Latest / The Legal Exchange / The importance of updating your estate plan after a divorce

Transcript

The importance of updating your estate plan after a divorce · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a 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,
• 0:51
  Speaker 2: How are you today?
• 0:52
  Speaker 3: I am never better in you?
• 0:54
  Speaker 2: I'm great? Thank you? What do you have for us
• 0:55
  Speaker 2: this week?
• 0:56
  Speaker 3: As we welcome in a new month.
• 0:57
  Speaker 2: I know it's crazy, isn't it? Moving along summer's half
• 1:00
  Speaker 2: over a.
• 1:01
  Speaker 3: Couple of things.
• 1:02
  Speaker 4: We've got a new Hampshire Supreme Court case about buttoning
• 1:07
  Speaker 4: up things when you're getting divorced. Way do you hear
• 1:11
  Speaker 4: how this case unraveled? A little bit of trickery, a
• 1:15
  Speaker 4: little bit of fraud mixed in here, but story today,
• 1:19
  Speaker 4: you're gonna we're gonna learn a little bit about that,
• 1:21
  Speaker 4: and then we're going to head over to the sixth
• 1:24
  Speaker 4: Federal Circuit, which is in Ohio, again my home state.
• 1:27
  Speaker 4: Understanding basically how revocable trusts work. I mean, the facts
• 1:33
  Speaker 4: here explain the setup of a revocable trust, but the
• 1:37
  Speaker 4: way it ended up working is just people just don't
• 1:40
  Speaker 4: understand how these revocable trusts work and the controls and
• 1:44
  Speaker 4: that you keep, and so stay tuned in this the case.
• 1:48
  Speaker 4: You might not love the result, but I think we
• 1:51
  Speaker 4: don't care about the result. We care about what we
• 1:52
  Speaker 4: can learn from this, which is all about revocable trust which,
• 1:57
  Speaker 4: interestingly enough, folks, since it's a new guide this month,
• 2:00
  Speaker 4: we are going to be demystifying the top seven estate
• 2:04
  Speaker 4: planning trusts, which is what this guide is about. This
• 2:07
  Speaker 4: is a guide where I try to put together what
• 2:09
  Speaker 4: I think are trusts that most people use. Nominee Realty
• 2:14
  Speaker 4: Trust tops the list. I don't like them, but they're
• 2:16
  Speaker 4: in there. We're going to learn about them. Revocable trusts, irrevocable,
• 2:21
  Speaker 4: different flavors. Many people don't realize there's irrevocable life insurance
• 2:25
  Speaker 4: gifting trusts, and medicaid trusts, things like special needs trusts,
• 2:29
  Speaker 4: pool trusts, things like that. When you're doing planning, not
• 2:33
  Speaker 4: just what they are, but all the different ways they're
• 2:36
  Speaker 4: taxed and how you control them. Folks, if you've never
• 2:40
  Speaker 4: done a state planning, this is certainly the guide for you.
• 2:43
  Speaker 4: If you've done estate planning, check it out and see
• 2:46
  Speaker 4: if there's any trust you might need to modify your
• 2:48
  Speaker 4: own trusts eight six six eight four, eight, five six
• 2:53
  Speaker 4: nine to nine or Legal exchange show dot com again
• 2:57
  Speaker 4: demystifying the top seven estate planning trusts eight six eight four, eight, five,
• 3:02
  Speaker 4: six nine nine or Legal exchange show dot com.
• 3:06
  Speaker 2: Is this one of your favorites?
• 3:08
  Speaker 3: It is, but I'm not allowed to say that. Susan
• 3:10
  Speaker 3: doesn't let me say that.
• 3:11
  Speaker 2: They're all your faces.
• 3:12
  Speaker 4: I love this one. Thank you for letting me get
• 3:15
  Speaker 4: that off my chest.
• 3:17
  Speaker 3: So let's talk about the facts.
• 3:18
  Speaker 4: Here, the Supreme Court case here out of New Hampshire.
• 3:21
  Speaker 4: So Carol and John get married, and remember the dates
• 3:24
  Speaker 4: here nineteen fifty eight. Okay, in March of nineteen seventy four,
• 3:30
  Speaker 4: John wanted a divorce. He's had enough, so he gives
• 3:34
  Speaker 4: her several pieces of paper to sign and says, I'm
• 3:37
  Speaker 4: going to go to the Dominican Republic to get the
• 3:39
  Speaker 4: divorce decree. Okay, already my eyebrowser going, and yours are crinkled.
• 3:44
  Speaker 3: I see they are.
