
• 28:42
  Speaker 4: I think that the big lesson here is for folks
• 28:46
  Speaker 4: like you Ron, don't panic and start writing a check
• 28:51
  Speaker 4: to the nursing home.
• 28:52
  Speaker 1: M hm.
• 28:53
  Speaker 3: Just because you've.
• 28:54
  Speaker 4: Done no planning doesn't mean there's not something that can
• 28:57
  Speaker 4: be done now last minute to either reduce the bleeding
• 29:02
  Speaker 4: financially or eliminate it depending. So let's take a peek
• 29:06
  Speaker 4: at this case. So, first and foremost, the house non countable. Right,
• 29:11
  Speaker 4: we can check that box that I intend to return home,
• 29:14
  Speaker 4: that the wife intends to return home, even though she doesn't,
• 29:19
  Speaker 4: And you don't even really need to check the box.
• 29:20
  Speaker 4: As long as the spouse is living there, it's non countable.
• 29:26
  Speaker 3: And non leanable.
• 29:27
  Speaker 2: Non leanable as well.
• 29:28
  Speaker 4: Okay, and now I wouldn't leave it that way because
• 29:30
  Speaker 4: we do have the power of attorney here in place,
• 29:32
  Speaker 4: which I saw which is very helpful. Yeah, because we
• 29:35
  Speaker 4: have the power of attorney in place, I would then
• 29:38
  Speaker 4: advise the ron to sign over if the house was joined.
• 29:44
  Speaker 4: I assume it probably was that. You know, he should
• 29:48
  Speaker 4: sign over his wife's half to him, so he owns
• 29:53
  Speaker 4: it one hundred percent. That way, if he dies first,
• 29:55
  Speaker 4: it doesn't go to her who's in the nursing home,
• 29:58
  Speaker 4: so you want to get it out of her. Yeah,
• 30:00
  Speaker 4: and that's allowed. Transfers between spouses is allowed, and he's
• 30:03
  Speaker 4: allowed to live in the house. And then he can
• 30:06
  Speaker 4: do planning for himself to protect that house because he
• 30:11
  Speaker 4: might not be able to dodge the bullet like we
• 30:13
  Speaker 4: are now, he should douce planning, but not until she's
• 30:18
  Speaker 4: approved for Medicaid, actually approved. So now we've taken the
• 30:23
  Speaker 4: house off the table, and we've even talked about ways
• 30:27
  Speaker 4: to get it protected in case he gets.
• 30:29
  Speaker 3: Sick in the future.
• 30:30
  Speaker 4: Okay, Well, the eight hundred thousand in the IRA split
• 30:34
  Speaker 4: evenly and the four hundred thousand, these are the issues.
• 30:38
  Speaker 2: So yeah, one point two million and liquid.
• 30:40
  Speaker 4: Assets, so one point two he's allowed to keep about
• 30:43
  Speaker 4: one hundred and fifty.
• 30:45
  Speaker 2: So then you have just over a million.
• 30:46
  Speaker 4: Yeah, So what we really have to do is, unfortunately,
• 30:50
  Speaker 4: we're gonna have to take her IRA money.
• 30:53
  Speaker 3: And let's say it's four hundred thousand, it is what
• 30:56
  Speaker 3: it is.
• 30:56
  Speaker 4: You're going to take it out of the Ira, pay
• 30:59
  Speaker 4: some in taxes on it, sure are. Yeah, you won't
• 31:02
  Speaker 4: be in the top top bracket as a married couple,
• 31:05
  Speaker 4: believe it or not. But even if you lose thirty percent, yeah,
• 31:08
  Speaker 4: I get it. But if I don't, I'm going to
• 31:10
  Speaker 4: lose a fifteen thousand a month. So I got away
• 31:13
  Speaker 4: the tax ramification of taking it out.
• 31:15
  Speaker 3: I get that.
• 31:16
  Speaker 4: But if we end up deciding to take it based
• 31:20
  Speaker 4: on her health and longevity, we take it, we give
• 31:23
  Speaker 4: it to him, and then he ends up buying an
• 31:25
  Speaker 4: annuity not only for the balance of the four hundred
• 31:29
  Speaker 4: after we back out the one fifty YEP and her
• 31:33
  Speaker 4: IRA and then a separate one for his IRA.
