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Navigating medicaid in different states · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  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
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  Speaker 1: eight six six eight four eight five six ninety nine
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
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  Speaker 2: Welcome into the Legal Exchange with Todd Letsky. I'm Susan Powers,
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  Speaker 2: a financial advisor with the Armstrong Advisory BOO, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today?
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  Speaker 3: I am never better in you.
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  Speaker 2: I'm great? Thank you. What do you have for us
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  Speaker 2: this week?
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  Speaker 3: Couple of things. One, we've got a Texas Supreme Court case,
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  Speaker 3: so it's like the Super Bowl, Well bol time.
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  Speaker 4: So a Texas Supreme Court case dealing with basically a
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  Speaker 4: lost will, but more importantly how and whether or not
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  Speaker 4: unsworn testimony regarding the lost will and the presumption of
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  Speaker 4: revocation of a lost will that goes with it should
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  Speaker 4: or should not be taken into account in deciding whether
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  Speaker 4: the will was in fact presumed revoked or not. So,
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  Speaker 4: and of course there's lots of other lessons I'm going
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  Speaker 4: to teach you from this particular case, and then I'm
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  Speaker 4: back to a real life story. So I haven't had
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  Speaker 4: a fair hearing in a while, which is great news,
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  Speaker 4: telling everybody that the medicaid trusts actually work. And this
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  Speaker 4: one was a New Hampshire situation. So I want to
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  Speaker 4: explain that, and it's our trust and it was a
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  Speaker 4: big win werely for a irrevocable Medicaid trust. Explain how
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  Speaker 4: it works, why it works, how they lived with it
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  Speaker 4: their whole lives until someone did get sick. And then
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  Speaker 4: the problem that occurred here is, of course the kids
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  Speaker 4: decided to apply for medicaid on their own.
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  Speaker 3: Well, that didn't go.
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  Speaker 4: Over so well, and so they called us, and then
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  Speaker 4: we had to get things back on track. But a
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  Speaker 4: very very good positive story on irrevocable trusts, which actually
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  Speaker 4: leads me to the guide because the guide is back
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  Speaker 4: to the basics, but it's really.
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  Speaker 3: More about a real life story.
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  Speaker 4: It's your fact pattern, it's a person, it's a family
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  Speaker 4: fact pattern.
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  Speaker 3: Assets listed.
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  Speaker 4: You can put your own assets into this and then
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  Speaker 4: see it's like an engagement letter. I recommend an entire
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  Speaker 4: estate plan in here, So if you've never gotten started
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  Speaker 4: doing estate planning, this guide is for you.
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  Speaker 3: It does deal with an.
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  Speaker 4: Irrevocable trust that was their decision, but it also talks
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  Speaker 4: about the will and the health care proxy and the
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  Speaker 4: power of attorney and the hip a guide and all
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  Speaker 4: the basic documents that kind of get a cursory review
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  Speaker 4: all the time, but they lay it out in this
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  Speaker 4: guide for you as well. So it really brings a
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  Speaker 4: whole estate planned together, the basic documents and a recommendation
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  Speaker 4: for the client on an irrevocable trust in this case
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  Speaker 4: and how it works. See how you can get started
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  Speaker 4: with your estate plan. Back to the basics, folks will
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  Speaker 4: really get you off and running eight six six eight
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  Speaker 4: four eight five six nine nine or Legal exchange show
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  Speaker 4: dot com. You can download it there again eight six
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  Speaker 4: six eight four eight five six nine nine or Legal
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  Speaker 4: Exchange show dot Com Texas.
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  Speaker 3: Let's go there.
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  Speaker 2: I'd like to probably a little warmer.
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  Speaker 3: Yeah, well, I don't know, they got snow lately.
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  Speaker 4: So Myrtle created a will in August of two thousand
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  Speaker 4: and nine, naming her cousin Annabelle the beneficiary and the PR. Well,
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  Speaker 4: they had a falling out shortly after that, so Myrtle
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  Speaker 4: did a new will in October of two thousand and nine,
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  Speaker 4: so it wasn't that much later. She pointed Beverly the
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  Speaker 4: PR and the beneficiary. I'm sorry, Beverly was the PR
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  Speaker 4: and the beneficiary was the Humane Society, so now she's
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  Speaker 4: gone to charity. Well, shortly after that, Kathy, an attorney,
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  Speaker 4: was appointed guardian for Myrtle, And so that makes me
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  Speaker 4: think about capacity issues. Why was did we need a
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  Speaker 4: guardian for Myrtle shortly after she created that will? But
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  Speaker 4: that really didn't come up much. Myrtle then died in
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  Speaker 4: August of twenty eighteen, so nine years later, well Beverly
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  Speaker 4: was appointed the PR. So she probated a copy of
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  Speaker 4: the October will, stating that they couldn't find the original
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  Speaker 4: will and it couldn't locate it, and that it was
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  Speaker 4: accidentally disposed of during the guardianship. Well, Kathy the attorney
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  Speaker 4: and the guardian, she filed a determination of airship at
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  Speaker 4: and the Humane Society, and Beverly objected. Well, Cathy had
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  Speaker 4: unsworn testimony saying that the caretakers were stealing from her
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  Speaker 4: the papers when she got there had all gone through,
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  Speaker 4: they were all in disorder, disarray. She searched for the will,
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  Speaker 4: she couldn't find the will. All this testimony she has,
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  Speaker 4: and you know, and Myrtle was very easily exploited. So
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  Speaker 4: Cathy searched, couldn't find the will, and no one objected
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  Speaker 4: to her unsworn testimony. Okay, Well, the trial court refused
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  Speaker 4: to probate the October will, saying, you know what, there
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  Speaker 4: wasn't enough evidence presented to prove that the October will
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  Speaker 4: had not been revoked. Folks, Remember, there's a presumption of
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  Speaker 4: revocation when you can't find the will, the original will,
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  Speaker 4: presumption of revocation, and you've got to overcome that presumption.
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  Speaker 4: And the trial court said, nope, we're not going to
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  Speaker 4: do it because there wasn't enough. So where does that
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  Speaker 4: leave you, Well, maybe the nine the August nine will.
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  Speaker 4: If that's around, that's going to carry the day. Well,
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  Speaker 4: the Humane Society didn't like this, so they appealed, and
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  Speaker 4: the appellate court affirmed the trial court. Well, they still
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  Speaker 4: didn't like it, so they appealed again to the Supreme Court,
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  Speaker 4: who reversed. Really now why they reverse, Well, they said
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  Speaker 4: the lower court really should have considered the unsworn testimony
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  Speaker 4: of Kathy.
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  Speaker 3: They didn't.
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  Speaker 4: They ignored all that testimony of Kathy because it was
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  Speaker 4: not sworn testimony. No one objected, right, So the Supreme
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  Speaker 4: Court said, look, Kathy is not only an attorney, she's
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  Speaker 4: an officer of the court and a guardian. And no
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  Speaker 4: one objected to her testimony, so her testimony should have
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  Speaker 4: been considered yea when determining this case. So they remanded it.
