Latest / The Legal Exchange / Undue influence and your estate plan

Transcript

Undue influence and your estate plan · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a financial advice with the Armstrong Advisory Group, and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
• 0:51
  Speaker 2: How are you today?
• 0:52
  Speaker 3: I'm never better in you great?
• 0:54
  Speaker 2: Thank you what he have for us this week.
• 0:56
  Speaker 3: Got a couple of things.
• 0:58
  Speaker 4: A Florida appellate court case which is basically classic undue influence,
• 1:05
  Speaker 4: but I'm going to explain to you, you know, how
• 1:07
  Speaker 4: it works. And there's really drafting problems as well associated
• 1:11
  Speaker 4: with the will that existed, even when they had real
• 1:14
  Speaker 4: estate that was apparently supposed to be owned in a
• 1:17
  Speaker 4: family limited partnership and looks like it never actually got
• 1:20
  Speaker 4: in there. And then it's like, wow, the way the
• 1:23
  Speaker 4: will was drafted, the misuse of the partnership, and how
• 1:27
  Speaker 4: all that culminated in undue influence over a piece of property.
• 1:31
  Speaker 4: I think you'll be amazed at how people get themselves
• 1:34
  Speaker 4: in trouble. I just never ceases to amaze me. And
• 1:37
  Speaker 4: then so that's a Florida Pellet court case. But I
• 1:41
  Speaker 4: decided I was doing a seminar just a few days ago,
• 1:44
  Speaker 4: and I was sort of just enamored at the fact
• 1:50
  Speaker 4: that I was giving an example on joint trust.
• 1:54
  Speaker 3: But it wasn't.
• 1:55
  Speaker 4: The example wasn't joint trust. I was using it, but
• 1:57
  Speaker 4: it was more about a mass only Q TIP election.
• 2:00
  Speaker 4: But I just use the joint trust to make the
• 2:01
  Speaker 4: point as to how the marital share and remainder share
• 2:05
  Speaker 4: work and a mass only q TIP works. At the break,
• 2:10
  Speaker 4: the people in the audience were coming up and saying, Wow,
• 2:14
  Speaker 4: these joint trusts are really good.
• 2:15
  Speaker 3: It wasn't even the main point of the seminar.
• 2:17
  Speaker 4: So I'm like, wow, I realized that a lot of
• 2:19
  Speaker 4: people don't understand the power and the simplicity of a
• 2:24
  Speaker 4: joint trust. So I'm gonna spend some time on that
• 2:26
  Speaker 4: and sort of maybe teach a real life story lesson
• 2:30
  Speaker 4: on that front, because trusts actually and understanding trusts actually
• 2:34
  Speaker 4: go hand in hand. Also with the guide we're giving
• 2:36
  Speaker 4: away this month, which is a Tale of Two objectives, folks,
• 2:39
  Speaker 4: it's all about understanding the federal and the new Massachusetts
• 2:45
  Speaker 4: of state tax law examples, how they work, how trusts
• 2:49
  Speaker 4: are used to shelter estate taxes. You can run your
• 2:53
  Speaker 4: own numbers that they explain the marital share and the
• 2:56
  Speaker 4: remainder share. And for folks who want revolvocable that's fine.
• 3:01
  Speaker 4: And for folks who want to then add nursing home
• 3:04
  Speaker 4: protection to their estate tax planning world, this is going
• 3:08
  Speaker 4: to show you how to use the irrevocable trusts to
• 3:11
  Speaker 4: accomplish both at the same time. And a lot of
• 3:14
  Speaker 4: people don't understand that, so you can do both. Get
• 3:17
  Speaker 4: the guide, A Tale of two objectives. Reducing estate taxes
• 3:21
  Speaker 4: and sheltering assets from the nursing home eight six six
• 3:25
  Speaker 4: eight four eight five six ninety nine or legal Exchange
• 3:29
  Speaker 4: show dot com again eight six six eight four eight
• 3:33
  Speaker 4: five six nine nine or Legal Exchange Show dot Com.
• 3:39
  Speaker 3: Off to Florida.
• 3:39
  Speaker 2: We goluence.
• 3:41
  Speaker 4: Yeah, I can't wait. Actually I'm going to be going.
• 3:44
  Speaker 4: So Julie or Julia died with a will with a
• 3:49
  Speaker 4: will in June of twenty twenty one, survived by two kids,
• 3:53
  Speaker 4: George and Philip. George was the pr so he filed
• 3:57
  Speaker 4: for administration of the will. Bill stated that the home
• 4:02
  Speaker 4: and seventy acres, so some kind of a farm I'm
• 4:05
  Speaker 4: guessing was to go to the family partnership or to George.
• 4:12
  Speaker 4: So I know you're looking at me, Susan, like, why
• 4:14
  Speaker 4: would you put or right? And then who decides I
• 4:17
  Speaker 4: So we'll come back to that. Shortly after the will
• 4:20
  Speaker 4: was executed, Julia transferred the property to Philip. The deed
• 4:27
  Speaker 4: was witnessed notarized by an attorney Moreno, and so phil
• 4:32
  Speaker 4: then filed for partial summary judgment saying, with regard to
• 4:36
  Speaker 4: the deed, it's mine right. George, of course opposed this
• 4:42
  Speaker 4: based on undue influence. So testimony came down and Philip
• 4:48
  Speaker 4: actually testified saying that I thought George was scheming against him, so,
• 4:53
  Speaker 4: you know, because he saw the deed or he saw
• 4:55
  Speaker 4: the will, I don't know. So Philip asked his mom,
• 4:58
  Speaker 4: you know who's supposed to get this p property? And
• 5:00
  Speaker 4: she said Philip. So he called Attorney Moreno, asked to
• 5:03
  Speaker 4: have the deed prepared. He was present for all discussions
• 5:06
  Speaker 4: about the deed. They signed it at his house. He
• 5:09
  Speaker 4: procured two witnesses, and of course he ended up with
• 5:14
  Speaker 4: the property by deed. Then he told Attorney Marino not
• 5:18
  Speaker 4: to record the deed right away, just hang on to it.
• 5:21
  Speaker 4: He didn't want George c And that's a good point.
• 5:25
  Speaker 4: And so the court ended up granting Philip his partial
• 5:28
  Speaker 4: summary judgment. Well, as you might imagine, George appealed. I'm
• 5:33
  Speaker 4: sure and I'll tell you and I think you would
• 5:36
  Speaker 4: agree that the appellate court reversed. Okay, because basically, the
• 5:40
  Speaker 4: appellate court says, when you are a person and a
• 5:43
  Speaker 4: Bennett fisherary of a deed, but you occupy a confidential
• 5:48
  Speaker 4: relationship with the grant or mom, and you're active in
• 5:53
  Speaker 4: procuring the deed, which clearly he was a presumption of
• 5:59
  Speaker 4: undoing influence arises, and clearly in this case, he was
• 6:03
  Speaker 4: very involved in getting this deed. Phillip is the heat
• 6:07
  Speaker 4: and therefore they denied summary judgment. That didn't mean, folks,
• 6:11
  Speaker 4: that doesn't mean that Philip doesn't get the property. It
• 6:16
  Speaker 4: just means that there's a material fact that needs to
• 6:20
  Speaker 4: be litigated. Summary judgment means there is no material fact.
• 6:26
  Speaker 4: It's clear that's summary judgment here. No, there seems to
• 6:32
  Speaker 4: be some material facts that need to be explored, and
• 6:36
  Speaker 4: you need to go back and see if if, in fact,
• 6:39
  Speaker 4: there was undue influence in the procurement of the deed
• 6:43
  Speaker 4: by Philip from Mom. Well, again, I can't give you
• 6:47
  Speaker 4: the answer, but I can help us learn.
• 6:49
  Speaker 2: I know he don't like those stories where you don't
• 6:52
  Speaker 2: tell us how it works.
• 6:53
  Speaker 4: Out, but I can tell you that, you know, we
• 6:56
  Speaker 4: should learn a little bit about this. Right First of all,
• 6:58
  Speaker 4: your rightss, i'm drafting. You know who puts in a
• 7:00
  Speaker 4: will the property would go to a partnership or to a.
• 7:03
  Speaker 3: Kit or to a kid.
• 7:04
  Speaker 2: Right like that makes absolutely no sense on anything.
• 7:07
  Speaker 3: On any front. Who makes that decision?
• 7:10
  Speaker 4: Number one and number two if you had a partnership,
• 7:15
  Speaker 4: why didn't you put the property in it? Well you
• 7:17
  Speaker 4: were alive, right, you know that's kind of the point,
• 7:20
  Speaker 4: right you put if to me, it's it's a farm,
• 7:22
  Speaker 4: you know, take the seventy acres, put it in there,
• 7:25
  Speaker 4: get the kids involved in the partnership. See who wants
• 7:28
  Speaker 4: to have them start working the farm or who's not
• 7:30
  Speaker 4: working the farm?