• 31:36
  Speaker 3: Got it, but he gets to keep one.
• 31:38
  Speaker 4: Hundred and fifty in cash for himself. So it's the
• 31:42
  Speaker 4: amount over the one fifty that we will be buying
• 31:44
  Speaker 4: this one or two annuities to convert them into an
• 31:48
  Speaker 4: income stream so that he can then get that money monthly.
• 31:53
  Speaker 4: And then she's immediately eligible for medicaid so we can
• 31:57
  Speaker 4: actually get her on medicaid right away. No lean on
• 32:01
  Speaker 4: the house. There will be a lean on the annuity
• 32:04
  Speaker 4: if he dies first. If he doesn't die first, he'll
• 32:08
  Speaker 4: just get all the money back and it'll.
• 32:09
  Speaker 2: Be over okay, and in a very special specific annuities.
• 32:12
  Speaker 4: Please don't do this alone. You need to get some
• 32:16
  Speaker 4: guidance on how to make the annuity qualify to satisfy
• 32:20
  Speaker 4: these rules. Doesn't just happen, so, folks, that's a little
• 32:24
  Speaker 4: bit about what happens when there's no planning. What we
• 32:26
  Speaker 4: want you to do is get the guide so you
• 32:28
  Speaker 4: do your planning right. And this is potholes to avoid,
• 32:31
  Speaker 4: well certainly not planning and is a pothole to avoid
• 32:34
  Speaker 4: because if you don't plan, you run into these problems.
• 32:37
  Speaker 4: So it's got things in it from you know, if
• 32:40
  Speaker 4: you've done your planning. Folks, get the guide because it's
• 32:43
  Speaker 4: going to give you tips on what you might still
• 32:45
  Speaker 4: need to do, Like a divorce that occurred a spouse
• 32:49
  Speaker 4: who died you changed residencies. All these things that you
• 32:51
  Speaker 4: don't think about that impact your estate plan. Get the guide.
• 32:55
  Speaker 4: Learn what you might have to do to modify your plan.
• 32:58
  Speaker 4: If you've never done your plan, you're probably thinking, I
• 33:00
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• 33:03
  Speaker 4: I have no kids, I have my house and a
• 33:05
  Speaker 4: realty trust, on and on, I have a will. I'm
• 33:08
  Speaker 4: all set, folks. These are all things that you want
• 33:11
  Speaker 4: to avoid. Learn what to do if you've not done
• 33:14
  Speaker 4: your planning. Get the guide eight six six eight four
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  Speaker 4: com again eight six six eight four eight five six
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  Speaker 4: nine nine or Legal Exchange Show dot com.
• 33:29
  Speaker 2: Our last question comes from Sharon in Woostermass and Sharon writes,
• 33:33
  Speaker 2: my parents created an irrevocable trust thirteen years ago. I
• 33:38
  Speaker 2: used your tip and check the tax bill, but the
• 33:40
  Speaker 2: trust is not listed. My parents are I found a
• 33:43
  Speaker 2: copy of the deed they signed in twenty twelve, but
• 33:46
  Speaker 2: it doesn't look like it was ever recorded by the attorney.
• 33:50
  Speaker 2: Is all this time wasted? Is there anything we can
• 33:53
  Speaker 2: do to backtrack the transfer date?
• 33:56
  Speaker 4: So I've actually had a real life fair hearing situation
• 34:03
  Speaker 4: on this very issue. So this has come up, and
• 34:07
  Speaker 4: not only did it come up, but I actually had
• 34:10
  Speaker 4: to go to a fair hearing to convince the state
• 34:13
  Speaker 4: that they were wrong, and the fair hearing officer got
• 34:17
  Speaker 4: it right away.
• 34:18
  Speaker 3: But I had to do that, and that's.
• 34:19
  Speaker 2: Because they applied for medicaid and got denied, right something
• 34:22
  Speaker 2: like That's.