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  Speaker 4: I know you don't like that.
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  Speaker 2: You didn't give us any answer, So.
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  Speaker 4: They remanded the case to say, listen to this testimony now, member,
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  Speaker 4: if you didn't, so what do we learn here? You know,
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  Speaker 4: first and foremost, keep your records right. So we don't
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  Speaker 4: know right now if the October will's going to work
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  Speaker 4: or not. I think at the end of the day,
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  Speaker 4: when they listen to her testimony that that's enough evidence
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  Speaker 4: to show that they overcame the presumption of revocation. They
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  Speaker 4: couldn't find it for all these bad reasons that the
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  Speaker 4: you know that was being done to the to the
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  Speaker 4: caretaker by the caretakers. I'm sorry, the caretakers were stealing
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  Speaker 4: all our papers. That's probably what happens. Oh, that might
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  Speaker 4: be a reason that we can't find it, not that
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  Speaker 4: it was revoked, so they can overcome that presumption. So
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  Speaker 4: I think we're probably going to be okay here, but
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  Speaker 4: we don't know.
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  Speaker 3: What do we learn here?
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  Speaker 4: Folks keep your records right always, And this is why
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  Speaker 4: when you work with a lawyer, right like, I know
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  Speaker 4: what we do it We keep the originals. Clients can
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  Speaker 4: have them but if they want them, but they always
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  Speaker 4: let us keep the originals. We provide a nice book,
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  Speaker 4: we provide a thumb drive. We say, if you lose
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  Speaker 4: your book, print off another one on your thumb drive.
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  Speaker 4: We keep the originals and a soft copy. You lose everything,
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  Speaker 4: you call us up, we give you another one.
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  Speaker 3: Not a problem.
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  Speaker 4: So by working with a lawyer, you generally will not
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  Speaker 4: have this lost document right problem. I mean that should
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  Speaker 4: be the case so that's first and foremost. Another lesson
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  Speaker 4: we learn is I get a common practical question from people.
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  Speaker 4: They're always asking me, you know, okay, we did all
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  Speaker 4: this to stay planning. Well, how do we know it's
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  Speaker 4: going to work when we're dead?
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  Speaker 3: Fair question?
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  Speaker 4: And I can tell you thirty years of doing this, folks,
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  Speaker 4: it is almost instinctive. The kids find the book. Yes,
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  Speaker 4: they open the book. There's our letterhead. Yep, they say,
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  Speaker 4: better call this number because we don't know what to
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  Speaker 4: do next.
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  Speaker 2: See what the next step is?
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  Speaker 4: Absolutely, and so folks, it really does just work, and
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  Speaker 4: it really works like that. So they come in and
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  Speaker 4: then we explain everything, We tell them the next steps,
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  Speaker 4: and everything goes smoothly. Now, lastly, right, this was an
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  Speaker 4: you know what would happen here? What's the result one
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  Speaker 4: way or another? Right? So, if the October will is
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  Speaker 4: no good, the charity's out right. And if the October
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  Speaker 4: will is no good, but they found the November the
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  Speaker 4: August will, and that will prevail because it says it
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  Speaker 4: revokes prior will, so that will prevail, right, And it
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  Speaker 4: seems like the cousin annabel would take well, if there's no.
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  Speaker 3: Will altogether, Annabelle still might be.
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  Speaker 4: The one that takes depending on who's the next closest
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  Speaker 4: next of kin. Basically, folks, a will though is a won't.
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  Speaker 4: It won't avoid probate, it won't reduce the state taxes
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  Speaker 4: if you're married. It won't protect assets from the nursing home.
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  Speaker 3: You know.
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  Speaker 4: It just directs where your assets go. My advice to
• 9:56
  Speaker 4: you is do way more planning than just a will.
• 10:00
  Speaker 4: Get the guide, get back to the basics and get
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  Speaker 4: your plan going today. Learn how to do it eight
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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 Powers, a
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  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
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  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Lutsky.
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:55
  Speaker 2: Susan Power as a financial advisor with the Armstrong Advisory Group,
• 13:59
  Speaker 2: and I'm joined by Lutski, a partner with the law
• 14:01
  Speaker 2: firm of Cushing and Dolan with the Masters in Taxation.
• 14:05
  Speaker 2: Where are we headed next, Todd.
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  Speaker 4: We're going nowhere. We're staying right here. Well, I guess
• 14:09
  Speaker 4: we're kind of going to New Hampshire. Okay a little
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  Speaker 4: because it's a real story, folks. So way more than
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  Speaker 4: five years ago, a family came in and lived in
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  Speaker 4: New Hampshire and they wanted to do some planning and
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  Speaker 4: they wanted to protect their assets from the nursing home.
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  Speaker 4: So they came in and we put the house in
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  Speaker 4: and we put some money in the trust. And just
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  Speaker 4: to give you a little background about these trusts, right,
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  Speaker 4: they continue to live there and we're really unaffected and
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  Speaker 4: not burdened at all by having this air vocal trust.
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  Speaker 4: Life didn't change, really didn't change for them at all.
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  Speaker 4: Years and years have gone by to hear from them
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  Speaker 4: all of a sudden, you know. And again I mentioned
• 14:47
  Speaker 4: this only because a lot of people believe that these
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  Speaker 4: irrevocable trusts still impact their lives and that you can't
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  Speaker 4: do them and they're hard and this and that. So
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  Speaker 4: life goes on, and now the kids come back in
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  Speaker 4: and they say, well, unbeknownst to you, guys, mom got
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  Speaker 4: sick and went into the nursing home, and so we
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  Speaker 4: went ahead and applied for medicaid.
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  Speaker 3: Oh you did. You didn't call us? No, how's that
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  Speaker 3: going for you?
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  Speaker 2: That's so great?
• 15:12
  Speaker 4: Well, we got denied, and so now we need to
• 15:14
  Speaker 4: go to a fair hearing, and we're wondering if you
• 15:16
  Speaker 4: guys can help us with the fair hearing. Well, sure,
• 15:19
  Speaker 4: we're going to help you with the fair hearing. But
• 15:22
  Speaker 4: more importantly, you know, what are the lessons, what are
• 15:24
  Speaker 4: the tips you know that we learned from.
• 15:26
  Speaker 3: This and this is the phone.
• 15:28
  Speaker 4: Yeah, So what I think I want to do though,
• 15:30
  Speaker 4: is first just give you a little more background about
• 15:33
  Speaker 4: the irrevocable trust that they've had for over eight years. Right,
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  Speaker 4: so just to reiterate that she lived there, she paid
• 15:40
  Speaker 4: her bills, you know, and then even as time went on,
• 15:43
  Speaker 4: the house that was was sold. Right, they were unaffected
• 15:46
  Speaker 4: and we wanted to sell the house. They actually called us.
