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Problems with a poorly drafted trust · The Legal Exchange

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Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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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
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Speaker 1: question about another issue that may affect your future, call
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Speaker 1: to make an appointment. That's eight sixty six eight four
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Speaker 1: eight five six ninety nine. Operators are standing by. Now
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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 Lutsky. I'm Susan Powers,
0:41
Speaker 2: of financial Advisor with the Armstrong Advisory Group and I'm
0:44
Speaker 2: joined by Todd Lutsky, a partner with the law firm
0:47
Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
0:52
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 am great? Thank you. What do you have for
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Speaker 2: us this week?
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Speaker 3: We've got a couple of things. We've got an east
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Speaker 3: there in district of California case dealing with trust drafting
1:06
Speaker 3: and really how to leave assets. It's it's very interesting
1:12
Speaker 3: because you when you figure out how you want to
1:14
Speaker 3: leave assets, the most important part of it is drafting
1:19
Speaker 3: and how to draft the language to do that. And
1:21
Speaker 3: we're going to see the problems that occur in this
1:23
Speaker 3: case when that doesn't happen properly. In addition, I have
1:29
Speaker 3: a real life story, really another I think feel good
1:33
Speaker 3: story at the end of the day. It's someone who
1:35
Speaker 3: did planning as a single person, a widow with kids
1:39
Speaker 3: and stepkids, came back years later getting married again. And
1:45
Speaker 3: now what do we do and do you get married?
1:48
Speaker 3: And what are the pros and cons of getting married
1:50
Speaker 3: from nursing homes to taxes to et cetera. So things
1:54
Speaker 3: to think about in the importance of what revisiting your
1:56
Speaker 3: estate plan when life even change. So we're going to
2:01
Speaker 3: show you that because and actually both of these really
2:04
Speaker 3: tie into you know, how to leave your assets to
2:07
Speaker 3: your to your beneficiaries, which is actually the new guide
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Speaker 3: for this month. It's going to help you when you
2:13
Speaker 3: draft both of these cases explain you know the most
2:16
Speaker 3: important part. Yeah, it's great what you're living, but there's
2:20
Speaker 3: so many ways to leave assets to your kids, and
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Speaker 3: these trusts can live on after you die and they
2:25
Speaker 3: can talk about creditor protection and generation skipping tax benefits
2:29
Speaker 3: and just really control any number of ways you might
2:33
Speaker 3: want to do that. So if you're thinking about getting
2:36
Speaker 3: your estate plan in order, might be great to get
2:38
Speaker 3: the guide to learn about the back end of the
2:41
Speaker 3: estate planning and how to leave the assets to the beneficiaries.
2:44
Speaker 3: Eight six six eight four eight five six nine nine
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Speaker 3: or Legal Exchange Show dot com again eight six six
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Speaker 3: eight four eight five six nine nine or Legal Exchange
2:56
Speaker 3: Show dot com. Now let's head over to the Eastern
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Speaker 3: District of California. So Kathy and Deb are sisters and
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Speaker 3: they were beneficiaries of their parents' trust, the Kerner Trust,
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Speaker 3: we'll call it. And this trust had two shares, one
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Speaker 3: for each daughter. But Deb was actually the trustee of
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Speaker 3: the trust. Well, Kathy the sister lived in California and
3:25
Speaker 3: all the real property in the trust was actually located
3:29
Speaker 3: in California. But Cathy claimed that Deb, the trustee and sister,
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Speaker 3: never really told her that the trust was created for
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Speaker 3: her benefit, so it was tough I guess that was
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Speaker 3: held in trust for her benefit, nor did she ever
3:45
Speaker 3: provide any accountings. Remember she's a trustee. Kathy also accused
3:51
Speaker 3: Deb and her husband of taking assets from the trust
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Speaker 3: and then relocating to Oregon. Okay, well, arbitration occurred and
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Speaker 3: the parties actually unilaterally settled and Deb was required to
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Speaker 3: transfer back all the funds that she took that they
4:10
Speaker 3: used to purchase the real estate in Oregon where they moved,
4:14
Speaker 3: and they settled. So I don't have a lot of
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Speaker 3: detail for you. I'm just happy to know that they
4:18
Speaker 3: settled and she got her money back and the trust
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Speaker 3: did what it was supposed to do, and that's the key.
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Speaker 3: But really, I think we can learn a lot from
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Speaker 3: this case, right, And what we learn is not only
4:32
Speaker 3: that drafting, isn't that trust work? And of course this
4:36
Speaker 3: whole incident, did you notice I mentioned arbitration, There was
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Speaker 3: no probate. There was no fighting in the probate courts.
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Speaker 3: They weren't involved, and know why because they had a trust.
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Speaker 3: So first and foremost, the trust kept them out of probate.
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Speaker 3: And you're going to see that the trust actually accomplished
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Speaker 3: what it was designed to do. Now, sometimes it's not
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Speaker 3: without fighting, but we should draft to prevent that. Right,
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Speaker 3: So let's think about it. So you have lots going
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Speaker 3: on here, right, there's both real estate involved and there's
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Speaker 3: money involved in this trust. And when you start drafting,
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Speaker 3: you really need to take these assets into account to
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Speaker 3: prevent fighting. So let's run through a couple of examples. First,
5:22
Speaker 3: if you want to treat the kids equally, then this
5:24
Speaker 3: two share approach is a good idea. We got two
5:27
Speaker 3: separate chairs, break them up. I like it. Second, real
5:33
Speaker 3: estate language. Now, we always want there to be no
5:37
Speaker 3: fighting over real estate, and there certainly could be and
5:40
Speaker 3: generally is. So we draft language just says we force
5:44
Speaker 3: the sale of the property unless everybody wants it, or
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Speaker 3: allow the ones who want it to buy out the
5:52
Speaker 3: ones who don't want it at fair market value.
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Speaker 2: So that would be like if you have a vacation
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Speaker 2: home and you want to leave it to a couple
5:58
Speaker 2: of kids and doesn't live near that, they have new
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Speaker 2: desire to have it, they want the cash, they can
6:03
Speaker 2: be bought out.