• 34:24
  Speaker 3: Exactly what happened. So let's play. Let's put out the
• 34:26
  Speaker 3: string here.
• 34:26
  Speaker 4: Let's say that in fact, you know, Sharon's coming to
• 34:29
  Speaker 4: me saying, my parents have an irrevocable trust that they
• 34:34
  Speaker 4: set up, and there's this deed that is going into
• 34:39
  Speaker 4: this irrevocable trust, but it's never been recorded, and now
• 34:43
  Speaker 4: I want to apply for medicaid. Am I screwed? Well again,
• 34:47
  Speaker 4: this was done in twenty twelve. Well that's way more
• 34:50
  Speaker 4: than five years ago. We're in twenty twenty five. So
• 34:53
  Speaker 4: the question is did the five year clock start to
• 34:57
  Speaker 4: run because the deed transferring the property from their name
• 35:03
  Speaker 4: to the irrevocable trust was not recorded, although it was
• 35:08
  Speaker 4: executed and dated and signed. So the answer is it
• 35:15
  Speaker 4: does start the clock running, and the recording of the
• 35:19
  Speaker 4: deed is a mere formality and doesn't affect transfer of title.
• 35:25
  Speaker 2: That's good. She'll be happy to hear that.
• 35:27
  Speaker 3: So but I had to go to a hearing.
• 35:29
  Speaker 4: They thought, oh no, because if you if you go
• 35:31
  Speaker 4: put that on record now, they'll say, the five year
• 35:33
  Speaker 4: clock starts today the day you recorded it. But I
• 35:36
  Speaker 4: was in that situation. And in this case, it was
• 35:39
  Speaker 4: a it was a rental property. There was a trust
• 35:42
  Speaker 4: set up like here. It had an ID number, it
• 35:45
  Speaker 4: had a bank account, it received the rent, It even
• 35:48
  Speaker 4: filed income tax returns. It had all of that evidence.
• 35:53
  Speaker 4: And so the statute simply says, if you have a
• 35:56
  Speaker 4: deed that is executed and you have delivery, then you
• 36:02
  Speaker 4: transfer title recording as a formality. And so I went
• 36:07
  Speaker 4: and I showed him here's the deed.
• 36:09
  Speaker 2: That's like real estate law.
• 36:10
  Speaker 3: Yeah, that's real estate law.
• 36:11
  Speaker 4: That's the deed. Here, it is executed. Was it delivered. Well,
• 36:15
  Speaker 4: we know it was delivered because the trustee opened a
• 36:17
  Speaker 4: bank account, received the rent, filed income tax returns. The
• 36:21
  Speaker 4: trustee would not have done all that if he didn't
• 36:23
  Speaker 4: know that the deed was delivered. So we had delivery,
• 36:27
  Speaker 4: We had an executed deed. I said, the clock started running.
• 36:30
  Speaker 4: In this case, it was back in twenty fourteen and
• 36:34
  Speaker 4: more than five years had gone by, and that was
• 36:37
  Speaker 4: the shortest fair hearing I ever had. The fair hearing
• 36:39
  Speaker 4: officer said, yeah, I'm going to rule on it right
• 36:42
  Speaker 4: now unless you can find me a statute that says
• 36:46
  Speaker 4: in the medicaid world that the clock doesn't begin to run,
• 36:49
  Speaker 4: it runs, and they couldn't find it. So that's the answer, folks.
• 36:53
  Speaker 4: There's many other potholes out there to avoid in your
• 36:56
  Speaker 4: estate planning world. Call and get the guide eight six
• 36:59
  Speaker 4: six eight four eight five six ninety nine or Legal
• 37:04
  Speaker 4: Exchange Show dot com. You can download it right there.
• 37:07
  Speaker 2: If you have a question you would like to ask Todd,
• 37:09
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:13
  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 a law firm of Cushing and Dolan. I'm Susan
• 37:28
  Speaker 2: Power as a financial advisor with the Armstrong Advisory Group.
• 37:32
  Speaker 2: We'll be back with more after this quick break on
• 37:34
  Speaker 2: the Legal Exchange with Todd.