• 15:48
  Speaker 4: We helped them sell the house. They downsized, and they
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  Speaker 4: put the new house in the trust. They did use us,
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  Speaker 4: as I said, for that. And the good news is
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  Speaker 4: because it was drafted as a Grand Tord trust, they
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  Speaker 4: kept their capital gains tax exclusions. She was single at
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  Speaker 4: the time, so she got a two hundred and fifty
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  Speaker 4: thousand dollars exclusion, and she didn't pay any more taxes
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  Speaker 4: than she would have paid had the trust not been
• 16:12
  Speaker 4: in effect. So great grand Tour trust status. Again showing flexibility,
• 16:17
  Speaker 4: showing interestingly enough, she actually bought another house. She downsized perfectly. Okay,
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  Speaker 4: so money went out and another house came in and
• 16:27
  Speaker 4: life went on.
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  Speaker 2: What about she downsized, So that means they had money
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  Speaker 2: left over?
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  Speaker 4: Yeah, so they had well, they had some money in
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  Speaker 4: the trust, plus they added to it, that's correct, so
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  Speaker 4: they had more money in the trust. In More importantly,
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  Speaker 4: the five year clock was unaffected. So many people think
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  Speaker 4: if you sell the house and buy another house, that
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  Speaker 4: you put a new house in. Therefore there's a new
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  Speaker 4: five year waiting period, when in reality that isn't what happened.
• 16:48
  Speaker 4: You just changed the investments that were actually in the house.
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  Speaker 4: And by the way, this happened within five years of
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  Speaker 4: them going to a nursing home. Remember everything was put
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  Speaker 4: in over eight years ago, but the sale curd excuse me,
• 17:01
  Speaker 4: within five years okay, so great. They were able to
• 17:05
  Speaker 4: do that in the new home again, just change the investments,
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  Speaker 4: nothing new one in. So you starting to see the
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  Speaker 4: flexibility just to these trusts.
• 17:14
  Speaker 2: When they sold the house, the proceeds are made payable
• 17:17
  Speaker 2: to the trust, correct, not to her. That's why it
• 17:20
  Speaker 2: didn't restart.
• 17:21
  Speaker 3: That's very important. And I said, they used us.
• 17:23
  Speaker 4: So obviously, whenever you sell, folks, who is making a
• 17:26
  Speaker 4: really good point here, When you sell, make sure you
• 17:30
  Speaker 4: call the lawyer who did the plan for you so
• 17:33
  Speaker 4: that they can guide you through the sale. We do
• 17:35
  Speaker 4: it anyway, it doesn't cost anything more. It's the same
• 17:37
  Speaker 4: as hiring another lawyer, yeah, to represent you at the sale.
• 17:40
  Speaker 4: But very important, everything stayed within the trust and therefore
• 17:45
  Speaker 4: you don't reset the five year clock, and that grant
• 17:48
  Speaker 4: our trust status was so important. We filed a tax return.
• 17:52
  Speaker 4: All the income gets reported on their personal return. As
• 17:54
  Speaker 4: you said, the excess money that's in there generating more interest,
• 17:58
  Speaker 4: more dividends for them. They cantinued to live on that
• 18:00
  Speaker 4: income and they continue to pay taxes at that rate. So, folks,
• 18:05
  Speaker 4: that's a little bit about these trusts and how they work.
• 18:07
  Speaker 4: Now that's actually an irrevocable trust situation. The back to
• 18:12
  Speaker 4: the Basics guide happens to be a family that comes
• 18:16
  Speaker 4: in real life situation, list of assets, and then I
• 18:20
  Speaker 4: make a recommendation in this it's like a big engagement letter,
• 18:24
  Speaker 4: is really what this is. I make a recommendation to
• 18:26
  Speaker 4: them as to how to do the planning. In that plan,
• 18:29
  Speaker 4: it discusses the irrevocable trust and how it works. You
• 18:32
  Speaker 4: can put your facts into this situation and see if
• 18:35
  Speaker 4: this plan actually works for you. In addition to that,
• 18:38
  Speaker 4: it also explains all the basic documents that you get,
• 18:42
  Speaker 4: from the wills to the healthcare proxies to the powers
• 18:44
  Speaker 4: of attorney. So important that if you've never done planning
• 18:47
  Speaker 4: and you want to get started, this is a real
• 18:50
  Speaker 4: life example for you and see if it fits into
• 18:53
  Speaker 4: your fact pattern back to the basics eight sixty six
• 18:58
  Speaker 4: eight four eight five six nine nine or Legal Exchange
• 19:02
  Speaker 4: show dot com again eight six six eight four eight
• 19:06
  Speaker 4: five six nine nine or Legal Exchange Show dot Com. Now,
• 19:13
  Speaker 4: that was just a little understanding to help you understand
• 19:15
  Speaker 4: all the stuff that they did.
• 19:17
  Speaker 3: Well.
• 19:17
  Speaker 4: They had this irrevocable trust before the nursing home came.
• 19:21
  Speaker 4: Now the nursing home came back to the idea of
• 19:24
  Speaker 4: this hearing. What happened again? You said it, Susan, please
• 19:28
  Speaker 4: don't apply for medicaid on your own. It just doesn't
• 19:32
  Speaker 4: work as well because lawyers, when you apply for medicaid,
• 19:36
  Speaker 4: it's not just sending in the application, which is the
• 19:39
  Speaker 4: easy part. It's dealing with the caseworker so that the
• 19:44
  Speaker 4: information gets presented to the here to the legal department correctly. Yes,
• 19:49
  Speaker 4: I don't know how else to say that, right. So
• 19:52
  Speaker 4: in this case, when they came back in, we said, Okay,
• 19:55
  Speaker 4: here's what we're going to do. Get us on the
• 19:58
  Speaker 4: phone with the caseworker. Let's get to the legal department.
• 20:01
  Speaker 4: Since they've already filed for the fair hearing. We had
• 20:03
  Speaker 4: to respond, I said, before the hearing data set, Why
• 20:07
  Speaker 4: don't we send over these three separate fair hearing decisions
• 20:12
  Speaker 4: I had in New Hampshire, three separate cases, all of
• 20:17
  Speaker 4: which we won, and showed that this trust, this exact
• 20:22
  Speaker 4: trust works in New Hampshire, and hopefully they'll read this
• 20:30
  Speaker 4: and then you figure it out and folks in About
• 20:36
  Speaker 4: four weeks later, after some back and forth, out comes
• 20:41
  Speaker 4: an email from the Legal department saying, we accept the
• 20:46
  Speaker 4: trust as filed. You're only denied medicaid now because you're
• 20:51
  Speaker 4: over assets by nine thousand dollars home run by a
• 20:55
  Speaker 4: prepaid funeral contract and you're all set and so now
• 20:59
  Speaker 4: we're out. And she was also on her own having
• 21:02
  Speaker 4: to go to a hearing so that she didn't get
• 21:04
  Speaker 4: booted out of the nursing home. There were two separate
• 21:06
  Speaker 4: things going on. Wow, So not only did they get
• 21:08
  Speaker 4: to save all the money that was in the trust
• 21:11
  Speaker 4: and the new house that was in the trust, they
• 21:15
  Speaker 4: also saved all the legal fees of the fair hearing.