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Speaker 3: Geographic geographics matter where are you, where you're living, where
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Speaker 3: your head's at the property. And again people think that
6:14
Speaker 3: they love these for their children, but their children may
6:17
Speaker 3: not love the real estate. The way. The parents want
6:20
Speaker 3: them to love the real estate.
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Speaker 2: They just want them all to just vacation forever.
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Speaker 3: And this and that's true. They do mm hm. And
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Speaker 3: this approach prevents no fighting. And the buckets now are
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Speaker 3: going to be filled. These separate buckets are going to
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Speaker 3: be filled, and they're going to be equal, even if
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Speaker 3: they're filled with different assets, so they might some might
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Speaker 3: have more money, some might have more real estate. It's okay, right.
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Speaker 3: Number three? What well, what if you're going to hold
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Speaker 3: the trust, hold assets in trust or are you're going
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Speaker 3: to pay it out? That's the next question when you
6:51
Speaker 3: start drafting here, it sounds like there was some holding
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Speaker 3: in trust going on. Well, paying it out it's easy, right,
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Speaker 3: You simply walk away, You divide the assets, walk away,
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Speaker 3: pretty easy. Trust ends when you hold things in trust.
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Speaker 3: You need to start thinking about how these discretionary payouts
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Speaker 3: are going to happen. And you want discretionary payout language
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Speaker 3: because the sole discretionary payout language provides that the creditor
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Speaker 3: protection that you're looking for perhaps down the road from
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Speaker 3: future divorces. It also allows generation skipping tax benefits to occur,
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Speaker 3: meaning if you died and you haven't emptied your bucket,
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Speaker 3: then you don't own it. And if you've allocated generation
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Speaker 3: skipping tax exemption to the bucket on the day mom
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Speaker 3: and dad passed away, those assets are not going to
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Speaker 3: be included in your estate and therefore not subject to
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Speaker 3: death tax again again and all the growth. So that's
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Speaker 3: a really nice feature, but again you have to draft
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Speaker 3: for that. Okay. Well, then if we're going to number
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Speaker 3: four would be, you know, if we're going to hold
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Speaker 3: this in trust, who should be the trustee? Well, they
7:55
Speaker 3: had two kids, both of them certainly could have served
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Speaker 3: as trustee and that would have solved this problem. Now
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Speaker 3: they're both actively involved. Yep, that's an option and it
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Speaker 3: could work, you know, but if one serves as trustee,
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Speaker 3: that's okay too. But make sure you use a discretionary
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Speaker 3: trustee to authorize the distributions to the kids, not the child. Right.
8:17
Speaker 3: That's the way they don't feel like, you know, I
8:19
Speaker 3: have to you know, any ill will towards each kid.
8:22
Speaker 2: You have to be the heavy and say no, you
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Speaker 2: can't take the money.
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Speaker 3: Right right appointed and allow the kids, each kid the
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Speaker 3: power to remove and replace that disinterested trustee. Okay, Now
8:35
Speaker 3: there really is no downside, right for these kids, and
8:38
Speaker 3: you're getting all this protection also prohibit the ability of
8:44
Speaker 3: a trustee to take from another child's bucket, so you
8:48
Speaker 3: don't have to ever worry about robbing Peter to pay Paul.
8:51
Speaker 3: All right, So we've got that done. And don't forget
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Speaker 3: fiduciary rules exist, right, You're required to provide accountings, You're
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Speaker 3: required to keep beneficiaries informed. So so you know this
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Speaker 3: this works to help keep everybody's head sort of in
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Speaker 3: the game, and so you know, the courts can act
9:08
Speaker 3: to protect the beneficiaries. So planning does work. And that's
9:12
Speaker 3: exactly what happened here, right. And and the other thing
9:16
Speaker 3: that you know, you kind of struggle with sometimes is,
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Speaker 3: you know, do you tell your kids about the estate
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Speaker 3: planning that you're doing and let them know that you've
9:26
Speaker 3: done some stuff so that when the time comes, they
9:29
Speaker 3: know to go look for the documents.
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Speaker 2: And maybe people do struggle with that. I get that question.
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Speaker 3: It's a tough it's a tough one, I mean, and
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Speaker 3: I just sort of throw this out there is sort
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Speaker 3: of at the end to sort of say, is that
9:40
Speaker 3: a way to do it? You know, you know, go
9:43
Speaker 3: look for the documents. This way each child can sort
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Speaker 3: of take responsibility for themselves and say, Okay, look, we
9:50
Speaker 3: know this exists, let's work together. We're ready for it.
9:53
Speaker 3: Let's figure out what we need to do.
9:54
Speaker 2: As a plan.
9:56
Speaker 3: I don't have answers, but that's an option for you.
9:59
Speaker 3: But either way, folks, learn how to leave your assets
10:02
Speaker 3: to your family. I think is probably one of the
10:04
Speaker 3: most important parts of estate planning. And so if you're
10:07
Speaker 3: beginning your estate planning, see what might be right for you,
10:10
Speaker 3: and if you've already done it, see how you might
10:13
Speaker 3: be able to change your mind and leave assets another way.
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Speaker 3: Get the guide eight six six eight four eight five
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Speaker 3: six nine nine or Legal Exchange show dot com.
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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
10:32
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 Lotsky. I'm
13:56
Speaker 2: Susan Powers of financial advisor with the Armstrong Advisory Group,
14:00
Speaker 2: and I'm joined by Todd Letsky, a partner with the
14:02
Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
14:06
Speaker 2: Where are we headed now, Todd.
14:08
Speaker 3: We are going to go to nowhere. We're going to
14:10
Speaker 3: go to a real life.
14:11
Speaker 5: Story staying right We're staying right here nice, which I
14:15
Speaker 5: do like these because when they when they come up,
14:17
Speaker 5: it's just it just re emphasizes all the stuff that
14:20
Speaker 5: we say that's actually very real.
14:23
Speaker 3: And so in this case we had several years ago.
14:26
Speaker 3: Mat say, back in twenty twenty one, client comes in.