• 37:36
  Speaker 1: Lutsky creating an estate plan can be a difficult process
• 37:41
  Speaker 1: if you aren't working with an expert who can make
• 37:43
  Speaker 1: sure your plan is secure. Cushing and Dolan can help.
• 37:46
  Speaker 1: Call them today at eight six six eight four eight
• 37:48
  Speaker 1: five six nine nine. Estate planning is their business, and
• 37:52
  Speaker 1: their new monthly guide is called Detour a head estate
• 37:54
  Speaker 1: planning blunders to avoid. Don't put your assets at risk
• 37:57
  Speaker 1: and open yourself up to severe tax gun sequences. Even
• 38:00
  Speaker 1: if you already have a plan, This guide may correct
• 38:03
  Speaker 1: an issue that could come back to haunt you in
• 38:05
  Speaker 1: the years to come. Proper estate planning is crucial to
• 38:08
  Speaker 1: you being able to enjoy your later years, and it
• 38:10
  Speaker 1: may be the difference between retiring comfortably or living under
• 38:13
  Speaker 1: incredible financial pressure. Call Cushing and Dolan right now at
• 38:17
  Speaker 1: eight six six eight four eight five six ninety nine
• 38:20
  Speaker 1: and get your free guide today that's eight six six
• 38:23
  Speaker 1: eight four eight five six ninety nine, or request an
• 38:25
  Speaker 1: online from their website Legal exchange show dot com. The
• 38:29
  Speaker 1: proceeding was paid for and the views expressed are solely
• 38:31
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 38:33
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 38:36
  Speaker 1: Cushing and Armstrong do not endorse each other and are
• 38:38
  Speaker 1: not affiliated. The United States Virgin Islands has consistently voted
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• 39:40
  Speaker 5: A solid financial plan has many layers, and trusts are
• 39:42
  Speaker 5: often a core piece. HI This is Mike Armstrong from
• 39:45
  Speaker 5: the Armstrong Advisory Group. Understanding the various kinds of trust
• 39:48
  Speaker 5: that exist can be extremely beneficial to your strategy. If
• 39:51
  Speaker 5: you're retired or nearing retirement age, a trust may help
• 39:54
  Speaker 5: you with a wide range of issues such as asset protection,
• 39:57
  Speaker 5: tax efficiency and avoiding probate. Call us today at a
• 40:00
  Speaker 5: eight hundred three nine three four zero zero one and
• 40:02
  Speaker 5: ask for our new guide called Trusts and your Financial Plan.
• 40:05
  Speaker 5: We'll discuss a number of different trusts in the areas
• 40:08
  Speaker 5: in which they may help, and how to determine which
• 40:10
  Speaker 5: one may be right for you. Even if you already
• 40:13
  Speaker 5: have a trust in place, this guide can provide a
• 40:15
  Speaker 5: description of certain issues that may arise and could help
• 40:17
  Speaker 5: you decide if changes are needed. Call us today at
• 40:20
  Speaker 5: eight hundred three nine three four zero zero one and
• 40:22
  Speaker 5: get your guide today, or you can request the guide
• 40:25
  Speaker 5: online at Armstrong Advisory dot com.
• 40:27
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:31
  Speaker 1: Armstrong guide is specific financial, legal or tax advice. Consult
• 40:34
  Speaker 1: your own financial tax into state planning advisors before making
• 40:36
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 40:39
  Speaker 1: advisory services. Your tune to the Legal Exchange with Todd Lutsky.
• 40:43
  Speaker 1: If you are a loved one needs a nursing homestay,
• 40:45
  Speaker 1: call Todd right now at eight sixty six eight four
• 40:48
  Speaker 1: eight five six ninet nine and let him make sure
• 40:50
  Speaker 1: your assets are protected. That's eight six six eight four
• 40:53
  Speaker 1: eight five six nine nine, or visit him online at
• 40:56
  Speaker 1: Legal Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:03
  Speaker 2: Susan Powers, a financial advice with the Armstrong Advisory Group,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. So Todd, I want to focus on
• 41:17
  Speaker 2: those folks that have done their estate planning okay, and
• 41:20
  Speaker 2: they've put it on the shelf and they've completely forgotten
• 41:23
  Speaker 2: about it because their life really hasn't changed much with it.