• 21:18
  Speaker 2: The deal with you, I'm going to put that up there.
• 21:22
  Speaker 4: It could be they could have looked at those cases
• 21:23
  Speaker 4: and said it's him again. But but you know, and
• 21:28
  Speaker 4: I don't care what the reason was. We're just saying, look,
• 21:32
  Speaker 4: here's what you've done in the past three times, why
• 21:35
  Speaker 4: do we have to do it again. I was surprised
• 21:37
  Speaker 4: I had to do it three times. It's the same
• 21:40
  Speaker 4: thing over and over. I don't know how you're going
• 21:42
  Speaker 4: to be able to come back and say that all
• 21:44
  Speaker 4: three of these somehow are is now wrong when you've
• 21:48
  Speaker 4: already explained to us. And I'm glad that you know that,
• 21:53
  Speaker 4: not that they just that they won, but that they're
• 21:54
  Speaker 4: following the rules, right, And I think that's important for
• 21:58
  Speaker 4: everybody to.
• 21:58
  Speaker 3: Trust trust to.
• 22:00
  Speaker 4: That's exactly right, the trust, the trust follow the rules, folks.
• 22:04
  Speaker 4: It was basically the same old argument, right, the limited
• 22:07
  Speaker 4: power of appointment that we have in our trust. It
• 22:09
  Speaker 4: says you can appoint assets to children. Well, they think
• 22:13
  Speaker 4: you can take assets to children and then the children
• 22:16
  Speaker 4: will give it back to mom and dad, and therefore
• 22:17
  Speaker 4: the trust is accountable because there's a path back to
• 22:20
  Speaker 4: mom and dad.
• 22:22
  Speaker 3: That's not how it works.
• 22:23
  Speaker 4: We have appellate court cases and Supreme Court cases in
• 22:27
  Speaker 4: mass that say that's not how.
• 22:29
  Speaker 2: It's worked because they don't have to.
• 22:30
  Speaker 4: No, they don't have to, and that language is not Again,
• 22:34
  Speaker 4: you cannot appoint it to the donor period. It'd be
• 22:39
  Speaker 4: no different than if you took the money and just
• 22:41
  Speaker 4: gave it to the kid with no trust, and five
• 22:43
  Speaker 4: years later you got sick and went in the nursing home.
• 22:46
  Speaker 4: The judge says, you can't go after the kids now
• 22:48
  Speaker 4: and say give that money back. So then it's really
• 22:52
  Speaker 4: the logical answer is it's no different than with a trust.
• 22:55
  Speaker 4: You put it in a trust, and five years later,
• 22:57
  Speaker 4: whether you give it to the kids or not, out
• 22:59
  Speaker 4: of the true trust, you can't go after the kids
• 23:02
  Speaker 4: and get it back. So, folks, these trusts work. They're
• 23:07
  Speaker 4: really not that scary, which I hope was also what
• 23:09
  Speaker 4: I wanted to convey to this point, and that if
• 23:12
  Speaker 4: you need to protect your assets from the nursing home,
• 23:15
  Speaker 4: figure out how they work and use them. The guide
• 23:17
  Speaker 4: back to the basics this month does that. It's a
• 23:20
  Speaker 4: real life fact pattern. You put your asset list next
• 23:23
  Speaker 4: to that asset list, your family dynamics next to that
• 23:26
  Speaker 4: family dynamics.
• 23:28
  Speaker 3: See if it works for you. It's like an engagement letter.
• 23:31
  Speaker 4: Eight six six eight four eight five six nine nine
• 23:35
  Speaker 4: or legal exchange show dot com.
• 23:37
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:39
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 23:43
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
• 23:46
  Speaker 2: will be answering your listener questions when we return to
• 23:49
  Speaker 2: the legal exchange with Todd Lutsky.
• 23:52
  Speaker 3: If you're a.
• 23:53
  Speaker 1: Nearing retirement agent are concerned about how to protect your assets,
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• 23:59
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• 24:01
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• 24:50
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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  Speaker 1: advisory services. You're listening to the Legal Exchange and it's
• 27:27
  Speaker 1: time for Ask Todd the segment where Todd will answer
• 27:30
  Speaker 1: your questions about anything and everything that's included in the
• 27:33
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 27:39
  Speaker 2: Welcome back Toby. The few questions from listeners. First question
• 27:43
  Speaker 2: comes from Bill in Wareham, Mass and Bill Wrights. I
• 27:46
  Speaker 2: own three rental properties, including a two family home where
• 27:50
  Speaker 2: I live in one half and rent the other. I
• 27:52
  Speaker 2: created an irrevocable trust a few years ago, and I
• 27:55
  Speaker 2: would now like to set up an LLC to protect
• 27:57
  Speaker 2: from creditors in the rental Is it too late for
• 28:01
  Speaker 2: me to do this now that they are in my
• 28:03
  Speaker 2: irrevocable trust? If not, how do things change for me
• 28:07
  Speaker 2: if they are in an LLC?
• 28:10
  Speaker 3: Good news.
• 28:10
  Speaker 4: We had just talked about a real life story on
• 28:14
  Speaker 4: how flexible the irrevocable trusts are. This is just another
• 28:19
  Speaker 4: way to provide flexibility in the irrevocable trust arena. So
• 28:25
  Speaker 4: in English, it's not too late. So we're going to
• 28:27
  Speaker 4: be able to do this.
• 28:29
  Speaker 3: How do we do it?
• 28:30
  Speaker 4: I think that's important that we figure this out. So
• 28:34
  Speaker 4: you have the trust that owns the rental yep, so
• 28:37
  Speaker 4: the trustee of the trust will invest.
• 28:40
  Speaker 3: See we use the right word.
• 28:42
  Speaker 4: The trustee of the trust will invest into the LLC.
• 28:46
  Speaker 4: They will contribute what capital, they will put the rental
• 28:51
  Speaker 4: into the LLC. In exchange for putting the rental into
• 28:55
  Speaker 4: the LLC, the trust will take back one hundred percent
• 29:00
  Speaker 4: of the stock in the LLC. So now it is
• 29:04
  Speaker 4: the single member of the LLC. So in essence, it
• 29:10
  Speaker 4: owns the shares of a company that owns the rental property.
• 29:13
  Speaker 4: So the value is still in the trust.
• 29:16
  Speaker 2: So that doesn't change like restart the look back or
• 29:19
  Speaker 2: anything like that.
• 29:20
  Speaker 3: Absolutely not.
• 29:21
  Speaker 4: Almost no different than selling a house. If I took
• 29:23
  Speaker 4: a house and sold it for a million dollars and
• 29:26
  Speaker 4: put a million dollars back in the trust, nothing new happened.