• 7:31
  Speaker 2: Or And if you have a will, you've met with
• 7:33
  Speaker 2: an attorney and you have seventy acres of land, I'm
• 7:37
  Speaker 2: assuming there's some good value to that acreage. Oh yeah,
• 7:40
  Speaker 2: why wouldn't you do a trust?
• 7:42
  Speaker 3: I know, why wouldn't the attorney mention?
• 7:44
  Speaker 4: I mean, these are all things that when you folks,
• 7:46
  Speaker 4: we say this to you. For us, it's a matter
• 7:48
  Speaker 4: of fact, but for you listeners, it's like when you're
• 7:51
  Speaker 4: going out now to do your own estate plan, you
• 7:54
  Speaker 4: kind of need to think of this.
• 7:55
  Speaker 3: Right.
• 7:56
  Speaker 4: So, if you're sitting there with the lawyer and they're saying, well,
• 7:58
  Speaker 4: will's fine for you, You're like, wait a minute, I
• 8:00
  Speaker 4: know better, right then ask.
• 8:02
  Speaker 2: If they're ap probate attorney too, because that's where they
• 8:04
  Speaker 2: make all the money.
• 8:06
  Speaker 4: Yeah, So I think maybe you need to, you know,
• 8:07
  Speaker 4: move on. But at least it gives you some education,
• 8:10
  Speaker 4: and that's really what this is designed about. Right next,
• 8:13
  Speaker 4: you know, when you have a partnership and I love
• 8:15
  Speaker 4: the idea for like a working farm or some kind
• 8:18
  Speaker 4: of a business, you know you have you know, partnership units.
• 8:21
  Speaker 4: Those partnership units end up need to be transferred to
• 8:24
  Speaker 4: the to the trust ultimately. But you know, you could
• 8:27
  Speaker 4: give one kid a general partnership share and other kids
• 8:31
  Speaker 4: limited partnership share. Maybe the one who's more interested in
• 8:34
  Speaker 4: the farm needs to run it. They can be the
• 8:36
  Speaker 4: general partner and the kids could be limited partners. I mean,
• 8:40
  Speaker 4: it makes you more involved. Between you and I. If
• 8:44
  Speaker 4: it was me, I would probably set up an LLC
• 8:46
  Speaker 4: for something like this and use voting and non voting shares,
• 8:49
  Speaker 4: and that way the child who's more involved and active
• 8:52
  Speaker 4: can have the voting control.
• 8:53
  Speaker 2: Right.
• 8:54
  Speaker 4: But again, you're not ignoring the other child. You're saying, Look,
• 8:57
  Speaker 4: in case the person who has the voting control this
• 9:00
  Speaker 4: IDEs to sell it, and the non voting shareholders they
• 9:03
  Speaker 4: still have.
• 9:04
  Speaker 2: An interest and they don't get disinherited.
• 9:05
  Speaker 4: No, they get a piece of the proceeds. They can't
• 9:07
  Speaker 4: decide whether they're going to sell or not. But they
• 9:09
  Speaker 4: get they get the piece of the piece of the proceeds,
• 9:12
  Speaker 4: so that might be helpful. So and I also tell
• 9:15
  Speaker 4: people I would probably use the LLC from a creditor standpoint.
• 9:18
  Speaker 4: But you know, think about this, folks, and these were
• 9:20
  Speaker 4: kids that were set to inherit. Right, stop and think
• 9:25
  Speaker 4: for a minute. If you happen to have real estate
• 9:26
  Speaker 4: for your for your family, even rental property, forget a farm. Sure,
• 9:30
  Speaker 4: if you ever are leaving rental property to your kids,
• 9:35
  Speaker 4: if you never put it in an LLC, first of all,
• 9:37
  Speaker 4: you should and get your credit or protection. It's just
• 9:41
  Speaker 4: kind of nonsense not to do that. But if the
• 9:43
  Speaker 4: kids inherit it, the first thing I tell them is
• 9:45
  Speaker 4: are you going to keep it? And if you're going
• 9:47
  Speaker 4: to keep it, let's set up an LLC to protect you,
• 9:50
  Speaker 4: because if someone gets hurt on the property, they're going
• 9:52
  Speaker 4: to sue each owner and all their personal assets.
• 9:57
  Speaker 3: This way, it'll just be the it'll just be the LLC.
• 10:00
  Speaker 4: So, folks, lots to learn about when you're drafting documents
• 10:02
  Speaker 4: and try to help prevent undue influence. Also, lots to
• 10:06
  Speaker 4: learn about understanding of state taxes and nursing home protection.
• 10:10
  Speaker 4: At the same time. Get the guide learn how the
• 10:13
  Speaker 4: taxes work and the medica and the shares work eight
• 10:16
  Speaker 4: sixty six eight four eight five six nine to nine
• 10:20
  Speaker 4: or Legal Exchange show dot com.
• 10:22
  Speaker 2: You've been listening to Todd Ltski, a partner with a
• 10:24
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:28
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:31
  Speaker 2: more to come when we return to the Legal Exchange
• 10:34
  Speaker 2: with Todd Lutsky.
• 10:35
  Speaker 1: If you're retired or nearing retirement and haven't done your
• 10:39
  Speaker 1: planning yet, you could be missing out on opportunities that
• 10:41
  Speaker 1: can save you thousands of dollars. Cushing and Dolan are
• 10:44
  Speaker 1: experts and elder law and taxation, and they have a
• 10:46
  Speaker 1: new guide out this month called Balancing Asset Protection and
• 10:50
  Speaker 1: Avoiding Estate Taxes. Early estate planning can have many benefits,
• 10:54
  Speaker 1: especially if you want to protect the assets, but there's
• 10:56
  Speaker 1: another big advantage. Doing your planning the right way might
• 10:59
  Speaker 1: also help you eliminate your estate taxes. Learn how to
• 11:02
  Speaker 1: keep your assets in your family and avoid probate. Get
• 11:05
  Speaker 1: Cushing and Dolan's brand new guide called Balancing Asset Protection
• 11:08
  Speaker 1: into Avoiding Estate taxes. Call right now eight sixty six
• 11:12
  Speaker 1: eight four eight five six niney nine. That number again
• 11:15
  Speaker 1: is eight six six eight four eight five six nine nine.
• 11:18
  Speaker 1: Or you can request your guide online from our website
• 11:21
  Speaker 1: Legal exchange show dot com. That's Legal exchange show dot com.
• 11:25
  Speaker 1: The proceeding was paid for in The views expressed are
• 11:27
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 11:29
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 11:32
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 11:34
  Speaker 1: other and are not affiliated.
• 11:36
  Speaker 5: Financial planning is a year round job, and with twenty
• 11:39
  Speaker 5: twenty four coming to an end, now is the perfect
• 11:41
  Speaker 5: time to take a hard look at your strategy and
• 11:43
  Speaker 5: what changes you may want to make going forward. Hi,
• 11:46
  Speaker 5: this is Mike Armstrong from the Armstrong Advisory Group, and
• 11:49
  Speaker 5: our new guide may help you understand some key numbers
• 11:51
  Speaker 5: that can affect your planning next year. There are many
• 11:53
  Speaker 5: important topics to review, like marginal tax brackets and retirement
• 11:57
  Speaker 5: account income limits if you're retired or getting red ready
• 12:00
  Speaker 5: to retire. The guide also focuses on the many ways
• 12:03
  Speaker 5: that the government taxes your social security benefits. Take the
• 12:06
  Speaker 5: time now to reflect on your current strategy so you
• 12:08
  Speaker 5: can be fully prepared for any adjustments you may want
• 12:11
  Speaker 5: to make in the future. Get your copy of our
• 12:13
  Speaker 5: new guide Key Numbers to Know for twenty twenty five
• 12:16
  Speaker 5: by calling eight hundred three nine three four zero zero one.
• 12:19
  Speaker 5: That number again is eight hundred three nine three four
• 12:22
  Speaker 5: zero zero one.
• 12:23
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 12:25
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 12:27
  Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
• 12:30
  Speaker 1: your own financial, tax into state planning advisors before making
• 12:33
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 12:35
  Speaker 1: advisory services. The US Virgin Islands are Saint Croix, Saint Thomas,
• 12:42
  Speaker 1: and Saint John. Visit one or all three and enjoy
• 12:46
  Speaker 1: the vacation of a lifetime. Each island is special in
• 12:49
  Speaker 1: its own unique way, so whether you want the heritage
• 12:51
  Speaker 1: of Saint Croix, the pristine beaches of Saint Thomas, or
• 12:54
  Speaker 1: the common relaxation of Saint John, the US Virgin Islands
• 12:58
  Speaker 1: is one of the top vacation spots to visit in
• 13:00
  Speaker 1: the Caribbean. You can expect perfect temperatures, a wide variety
• 13:03
  Speaker 1: of water sports, world class cuisine and a vibrant nightlife.