• 41:26
  Speaker 3: That's right. They're not affected.
• 41:27
  Speaker 4: It's uneventful and they're getting all the protection and they're
• 41:30
  Speaker 4: not having an interruption.
• 41:32
  Speaker 2: But now I want to talk about those folks. Good
• 41:36
  Speaker 2: for you, you've done your planning, but you can't just
• 41:39
  Speaker 2: set it and forget it. There are lots of events
• 41:41
  Speaker 2: that happen in life that should trigger a review or
• 41:45
  Speaker 2: revisit of your plan. So let's start with something that
• 41:50
  Speaker 2: will eventually happen to all of the married couples that
• 41:53
  Speaker 2: you've done planning for, and that's a loss of a spouse.
• 41:56
  Speaker 2: What do they need to do when they lose a spouse?
• 42:00
  Speaker 4: First and foremost folks, remember this is what you planned for.
• 42:05
  Speaker 4: I mean, you don't want to think about it, but
• 42:07
  Speaker 4: by doing all of your estate planning in advance, you've
• 42:11
  Speaker 4: put the plan up against the goal line, and when
• 42:14
  Speaker 4: someone dies, you need to take it and push it
• 42:16
  Speaker 4: over the goal line and accomplish what you set out
• 42:20
  Speaker 4: to do. That's when you're doing it. So please don't
• 42:23
  Speaker 4: do it alone. Pick up the phone, call the lawyer,
• 42:25
  Speaker 4: probably the one who drafted it. Just go back to
• 42:27
  Speaker 4: that law firm, and you know, say my spouse died,
• 42:31
  Speaker 4: what do I do? That's really all you have to remember,
• 42:34
  Speaker 4: because then they're going to pull out the book and
• 42:35
  Speaker 4: they're going to explain to you. But if you don't
• 42:37
  Speaker 4: do this, you know, things could go awry, like you
• 42:41
  Speaker 4: have to think about the fact that the trust is
• 42:43
  Speaker 4: now irrevocable.
• 42:44
  Speaker 2: So even if you have a revocable trust.
• 42:46
  Speaker 4: It's now irrevocable, even if it's joint or if it's
• 42:50
  Speaker 4: the individual's own trust. Because the person died, it's irrevocable.
• 42:56
  Speaker 4: You now need to make sure you've got the trustee on.
• 42:58
  Speaker 4: You might have some marital share and remain share assets.
• 43:00
  Speaker 4: You want to add up what's in the trust, and
• 43:03
  Speaker 4: those buckets are designed to hold the assets that are
• 43:06
  Speaker 4: going to then be sheltered from future taxation when the
• 43:11
  Speaker 4: surviving spouse dies. Okay, the remainder the bypass share would
• 43:16
  Speaker 4: get in Massachusetts anyway up to the two million dollar number.
• 43:20
  Speaker 4: The amount over two million, but not to exceed thirteen
• 43:23
  Speaker 4: point nine million would end up in the next bucket,
• 43:26
  Speaker 4: the special marital Share, and then everything would flow over
• 43:29
  Speaker 4: over the federal exemption into the what we call the
• 43:33
  Speaker 4: general marital share. So the ABC buckets likely be and
• 43:36
  Speaker 4: SEA buckets are the only ones that'll be funded in
• 43:38
  Speaker 4: a lot of cases.
• 43:40
  Speaker 2: So that sounds like a lot basically, let me translate
• 43:44
  Speaker 2: that into English for all of you listening. What you
• 43:47
  Speaker 2: need to do if you lose your spouse is pick
• 43:50
  Speaker 2: up the phone and call your attorney. You They are
• 43:52
  Speaker 2: going to navigate these waters for you and tell you
• 43:56
  Speaker 2: what needs to be done. All that stuff that you
• 43:59
  Speaker 2: just said that sounds super complicated, that's on you. That
• 44:02
  Speaker 2: is that's for the attorneys to handle.