14:29
Speaker 3: She's single, widow too kids, and she had some grandkids
14:35
Speaker 3: and she wanted to do, you know, some estate planning
14:38
Speaker 3: and she had some step grandkids and step kids from
14:43
Speaker 3: prior marriage, and she was wanting to take care of everybody,
14:47
Speaker 3: which is great. She was seventy three at the time,
14:51
Speaker 3: and she had home and IRA, some money and some investments,
14:55
Speaker 3: you know. About one point eight we discussed whether her
14:59
Speaker 3: both the irrevocable trust and the revocable trust planning and
15:03
Speaker 3: gave her options. She started the process with the irrevocable trust,
15:10
Speaker 3: and as we went through the planning process, she decided
15:13
Speaker 3: to switch to the revocable trust planning, which is perfectly okay.
15:17
Speaker 3: For whatever reason she said, no, I think I'm good
15:20
Speaker 3: with with revocable, So we did that.
15:24
Speaker 2: Well.
15:24
Speaker 3: The trust that we did for her, of course, allowed
15:26
Speaker 3: her to be the donor, allowed her to be the trustee,
15:30
Speaker 3: and we ended up funding the trust we put in
15:33
Speaker 3: there her home and all of her non qualified investments,
15:39
Speaker 3: leaving her IRA outside the trust. She was also able
15:44
Speaker 3: to provide for the step kids in there and her
15:48
Speaker 3: own children in very specific ways. Some were paid out,
15:52
Speaker 3: some were credit or protected, some were age protected. It
15:56
Speaker 3: was a function of how she wanted to treat them.
15:58
Speaker 3: Some were divorce proof. Good and she was able to
16:03
Speaker 3: get these assets to the grandkids, estate tax free with
16:07
Speaker 3: this generation skipping, that's enjoyable language. Fast forward to today.
16:14
Speaker 3: She comes back in with a significant other. Good for her, right,
16:19
Speaker 3: and guess what they're getting married? Well, pretty sure they're
16:23
Speaker 3: getting married. He has two kids and two grandkids. He's
16:27
Speaker 3: eighty two, she's seventy seven, ye know, which is again great.
16:35
Speaker 3: So he has about a condo worth about three fifty
16:38
Speaker 3: that he rents. He's got three fifty he rents the condo.
16:43
Speaker 3: He's got five hundred and in an IRA and three
16:45
Speaker 3: fifty in cash. She has about a one point five
16:48
Speaker 3: million dollar home now seven hundred and an iron about
16:51
Speaker 3: one hundred and cash. What do you do? Right? She
16:55
Speaker 3: just comes in. What do we do?
16:56
Speaker 2: They both can't trust for a single person. Well, and
17:00
Speaker 2: now they're getting married.
17:02
Speaker 3: Do we plan as a married couple? Do we plan singlely?
17:04
Speaker 3: Are we absolutely going to get married? I think we
17:06
Speaker 3: have to do some analysis here, But what are the
17:09
Speaker 3: pros and cons? And folks, obviously what's going to really
17:14
Speaker 3: matter to them is exactly what we're doing in this guide, Right,
17:18
Speaker 3: How are we going to leave the assets when we're gone?
17:23
Speaker 3: In this case, if they do get married, we need
17:26
Speaker 3: to think about whether or not we want to provide
17:29
Speaker 3: for the significant other or spouse if that's the case,
17:33
Speaker 3: and how do we do that and not interfere with
17:38
Speaker 3: the assets ending up on our side of the equation
17:41
Speaker 3: if that's what we ultimately want. So here, how we
17:46
Speaker 3: leave assets is even more important than for first marriages, folks.
17:51
Speaker 3: That's just one of the kinds of things to think
17:53
Speaker 3: about in this guide. So get the guide if you're
17:56
Speaker 3: doing your estate planning, learn how to leave your assets
17:59
Speaker 3: to the beneficial There are multiple examples in here eight
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Speaker 3: six six eight four eight five six nine nine or
18:07
Speaker 3: Legal Exchange Show dot com again eight six six eight
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Speaker 3: four eight five six nine nine or Legal Exchange Show
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Speaker 3: dot com. So let's let's get to the tips and let.
18:21
Speaker 2: God love them.
18:22
Speaker 3: I know. How about that huh? Getting together? It's nice. Well,
18:26
Speaker 3: there's pros and cons. Let's look at a few. We're
18:28
Speaker 3: obviously not going to have time to go through them all,
18:30
Speaker 3: but let's look at some of the glaring ideas. Right So,
18:33
Speaker 3: right now they're living together in the house, her house.
18:37
Speaker 3: That's the first issue was the house. They're renting his condo.
18:41
Speaker 3: But at least each of them have a home, right
18:44
Speaker 3: so you know, there's no real risk of anyone losing
18:48
Speaker 3: a home here if one goes into a nursing home
18:51
Speaker 3: because the other one has a home. Remember, if you're
18:55
Speaker 3: not married, those assets are not at risk if one
19:00
Speaker 3: gets sick for the other one. Right, However, if they
19:04
Speaker 3: get married, then both persons assets become at risk for
19:09
Speaker 3: the nursing home. Now I get it. If they're married,
19:14
Speaker 3: there's also a benefit of a home being not countable
19:19
Speaker 3: last minute, So that's the other side of that equation.
19:22
Speaker 2: Might be able to save one last minute.
19:24
Speaker 3: Yeah, so you got you gotta think about that, right
19:27
Speaker 3: and then so however, if they get married, then together
19:33
Speaker 3: they can double their Massachusetts state tax exemption. So let's
19:37
Speaker 3: shift over from.
19:38
Speaker 2: Their say home to taxes to taxes.
19:41
Speaker 3: Right, so if you if you get married, then you
19:44
Speaker 3: can double the exemption and eliminate the death tax. Now
19:48
Speaker 3: remember she's worth about two point three on her own.
19:52
Speaker 3: He's only worth about one point two on his own,
19:55
Speaker 3: so he doesn't really care about the estate tax. But
19:58
Speaker 3: together they can eliminate her estate tax, which they have currently.
20:04
Speaker 3: Now it's not a ton of money because she's not
20:06
Speaker 3: you know, way over, but you know, as a planner,
20:09
Speaker 3: you can't not share mention that. So so alone she
20:14
Speaker 3: would owe some death taxes, but together they got four million,
20:18
Speaker 3: they can eliminate the tax. Well, either way, they're getting married.