• 13:07
  Speaker 1: From the moment you arrive, you'll fall naturally in rhythm
• 13:10
  Speaker 1: with the heartbeat of the islands. There's no money to exchange,
• 13:13
  Speaker 1: and travel from New England could not be easier. Make
• 13:16
  Speaker 1: your plans now by going to visit USVII dot com.
• 13:20
  Speaker 1: Learn about all three islands and plan the ideal vacation
• 13:23
  Speaker 1: for you and your family. America's Caribbean paradise is waiting
• 13:26
  Speaker 1: for you, so head to visit USVII dot com for
• 13:29
  Speaker 1: more information and to reserve your trip today. That's visit
• 13:32
  Speaker 1: USVII dot com. You're listening to the Legal Exchange with
• 13:40
  Speaker 1: Todd Lutsky, an expert in elder life planning and taxation.
• 13:44
  Speaker 1: Need help with your estate plan? Call Todd right now
• 13:46
  Speaker 1: and make an appointment eight sixty six eight four eight
• 13:49
  Speaker 1: five six ninety nine. That's eight sixty six eight four
• 13:52
  Speaker 1: eight five six ninety nine.
• 13:54
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:57
  Speaker 2: Susan Powers of financial Advice with the Armstrong Advice as Regroup,
• 14:00
  Speaker 2: and I'm joined by Todd Letsky, a partner with the
• 14:03
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:07
  Speaker 2: Are we headed now, Todd.
• 14:09
  Speaker 3: We are gonna We're not headed anywhere.
• 14:10
  Speaker 4: We're gonna do it. We're gonna teach a little lesson.
• 14:13
  Speaker 4: Oh right, if that's right, We don't we have one
• 14:15
  Speaker 4: less case. But sometimes the real life stories are are
• 14:20
  Speaker 4: just as good. So, folks, this is really about understanding
• 14:25
  Speaker 4: estate planning and the steps you need to take in
• 14:28
  Speaker 4: doing that. And then when we get to the type
• 14:31
  Speaker 4: of trust we pick in this case, it'll be a
• 14:32
  Speaker 4: joint trust. I'm gonna explain the power and the simplicity
• 14:35
  Speaker 4: behind a joint revocable trust because so many people have
• 14:39
  Speaker 4: to trusts.
• 14:40
  Speaker 3: Right, So here's the facts. So you have a married couple.
• 14:44
  Speaker 4: So say husband, wife, come in and and they're worth
• 14:48
  Speaker 4: five million bucks. I'm not even gonna make it an
• 14:50
  Speaker 4: outrageous number, right, it could be a much higher number,
• 14:52
  Speaker 4: but you know five million dollars. Two million dollars is
• 14:57
  Speaker 4: in the wife's IRA and so when you have large iras,
• 15:02
  Speaker 4: that's something to think about. The rest is in a
• 15:04
  Speaker 4: home and an investment portfolio. So two and three they
• 15:08
  Speaker 4: have two kids, four grandkids, and they basically want to
• 15:11
  Speaker 4: do basic estate planning. Right, and so what are the process?
• 15:16
  Speaker 4: What are the steps should take in doing this? The
• 15:17
  Speaker 4: first thing is, you know, you need to figure out
• 15:20
  Speaker 4: what the value of the assets are. We talked about that,
• 15:22
  Speaker 4: I think last week, valuing what makes up your estate.
• 15:27
  Speaker 4: In this case, it's five million dollars and we listed
• 15:29
  Speaker 4: the assets. It's all assets that you own. Now you
• 15:33
  Speaker 4: know what they are. So now I know the number.
• 15:36
  Speaker 4: Once I know the number, I can then step two
• 15:40
  Speaker 4: think about what kind.
• 15:41
  Speaker 3: Of trust that I need? Right? What kind of trust?
• 15:45
  Speaker 4: Well, I talk to them and they say, well, listen,
• 15:48
  Speaker 4: we're not really ready for nursing home planning, and we
• 15:51
  Speaker 4: don't think we're there yet. So we know if nursing
• 15:54
  Speaker 4: home planning is not a concern, then the focus is
• 15:57
  Speaker 4: on probate, estate taxes, bloodline planning, et cetera. Yes, okay,
• 16:02
  Speaker 4: so now I'm shifting my attention from the irrevocable to
• 16:06
  Speaker 4: the revocable. And now when I get to the irrevocable discussion,
• 16:11
  Speaker 4: the next thing is again back to the value of
• 16:14
  Speaker 4: the estate. Right, how much were they worth? Do they
• 16:17
  Speaker 4: need one trust or do we need one for husband
• 16:22
  Speaker 4: and wife each? So a two trust approach. Remember when
• 16:26
  Speaker 4: you're this is educating you, folks, when you go to
• 16:28
  Speaker 4: a lawyer, you know, think about this well, because the
• 16:33
  Speaker 4: estate is what I call a moderate estate, meaning not
• 16:37
  Speaker 4: over the estate tax exemption federally.
• 16:40
  Speaker 2: Right, because that's what thirteen million.
• 16:42
  Speaker 4: Each, Yeah, so twenty six million, give or take. But
• 16:44
  Speaker 4: even if it's going to come down to four to
• 16:46
  Speaker 4: seven million, eaches fourteen million somewhere in that.
• 16:49
  Speaker 3: Range, you don't need two trusts. Yeah, one trust would.
• 16:54
  Speaker 2: Be good, but you said they're five million.
• 16:56
  Speaker 3: So they're way under the federal state they're over right.
• 17:01
  Speaker 4: Correct, the state, they're over perfectly, okay, So but it's
• 17:04
  Speaker 4: the federal.
• 17:05
  Speaker 3: When you're way over that, you want.
• 17:07
  Speaker 4: To start talking about two trusts. But for now, I
• 17:09
  Speaker 4: think one trust will work wonderful for them. But you're
• 17:12
  Speaker 4: absolutely right, Susan to mention the state state tax because
• 17:16
  Speaker 4: here the five million is not even a federal issue.
• 17:20
  Speaker 3: We're so far below it.
• 17:23
  Speaker 4: Nevertheless, when you do these trusts, you're you're planning for
• 17:25
  Speaker 4: both anyway. So now I want to explain why the
• 17:30
  Speaker 4: joint trust is so much more powerful than the two trusts,
• 17:35
  Speaker 4: especially when you have large irates. Now, folks, before I
• 17:39
  Speaker 4: do that, I just want to mention the guide one
• 17:41
  Speaker 4: more time. This is the kind of thing we're going
• 17:44
  Speaker 4: to show in the guide. It explains the an example,
• 17:49
  Speaker 4: It explains how the federal estate tax works. It explains
• 17:53
  Speaker 4: the marital share and the remainder share in a revocable trust.
• 17:56
  Speaker 4: It explains portability. Then it also explains the mass estate
• 18:01
  Speaker 4: the new Mass State tax and gives you an example
• 18:04
  Speaker 4: for Massachusetts and how to do it. And it offers
• 18:09
  Speaker 4: you the same idea. But if you want to add
• 18:13
  Speaker 4: nursing home planning, how it does it with irrevocable trusts.
• 18:18
  Speaker 4: So it's a tale of two worlds here, folks, And
• 18:21
  Speaker 4: it's really a guide for everyone. Revocable people or people
• 18:25
  Speaker 4: that are interested in irrevocable trusts. Please call and get
• 18:28
  Speaker 4: it eight six six eight four eight five six ninety
• 18:32
  Speaker 4: nine or Legal Exchange Show dot com again eight six
• 18:36
  Speaker 4: six eight four eight five six ninety nine or Legal
• 18:41
  Speaker 4: Exchange Show dot Com. Back to the power of joint trusts. Okay,
• 18:49
  Speaker 4: So in this case, you're going to see in a
• 18:51
  Speaker 4: minute how it really allows a family to cram down
• 18:57
  Speaker 4: and shelter more assets on the first death then you
• 19:02
  Speaker 4: could ever do if you had to divide the assets
• 19:06
  Speaker 4: and shelter on the first death between two trusts.
• 19:09
  Speaker 3: Right, So, for.
• 19:10
  Speaker 4: Example, if we know that you're gonna have two million
• 19:15
  Speaker 4: dollars in IRA assets, and we know those are not
• 19:18
  Speaker 4: going to go in any trust, they can't while you're alive,
• 19:22
  Speaker 4: you pull them out. So if the wife tried to
• 19:24
  Speaker 4: pull them out and put them in a trust, she
• 19:25
  Speaker 4: would have to pay big income tax.
• 19:28
  Speaker 3: So we're going to leave.
• 19:29
  Speaker 4: Those outside the trust. So now that only leaves US
• 19:31
  Speaker 4: three million dollars in this estate to shelter on the
• 19:35
  Speaker 4: first death. Well, if you had two trusts because you
• 19:40
  Speaker 4: don't know who's going to die first, and you put
• 19:43
  Speaker 4: a million five in each trust, then on the first death,
• 19:49
  Speaker 4: the remainder share is going to be funded with assets
• 19:54
  Speaker 4: up to two million. That's your credit shelter share. For Massachusetts.