• 29:29
  Speaker 4: I just got rid of a house and have a million.
• 29:31
  Speaker 4: Now I got rid of a house and took back
• 29:32
  Speaker 4: a share, So now I own stock in a company
• 29:35
  Speaker 4: that represents the value of the house. So it's still
• 29:39
  Speaker 4: in my trust. Now, no new five year waiting period,
• 29:44
  Speaker 4: and life goes on as it was.
• 29:46
  Speaker 3: Why did we do it?
• 29:47
  Speaker 4: As he said, Now if somebody sues, they sued just
• 29:50
  Speaker 4: the LLC. They don't come after the shareholder or anything.
• 29:55
  Speaker 4: So it's a nice level of credit or protection. But
• 29:58
  Speaker 4: I think the last part of the question was, you know,
• 30:02
  Speaker 4: how does it affect me going forward?
• 30:04
  Speaker 2: Right?
• 30:05
  Speaker 4: So going forward from a tax return standpoint, which is critical, right,
• 30:10
  Speaker 4: this thing, being a single member LLC is disregarded, yes,
• 30:18
  Speaker 4: disregarded as an entity for income tax filing purposes.
• 30:24
  Speaker 2: Only does that mean they don't have to pay taxes
• 30:26
  Speaker 2: on the income?
• 30:27
  Speaker 4: Isn't that exciting us? Very nice that you would think
• 30:29
  Speaker 4: that loophole, call you loophole lily, Yeah, exactly. So, while
• 30:34
  Speaker 4: it's disregarded for income tax purposes, what that means is
• 30:38
  Speaker 4: that it doesn't have to file a Form ten sixty five,
• 30:42
  Speaker 4: which is a partnership return, which is usually what an
• 30:46
  Speaker 4: LLC has to file if it's a multi member LLC.
• 30:51
  Speaker 4: So if we put this, if you and I put
• 30:53
  Speaker 4: the property into the LLC Susan and you took back
• 30:56
  Speaker 4: fifty shares and I took back fifty shares, now it's
• 31:00
  Speaker 4: a multi member LLC and it would have to file.
• 31:04
  Speaker 2: So if you had two very vocable trusts.
• 31:07
  Speaker 4: Correct, Oh, same thing as if this was if it
• 31:10
  Speaker 4: was a big enough estate and we had two, it
• 31:12
  Speaker 4: would be a multi member, right, and so then it
• 31:15
  Speaker 4: would have to file. Now, either way, whether it files
• 31:18
  Speaker 4: or it doesn't. It doesn't pay tax. It's a flow
• 31:23
  Speaker 4: through entity. So in this case, even if it did file,
• 31:27
  Speaker 4: it would flow the rent and the expenses to the trust,
• 31:31
  Speaker 4: which is the shareholder. So it's not paid on the
• 31:33
  Speaker 4: LLC level. It flows down to the trust which is
• 31:37
  Speaker 4: the shareholder. Of course that income needs to be picked
• 31:40
  Speaker 4: up by the trust. Then good news there is. We
• 31:44
  Speaker 4: talked earlier that our trust is a grand or trust
• 31:47
  Speaker 4: for income tax purposes, so it also is a flow
• 31:50
  Speaker 4: through entity and will flow that through whether it comes
• 31:54
  Speaker 4: out or not, it will flow that those numbers through
• 31:57
  Speaker 4: to the donors ten forty in this case Bill ye,
• 32:02
  Speaker 4: Bill will pick up the income on his ten forty.
• 32:06
  Speaker 4: So the whole thing is income tax neutral, Bill, No
• 32:11
  Speaker 4: disruption for you.
• 32:12
  Speaker 2: Nice.
• 32:13
  Speaker 3: Yeah, So it works out. Flexible works out really well.
• 32:15
  Speaker 4: It's really flexible, and folks, for you to learn how
• 32:19
  Speaker 4: flexible these trusts are, get the back to the Basics guide.
• 32:23
  Speaker 4: It explains all the basic documents from wills to powers
• 32:26
  Speaker 4: of attorney to hippoforms, which is important because there are
• 32:29
  Speaker 4: always cursory given just a cursory discussion not here. It
• 32:35
  Speaker 4: also lays out a complete family fact pattern for you
• 32:38
  Speaker 4: and it's like me giving a legal recommendation to this family.
• 32:41
  Speaker 4: Here's what I think the estate plan will do for you.
• 32:45
  Speaker 4: It can work for you. It's like me giving you
• 32:47
  Speaker 4: a potential legal recommendation. It puts your fact pattern into
• 32:52
  Speaker 4: this guide and see if this recommendation works for you.
• 32:56
  Speaker 4: It also explains the irrevocable trust because that's what this
• 32:59
  Speaker 4: family wanted. So get If you've never gotten your estate
• 33:04
  Speaker 4: plan off the ground, this is the way to do it.
• 33:07
  Speaker 4: Get the guide back to the basics eight six six
• 33:11
  Speaker 4: eight four eight five six nine nine or Legal Exchange
• 33:15
  Speaker 4: Show dot com again eight six six eight four eight
• 33:19
  Speaker 4: five six nine nine or Legal Exchange Show dot com.
• 33:23
  Speaker 2: Our last question comes from Anna and Rent the Mass
• 33:26
  Speaker 2: and Anna writes, I am single and I have around
• 33:29
  Speaker 2: three hundred thousand in cash in real estate valued around
• 33:32
  Speaker 2: four point fifty I'm not close to my family and
• 33:35
  Speaker 2: I'd like to leave my estate to charity. How does
• 33:38
  Speaker 2: that work? If charity will receive everything? Should I have
• 33:41
  Speaker 2: a trust? And can my attorney be the trustee and executor?
• 33:46
  Speaker 3: So this is interesting.
• 33:48
  Speaker 4: So this is great, A great question in the sense
• 33:50
  Speaker 4: that you know a lot of people think that you
• 33:52
  Speaker 4: know because I'm worth you know a million or less
• 33:55
  Speaker 4: than a million, that I don't need an estate plan,
• 33:57
  Speaker 4: and that's not always true, and I think that's the
• 34:00
  Speaker 4: case here. But as a single person, I'm guessing no kids.
• 34:05
  Speaker 4: You know, I'm under a million, so we're not really
• 34:07
  Speaker 4: overly worried about taxes. And by the way, if even
• 34:10
  Speaker 4: if I was over two million in Massachusetts, but I
• 34:13
  Speaker 4: was leaving assets to charity, I again wouldn't be worried
• 34:18
  Speaker 4: about estate tax is because remember charitable deduction is dollar
• 34:22
  Speaker 4: for dollar against the estate tax. So as long as
• 34:27
  Speaker 4: you're leaving assets to charity, the tax side of the
• 34:30
  Speaker 4: planning doesn't come into play. However, when you leave stuff
• 34:34
  Speaker 4: to charity, you have many ways that you can do it.