20:21
Speaker 3: I think that was determined at the meeting. So now
20:27
Speaker 3: you really need to plan. Now he was not quite
20:30
Speaker 3: ready yet to plan. He said he's not sure, you know,
20:34
Speaker 3: whether he liked the ear rev or the rev trust
20:36
Speaker 3: and just wasn't sure. She was absolutely ready to plan.
20:41
Speaker 3: And remember now this is years later, not that it's
20:45
Speaker 3: seventy three when we met her, erev planning was a
20:49
Speaker 3: good option. Well, now she's seventy seven and thinking more
20:52
Speaker 3: about it, right, and getting married, right, So now she
20:57
Speaker 3: decided to go with the irrevocable trust plan. Well, remember
21:01
Speaker 3: her home has now grown to one point five million. Well,
21:05
Speaker 3: the IRA money she can continue to live off of, right,
21:07
Speaker 3: So she'll just continue to live off her IRA money
21:11
Speaker 3: and put you know, just the house in.
21:13
Speaker 2: Which won't really change her daily life.
21:16
Speaker 3: And Susan, that's exactly the point, right, Well you might
21:21
Speaker 3: as well. It's your biggest asset. It's something you want
21:25
Speaker 3: to make sure it gets to your family. It's also
21:27
Speaker 3: I think it was located on the cape, so it's
21:30
Speaker 3: a nice.
21:31
Speaker 2: Just keep going up, probably just appreciating.
21:33
Speaker 3: You would think, right, So, so she wanted to this way,
21:37
Speaker 3: she's now going to be able to provide for her family,
21:41
Speaker 3: and provide for her family only because at this moment
21:45
Speaker 3: they both decided that they don't need to take care
21:48
Speaker 3: of the other one's side. And they're okay with that. Now,
21:52
Speaker 3: Remember they each have the ability to provide for themselves,
21:57
Speaker 3: and they each have a home, and he just would
22:00
Speaker 3: stop renting his. So but by the same token, I've
22:05
Speaker 3: explained to them that now that this home is in
22:07
Speaker 3: an irrevocable trust, you can have it held there and
22:10
Speaker 3: actually allow your spouse, if you go through with the marriage,
22:15
Speaker 3: to actually live there and just have your kids wait
22:19
Speaker 3: and have him pay all the bills since he has
22:22
Speaker 3: the wherewithal to do that.
22:24
Speaker 2: If they do get married, would you still would you
22:26
Speaker 2: do two separate your evocable.
22:28
Speaker 3: Oh yes, you have to. Good point. Yeah, you have
22:30
Speaker 3: to do two, not just because it's a second marriage,
22:32
Speaker 3: but from an estate tax planning standpoint, you kind of
22:35
Speaker 3: need to can't get away with the joint revoke like
22:38
Speaker 3: we do with the revocable the joint revocable trust, you
22:41
Speaker 3: can get away with one, but not so with combining nursing,
22:47
Speaker 3: home planning and estate tax planning. So so, but this
22:51
Speaker 3: is great, right, So, this case really shows the importance
22:55
Speaker 3: of planning and how to protect both sides of a marriage.
23:00
Speaker 3: In this case, she added irrevocable trust planning, so it
23:04
Speaker 3: shows the importance really of revisiting an estate plan when
23:09
Speaker 3: life events change. Before she wasn't ready to do irrevocable
23:14
Speaker 3: trust planning. Now she is right and with good reason. Folks.
23:19
Speaker 3: This is a prime example of why it's so important
23:22
Speaker 3: to figure out how to leave your assets to your family.
23:26
Speaker 3: That's what the guide is all about. Get the Guide
23:29
Speaker 3: eight six six eight four eight five six nine to
23:32
Speaker 3: nine or Legal Exchange show dot com.
23:36
Speaker 2: You have been listening to Todd Lutsky, a partner with
23:38
Speaker 2: the law firm of Cushing and Dolan. I'm Susan Powers,
23:42
Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
23:45
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 1: Beneficiary planning and asset protection go hand in hand. Cushing
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23:57
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24:06
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24:08
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24:34
Speaker 1: four eight five six nine nine, or you can request
24:36
Speaker 1: it online from our website Legal exchange show dot com.
24:39
Speaker 1: That's Legal exchange show dot com. The proceeding was paid
24:42
Speaker 1: for and the views expressed are solely those of Cushing
24:44
Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
24:47
Speaker 1: contact your offering legal or investment services. Cushing and Dolan
24:49
Speaker 1: and Armstrong Advisory do not endorse each other and are
24:51
Speaker 1: not affiliated.
24:52
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27:24
Speaker 1: You're listening to the Legal Exchange and it's time for
27:27
Speaker 1: Ask Todd, the segment where Todd will answer your questions
27:31
Speaker 1: about anything and everything that's included in the estate planning process.
27:35
Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
27:39
Speaker 2: Welcome back talk. We have a few questions from listeners
27:42
Speaker 2: for you. First question comes from Marjorie and Warner, New
27:46
Speaker 2: Hampshire and Marjorie Rits. My husband and I are in
27:48
Speaker 2: our late seventies and we own homes in New Hampshire
27:51
Speaker 2: and Connecticut. We both have long term care policies and
27:55
Speaker 2: currently have simple wills that leave everything to each other
27:58
Speaker 2: and then ultimately to our daughter. She is married but
28:02
Speaker 2: does not have any children. We are concerned with nursing
28:05
Speaker 2: home protection, and we do not want our son in
28:07
Speaker 2: law controlling our daughter's inheritance. What would you recommend for
28:11
Speaker 2: an estate plan?
28:13
Speaker 3: Do we have dollar amounts here? Because that really matters.
28:19
Speaker 3: Unfortunately we have the driving for details.
28:23
Speaker 2: Don't worry about those details.
28:24
Speaker 3: Well, I mean, I guess in some regards you don't
28:27
Speaker 3: have to because they're New Hampshire residents. So in New
28:31
Speaker 3: Hampshire there's no state death tax. And although they have
28:37
Speaker 3: homes in two states, I mean, it's it's probably safe
28:41
Speaker 3: to say that they might not be worth more than
28:44
Speaker 3: thirteen point nine million.
28:46
Speaker 2: I think that's probably safe to say that about most people.