• 19:58
  Speaker 4: That's the Massachusetts to state tax Folks, for different states,
• 20:02
  Speaker 4: please see it's state specific.
• 20:04
  Speaker 3: See your state.
• 20:07
  Speaker 4: Okay, So a million five is less than two millions,
• 20:11
  Speaker 4: so that will end up in the remainder share and
• 20:13
  Speaker 4: it will be sheltered from.
• 20:14
  Speaker 3: A state taxes. I like it.
• 20:18
  Speaker 4: However, when the surviving spouse dies, she's got her two
• 20:20
  Speaker 4: million dollars of IRA money, and her own one point
• 20:24
  Speaker 4: five million in her trust. So that's three point five
• 20:30
  Speaker 4: million dollars of assets minus two, which is your exemption,
• 20:36
  Speaker 4: leaves one point five million.
• 20:38
  Speaker 3: Subject to tax.
• 20:39
  Speaker 4: YEP going to be every bit of one hundred and
• 20:42
  Speaker 4: fifty thousand dollars in tax form MASS none for FED,
• 20:47
  Speaker 4: I get it.
• 20:49
  Speaker 3: Enter the joint trust. So with the joint trust.
• 20:54
  Speaker 4: You have the beauty of something known as a general
• 20:57
  Speaker 4: power of appointment. In this case, we're gonna put all
• 21:01
  Speaker 4: three million dollars, not the two the two for the IRA.
• 21:06
  Speaker 3: Correct, the IRA remains outside.
• 21:09
  Speaker 4: So now I'm gonna cram the whole three million dollars
• 21:12
  Speaker 4: into this joint trust, and we're not going to care
• 21:15
  Speaker 4: even who contributed doesn't matter, because there's a general power
• 21:19
  Speaker 4: of appointment built into the trust that says when one dies,
• 21:24
  Speaker 4: it causes all the assets to be included, regardless of
• 21:28
  Speaker 4: who contributed, because you give the power to appoint those
• 21:32
  Speaker 4: assets to each other.
• 21:35
  Speaker 3: Wow.
• 21:36
  Speaker 4: Now I have three million dollars in a marital share
• 21:38
  Speaker 4: and a remainder share. Now you see, I can cram
• 21:41
  Speaker 4: down the full two million from the three. I can
• 21:44
  Speaker 4: put two into the remainder share and one into the
• 21:47
  Speaker 4: mass q tip share. So now when I shelter two
• 21:52
  Speaker 4: million dollars no tax, I have a credit for two
• 21:55
  Speaker 4: million on the first death.
• 21:57
  Speaker 2: Yep, regardless of who dies.
• 21:59
  Speaker 4: Right, And it's very good to do when you have
• 22:01
  Speaker 4: these large iras that you can't.
• 22:03
  Speaker 2: Move, So you're grabbing that full two million, whereas before
• 22:06
  Speaker 2: you only have you left five hundred thousand on the table.
• 22:09
  Speaker 2: It's exactly only had one and a half million.
• 22:11
  Speaker 4: So now play out the string the survivor dies. Yeah,
• 22:14
  Speaker 4: that two million dollar IRA is there plus one million
• 22:19
  Speaker 4: in the Q tip, so she's worth three yep, minus
• 22:23
  Speaker 4: two is one the tax. After some deductions, you're looking
• 22:26
  Speaker 4: at maybe eighty grand, about fifty percent you saved.
• 22:29
  Speaker 3: Yeah, I mean it's.
• 22:31
  Speaker 2: Worth because it was one hundred and fifty and then
• 22:32
  Speaker 2: down to eighty.
• 22:33
  Speaker 4: So and that's really the best you could do because
• 22:36
  Speaker 4: of the IRS.
• 22:37
  Speaker 2: Trust planning, right, just basic revocable.
• 22:39
  Speaker 4: Trust, basic revocable trust planning. So it really and it
• 22:43
  Speaker 4: does even more than that. We don't obviously have time
• 22:45
  Speaker 4: to do it all, but I can at least tell
• 22:47
  Speaker 4: you that also what happened on the first death, you
• 22:51
  Speaker 4: got a full step up in basis on the whole
• 22:53
  Speaker 4: three million because that was all included on the first death.
• 22:57
  Speaker 4: Remember when you separate them, only half is included on
• 23:00
  Speaker 4: the first death, so you get a little better bang
• 23:03
  Speaker 4: for your step up in basis which eliminates capital gains
• 23:05
  Speaker 4: taxes as well. Last comment for irrevocable trust planning, you
• 23:09
  Speaker 4: would not do the joint trust. I just want to
• 23:12
  Speaker 4: throw that out there, folks. Lots to learn about when
• 23:15
  Speaker 4: it comes to taxes. A tale of two objectives. Learn
• 23:18
  Speaker 4: how the taxes work. Get the guide eight six six
• 23:22
  Speaker 4: eight four eight five six nine to nine or Legal
• 23:25
  Speaker 4: Exchange show dot com. It does both revocable estate tax
• 23:30
  Speaker 4: planning and irrevocable state tax planning to protect the assets
• 23:34
  Speaker 4: from the nursing home and shelter for taxes.
• 23:37
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:40
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:43
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:47
  Speaker 2: be answering your listener questions when we return to the
• 23:50
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:53
  Speaker 1: If you're retired or nearing retirement and haven't done your
• 23:56
  Speaker 1: planning yet, you could be missing out on opportunities that
• 23:59
  Speaker 1: can save you thousands of dollars. Cushing and Dolan are
• 24:02
  Speaker 1: experts in elder law and taxation, and they have a
• 24:04
  Speaker 1: new guide out this month called Balancing Asset Protection and
• 24:07
  Speaker 1: Avoiding Estate Taxes. Early estate planning can have many benefits,
• 24:11
  Speaker 1: especially if you want to protect the assets, but there's
• 24:14
  Speaker 1: another big advantage. Doing your planning the right way might
• 24:17
  Speaker 1: also help you eliminate your estate taxes. Learn how to
• 24:20
  Speaker 1: keep your assets in your family and avoid probate. Get
• 24:23
  Speaker 1: Cushing and Dolan's brand new guide called Balancing Asset Protection
• 24:26
  Speaker 1: and Avoiding Estate Taxes. Call right now eight sixty six
• 24:29
  Speaker 1: eight four eight five six ninety nine. That number again
• 24:32
  Speaker 1: is eight sixty six eight four eight five six ninety nine,
• 24:35
  Speaker 1: or you can request your guide online from our website
• 24:38
  Speaker 1: Legal exchange show dot com. That's Legal exchange show dot com.
• 24:43
  Speaker 1: The proceeding was paid for in The views expressed are
• 24:44
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 24:47
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 24:50
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:52
  Speaker 1: other and are not affiliated. The US Virgin Islands are
• 24:57
  Speaker 1: Saint Croix, Saint Thomas and Saint John. Visit one or
• 25:01
  Speaker 1: all three and enjoy the vacation of a lifetime. Each
• 25:04
  Speaker 1: island is special in its own unique way, So whether
• 25:07
  Speaker 1: you want the heritage of Saint Croix, the pristine beaches
• 25:10
  Speaker 1: of Saint Thomas, or the common relaxation of Saint John,
• 25:13
  Speaker 1: the US Virgin Islands is one of the top vacation
• 25:16
  Speaker 1: spots to visit in the Caribbean. You can expect perfect temperatures,
• 25:19
  Speaker 1: a wide variety of water sports, world class cuisine, and
• 25:22
  Speaker 1: a vibrant nightlife. From the moment you arrive, you'll fall
• 25:26
  Speaker 1: naturally in rhythm with the heartbeat of the islands. There's
• 25:28
  Speaker 1: no money to exchange, and travel from New England could
• 25:31
  Speaker 1: not be easier. Make your plans now by going to
• 25:34
  Speaker 1: visit USVII dot com. Learn about all three islands and
• 25:38
  Speaker 1: plan the ideal vacation for you and your family. America's
• 25:41
  Speaker 1: Caribbean paradise is waiting for you, so head to visit
• 25:44
  Speaker 1: USVII dot com for more information and to reserve your
• 25:47
  Speaker 1: trip today. That's visit USVII dot com.
• 25:54
  Speaker 6: Hi, This is Chucks outa from the Armstrong Advisory Group.
• 25:57
  Speaker 6: Your lifelong financial plan should always be top of my mine,
• 26:00
  Speaker 6: and as another new year approaches, now is the time
• 26:03
  Speaker 6: to review some key numbers that may affect your strategy
• 26:05
  Speaker 6: going forward. Our guide walks you through several important numbers
• 26:08
  Speaker 6: that you'll need to be familiar with for twenty twenty five,
• 26:11
  Speaker 6: especially from a tax standpoint. It's called Key Numbers for
• 26:14
  Speaker 6: twenty twenty five, and in it will explain marginal tax
• 26:17
  Speaker 6: brackets for both married couples and single filers, as well
• 26:20
  Speaker 6: as information about the standard deduction that'll be pivotal for
• 26:23
  Speaker 6: your financial planning strategy. We'll also explore other areas like
• 26:27
  Speaker 6: the federal estate tax and gifting limits. Call us right
• 26:30
  Speaker 6: now at eight hundred thirty nine three for zero zero
• 26:33
  Speaker 6: one and ask for your free guide today. That's eight
• 26:36
  Speaker 6: hundred three nine three for zero zero one.