• 34:37
  Speaker 4: So in this case, is there a house involved.
• 34:40
  Speaker 2: A house worth four fifty in cash of three hundred.
• 34:42
  Speaker 4: So probably you'd want to set up a trust just
• 34:45
  Speaker 4: to facilitate this, right, That's what I would think that
• 34:48
  Speaker 4: I would want the trustee of the trust to sell
• 34:51
  Speaker 4: the property and have direction in there that says we're
• 34:54
  Speaker 4: going to sell the property, and then all the assets
• 34:58
  Speaker 4: are now money and they're in the trust. Then you
• 35:00
  Speaker 4: anna in this case have to think about how you
• 35:03
  Speaker 4: want to leave it to the charity. Do you want
• 35:06
  Speaker 4: to trust maybe to just make distributions on an annual basis,
• 35:11
  Speaker 4: for like an education fund. I don't know what charity
• 35:15
  Speaker 4: it is. Do I want to have a Do I
• 35:17
  Speaker 4: want to, you know, grant a scholarship once a year
• 35:21
  Speaker 4: kind of thing?
• 35:22
  Speaker 3: You know?
• 35:22
  Speaker 4: Do you want the money to just be paid out
• 35:26
  Speaker 4: directly to the charity? Do you want to have certain
• 35:28
  Speaker 4: instructions in the charity that says you know how to
• 35:32
  Speaker 4: how to distribute it? Should it be you want to
• 35:34
  Speaker 4: give a name to the plaque or something that you're getting,
• 35:37
  Speaker 4: so all that stuff can be laid out.
• 35:40
  Speaker 3: I think in a trust, can you do it? In
• 35:41
  Speaker 3: a will? You probably could accept.
• 35:43
  Speaker 4: I think you're going to have the probate issues, right,
• 35:45
  Speaker 4: You're going to have to deal with going to probate
• 35:47
  Speaker 4: and all of that. Now, I will tell you one
• 35:50
  Speaker 4: other thing that's important, especially if we want to favor
• 35:53
  Speaker 4: a certain that you can't So I went to the
• 35:56
  Speaker 4: seminar and learned about charities last January, and they are
• 36:01
  Speaker 4: very much cracking down on these colleges that have grants
• 36:05
  Speaker 4: or or you know, we're going to favor a certain
• 36:08
  Speaker 4: ethnic group perhaps you can't do it based on gender,
• 36:12
  Speaker 4: based on sex, based on race, based on religion, based
• 36:16
  Speaker 4: on you know you can't. You can't say I want
• 36:19
  Speaker 4: to leave it to the Italian something or other. You
• 36:21
  Speaker 4: can't do it, So it a way or otherwise they're
• 36:25
  Speaker 4: gonna they're gonna make you change it, right, because they're
• 36:27
  Speaker 4: saying you can't do it based on any of those things.
• 36:31
  Speaker 4: So there's ways around it. Like you could say I
• 36:34
  Speaker 4: want to grant a scholarship to the school located at
• 36:40
  Speaker 4: Boom and you can pick a location based on zip
• 36:44
  Speaker 4: code that you know favors that particular right sort of
• 36:51
  Speaker 4: lower income level or something. Right, you're allowed to design
• 36:55
  Speaker 4: it so that everybody benefits, not just one, but design
• 36:59
  Speaker 4: it where you want to to go. So lots to
• 37:01
  Speaker 4: think about when you're dealing with charity folks, and lots
• 37:03
  Speaker 4: to think about in your estate plan. Get the guide
• 37:05
  Speaker 4: eight six six eight four eight five six nine to nine.
• 37:10
  Speaker 2: If you have a question you would like to ask Todd,
• 37:12
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:15
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:18
  Speaker 2: read your question on the air, and hopefully his answer
• 37:20
  Speaker 2: will stop you from becoming one of his next real
• 37:23
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:27
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:30
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:34
  Speaker 2: back with more after this quick break on the legal
• 37:37
  Speaker 2: exchange with Todd Lutsky.
• 37:39
  Speaker 1: If you're a nearing retirement agent are concerned about how
• 37:42
  Speaker 1: to protect your assets, you need to call Cushing and
• 37:44
  Speaker 1: Dolan the experts and know their law. Their new guide
• 37:47
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• 37:49
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• 37:51
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• 37:54
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• 37:58
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• 38:14
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• 38:16
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• 38:19
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• 38:22
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• 38:25
  Speaker 1: the guide online by visiting Legal Exchange show dot com.
• 38:28
  Speaker 1: The proceeding was paid for and the music expressed are
• 38:30
  Speaker 1: sole le those of Cushing and Dolan. Cushing and Dolan
• 38:32
  Speaker 1: and or Armstrong Advisory may contact you offering legal or
• 38:35
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• 38:38
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• 38:40
  Speaker 5: In retirement, healthcare coverage is likely to be one of
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• 39:26
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:31
  Speaker 1: Armstrong guide is specific financial, legal or tax advice. Consult
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• 40:41
  Speaker 1: tune to the Legal Exchange with Todd Lutsky. If you
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  Speaker 1: are a loved one needs a nursing homestay, call Todd
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  Speaker 1: right now at eight sixty six eight four eight five
• 40:49
  Speaker 1: six ninet nine and let him make sure your assets
• 40:51
  Speaker 1: are protected. That's eight six six eight four eight five
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  Speaker 1: six nine nine, or visit him online at Legal Exchange
• 40:58
  Speaker 1: Show dot com.
• 41:02
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:05
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:09
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:11
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:14
  Speaker 2: masters in taxation. So Todd, when you talk about your
• 41:19
  Speaker 2: back to basics guide, it's really about the fundamentals of
• 41:23
  Speaker 2: how to create your estate plan. So beginning to try
• 41:29
  Speaker 2: and figure out what the right type of a state
• 41:32
  Speaker 2: plan is for you, where do you even start?
• 41:34
  Speaker 3: It's a fair question.
• 41:36
  Speaker 4: So I think the first thing you really need to
• 41:40
  Speaker 4: do is.
• 41:40
  Speaker 3: Just value your assets.
• 41:43
  Speaker 4: So whatever you own, you have to decide, you know,
• 41:47
  Speaker 4: kind of how you own it. And if you do
• 41:51
  Speaker 4: own it, you have to remember it's going to be
• 41:55
  Speaker 4: part of your gross estate or not saying whether it's
• 41:58
  Speaker 4: part of your PROBTA state. It could be zero in
• 42:01
  Speaker 4: probate a state, but when you own it, it's part
• 42:04
  Speaker 4: of your gross estate.
• 42:05
  Speaker 3: And so you need to.
• 42:07
  Speaker 4: Add up all the value of your assets to see
• 42:09
  Speaker 4: where you hit these exemptions. And we have them across
• 42:12
  Speaker 4: all the states right in New England anyway, and again
• 42:16
  Speaker 4: not every state has an estate tax. But you need
• 42:18
  Speaker 4: to consider both the state and the federal exemption and
• 42:21
  Speaker 4: that's what's going to kind of dictate what kind of
• 42:24
  Speaker 4: plan you do.