• 44:04
  Speaker 4: And that's smart that you say that. Yeah, it's smart
• 44:06
  Speaker 4: that you say that, because you don't. Folks don't need
• 44:08
  Speaker 4: to remember, as Susan said, the formula that I just
• 44:11
  Speaker 4: told you, Right, you don't just say I don't remember
• 44:13
  Speaker 4: the buckets and then we fill those buckets and that's
• 44:15
  Speaker 4: going to help shelter the assets for you.
• 44:17
  Speaker 3: Please don't make the mistake.
• 44:18
  Speaker 4: What if you're on your own and people have done this,
• 44:21
  Speaker 4: Oh I just emptied my husband's trust and put it
• 44:23
  Speaker 4: all on my trust. Oh big, no, complete waste. First
• 44:26
  Speaker 4: of all, you can't do that, so the trust doesn't
• 44:30
  Speaker 4: really permit it. But you know, if somehow you did,
• 44:32
  Speaker 4: that's a really big, big mistake.
• 44:34
  Speaker 2: So that's on the trust side of things. What about
• 44:37
  Speaker 2: you know, typically when you have a married couple, if
• 44:40
  Speaker 2: I lost my husband, he's listed as my power of attorney,
• 44:45
  Speaker 2: my healthcare proxy. I know there's a backup on there,
• 44:48
  Speaker 2: but should I revise those or do I just go
• 44:51
  Speaker 2: with the backup?
• 44:52
  Speaker 3: Yeah?
• 44:53
  Speaker 4: Yeah, I mean I would definitely do some what we
• 44:55
  Speaker 4: call a state planning updates, which again is what the
• 44:58
  Speaker 4: guide's all about, right, get get this. An update would be, yeah,
• 45:02
  Speaker 4: I probably revise the will and add a new primary
• 45:07
  Speaker 4: and a new alternate because my primary died. I'd probably
• 45:10
  Speaker 4: do the same thing with a healthcare decision maker, maybe
• 45:13
  Speaker 4: move the alternate to the primary and give me a
• 45:15
  Speaker 4: new alternate. Same thing with the power of attorney, update those.
• 45:19
  Speaker 4: So those three documents, trust is probably okay, and you
• 45:22
  Speaker 4: don't think you need to do that. The will we
• 45:24
  Speaker 4: said we'd revise, and then I would say after that,
• 45:28
  Speaker 4: just make sure that you that you you know, fund
• 45:31
  Speaker 4: those buckets that we talked about, and you should be off.
• 45:34
  Speaker 3: Off and running.
• 45:35
  Speaker 2: Okay, great, But.
• 45:36
  Speaker 4: Folks, that's just a little bit about getting started. And
• 45:40
  Speaker 4: also you might have a poor overwill that moves things
• 45:42
  Speaker 4: into the trust in case there's something kicking around in
• 45:45
  Speaker 4: your own.
• 45:45
  Speaker 3: Name when you die, could be, could be.
• 45:47
  Speaker 4: So we got that safety net in place, so folks,
• 45:50
  Speaker 4: that's what happens after you pass. But you got to
• 45:54
  Speaker 4: have the estate plan in place before you pass to
• 45:56
  Speaker 4: get there. And that's what this guide is somewhat about.
• 45:59
  Speaker 4: It's a avoiding potholes so that when you do your
• 46:02
  Speaker 4: estate plan, if you've never done them, get the guide.
• 46:05
  Speaker 4: This will tell you things to avoid when you're doing
• 46:08
  Speaker 4: your estate plan or getting started. Don't think that you
• 46:11
  Speaker 4: can just do a will or have a nominee realty trust,
• 46:14
  Speaker 4: or you don't have enough money to plan. I mean
• 46:16
  Speaker 4: you need to look and see why you need.
• 46:19
  Speaker 3: To do planning. This guide I'll get you there.