• 26:39
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:42
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 26:44
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 26:47
  Speaker 1: your own financial tax into state planning advisors before making
• 26:50
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 26:53
  Speaker 1: advisory services. Hi.
• 26:55
  Speaker 7: I'm Michael Valila adjedent of the Disabled American Veterans Department
• 26:58
  Speaker 7: of Massachusetts. Massachusetts provides thousands of hours of voluntary services
• 27:03
  Speaker 7: at our VA medical centers and soldiers' homes, and is
• 27:06
  Speaker 7: the only DAV department in the country to lead a
• 27:09
  Speaker 7: veterans housing initiative for both single veterans and those with families.
• 27:13
  Speaker 7: These programs are critical to serving our veterans and their
• 27:15
  Speaker 7: time and need. You can help our great American heroes
• 27:18
  Speaker 7: by making a donation today. Please visit DAV fivek dot Boston.
• 27:23
  Speaker 7: That's davfivek dot Boston.
• 27:26
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 27:29
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:33
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:37
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:42
  Speaker 2: Welcome back, Todd. Have a few questions from listeners for you.
• 27:46
  Speaker 2: First question comes from Christine and Falmouth, mass And Christine writes,
• 27:50
  Speaker 2: I am single but have a significant other. We live
• 27:53
  Speaker 2: together at a home that I own. I'd like to
• 27:55
  Speaker 2: have this home go to my two children eventually, but
• 27:58
  Speaker 2: I don't want my kids to cake out if I
• 28:00
  Speaker 2: die first. They all get along now, but I know
• 28:04
  Speaker 2: that things can change after someone dies. Is there a
• 28:07
  Speaker 2: way I can make sure that he can live in
• 28:09
  Speaker 2: that home for a few years until he gets himself
• 28:12
  Speaker 2: settled somewhere else.
• 28:14
  Speaker 3: So I see this a lot, right.
• 28:17
  Speaker 4: This is not a second marriage, folks, we talk a
• 28:19
  Speaker 4: lot about second marriages. This is not that, but kind
• 28:24
  Speaker 4: of like that because there's a significant other who could
• 28:29
  Speaker 4: have been a spouse but is not, so we can
• 28:33
  Speaker 4: draft for it. We can certainly plan for it in
• 28:35
  Speaker 4: a similar way. Obviously, we would want this house to
• 28:39
  Speaker 4: go into a trust. So again part of the process
• 28:43
  Speaker 4: would be what kind of trust. I don't really see
• 28:46
  Speaker 4: the size of the estate listed here, but doesn't matter
• 28:50
  Speaker 4: so much. When you're dealing with a single person. It's
• 28:54
  Speaker 4: a little different, right, You don't have that marital share
• 28:56
  Speaker 4: and remainder share. So I would be guessing saying that,
• 29:01
  Speaker 4: if in fact you want to make sure you take
• 29:04
  Speaker 4: care of this person, that that house should probably go
• 29:09
  Speaker 4: into an irrevocable medicaid trust. Would be my thought, right,
• 29:14
  Speaker 4: because not being a spouse. Believe it or not, there's
• 29:19
  Speaker 4: pros and cons to being married. In this case, not
• 29:23
  Speaker 4: being married doesn't help the significant other, because if they
• 29:28
  Speaker 4: were married, a house at least would be non countable
• 29:31
  Speaker 4: for a spouse if one went into the nursing home
• 29:34
  Speaker 4: got it. However, here, since they're not married, there's no relation,
• 29:38
  Speaker 4: it would be at risk. And so if she doesn't
• 29:41
  Speaker 4: put it into an irrevocable trust and goes to the
• 29:45
  Speaker 4: nursing home, he would have no house or potentially would
• 29:50
  Speaker 4: have no house. So we want to make sure that
• 29:52
  Speaker 4: that house is tucked away in an irrevocable trust. So
• 29:55
  Speaker 4: that's step one. Once it's in there, she's learn more
• 30:00
  Speaker 4: about what happens when she passes, so while when she passes,
• 30:05
  Speaker 4: it will avoid probate. And then we need to draft
• 30:08
  Speaker 4: language that says the trustee obviously pause, who is that
• 30:14
  Speaker 4: I suppose it could be the kids, her kids or
• 30:18
  Speaker 4: maybe her kids and the significant other. So they work together, right,
• 30:23
  Speaker 4: you know, to make sure this actually happens. So she's
• 30:26
  Speaker 4: gonna have to think that through with her advisor and
• 30:29
  Speaker 4: her family. So the trustee then it will say we'll
• 30:34
  Speaker 4: hold the property located at X y Z Street or
• 30:39
  Speaker 4: any replacement.
• 30:40
  Speaker 3: Property so in case they move, very.
• 30:43
  Speaker 4: Important right to plan for flexibility, So if they move
• 30:47
  Speaker 4: and buy another house well, then that house gets the
• 30:50
  Speaker 4: same treatment. What is that treatment? Hold it in trust
• 30:55
  Speaker 4: for significant other? Then you've got to tailor the terms
• 31:00
  Speaker 4: that she was looking for. While I want to give
• 31:02
  Speaker 4: them two years sure to get settled and find a
• 31:05
  Speaker 4: new place, so he now has two years.
• 31:08
  Speaker 3: You could do it for his life if you really
• 31:11
  Speaker 3: want it.
• 31:12
  Speaker 2: So what happens though, because there's a cost associated with
• 31:15
  Speaker 2: keeping that house? Are her kids on the hook for
• 31:18
  Speaker 2: paying all the bills?
• 31:19
  Speaker 4: So next consideration, right, you have to think about, am
• 31:23
  Speaker 4: I going to leave money in the trust to be
• 31:25
  Speaker 4: used to maintain the house? Am I going to leave
• 31:28
  Speaker 4: the money to my children so they get something and
• 31:31
  Speaker 4: not have to wait? And if I do that, then
• 31:33
  Speaker 4: I have to put language in the trust that says,
• 31:36
  Speaker 4: you know, he can live there, but he's got to
• 31:39
  Speaker 4: maintain it.
• 31:40
  Speaker 3: And that's probably fair.
• 31:41
  Speaker 2: The bills and all that.
• 31:42
  Speaker 4: Yeah, you say, he's got to pay the utility bills,
• 31:45
  Speaker 4: the taxes, the maintenance, the upkeep, and if they're then
• 31:48
  Speaker 4: put teeth in it. Right, if there's ever an unpaid
• 31:50
  Speaker 4: bill for more than thirty ninety consecutive days, you lose
• 31:55
  Speaker 4: your right. If you leave the house for six consecutive months, well,
• 31:59
  Speaker 4: you abandoned it, you lose your right. You know, if
• 32:02
  Speaker 4: you give us notice that you're moving out, you lose
• 32:05
  Speaker 4: your right or you die, you know. So you put
• 32:07
  Speaker 4: these little restrictions in and then you describe what happens
• 32:11
  Speaker 4: to the house when those trigger events occur. It might
• 32:15
  Speaker 4: be to the kids, which is what you wanted. So
• 32:18
  Speaker 4: absolutely you can do this, folks.
• 32:21
  Speaker 3: You just need to.
• 32:22
  Speaker 4: Make sure it's drafted right and address those issues also
• 32:27
  Speaker 4: with the guide this month. Make sure it's drafted right
• 32:30
  Speaker 4: so that you can get your tax savings right. And
• 32:34
  Speaker 4: so this is a tale of two objectives, reducing estate
• 32:37
  Speaker 4: taxes and protecting assets from the nursing home. It explains probate,
• 32:43
  Speaker 4: I mean, it explains portability. Excuse me, It explains the
• 32:46
  Speaker 4: new mass estate tax. It explains the federal rules and
• 32:50
  Speaker 4: gives you an example of how revocable trusts operate to
• 32:54
  Speaker 4: shelter estate taxes. And it also allows you to look
• 32:58
  Speaker 4: at the irrevocable trust and an example there. To get
• 33:02
  Speaker 4: the same tax benefits but protected from the nursing home,
• 33:06
  Speaker 4: call and get the guide eight six six eight four
• 33:09
  Speaker 4: eight five six nine nine or Legal Exchange show dot
• 33:13
  Speaker 4: Com again eight six six eight, four, eight, five, six,
• 33:17
  Speaker 4: nine nine or Legal Exchange show dot com todd.