28:49
Speaker 3: So let's assume in this case that they're they're under
28:52
Speaker 3: way under the federal exemption, so we don't need to
28:55
Speaker 3: worry about that. And so that does bring us back
28:59
Speaker 3: around to the idea of okay, well now that estate
29:03
Speaker 3: taxes are not the driving force here, and in fact,
29:06
Speaker 3: they told us they're not. In the facts, they said
29:08
Speaker 3: they really just don't want they have long term care insurance.
29:13
Speaker 3: But I couldn't help you know, it says they are
29:17
Speaker 3: concerned about protecting their assets.
29:19
Speaker 2: Maybe a family history somebody's parents were in for a
29:22
Speaker 2: long time, so just concerns out there, even if you
29:25
Speaker 2: have long term care.
29:26
Speaker 3: Right. So now I think we've narrowed it down to saying,
29:29
Speaker 3: we don't have to worry about the taxes, so we're
29:31
Speaker 3: going to worry about, you know, nursing homes. And if
29:34
Speaker 3: we're gonna worry about nursing homes, then we need to
29:36
Speaker 3: think about irrevocable trusts. And since they are in a
29:40
Speaker 3: no state death tax situation and looking like not a
29:45
Speaker 3: federal problem, probably you could get away with one irrevocable
29:51
Speaker 3: trust for them. So that's the difference. Sometimes it's one,
29:54
Speaker 3: sometimes it's two. But I think here you could probably
29:57
Speaker 3: get away with one irrevocable true, and it would be
30:02
Speaker 3: irrevocable so that we could protect the assets. What we
30:05
Speaker 3: would put in there would be the homes, both of them, yep.
30:08
Speaker 3: And if they have some non qualified money that they
30:12
Speaker 3: would want to protect, we would move that.
30:14
Speaker 2: So non retirement money.
30:16
Speaker 3: Yeah. Right, So that's sort of the analysis to get
30:19
Speaker 3: where we are as to which documents we need. Then
30:24
Speaker 3: we would of course explain how they work. But in
30:26
Speaker 3: the interest of time, let's jump to the dying part,
30:28
Speaker 3: because that's the next part. Of the question, and they
30:32
Speaker 3: some concerns, Yeah, that they had where they want they
30:38
Speaker 3: don't want their daughter's husband to control or be involved
30:44
Speaker 3: really in the inheritance. And it makes sense. And what
30:46
Speaker 3: they're saying is they want it divorce proof, right. I
30:49
Speaker 3: mean that to me is their way of.
30:52
Speaker 2: Saying politely saying, yeah, that.
30:54
Speaker 3: We wanted divorce proof. And so again, not only do
30:57
Speaker 3: we have to figure out what kind of documents, but
30:59
Speaker 3: we come back to the how do we leave our
31:01
Speaker 3: assets question? And in this case divorce proofing and there
31:06
Speaker 3: might be grandchildren, generation skipping. Tax planning is not overly
31:09
Speaker 3: important if there's no grandchildren, but divorce proof. So we
31:13
Speaker 3: would set up a trust and we would have her
31:15
Speaker 3: probably be the trustee. The daughter. Yeah, she should be
31:19
Speaker 3: in charge of managing and investing her assets and in
31:23
Speaker 3: control of her inheritance, not him. However, we will have
31:28
Speaker 3: to give her the power to appoint an independent trustee
31:31
Speaker 3: in order to exercise discretion to get money out to
31:36
Speaker 3: her or her future kids, if there are any. We
31:39
Speaker 3: certainly will plan for that. And it's that discretionary distribution
31:43
Speaker 3: and the ownership by the trust that prevents the asset
31:47
Speaker 3: from being exposed to her creditors. So if the divorce
31:51
Speaker 3: comes and they want the assets, not only is there
31:54
Speaker 3: a discretionary trustee to decide no, but more importantly, she
31:59
Speaker 3: doesn't own the asset, never owned the asset, and therefore
32:03
Speaker 3: it's not an asset of the marriage. It's not a
32:06
Speaker 3: marital asset subject to being divided. So just go away.
32:11
Speaker 3: So really good stuff, folks. That's how you want to
32:14
Speaker 3: do this is think about the family, think about not
32:18
Speaker 3: today but whole life. Right, where are we gonna be
32:22
Speaker 3: later and how are we going to get there? Leave?
32:26
Speaker 3: How to leave your assets to beneficiaries? Is the guide
32:28
Speaker 3: this month really packed full of multiple different examples, So
32:34
Speaker 3: it's important for you if you've done your planning to
32:36
Speaker 3: get it and see if there's ideas that you might
32:39
Speaker 3: want to implement now into your plan, or if you
32:43
Speaker 3: haven't started, get it and give yourself some ideas as
32:46
Speaker 3: to how to create your plan. Eight six six eight
32:51
Speaker 3: four eight five six nine nine or Legal Exchange Show
32:55
Speaker 3: dot com again eight six six eight four eight five
32:58
Speaker 3: six nine nine or Legal Exchange Show dot com todd.
33:02
Speaker 2: Our last question comes from Joan in Stoton, Mass and
33:05
Speaker 2: Joan writes, I am single and have no children. I
33:09
Speaker 2: plan to leave my assets around five hundred thousand in
33:12
Speaker 2: an ira and a home worth eight hundred thousand to
33:15
Speaker 2: my nephew. Is it really necessary for me to create
33:19
Speaker 2: a trust if I only have one beneficiary? Can't I
33:23
Speaker 2: just add them to my deed to avoid probate? He
33:26
Speaker 2: is already listed on my ire as beneficiary, So it's
33:29
Speaker 2: really just the house that I am concerned with.