• 3:45
  Speaker 4: He returned, and he said, I told her that I
• 3:47
  Speaker 4: did not obtain the divorce decree. But in preparing to
• 3:51
  Speaker 4: move to Taiwan, he tells Carol that, you know, you
• 3:54
  Speaker 4: should sign over the house to me, because it'll be
• 3:56
  Speaker 4: easier to sell if it's in my name than if
• 3:58
  Speaker 4: it's joint tenants. Yeah, so she does, and that was
• 4:04
  Speaker 4: in and so in July of nineteen seventy four. He
• 4:08
  Speaker 4: tells her then that, by the way, this was by
• 4:12
  Speaker 4: shortly after. You know, remember in March of seventy four
• 4:15
  Speaker 4: he started this divorce Shenanigan. In July of seventy four,
• 4:20
  Speaker 4: after the deed is signed over to him, to her
• 4:23
  Speaker 4: or to him, he tells her, oh, by the way,
• 4:26
  Speaker 4: I did get the divorce decree, and he files it
• 4:28
  Speaker 4: with New Hampshire. So they begin living apart, and eventually
• 4:33
  Speaker 4: they both remarried, and in twenty eighteen John died and
• 4:37
  Speaker 4: in November of twenty twenty one, Sally, the second wife,
• 4:41
  Speaker 4: decides to probate the estate and take the house. Carol,
• 4:46
  Speaker 4: the first wife, intercedes and tries to rescind the deed
• 4:51
  Speaker 4: and say the divorce decree is invalid. The lower court
• 4:55
  Speaker 4: grants the motion in favor of Sally and says to
• 4:59
  Speaker 4: Carol the second wife, Sally's Sally's the first the second wife. Yeah,
• 5:05
  Speaker 4: Carol the first wife. She says, you lose because the
• 5:10
  Speaker 4: you know, you're prohibited from claiming that the divorce decree
• 5:14
  Speaker 4: is void. You basically are time barred, and the doctrine
• 5:18
  Speaker 4: of latches applies, which I love. That's the thing where
• 5:21
  Speaker 4: it says you sit on your rights too long, you lose.
• 5:24
  Speaker 4: That's what latches means. Well, you can imagine. Carol didn't
• 5:28
  Speaker 4: like that, so Carol appealed to the Supreme Court, and
• 5:32
  Speaker 4: the Supreme Court affirmed. The lower court told Carol, Carol,
• 5:38
  Speaker 4: you should have known in July of nineteen seventy four,
• 5:44
  Speaker 4: that you were defrauded in designing that deed. You should
• 5:47
  Speaker 4: have known then, and when you learned about the divorce,
• 5:51
  Speaker 4: you should have acted. Instead, you relied on the divorce
• 5:56
  Speaker 4: and you got remarried.
• 5:58
  Speaker 2: Plus you just let you time go by, y snooze,
• 6:01
  Speaker 2: you lose. What do you expect to happen?
• 6:03
  Speaker 4: So, Carol, I think that the judge did the right
• 6:06
  Speaker 4: thing here. I think I'm not happy that you got
• 6:09
  Speaker 4: defrauded by your husband, but a little bit of shame
• 6:11
  Speaker 4: on you.
• 6:12
  Speaker 3: Yeah, it's the same.
• 6:13
  Speaker 2: You can't can advocate for yourself.
• 6:15
  Speaker 4: Right, and relied on it and got married. So anyways, folks,
• 6:19
  Speaker 4: I just want to help you understand. We don't care
• 6:22
  Speaker 4: about the results so much as we do. You know,
• 6:24
  Speaker 4: what can we learn, you know from this and a
• 6:27
  Speaker 4: couple of things is, you know, don't let someone ever
• 6:29
  Speaker 4: tell you that it's easier to sell property because it's
• 6:32
  Speaker 4: in a single person's name, right versus two names? Remember,
• 6:37
  Speaker 4: two names is just one extra signature, The paperwork is
• 6:41
  Speaker 4: all the same, no extra effort, and the buyer certainly
• 6:46
  Speaker 4: doesn't care who he buys it from. Right makes no difference.
• 6:51
  Speaker 3: Right.
• 6:51
  Speaker 4: Plus remember jointly held property at least avoids probate, so
• 6:55
  Speaker 4: you always want to do that. It doesn't help from
• 6:57
  Speaker 4: an estate planning standpoint so much. It doesn't readose to
• 7:00
  Speaker 4: state taxes, but it does just pass to the surviving
• 7:03
  Speaker 4: spouse automatically.