• 33:21
  Speaker 2: Our last question comes from Vicki and Braintree, Mass and
• 33:24
  Speaker 2: Vicki Wrights. My husband and I live separately but are
• 33:27
  Speaker 2: still married, and we file taxes separately. We are still friends,
• 33:32
  Speaker 2: but are not planning to get divorced because of our
• 33:34
  Speaker 2: insurance benefits and pension survivor benefits. Who excuse me? Would
• 33:39
  Speaker 2: you do our trust planning together or do we need
• 33:42
  Speaker 2: to create separate plans. We have a total combined of
• 33:45
  Speaker 2: about one hundred one point five million in assets. We
• 33:49
  Speaker 2: are both in good health and in our mid sixties, so.
• 33:54
  Speaker 4: You know, to me, they're still a married couple, which
• 33:57
  Speaker 4: is what they are under the lawn, and they seem
• 34:00
  Speaker 4: to get along. And this is not uncommon. People do this, right,
• 34:04
  Speaker 4: they're just living separately, but they might have the same kids,
• 34:08
  Speaker 4: that might be the same family, so you know, And
• 34:12
  Speaker 4: I experienced this recently with an old existing client who
• 34:17
  Speaker 4: had gotten divorced and called me and said, now you know,
• 34:20
  Speaker 4: we're in Florida and we're going to get remarried. And
• 34:22
  Speaker 4: I said, okay, well that's fine, let's do it. But
• 34:24
  Speaker 4: you know, my soon to be husband has got his
• 34:27
  Speaker 4: own lawyer and he's going to do planning, you know,
• 34:31
  Speaker 4: to take care of me apparently. But he told me
• 34:33
  Speaker 4: and their lawyer said you should get your own lawyer.
• 34:38
  Speaker 4: So I'm calling you and I'm like, well, that's kind
• 34:41
  Speaker 4: of strange because I don't think you actually need to
• 34:44
  Speaker 4: do that.
• 34:44
  Speaker 3: There's certainly no.
• 34:45
  Speaker 4: Law that requires you, you know, to get separate lawyers
• 34:50
  Speaker 4: if you're married, even if it's a second marriage, right,
• 34:54
  Speaker 4: you don't have to.
• 34:54
  Speaker 3: In this case, it's a first marriage.
• 34:56
  Speaker 4: So I think as long as they're getting along, I
• 34:59
  Speaker 4: would towards the side of saying, look, I can represent
• 35:03
  Speaker 4: both of you. There's no conflict here, you're not fighting,
• 35:08
  Speaker 4: and I think it's kind of important to have both
• 35:11
  Speaker 4: of you at the meeting, right, so that both of
• 35:13
  Speaker 4: your plans can be tailored to, you know, understand how
• 35:18
  Speaker 4: we're taking care of each other.
• 35:20
  Speaker 2: So, would you have separate plans, separate trusts where they
• 35:23
  Speaker 2: I mean they could own houses separately and individual.
• 35:26
  Speaker 4: Yeah, so one point five assets, you know, I guess
• 35:29
  Speaker 4: it depends, since they have they have separated a lot
• 35:32
  Speaker 4: of their assets, right, right, So probably not the house
• 35:35
  Speaker 4: though the houses.
• 35:36
  Speaker 2: Well, they don't live together.
• 35:38
  Speaker 3: So you think they have separate houses.
• 35:40
  Speaker 2: Have separate houses.
• 35:41
  Speaker 4: Yeah, it seems like a low number to have two
• 35:43
  Speaker 4: separate houses, but anyways, it could be. So, so let's
• 35:47
  Speaker 4: say that if they have two separate houses, that's easier.
• 35:49
  Speaker 3: Yeah, I would say that normally.
• 35:51
  Speaker 4: You're right, I just got done talking about a joint
• 35:53
  Speaker 4: trust and how I would normally do a joint trust
• 35:55
  Speaker 4: for an a state this size, But I would probably
• 35:59
  Speaker 4: say two trusts if they want to keep things separate. Right,
• 36:04
  Speaker 4: that way, you have them set up separately, but they
• 36:06
  Speaker 4: need to understand how they kind of work together. So
• 36:09
  Speaker 4: are we taking care of each other or are we
• 36:12
  Speaker 4: okay saying on the death of one, I'm disinheriting you
• 36:15
  Speaker 4: and I want it to go to the kids.
• 36:17
  Speaker 3: So that's why I think one lawyer makes.
• 36:20
  Speaker 2: Sense because then they're working together.
• 36:22
  Speaker 3: Now you're kind of like all on the same page.
• 36:25
  Speaker 4: Can you do it with two? Yeah, But then each
• 36:28
  Speaker 4: lawyer probably should talk to each other to make sure
• 36:32
  Speaker 4: that the plans are you know, so they understand how
• 36:35
  Speaker 4: they're kind of taking care of each other. Because remember,
• 36:38
  Speaker 4: you can't just disinherit a spouse. You may be living
• 36:42
  Speaker 4: separately legal, but you're still married. Yeah, so those those
• 36:47
  Speaker 4: forced share rules still really apply. So I would say
• 36:52
  Speaker 4: it's not uncommon, but I think it could absolutely be accomplished.
• 36:55
  Speaker 4: Here folks, just learn how that works. Get your guide
• 36:58
  Speaker 4: in this situation. Just to tell you one more time,
• 37:01
  Speaker 4: a tale of two objectives eight six six eight four
• 37:05
  Speaker 4: eight five six nine to nine or Legal Exchange Show
• 37:09
  Speaker 4: dot com.
• 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
• 37:16
  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
• 37:21
  Speaker 2: will stop you from becoming one of his next real
• 37:24
  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,
• 37:31
  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 Letsky.
• 37:40
  Speaker 1: If you're retired or nearing retirement and haven't done your
• 37:43
  Speaker 1: planning yet, you could be missing out on opportunities that
• 37:45
  Speaker 1: can save you thousands of dollars. Cushing and Dolan are
• 37:48
  Speaker 1: experts and elder law and taxation, and they have a
• 37:51
  Speaker 1: new guide out this month called Balancing Asset Protection and
• 37:54
  Speaker 1: Avoiding Estate Taxes. Early estate planning can have many benefits,
• 37:58
  Speaker 1: especially if you want to protect the asset, but there's
• 38:00
  Speaker 1: another big advantage. Doing your planning the right way might
• 38:03
  Speaker 1: also help you eliminate your estate taxes. Learn how to
• 38:06
  Speaker 1: keep your assets in your family and avoid probate. Get
• 38:09
  Speaker 1: Cushing and Dolan's brand new guide called Balancing Asset Protection
• 38:13
  Speaker 1: into Avoiding Estate Taxes. Call right now eight sixty six
• 38:16
  Speaker 1: eight four eight five six niney nine. That number again
• 38:19
  Speaker 1: is eight six six eight four eight five six nine nine,
• 38:22
  Speaker 1: or you can request your guide online from our website
• 38:25
  Speaker 1: Legal exchange show dot com. That's Legal exchange show dot com.
• 38:29
  Speaker 1: The proceeding was paid for in The views expressed are
• 38:31
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 38:33
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 38:36
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:39
  Speaker 1: other and are not affiliated.
• 38:40
  Speaker 5: Financial planning is a year round job, and with twenty
• 38:43
  Speaker 5: twenty four coming to an end, now is the perfect
• 38:45
  Speaker 5: time to take a hard look at your strategy and
• 38:47
  Speaker 5: what changes you may want to make going forward. Hi,
• 38:50
  Speaker 5: this is Mike Armstrong from the Armstrong Advisory Group and
• 38:53
  Speaker 5: our new guide may help you understand some key numbers
• 38:55
  Speaker 5: that can affect your planning next year. There are many
• 38:57
  Speaker 5: important topics to review, like marginal tax rackets and retirement
• 39:01
  Speaker 5: account income limits if you're retired or getting ready to retire.
• 39:04
  Speaker 5: The guide also focuses on the many ways that the
• 39:07
  Speaker 5: government taxes your social security benefits. Take the time now
• 39:10
  Speaker 5: to reflect on your current strategy so you can be
• 39:13
  Speaker 5: fully prepared for any adjustments you may want to make
• 39:16
  Speaker 5: in the future. Get your copy of our new guide
• 39:18
  Speaker 5: Key Numbers to Know for twenty twenty five by calling
• 39:20
  Speaker 5: eight hundred three nine three four zero zero one. That
• 39:24
  Speaker 5: number again is eight hundred three nine three four zero
• 39:26
  Speaker 5: zero one.