• 46:21
  Speaker 4: If you have already done planning, as Susan's talking about, now,
• 46:24
  Speaker 4: there's things that could happen that might make you need
• 46:26
  Speaker 4: to review your plan. Please call and get the guide
• 46:29
  Speaker 4: something for everybody eight six six eight four eight five
• 46:33
  Speaker 4: six nine nine or Legal Exchange Show dot com. Potholes
• 46:36
  Speaker 4: to avoid eight six six eight four eight five six
• 46:40
  Speaker 4: nine nine or Legal Exchange Show dot com.
• 46:43
  Speaker 2: So let's say someone has done their planning and there
• 46:46
  Speaker 2: both spousers are still living. What do they have to
• 46:48
  Speaker 2: do if they move to another state?
• 46:51
  Speaker 4: Yeah, so relocating is an issue, right, So let's say
• 46:55
  Speaker 4: that's a great one. I should have mentioned that's in
• 46:57
  Speaker 4: the guide. By the way, folks, what if we decide
• 47:00
  Speaker 4: that we're done with Massachusetts and we're now moving to Florida.
• 47:05
  Speaker 3: Can we do it?
• 47:06
  Speaker 1: Well?
• 47:06
  Speaker 4: Sure, I know the trust we have, whether they're revocable
• 47:10
  Speaker 4: or irrevocable, you're going to be able to sell that
• 47:13
  Speaker 4: house through the trust. Money goes in and you can
• 47:16
  Speaker 4: buy another house right in the trust. And when you
• 47:19
  Speaker 4: move you really don't have to change trusts.
• 47:22
  Speaker 2: So that doesn't restart the clock. Moving to another state.
• 47:25
  Speaker 4: Great question, and the answer is no, because the trust
• 47:28
  Speaker 4: will go with you. Trusts can go to In fact,
• 47:32
  Speaker 4: you could take the trust with you and still have
• 47:33
  Speaker 4: it governed by the laws of Massachusetts if you want to,
• 47:36
  Speaker 4: you could change the situs of the trust to be
• 47:39
  Speaker 4: governed by the laws of Florida, but I don't know
• 47:41
  Speaker 4: that's critical.
• 47:43
  Speaker 3: So trust goes with you.
• 47:45
  Speaker 4: Having your irrevocable trust and buying and selling and moving
• 47:48
  Speaker 4: is not going to reset the clock, So wipe your brow.
• 47:52
  Speaker 3: But when you move.
• 47:55
  Speaker 4: To another state, couple of things that we should change,
• 47:59
  Speaker 4: just like when when you lose a spouse. We discussed
• 48:02
  Speaker 4: updating basic documents, the.
• 48:05
  Speaker 2: Power of attorney, the healthcare proxy.
• 48:07
  Speaker 3: The will, the living will right.
• 48:09
  Speaker 4: So you want to update those when you lose a spouse.
• 48:12
  Speaker 4: But when you go to another state, you want to
• 48:15
  Speaker 4: update those basic documents, not the heavy lifting documents, but
• 48:18
  Speaker 4: the basic documents to be from that state. So state specific,
• 48:23
  Speaker 4: state specific. So the power of attorney in Florida looks
• 48:27
  Speaker 4: very different than ours here. Yeah, right, the health care
• 48:30
  Speaker 4: proxy different, right, the will right, living will, hipiform. They
• 48:35
  Speaker 4: should all be done for the new state. Not just
• 48:39
  Speaker 4: because you're in a new state and you should do it,
• 48:42
  Speaker 4: but because you want to do everything you can to
• 48:45
  Speaker 4: show Massachusetts that you're not a resident anymore, right, right.
• 48:50
  Speaker 3: It's not just.
• 48:50
  Speaker 4: Oh I moved, right, you need to really think through
• 48:55
  Speaker 4: when you're moving, you know, changing your voter registration, changing
• 48:58
  Speaker 4: how they address you use when you file your federal
• 49:01
  Speaker 4: income tax return, changing your driver's license, shifting the insurance around,
• 49:06
  Speaker 4: changing your estate planning documents, everything.
• 49:09
  Speaker 2: To wait if you leave a house here, like what
• 49:11
  Speaker 2: if you have you know, you go into Florida because
• 49:14
  Speaker 2: you're going to be snowbirds, but you leave a house
• 49:17
  Speaker 2: here on the Cape and you still own real estate here.