33:32
Speaker 3: Yeah, So you know, this is a great example to
33:34
Speaker 3: talk about in terms of people who think, oh, well,
33:38
Speaker 3: i'm single, I don't need to do planning, or I'm
33:41
Speaker 3: single and I have no kids, so I definitely don't
33:44
Speaker 3: need to do planning. Well not always the case, right, right,
33:48
Speaker 3: And in this whenever you have a situation, I always
33:51
Speaker 3: ask them are their loved ones in your life that
33:56
Speaker 3: you want to leave these assets to? And if the
34:00
Speaker 3: answer is yes, well then let's start talking about how
34:03
Speaker 3: to do that. Then the next question is even if
34:06
Speaker 3: it's yes and in this case single, not married, no children, right,
34:12
Speaker 3: this is the situation where you ask this. If the
34:15
Speaker 3: answer is yes, nieces nephews in this case and the like,
34:21
Speaker 3: then I say, is it your desire to go out
34:25
Speaker 3: of your way to protect these assets, so there is
34:30
Speaker 3: absolutely something left for this nephew or niece or are
34:36
Speaker 3: you okay just saying well, you know, when I die,
34:39
Speaker 3: whatever I happen to have left can go there right now,
34:43
Speaker 3: that's very different. Sure. And so if they were to say, oh,
34:48
Speaker 3: whatever I happen to have left can just go there.
34:51
Speaker 3: I just want to make sure it gets there, well, fine,
34:53
Speaker 3: then revocable trust planning is probably right for her because
34:58
Speaker 3: she doesn't need to be worried about protecting the assets
35:03
Speaker 3: trustee exactly, Susan. She can she can be trustee, she
35:07
Speaker 3: can be in complete control of her assets, which she
35:10
Speaker 3: might want to be. And and so I think that
35:15
Speaker 3: would be the answer. But if if they say no,
35:19
Speaker 3: I would like to protect some of my assets, at
35:22
Speaker 3: least in this case, I'm thinking the home is a
35:26
Speaker 3: good one.
35:27
Speaker 2: It's a good size asset too.
35:28
Speaker 3: Yeah, so it's like eight hundred grand. So you know,
35:34
Speaker 3: if the answer is yes, I'd like to protect something,
35:36
Speaker 3: and maybe the home is the thing. Okay, Well, now
35:38
Speaker 3: we know we need to talk about the irrevocable trust.
35:43
Speaker 3: And again, I don't want to make it sound like
35:45
Speaker 3: she's lost control because we just talked about the revocable
35:48
Speaker 3: trust having control. Yep, she hasn't really lost control, especially
35:53
Speaker 3: if you're putting just your house in I think it's
35:55
Speaker 3: so important for people to understand how the trust work,
35:58
Speaker 3: but also how they work depending on what assets are
36:02
Speaker 3: in there makes a difference. And so with just the
36:07
Speaker 3: house in there, yeah, she's probably going to have to
36:09
Speaker 3: throw the nephew on as trustee. But that's okay because
36:14
Speaker 3: she can remove and replace the trustee and she's not
36:16
Speaker 3: going to be doing anything at all until she sells.
36:22
Speaker 3: If she doesn't sell, she's just going to live there.
36:25
Speaker 2: What about the alternative where she's asking, can I just
36:28
Speaker 2: throw my nephew on my deed? What happens?
36:30
Speaker 3: Then that's a good point. Yeah, So no, I don't
36:35
Speaker 3: like that idea because now you've exposed your asset, half
36:38
Speaker 3: of the home to that nephew's creditors, divorces, who knows
36:41
Speaker 3: what well you're living, and you've really taken away your
36:44
Speaker 3: ability to sell it, and you've lost half the proceeds.
36:48
Speaker 3: If you do sell it, you know what, the trust
36:50
Speaker 3: you keep all that control. Even with the irrevocable trust,
36:53
Speaker 3: you keep the control to live there, sell it and
36:55
Speaker 3: go from there. So folks call and get the guide
36:59
Speaker 3: learn how to if your assets to your family no
37:02
Speaker 3: matter what eight six six eight four eight five six
37:06
Speaker 3: nine nine or Legal Exchange Show dot com.
37:09
Speaker 2: If you have a question you would like to ask Todd,
37:11
Speaker 2: visit his website Legal Exchange Show dot com and click
37:15
Speaker 2: on the ass Tod tab. Maybe I'll be able to
37:17
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
37:22
Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
37:26
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
37:33
Speaker 2: back with more after this quick break on the Legal
37:36
Speaker 2: Exchange with Todd Lutsky.
37:38
Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
37:42
Speaker 1: and Dolan has a new guide out called how to
37:44
Speaker 1: Leave Assets to Beneficiaries, and it can help make your
37:46
Speaker 1: planning process smooth and easy. Leaving your assets to your
37:49
Speaker 1: children isn't as simple as it sounds, especially if they
37:52
Speaker 1: have problems of their own. If you're retired or nearing retirement,
37:56
Speaker 1: it's time to consider the best way to keep your
37:58
Speaker 1: assets in your family while avoiding signs unificant financial consequences
38:01
Speaker 1: down the road. Call Cushing and Dolan right now at
38:04
Speaker 1: eight sixty six eight four eight five six ninety nine
38:06
Speaker 1: and get their new guide called how to Leave Assets
38:09
Speaker 1: to Beneficiaries. You'll learn which paths are the safest when
38:11
Speaker 1: it comes to protecting yourself and your children while avoiding
38:14
Speaker 1: unnecessary risks that can create substantial problems in the long run.
38:18
Speaker 1: That number again is eight sixty six eight four eight
38:21
Speaker 1: five six nine nine, or you can request it online
38:23
Speaker 1: from our website Legal exchange show dot com. That's Legal
38:27
Speaker 1: exchange show dot com. The proceeding was paid for and
38:29
Speaker 1: the views expressed are solely those of Kushingan Dolan. Cushing
38:32
Speaker 1: and Dolan int Or Armstrong Advisory may contact you're offering
38:34
Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
38:37
Speaker 1: do not endorse each other and are not affiliated. Consistently
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39:57
Speaker 4: call at eight hundred three nine three four z zero
40:00
Speaker 4: zero one. Let's get together and talk through your financial strategy,
40:03
Speaker 4: evaluate at strengths and weaknesses, and make decisions for the
40:06
Speaker 4: future that are in your best interest. These are challenging times,
40:09
Speaker 4: but we've dealt with them before and are prepared to
40:11
Speaker 4: deal with them again. Our goal is to help you
40:13
Speaker 4: protect the assets that you've worked so hard to attain.