• 39:27
  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 a specific financial, legal or tax advice. Consult
• 39:34
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:37
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:39
  Speaker 1: advisory services. The US Virgin Islands are Saint Croix, Saint
• 39:45
  Speaker 1: Thomas and Saint John. Visit one or all three and
• 39:49
  Speaker 1: enjoy the vacation of a lifetime. Each island is special
• 39:52
  Speaker 1: in its own unique way, so whether you want the
• 39:54
  Speaker 1: heritage of Saint Croix, the pristine beaches of Saint Thomas,
• 39:58
  Speaker 1: or the common relaxation of Saint john On, the US
• 40:01
  Speaker 1: Virgin Islands is one of the top vacation spots to
• 40:03
  Speaker 1: visit in the Caribbean. You can expect perfect temperatures, a
• 40:06
  Speaker 1: wide variety of water sports, world class cuisine, and a
• 40:09
  Speaker 1: vibrant nightlife. From the moment you arrive, you'll fall naturally
• 40:13
  Speaker 1: in rhythm with the heartbeat of the islands. There's no
• 40:15
  Speaker 1: money to exchange, and travel from New England could not
• 40:18
  Speaker 1: be easier. Make your plans now by going to visit
• 40:21
  Speaker 1: USVII dot com. Learn about all three islands and plan
• 40:25
  Speaker 1: the ideal vacation for you and your family. America's Caribbean
• 40:29
  Speaker 1: paradise is waiting for you, so head to visit USVII
• 40:32
  Speaker 1: dot com for more information and to reserve your trip today.
• 40:35
  Speaker 1: That's visit USVII dot com. Your tune to the legal
• 40:43
  Speaker 1: Exchange with Todd Lutsky. If you are a loved one
• 40:46
  Speaker 1: needs a nursing homestay, call Todd right now at eight
• 40:49
  Speaker 1: six six eight four eight five six nine nine and
• 40:51
  Speaker 1: let him make sure your assets are protected. That's eight
• 40:54
  Speaker 1: six six eight four eight five six nine nine, or
• 40:57
  Speaker 1: visit him online at Legal Exchange show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:08
  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: master's in taxation. So, Todd, last week we went into
• 41:18
  Speaker 2: detail about what's included in your taxable estate.
• 41:22
  Speaker 3: Oh yes, physically everything.
• 41:24
  Speaker 2: So I want to just walk through so people can
• 41:27
  Speaker 2: really understand for a married couple, Can you give us
• 41:32
  Speaker 2: an example of how you can actually reduce or even
• 41:35
  Speaker 2: better in a lot of cases, eliminate your estate taxes
• 41:40
  Speaker 2: for a married couple.
• 41:42
  Speaker 4: So federal or state, we want we can do a
• 41:44
  Speaker 4: big example, or we could do you both. Yeah, So
• 41:47
  Speaker 4: you know, and I think it's it's really powerful when
• 41:51
  Speaker 4: you start talking about you know, estate's north of thirteen million, right,
• 41:56
  Speaker 4: So I mean if you have a twenty million dollar estate,
• 41:59
  Speaker 4: you think, while that's really huge, and it is. But
• 42:04
  Speaker 4: the question is, do you need more sophisticated planning for
• 42:11
  Speaker 4: somebody like that? Do you think, wow, now I need
• 42:13
  Speaker 4: to be wow all kinds of planning answers No, No,
• 42:18
  Speaker 4: very simple. You can still get away with basic estate
• 42:22
  Speaker 4: planning one oh one. Why because these exemptions are so high.
• 42:27
  Speaker 4: The exemptions I'm now talking about is federal. The federal exemption,
• 42:32
  Speaker 4: it will be thirteen point nine million, wow, and change
• 42:37
  Speaker 4: in twenty twenty five January one. I like that, so
• 42:42
  Speaker 4: let's make it fourteen right, So if you're worth twenty
• 42:46
  Speaker 4: that's only six million over one exemption. Right. So, if
• 42:51
  Speaker 4: you're married and you want to and you didn't do
• 42:55
  Speaker 4: any planning and you didn't elect portability on the first death,
• 42:58
  Speaker 4: everything just went to the serve, which is what happens folks,
• 43:02
  Speaker 4: when you don't do anything. It's it's almost an automatic.
• 43:06
  Speaker 4: Because we know how married couples own things, right, so
• 43:09
  Speaker 4: it's likely to be an automatic. So now, if you
• 43:13
  Speaker 4: don't go out of your way to make your portability election,
• 43:16
  Speaker 4: you could ultimately waste the exemption on the first death
• 43:21
  Speaker 4: of fourteen million. And so now the surviving spouse who
• 43:26
  Speaker 4: likely won't plan because they didn't plan where they were living,
• 43:29
  Speaker 4: has twenty million when they die. When they die, assuming
• 43:33
  Speaker 4: it's the next day, so it's twenty minus fourteen six million,
• 43:38
  Speaker 4: six million times really fifty percent. When you throw in
• 43:42
  Speaker 4: the state forty and teneah, right, you're looking at three
• 43:46
  Speaker 4: million dollars in tax in a state tax. That's just
• 43:49
  Speaker 4: a giveaway, right if it go ahead?
• 43:51
  Speaker 2: Yeah, And how would it be if they actually did
• 43:54
  Speaker 2: their trust planning.
• 43:55
  Speaker 3: That's the difference.
• 43:56
  Speaker 4: And that's a simple when I say simple estate tax planning.
• 44:00
  Speaker 4: So maybe in this size of state, I might do
• 44:02
  Speaker 4: two trusts, two revocable trusts, and let's say we throw
• 44:09
  Speaker 4: you know, ten million in one trust. Well on the
• 44:12
  Speaker 4: first death. There's that marital share and remainder share also
• 44:15
  Speaker 4: mentioned in the guide right and explains how you would
• 44:19
  Speaker 4: put two million in the remainder share for mass tax purposes,
• 44:23
  Speaker 4: that equals to equals the exemption and the balance in
• 44:26
  Speaker 4: the q TIP or special marital share, which would be
• 44:30
  Speaker 4: eight million. So I have eight and two. The eight
• 44:33
  Speaker 4: and two combined equal ten and that's taxable or includable
• 44:38
  Speaker 4: might be the better word. In the estate of the
• 44:42
  Speaker 4: first to die or the one whose trust that is
• 44:44
  Speaker 4: ye well, there's a fourteen million dollar exemption, so ten
• 44:49
  Speaker 4: fourteen minus ten.
• 44:51
  Speaker 3: Now there's no tax due on the.
• 44:53
  Speaker 4: First death federally, and a four million dollar coupon called
• 45:00
  Speaker 4: spouse's unused exemption or portability if we would then make
• 45:03
  Speaker 4: the election, because we would for them when we file
• 45:06
  Speaker 4: the tax return, so.
• 45:08
  Speaker 2: That carries over, so it gets added to the surviving
• 45:11
  Speaker 2: spouse's exemption amount.
• 45:13
  Speaker 4: Correct, So that's fourteen plus the four unused Right now,
• 45:19
  Speaker 4: she's got eighteen yep. But if she died the next day,
• 45:22
  Speaker 4: she'd only be worth ten. She got room for growth.
• 45:26
  Speaker 4: Her ten could go to eighteen and there's still be
• 45:28
  Speaker 4: no estate tax. We're saving millions of dollars folks with
• 45:33
  Speaker 4: basic estate planning, even for seemingly higher net worth clients
• 45:39
  Speaker 4: with exemptions that high folks get the guide. That's what
• 45:44
  Speaker 4: this explains to you, how the revocable trust works. Explains portability,
• 45:49
  Speaker 4: explains the shares, the marrill and the remainder shares. It
• 45:53
  Speaker 4: also explains the mass estate tax and gives you examples
• 45:57
  Speaker 4: for those, and then adds in Irrevocable trust is if
• 46:01
  Speaker 4: you want to protect from a nursing home. Obviously, not
• 46:03
  Speaker 4: the wealthy they would be self in short, but it's
• 46:06
  Speaker 4: really a guide for everyone folks eight six six eight
• 46:10
  Speaker 4: four eight five six nine nine or Legal Exchange Show
• 46:15
  Speaker 4: dot com again eight six six eight four eight five
• 46:18
  Speaker 4: six nine nine or Legal Exchange Show dot com.
• 46:22
  Speaker 2: How about Todd? I mean, you'd like to think that
• 46:25
  Speaker 2: someone with that high of a net worth would do
• 46:28
  Speaker 2: some planning, but you and I both know how many
• 46:32
  Speaker 2: times they haven't done any planning at all. I know
• 46:35
  Speaker 2: what happens if one spouse dies before you've done any planning.
• 46:39
  Speaker 2: Is there any kind of a like a grace period
• 46:42
  Speaker 2: or anything where something can be done after a spouse
• 46:46
  Speaker 2: dies post mortem?
• 46:47
  Speaker 4: Yeah, in your example, when you say nothing's been done,
• 46:51
  Speaker 4: are we saying there's no trust in place or they
• 46:54
  Speaker 4: just didn't fund the trust in their Actually they've done nothing.
• 46:58
  Speaker 4: So if they've done nothing, it's it's it's pretty hard
• 47:01
  Speaker 4: to do post mortem planning short of, you know, disinheriting
• 47:06
  Speaker 4: a spouse, which again, what can you do with short
• 47:10
  Speaker 4: post mortem planning?