• 42:25
  Speaker 2: So your total net worth essentially exactly.
• 42:28
  Speaker 4: So let's assume that one of the you calculated, and
• 42:32
  Speaker 4: you say, I'm worth just north of three million. Okay, well, federally,
• 42:38
  Speaker 4: you're probably thinking that's not a big problem.
• 42:41
  Speaker 2: No, because it's what thirteen thirteen nine almost fourteen.
• 42:46
  Speaker 4: And likely you know that what that you heard there
• 42:49
  Speaker 4: was an election, so a little something about that. Likely
• 42:53
  Speaker 4: now because of the result, that that exemption probably.
• 42:58
  Speaker 3: Will stay high.
• 42:59
  Speaker 4: Okay, we don't, no, but because there's only two vote
• 43:02
  Speaker 4: difference in the House, you know, you upset a few
• 43:04
  Speaker 4: Republicans and maybe they don't get what they want, but.
• 43:09
  Speaker 3: Likely it's going to stay high.
• 43:10
  Speaker 4: So I'm not as worried about, you know, federal, but
• 43:14
  Speaker 4: I got to say where do I live. If I
• 43:17
  Speaker 4: live in Massachusetts, I say, well, I only have a
• 43:19
  Speaker 4: two million dollar exemption, but I'm worth three. And if
• 43:22
  Speaker 4: I'm married, how can I double that exemption? So you'd
• 43:25
  Speaker 4: get four, get four, And that's where the planning would
• 43:28
  Speaker 4: come in and say, okay, so I want to take
• 43:29
  Speaker 4: care of that. And then of course the size of
• 43:32
  Speaker 4: the estate it was much larger than you have to
• 43:34
  Speaker 4: consider the federal estate tax side as well, and also
• 43:39
  Speaker 4: that size of the estate will also go towards whether
• 43:43
  Speaker 4: you decide to do either nursing home planning or not
• 43:47
  Speaker 4: nursing home planning. Again, if you're really wealthy and yourself insured,
• 43:50
  Speaker 4: you probably don't need it. So those are some things
• 43:53
  Speaker 4: to think about.
• 43:54
  Speaker 2: Okay. So that determines the type of trust.
• 43:56
  Speaker 3: And maybe how many yes, okay, exactly.
• 43:59
  Speaker 2: So you say valuing your estate, what assets are included
• 44:03
  Speaker 2: in that?
• 44:04
  Speaker 1: Like?
• 44:04
  Speaker 2: What type of assets?
• 44:06
  Speaker 4: So when I say everything, I mean everything, but things
• 44:11
  Speaker 4: that you don't think about.
• 44:12
  Speaker 3: Right, Let's first talk talk about what normally.
• 44:16
  Speaker 4: Would come to mind, right, Oh, my bank account, all
• 44:19
  Speaker 4: my investment account, Yeah, I get it. Those are quick
• 44:23
  Speaker 4: items that would come to mind. What you sometimes don't
• 44:26
  Speaker 4: think about because you don't see the money is your house.
• 44:30
  Speaker 4: Oh yeah, you mean my house has to Yeah, you
• 44:32
  Speaker 4: own a house or a vacation home or a rental property.
• 44:35
  Speaker 3: Right. Oftentimes those are like, yeah.
• 44:38
  Speaker 4: I don't feel like I have a million dollars, right
• 44:41
  Speaker 4: because my house is worth a million, you know, and
• 44:43
  Speaker 4: I get it, but the government values it. Another item
• 44:48
  Speaker 4: you don't think about all the time that would need
• 44:50
  Speaker 4: to be included iras.
• 44:53
  Speaker 3: What about wroth ir.
• 44:54
  Speaker 2: What about roth iras? Because those are tax.
• 44:56
  Speaker 4: Free, right, everybody thinks, oh my gosh, it's a roth ira,
• 44:59
  Speaker 4: so it's tax f So it's income tax free, folks,
• 45:02
  Speaker 4: not estate tax free. So it's still included as an
• 45:06
  Speaker 4: asset in the estate. So the iras, the roth irays
• 45:10
  Speaker 4: need to be picked up. And I would say, lastly,
• 45:13
  Speaker 4: the other thing that no one really thinks about life insurance.
• 45:17
  Speaker 2: Life insurance is tax free.
• 45:19
  Speaker 3: It sure is.
• 45:20
  Speaker 4: It's income tax free, boy. But when you die, it's valuable.
• 45:24
  Speaker 4: And so it's the value of the insurance on the
• 45:27
  Speaker 4: date of death that matters. So if I have a
• 45:30
  Speaker 4: term policy with zero dollars cash surrender the day before
• 45:34
  Speaker 4: I die, then I die, it's worth a million dollars.
• 45:38
  Speaker 4: If that's the face value, I am now worth a
• 45:41
  Speaker 4: million dollars.
• 45:41
  Speaker 2: And you're going to be taxed on that million dollar
• 45:43
  Speaker 2: life insurance policy, correct, which could cause your estate to
• 45:47
  Speaker 2: be taxable. Right.
• 45:48
  Speaker 3: You don't even think about it.
• 45:49
  Speaker 4: Right, You could say, oh, well, I'm not worth a
• 45:51
  Speaker 4: million dollars, but I have a million dollar life insurance policy,
• 45:53
  Speaker 4: so now you're worth a million dollars And we haven't
• 45:55
  Speaker 4: talked about any other assets of your estate.
• 45:58
  Speaker 2: All gets piled on the table.
• 46:00
  Speaker 3: It really does, It really does.
• 46:02
  Speaker 4: So stuff like that sneaks up on you, folks, and
• 46:04
  Speaker 4: so when you want to do get your this is
• 46:06
  Speaker 4: why you want to get your planning done. Get the
• 46:09
  Speaker 4: guide this month. It really does explain these things. It's
• 46:12
  Speaker 4: called back to the Basics. It's basically a recommendation to
• 46:18
  Speaker 4: a made up family with a series of facts and assets.
• 46:22
  Speaker 4: I basically put together an engagement letter describing to them
• 46:25
  Speaker 4: exactly what they should do. This might be the plan
• 46:29
  Speaker 4: that fits your family dynamics and your asset base. If not,
• 46:33
  Speaker 4: put your facts in and see whether it does fit.
• 46:36
  Speaker 4: It explains not only the irrevocable trust, because that's what's recommended.
• 46:40
  Speaker 4: It also talks about all the basic documents, from wills
• 46:44
  Speaker 4: to powers of attorney to hip aforms. Get the Guide, folks,
• 46:47
  Speaker 4: and get your estate planning off the dime. It's the
• 46:51
  Speaker 4: beginning of a new year eight six six eight four
• 46:54
  Speaker 4: eight five six nine nine or Legal Exchange Show dot
• 46:58
  Speaker 4: com again Back to the Base eight six six eight
• 47:02
  Speaker 4: four eight five six nine nine or Legal Exchange Show
• 47:06
  Speaker 4: dot Com.