40:16
Speaker 4: You can give us a call at eight hundred three
40:18
Speaker 4: nine three four zero zero one and request a no
40:20
Speaker 4: obligation consultation. That number again is eight hundred three nine
40:24
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40:25
Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
40:28
Speaker 1: registered investment advisor. Nothing in the ad or in any
40:30
Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
40:33
Speaker 1: your own financial tax into state planning advisors before making
40:35
Speaker 1: any investment decisions. Armstrong may contact you to offer investment
40:38
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,
40:46
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
40:54
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 Legal Exchange with Todd Lutsky. I'm Susan Powers,
41:04
Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm joined,
41:07
Speaker 2: of course by Todd Lutsky, a partner with the law
41:10
Speaker 2: firm of Cushing and Dolan with a master's in taxation.
41:15
Speaker 2: I was going to say vacation, but it's not. It's
41:17
Speaker 2: taxation sexation. You'd like to have a master vacation, so
41:21
Speaker 2: it's on your mind. Yeah, it is. So I want
41:24
Speaker 2: to talk and dive in more about second marriages, Todd,
41:29
Speaker 2: because there are a lot of folks out there that
41:33
Speaker 2: I mean, we know what the divorce rate is, we
41:35
Speaker 2: know what the remarriage rate is. I mean they're pretty high.
41:38
Speaker 2: So a lot of people get remarried.
41:41
Speaker 3: And it's not even you could have people who lost
41:43
Speaker 3: their spouses and sure, so that's not even a bad thing.
41:47
Speaker 3: That's just life, you know, life moving on.
41:49
Speaker 2: Yeah, absolutely, so the percentages are pretty high, and you know,
41:53
Speaker 2: they want to make sure that they're able to live
41:58
Speaker 2: the rest of their lives being happy with their whether
42:00
Speaker 2: it's a spouse or even a long term partner, they
42:04
Speaker 2: want to take care of that part and they want
42:06
Speaker 2: to take care of each other, but they also want
42:09
Speaker 2: to make sure that they're taking care of their kids
42:11
Speaker 2: at the end of the day, right, right, So let's
42:14
Speaker 2: start with how you can take care of your spouse
42:18
Speaker 2: after you die if you die first while not putting
42:22
Speaker 2: your kids inheritance at wristling. So what are some of
42:25
Speaker 2: the things that you see in your day to day
42:28
Speaker 2: first things want to do.
42:29
Speaker 3: The first thing is you need a trust. I mean
42:31
Speaker 3: just hard stop right. If you don't have a trust,
42:34
Speaker 3: it's going to be pretty pretty impossible to control something
42:39
Speaker 3: from the grave.
42:40
Speaker 2: So if you just own things jointly with your new
42:43
Speaker 2: spouse and they get it when you die and they go, oh,
42:47
Speaker 2: don't worry, I'll take care of your kids, Sure they will.
42:51
Speaker 3: All bets are off. I mean, you can trust each other.
42:53
Speaker 3: You're certainly welcome to do that, but you really got
42:57
Speaker 3: to know all bets are off. And you know what,
42:59
Speaker 3: it's funny because when you talk about and again when
43:01
Speaker 3: we haven't even talked about the specifics of the language
43:04
Speaker 3: that you need in the trust, but trust in general
43:07
Speaker 3: is your first, you know, go to. But even when
43:11
Speaker 3: you do that, you have folks that have iras that
43:16
Speaker 3: are you know, So even if you put a lot
43:18
Speaker 3: of assets into the trust, what about the IRA that's
43:22
Speaker 3: not in the trust? Now some people and we know
43:25
Speaker 3: from an income tax perspective, it's still you know, naming
43:29
Speaker 3: the spouse is the most efficient. So what do you
43:33
Speaker 3: do with that? I mean, if you could say, all
43:34
Speaker 3: these assets in the trust are going to be designed
43:37
Speaker 3: in a way to provide for my spouse, but not
43:40
Speaker 3: allow my spouse to own them, I get it, and
43:43
Speaker 3: so that it can find its way to my.
43:45
Speaker 2: To my family side of the family.
43:48
Speaker 3: What do I do with my IRA? If my IRA
43:50
Speaker 3: goes to my spouse, Well, all bets are off.
43:54
Speaker 2: And I'll tell you what, Todd. I have a client
43:57
Speaker 2: who did do trust planning, your evocable trust planning with
44:00
Speaker 2: her husband. He had children, she did not, And when
44:05
Speaker 2: he died, they really changed their tune, oh to their stepmom.
44:12
Speaker 2: And even though they did the trust planning, she changed
44:16
Speaker 2: that the beneficiaries on the IRA. She was going to
44:20
Speaker 2: have all those kids be the beneficiaries. She was the primary,
44:23
Speaker 2: they were a contingent, and.
44:24
Speaker 3: She was going to leave it that way.
44:25
Speaker 2: Which leave it that way you're allowed to trust yourself.
44:28
Speaker 2: Really turned on her after he died and they were
44:31
Speaker 2: married for a decades. So it's so true that all
44:36
Speaker 2: bets are off.
44:37
Speaker 3: Yeah, bad bad news. I mean, even when you think
44:39
Speaker 3: you trust your spouse, and apparently she was trustworthy, just.
44:44
Speaker 2: He would not have been happy with the way his
44:47
Speaker 2: children treated her.
44:48
Speaker 3: Bad result there. Now, sometimes you have some options, right
44:51
Speaker 3: with an IRA, I know you didn't ask me about that,
44:53
Speaker 3: but I kind of got off on that tangent. But
44:56
Speaker 3: but with an IRA, you know, you could say that, okay,
45:00
Speaker 3: appease these kids. You know, I'm going to leave fifty
45:03
Speaker 3: percent of my IRA to my children, yeah, and fifty
45:06
Speaker 3: percent of MYRA to my spouse and do a trust
45:09
Speaker 3: to provide for my spouse further and protect for the kids.