• 49:19
  Speaker 3: Yeah, now that's a really big concern. Right.
• 49:21
  Speaker 4: So again, these are things that you really need to
• 49:24
  Speaker 4: think about when you relocate, which is again, why you
• 49:27
  Speaker 4: get this guide to learn these things? So most people
• 49:32
  Speaker 4: do that they've got that cape property or that house
• 49:35
  Speaker 4: that they just kept where they live here. When they
• 49:37
  Speaker 4: come to come back for the you know, summertime, it
• 49:42
  Speaker 4: needs to be transferred to a limited liability company if
• 49:46
  Speaker 4: you leave it as real estate. Massachusetts has the authority
• 49:52
  Speaker 4: to tax non residents on mass property.
• 49:57
  Speaker 2: So even if it's in your irrevocable TRUP, you still
• 50:00
  Speaker 2: need to.
• 50:00
  Speaker 4: Do that doesn't matter, okay, uh medicaida revocable trust. It
• 50:05
  Speaker 4: needs to be in an LLC that converts it to
• 50:09
  Speaker 4: an intangible and Massachusetts cannot tax non residents on intangibles.
• 50:15
  Speaker 2: So in the English that's a tax loophole.
• 50:17
  Speaker 4: Tax loosehol I can tax residence on intangibles, but not
• 50:21
  Speaker 4: non residence. So folks, these are just a couple of
• 50:25
  Speaker 4: things to think about when you're doing your estate planning.
• 50:28
  Speaker 4: So for people who don't do estate planning, get the guide.
• 50:31
  Speaker 4: For people who haven't have already done it, this will
• 50:34
  Speaker 4: give you some things to think about. Eight six six
• 50:37
  Speaker 4: eight four eight five six ninety nine or Legal Exchange
• 50:41
  Speaker 4: Show dot com.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan.
• 50:45
  Speaker 2: Thank you so much.
• 50:46
  Speaker 3: Thank you, Susan. It's always a pleasure.
• 50:48
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:52
  Speaker 2: We thank you for joining us today and we'll be
• 50:54
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: In the State. Plan can be a difficult process if
• 51:02
  Speaker 1: you aren't working with an expert who can make sure
• 51:04
  Speaker 1: your plan is secure. Cushing and Dolan can help. Call
• 51:07
  Speaker 1: them today at eight six six eight four eight five
• 51:10
  Speaker 1: six nine nine. Estate planning is their business, and their
• 51:13
  Speaker 1: new monthly guide is called Detour a head estate planning
• 51:16
  Speaker 1: blunders to avoid. Don't put your assets at risk and
• 51:19
  Speaker 1: open yourself up to severe tax consequences. Even if you
• 51:22
  Speaker 1: already have a plan, this guide may correct an issue
• 51:24
  Speaker 1: that could come back to haunt you in the years
• 51:26
  Speaker 1: to come. Proper estate planning is crucial to you being
• 51:29
  Speaker 1: able to enjoy your later years, and it may be
• 51:32
  Speaker 1: the difference between retiring comfortably or living under incredible financial pressure.
• 51:36
  Speaker 1: Call Cushing and Dolan right now at eight sixty six
• 51:39
  Speaker 1: eight four eight five six ninet nine and get your
• 51:41
  Speaker 1: free guide today. That's eight six six eight four eight
• 51:45
  Speaker 1: five six nine nine or request an online from their
• 51:47
  Speaker 1: website Legal exchange show dot com. The proceeding was paid
• 51:51
  Speaker 1: for in The views expressed are solely those of Cushing
• 51:52
  Speaker 1: and Dolan. Cushing and Dolan ind or Armstrong Advisory may
• 51:55
  Speaker 1: contact you are offering legal or investment services. Cushing and
• 51:57
  Speaker 1: Armstrong do not endorse each other and are not affiliated. HI.
• 52:00
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. A
• 52:02
  Speaker 5: state and financial plan and go hand in hand, and
• 52:05
  Speaker 5: one of the most common ways to keep that bond
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