• 47:07
  Speaker 2: So Todd, I think about how throughout the course of
• 47:10
  Speaker 2: life your goals and objectives change. You know, you first
• 47:15
  Speaker 2: get married, then you have kids, and then your age.
• 47:18
  Speaker 2: How does your age impact the type of planning you
• 47:22
  Speaker 2: would do?
• 47:23
  Speaker 4: So again, very important. Let's go from younger to older.
• 47:28
  Speaker 4: So a lot of times we talked a little bit
• 47:32
  Speaker 4: about value. Again, just because you have a little bit
• 47:34
  Speaker 4: of assets doesn't mean that you don't plan, right, So
• 47:38
  Speaker 4: that's that's where you begin. So, yes, value is important.
• 47:42
  Speaker 4: Even though you have small amount. Now you still might
• 47:44
  Speaker 4: want to plan for other reasons. Why what if you're
• 47:47
  Speaker 4: thirty five, married, couple, got your first house yep, have
• 47:53
  Speaker 4: a couple of young kids, miners, but still not overly
• 47:59
  Speaker 4: valuable at that age, right, you have might have some
• 48:01
  Speaker 4: debt and whatnot, but you know, you got your four
• 48:04
  Speaker 4: oh one k going, You've got some savings tucked away, you.
• 48:08
  Speaker 2: Get some employer life insurance.
• 48:10
  Speaker 4: Maybe some point you might have the Yeah, you might
• 48:14
  Speaker 4: have the group term so and that could throw you
• 48:17
  Speaker 4: up a little bit. But even then, it's not so
• 48:19
  Speaker 4: much about the size of that estate as it is.
• 48:24
  Speaker 4: I got young kids, so I get it. I want
• 48:26
  Speaker 4: to avoid probate and not pay taxes accidentally, and that's important.
• 48:31
  Speaker 4: But if I die and I have minor children, they
• 48:34
  Speaker 4: can't own anything. So if they can't own anything, I
• 48:38
  Speaker 4: don't want the guardian that I listed in my will, which,
• 48:41
  Speaker 4: by the way, would be another reason for you to
• 48:43
  Speaker 4: do your planning. When you have young children, you really
• 48:46
  Speaker 4: need the will. The one important thing the will does
• 48:49
  Speaker 4: do is the point of guardian, So please do that.
• 48:53
  Speaker 4: But if you're going to do your planning, you know,
• 48:56
  Speaker 4: the whole plan would be the trust because I don't
• 48:58
  Speaker 4: want the guardian own my stuff, right, So instead I'll
• 49:03
  Speaker 4: have the trust own my stuff, and I'll have a
• 49:06
  Speaker 4: trustee doing exactly what the trust says can be done.
• 49:11
  Speaker 2: That's stuff you've appointed trustee.
• 49:15
  Speaker 3: Take care of.
• 49:16
  Speaker 4: The kids, take care of you know, hold the assets,
• 49:18
  Speaker 4: do the investments, you know, make the distributions the way
• 49:21
  Speaker 4: I want them to go for health, for education. So
• 49:24
  Speaker 4: to me, what's going on after the fact can be
• 49:27
  Speaker 4: more important than just the probate and the taxes.
• 49:31
  Speaker 3: So young people, yeah, step up.
• 49:34
  Speaker 4: What about as we age right now, we're gaining assets,
• 49:37
  Speaker 4: Our value of our estate is growing right where we
• 49:41
  Speaker 4: now have maybe more of that concern about taxes and probate,
• 49:45
  Speaker 4: but we still have kids and we might have grandkids now.
• 49:48
  Speaker 4: So sixty and over is the next sort of breakpoint
• 49:50
  Speaker 4: that I would talk about when you're sixty and over,
• 49:53
  Speaker 4: I'm going to ask the question about nursing home planning.
• 49:58
  Speaker 4: I'm going to say, if you're coming in and your
• 50:00
  Speaker 4: doing an estate plan is one of the objectives, over
• 50:03
  Speaker 4: and above the bloodline planning, the probate work, the tax
• 50:07
  Speaker 4: work is one of the objectives protecting assets from the
• 50:10
  Speaker 4: nursing home. I'm going to ask if it is at
• 50:14
  Speaker 4: sixty and over, we're going to discuss how the irrevocable.
• 50:18
  Speaker 3: Trust might work.
• 50:20
  Speaker 4: Okay, So to me that age is a big difference.
• 50:23
  Speaker 4: And again if you're older, if you're sixteen over, but
• 50:25
  Speaker 4: you're not doing nursing home planning, then it's really all
• 50:28
  Speaker 4: about the revocable trust. So folks learn what plan is
• 50:32
  Speaker 4: right for you. Get back to the basics, get started
• 50:35
  Speaker 4: on your estate planning eight sixty six eight four eight
• 50:39
  Speaker 4: five six ninety nine or Legal Exchange show dot com.
• 50:43
  Speaker 2: Todd Leutskey from the law firm of Cushing in Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:52
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:55
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:58
  Speaker 2: with Todd Lutsky.
• 51:00
  Speaker 1: If you're nearing retirement age and are concerned about how
• 51:02
  Speaker 1: to protect your assets, you need to call Cushing and Dolan,
• 51:05
  Speaker 1: the experts in elder law. Their new guide is called
• 51:08
  Speaker 1: Back to the Basics, and it will help you create
• 51:10
  Speaker 1: a plan that will help you understand issues like avoiding probate,
• 51:13
  Speaker 1: passing your assets along to your family, and potentially eliminating
• 51:16
  Speaker 1: your estate taxes. This free guide has all the information
• 51:19
  Speaker 1: you need to build a safe and secure estate plan
• 51:21
  Speaker 1: that will give you peace of mind as you close
• 51:23
  Speaker 1: in on retirement. Call eight six six eight four eight
• 51:26
  Speaker 1: five six ninety nine right now and request your free
• 51:28
  Speaker 1: guide today. You can also request a no obligation consultation
• 51:32
  Speaker 1: to review any current planning you've done. Cushing and Dolan
• 51:35
  Speaker 1: have been helping families like yours for thirty years. Let
• 51:37
  Speaker 1: them help you too. Get their new guide, called Back
• 51:40
  Speaker 1: to the Basics today Call eight six six eight four
• 51:43
  Speaker 1: eight five six nine nine, or request the guide online
• 51:46
  Speaker 1: by visiting Legal exchange show dot com. The proceeding was
• 51:49
  Speaker 1: paid for and the views expressed are sole leados of
• 51:51
  Speaker 1: Cushing and Dolan. Cushing and Dolan and or Armstrong Advisory
• 51:53
  Speaker 1: may contact you offering legal or investment services. Cushing and
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