45:14
Speaker 3: So sometimes, yeah, sometimes that offset giving them a little
45:17
Speaker 3: something makes them feel better. Or you could design it
45:22
Speaker 3: so that the beneficiary is not the spouse but the
45:25
Speaker 3: trust and then have a like a q tip share
45:28
Speaker 3: set up for the spouse so the minimum distributions can
45:32
Speaker 3: still come out and go into the trust and then
45:33
Speaker 3: out to the spouse and control it. So folks lots
45:37
Speaker 3: to think about. This question is a great one to
45:40
Speaker 3: kick off this segment because it really brings to the
45:43
Speaker 3: forefront the idea of how important it is to leave
45:46
Speaker 3: assets to family and how to do it, folks. This
45:50
Speaker 3: guide how to Leave Assets to Beneficiaries gives you multiple
45:53
Speaker 3: examples of how to do that, from creditor protection, divorce
45:57
Speaker 3: proof to generation skipping tax to special needs kids. We
46:02
Speaker 3: forgot about that. So if you've never done your planning,
46:05
Speaker 3: get the guide to learn how to do it. If
46:07
Speaker 3: you've done your planning, get the guide to see if
46:09
Speaker 3: there's any way you can tweak your existing estate plan
46:13
Speaker 3: and maybe make it better. Eight six six eight four
46:17
Speaker 3: eight five six nine nine or Legal Exchange Show dot
46:21
Speaker 3: com again eight six six eight four eight five six
46:25
Speaker 3: nine nine or Legal Exchange Show dot Com.
46:28
Speaker 2: So let's say it's not just a house that's in
46:31
Speaker 2: your trust that you establish, You've got some money, investments,
46:35
Speaker 2: things like that in there. How can you set it
46:38
Speaker 2: up so that, I mean, you don't want to leave
46:41
Speaker 2: your your spouse destitude certainly, so can you set it
46:44
Speaker 2: up so that they only get income and they can't
46:48
Speaker 2: reach in and take big chunks of principle out of
46:50
Speaker 2: that trust.
46:52
Speaker 3: You can. In fact, you can design it any number
46:56
Speaker 3: of ways. So let's let's play out that string. YEA.
47:00
Speaker 3: So if there's an investment portfolio, and let's assume it's
47:04
Speaker 3: non qualified now because we already talked about qualified, sure,
47:08
Speaker 3: it will need to be invested and managed. Trustee can
47:11
Speaker 3: do that, and it could be your spouse as the trustee,
47:15
Speaker 3: the trustee who can manage and invest.
47:18
Speaker 2: Do you recommend that just having it be the spouse,
47:20
Speaker 2: won't you pass?
47:21
Speaker 3: Again? It's this whole idea of the trust factor. Not
47:26
Speaker 3: to play on words, but I mean you could put
47:29
Speaker 3: a child on as trustee as well. Not so much
47:32
Speaker 3: because I worry about how it's going to be invested,
47:35
Speaker 3: but how you're going to get it right. So if
47:38
Speaker 3: the trust says mandatory distributions of income to the spouse,
47:43
Speaker 3: well I guess it doesn't really matter who the trustee is.
47:45
Speaker 3: So it could be the spouse and she can just
47:47
Speaker 3: take her mandatory distributions of income. The question becomes how
47:53
Speaker 3: you control the principal distributions.
47:56
Speaker 2: Because things happen in life, you might you might need
47:59
Speaker 2: more than just income if something comes.
48:01
Speaker 3: Up yeah yeah, or you just want it. I think
48:04
Speaker 3: you need to really balance this. So let's say you
48:09
Speaker 3: put the spouse on as trustee alone, and the language
48:13
Speaker 3: said with regard to principle that can come out for health, education,
48:17
Speaker 3: maintenance and support.
48:18
Speaker 2: Okay, so you.
48:19
Speaker 3: Have these standards and if you meet the standard, then
48:23
Speaker 3: you can give yourself the money.
48:25
Speaker 2: What if I want a much higher standard than what
48:28
Speaker 2: I had before.
48:29
Speaker 3: I know some say that's when the living really begins. Right. So,
48:33
Speaker 3: so a couple of things. One, if you had the standard,
48:38
Speaker 3: could a child of the other side of the marriage complain, Yes,
48:44
Speaker 3: so that would be your check and bounce. They could
48:46
Speaker 3: actually complain if you're living beyond what that standard is.
48:50
Speaker 3: Got it? But to your point, what if they wanted more?
48:56
Speaker 3: What if something happened and they needed more? Right, Well,
48:59
Speaker 3: you could put language in that allows an independent trustee
49:03
Speaker 3: to be appointed to make sole discretionary distributions to give
49:08
Speaker 3: more than the standard. So decision right, and you would
49:12
Speaker 3: need an independent trustee to do that. Oftentimes it's someone
49:15
Speaker 3: not related or subordinate, So I might not jump to
49:18
Speaker 3: the other child of the other marriage.
49:21
Speaker 2: Right, because they would be an ultimate beneficiary and they
49:24
Speaker 2: you know, they have skin in.
49:25
Speaker 3: The game, right, So so I mean that's a way
49:28
Speaker 3: of putting that in. But quite frankly, the safest approach
49:32
Speaker 3: could be that you if you just went ahead and
49:35
Speaker 3: put you know, to trustees on and and use the
49:41
Speaker 3: standard language health, education, maintenance and support. Well, well then
49:47
Speaker 3: it's okay because you could say, look, I'm in the hospital,
49:50
Speaker 3: I needed something from my house. I'm I need this
49:53
Speaker 3: to meet my standard.
49:54
Speaker 2: Lander.
49:55
Speaker 3: Well, then that trustee, that child of the other marriage
49:59
Speaker 3: trustee would not be allowed to say no if you
50:03
Speaker 3: meet the standard. So it kind of is a nice
50:06
Speaker 3: check and balance. But if you started willy nilly taking
50:09
Speaker 3: money out, then that that's yeah, then that trustee would
50:13
Speaker 3: have the power to say no because it's beyond the standard. Right,
50:17
Speaker 3: So I think that might be the safest approach when
50:20
Speaker 3: when you think about it, if you're really trying to
50:23
Speaker 3: protect from both sides. Okay, so little something to think about, folks,
50:26
Speaker 3: But most importantly, learn how to leave your assets to
50:31
Speaker 3: your family. There's about multiple references in here and examples
50:36
Speaker 3: on how to do that eight six six eight four
50:39
Speaker 3: eight five six nine nine or legal Exchange show dot Com.
50:43
Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
50:46
Speaker 2: thank you so much.
50:47
Speaker 3: Thank you. Susan's 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 Lutski.
51:00
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51:51
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