• 47:11
  Speaker 3: You can do a disclaimer, but in order.
• 47:13
  Speaker 4: To disclaim, you have to there has to be something
• 47:16
  Speaker 4: in place saying you're entitled to this. So when you
• 47:19
  Speaker 4: say no planning even if there's a will that says
• 47:22
  Speaker 4: I leave everything to my spouse, yeah, which is typical
• 47:25
  Speaker 4: and they've.
• 47:26
  Speaker 2: Had thirty years. But whatever, they have a.
• 47:28
  Speaker 4: Will and it probably says I leave everything to my
• 47:30
  Speaker 4: spouse if living otherwise my kids.
• 47:34
  Speaker 3: Yes, so post.
• 47:36
  Speaker 4: Mortem planning would be okay. Well, if we're dealing with
• 47:40
  Speaker 4: my twenty million dollar example from the first part, you know, maybe.
• 47:45
  Speaker 3: The spouse, the surviving spouse has.
• 47:47
  Speaker 4: Ten million on her own yep, you know. Or the
• 47:50
  Speaker 4: assets were joint so she already owns half. Well, the
• 47:53
  Speaker 4: other half is on its way to her. So or
• 47:58
  Speaker 4: even if it was to go through the will to her,
• 48:01
  Speaker 4: can that spouse say I disclaim meaning I don't want
• 48:06
  Speaker 4: what's coming to me.
• 48:08
  Speaker 3: Yes, So if you can do within nine months.
• 48:12
  Speaker 4: Of the date of death to make it a qualified disclaimer, yep,
• 48:17
  Speaker 4: file this with the probate court saying I don't want
• 48:20
  Speaker 4: I'm disclaiming my interest then and again, I guess from
• 48:25
  Speaker 4: a joint account you could do it. But let's say
• 48:28
  Speaker 4: it's going through the probate will. Then you cannot direct
• 48:33
  Speaker 4: where it goes.
• 48:35
  Speaker 2: You can can't decide yes.
• 48:37
  Speaker 3: You can just say I don't want it, so treat.
• 48:39
  Speaker 2: Me like I already died.
• 48:40
  Speaker 3: Right.
• 48:41
  Speaker 4: Basically, part of the rule is that you must not
• 48:47
  Speaker 4: get it, disclaim within nine months, and not direct where
• 48:51
  Speaker 4: it goes.
• 48:52
  Speaker 2: So if you have it set up so that you
• 48:55
  Speaker 2: know basic simple will goes to my spouse, if not
• 48:58
  Speaker 2: to my kids, right, then would go to the kid.
• 49:01
  Speaker 3: Because you're not directing it.
• 49:03
  Speaker 4: Right, They'll just look at this will and say, oh,
• 49:07
  Speaker 4: because there was a disclaimer filed, we look at that
• 49:11
  Speaker 4: to mean this spouse predeceased the other spouse. It looks
• 49:17
  Speaker 4: as if you don't, you're not alive. So therefore you
• 49:20
  Speaker 4: just follow the will and the spouse who disclaimed did
• 49:24
  Speaker 4: not direct where it went. It would go to the kids.
• 49:27
  Speaker 4: But remember the spouse has to realize that I didn't
• 49:31
  Speaker 4: get it. And again, if you leave more than the
• 49:35
  Speaker 4: exemption federal or state to someone other than a spouse,
• 49:41
  Speaker 4: there would be a tax due on the first death. Now,
• 49:44
  Speaker 4: in our example, the fifty million dollar example or the
• 49:47
  Speaker 4: twenty twenty million dollar example, if he only had ten
• 49:51
  Speaker 4: million and she disclaimed all of it, well, there'd be
• 49:55
  Speaker 4: no federal tax because it's under the exemption. But for
• 49:58
  Speaker 4: mass you would there's only a two million dollar exemption
• 50:02
  Speaker 4: so there would be a tax due on the first
• 50:06
  Speaker 4: death because they left more than two million to someone
• 50:10
  Speaker 4: other than a spouse, so no marital deduction there. So
• 50:14
  Speaker 4: if you thought that was complicated, folks, it is, but
• 50:17
  Speaker 4: it's all here.
• 50:18
  Speaker 3: But you don't have to do that.
• 50:20
  Speaker 4: Just get the guide and learn how to do basic
• 50:23
  Speaker 4: estate planning, which is a lot about what it's talking about,
• 50:26
  Speaker 4: and it protects both federal and state and explains nursing
• 50:31
  Speaker 4: home protection and to state taxes at the same time.
• 50:36
  Speaker 4: Eight six six eight four eight five six ninety nine
• 50:40
  Speaker 4: or Legal Exchange show dot com.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:45
  Speaker 2: thank you so much.
• 50:47
  Speaker 4: Thank you, Susan, always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: If you're retired or nearing retirement and haven't done your
• 51:03
  Speaker 1: planning yet, you could be missing out on opportunities that
• 51:05
  Speaker 1: can save you thousands of dollars. Cushing and Dolan are
• 51:09
  Speaker 1: experts in elder law and taxation and they have a
• 51:11
  Speaker 1: new guide out this month called Balancing Asset Protection and
• 51:14
  Speaker 1: Avoiding Estate Taxes. Early estate planning can have many benefits,
• 51:18
  Speaker 1: especially if you want to protect the assets, but there's
• 51:20
  Speaker 1: another big advantage. Doing your planning the right way might
• 51:24
  Speaker 1: also help you eliminate your estate taxes. Learn how to
• 51:26
  Speaker 1: keep your assets in your family and avoid probate. Get
• 51:29
  Speaker 1: Cushing and Dolan's brand new guide called Balancing Asset Protection
• 51:33
  Speaker 1: and Avoiding Estate Taxes. Call right now eight sixty six
• 51:36
  Speaker 1: eight four eight five six nine nine. That number again
• 51:39
  Speaker 1: is eight six six eight four eight five six nine nine,
• 51:42
  Speaker 1: or you can request your guide online from our website
• 51:45
  Speaker 1: Legal exchange show dot com. That's legal exchange show dot com.
• 51:49
  Speaker 1: The proceeding was paid for in The views expressed are
• 51:51
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 51:53
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 51:56
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 51:59
  Speaker 1: other and are not affiliate hi.
• 52:00
  Speaker 6: This is Chucks outa from the Armstrong Advisory Group. Your
• 52:03
  Speaker 6: lifelong financial plan should always be top of mind, and
• 52:06
  Speaker 6: as another new year approaches, now is the time to
• 52:09
  Speaker 6: review some key numbers that may affect your strategy going forward.
• 52:12
  Speaker 6: Our guide walks you through several important numbers that you'll
• 52:14
  Speaker 6: need to be familiar with for twenty twenty five, especially
• 52:17
  Speaker 6: from a tax standpoint. It's called Key Numbers for twenty
• 52:20
  Speaker 6: twenty five, and in it will explain marginal tax brackets
• 52:23
  Speaker 6: for both married couples and single filers, as well as
• 52:26
  Speaker 6: information about the standard deduction that'll be pivotal for your
• 52:29
  Speaker 6: financial planning strategy. We'll also explore other areas like the
• 52:33
  Speaker 6: federal estate tax and gifting limits. Call us right now
• 52:36
  Speaker 6: at eight hundred three nine three for zero zero one
• 52:39
  Speaker 6: and ask for your free guide today. That's eight hundred
• 52:42
  Speaker 6: three nine three for zero zero one.
• 52:45
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:47
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:50
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial tax into state planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory services. The US Virgin Islands are Saint Croix, Saint Thomas,
• 53:05
  Speaker 1: and Saint John. Visit one or all three and enjoy
• 53:08
  Speaker 1: the vacation of a lifetime. Each island is special in
• 53:11
  Speaker 1: its own unique way. So whether you want the heritage
• 53:14
  Speaker 1: of Saint Croix, the pristine beaches of Saint Thomas, or
• 53:17
  Speaker 1: the common relaxation of Saint John, the US Virgin Islands
• 53:21
  Speaker 1: is one of the top vacation spots to visit in
• 53:23
  Speaker 1: the Caribbean. You can expect perfect temperatures, a wide variety
• 53:26
  Speaker 1: of water sports, world class cuisine, and a vibrant nightlife.
• 53:30
  Speaker 1: From the moment you arrive, you'll fall naturally in rhythm
• 53:33
  Speaker 1: with the heartbeat of the islands. There's no money to exchange,
• 53:36
  Speaker 1: and travel from New England could not be easier. Make
• 53:39
  Speaker 1: your plans now by going to visit USVII dot com.
• 53:42
  Speaker 1: Learn about all three islands and plan the ideal vacation
• 53:45
  Speaker 1: for you and your family. America's Caribbean paradise is waiting
• 53:49
  Speaker 1: for you, so head to visit USVII dot com for
• 53:52
  Speaker 1: more information and to reserve your trip today. That's visit
• 53:55
  Speaker 1: USVII dot com.