• 7:04
  Speaker 2: Because his whole spiel was it's easier for me to
• 7:07
  Speaker 2: sell it's in my name. So he never sold the house.
• 7:09
  Speaker 4: He never sold the house because he wanted it transferred
• 7:12
  Speaker 4: to him, because he was getting a divorce.
• 7:14
  Speaker 2: Right, So if she had actually not transferred to him,
• 7:17
  Speaker 2: it would have been in both their names with survivorship,
• 7:20
  Speaker 2: and she would end up getting it at the end
• 7:21
  Speaker 2: of the day when he died.
• 7:22
  Speaker 4: Right, that might have happened as well. Again, that's where
• 7:25
  Speaker 4: I get to this whole idea of the divorce. I go,
• 7:27
  Speaker 4: what happened here? How how is this property? I mean,
• 7:30
  Speaker 4: didn't they deal with this property when the divorce came?
• 7:34
  Speaker 4: Remember all property gets divided at the time of the divorce.
• 7:39
  Speaker 4: It doesn't matter how it's owned right right, how it's
• 7:43
  Speaker 4: owned on the date of the divorce does not matter.
• 7:45
  Speaker 4: So why didn't she address this then? So to your point, Susan,
• 7:50
  Speaker 4: even if it was if it was left unaddressed right,
• 7:54
  Speaker 4: and it was joint and she never signed it over.
• 7:58
  Speaker 4: I wonder if it would have been left unaddressed right,
• 8:01
  Speaker 4: and then you're right, she would have got it when
• 8:03
  Speaker 4: when he died.
• 8:05
  Speaker 2: I think I'm still stuck on how do you go
• 8:06
  Speaker 2: to the Dominican Republican to get divorced?
• 8:08
  Speaker 3: I know I can't. I can't go there either.
• 8:11
  Speaker 2: I'm gonna need some research on that one. Not for
• 8:13
  Speaker 2: me though, not for me personally.
• 8:14
  Speaker 4: But you know, I think the important part is from
• 8:16
  Speaker 4: ann state planning folks. Standpoint, folks. You know if you
• 8:20
  Speaker 4: if you have husband or wife situation, you have separate trusts.
• 8:23
  Speaker 4: I don't care if they're revocable, irrevocable medicaid trusts, and
• 8:27
  Speaker 4: you get divorced, all those assets will be considered.
• 8:32
  Speaker 3: It does not matter.
• 8:33
  Speaker 4: Whose trust owns it. Right, So I always get this
• 8:37
  Speaker 4: with people. You know, I'm so worried I'm putting everything
• 8:39
  Speaker 4: in my husband's trust or I'm putting more in my
• 8:41
  Speaker 4: trust than my husband's trust.
• 8:44
  Speaker 3: Is that a problem. It doesn't matter, folks.
• 8:47
  Speaker 4: It doesn't matter whose trust owns it, just like it
• 8:49
  Speaker 4: doesn't matter if you get married and for whatever reason,
• 8:53
  Speaker 4: a lot of assets are in one spouse's name more.
• 8:57
  Speaker 2: Than the other, and that happens very often. They may
• 8:59
  Speaker 2: have a giant in IRA because they worked their whole career.
• 9:02
  Speaker 2: Maybe you had to stay at home wife or you know,
• 9:04
  Speaker 2: so they very often.
• 9:06
  Speaker 4: Yeah, you never know how these are owned. But I
• 9:08
  Speaker 4: don't think you need to fret about that.
• 9:10
  Speaker 3: So that's it.
• 9:11
  Speaker 4: You know, always just make sure that again, So that's
• 9:14
  Speaker 4: a little tip on funding your your estate planning trust.
• 9:17
  Speaker 4: Don't fret about it so much. The other thing is,
• 9:20
  Speaker 4: always make sure that after the divorce is over, especially
• 9:23
  Speaker 4: if you remarry, which these people did, right, Why wouldn't
• 9:27
  Speaker 4: you then sit down and make sure your estate plan
• 9:30
  Speaker 4: is in order, right, know what your assets are, know
• 9:33
  Speaker 4: how much they're worth, know how they're owned, and set
• 9:36
  Speaker 4: up a trust to take care of each other and
• 9:41
  Speaker 4: your kids from your prior marriage. Yeah. I mean, so
• 9:44
  Speaker 4: to me, a lot of a lot of miss you know,
• 9:47
  Speaker 4: mistakes were made here along the way.
• 9:49
  Speaker 3: They just didn't.
• 9:50
  Speaker 4: I mean, there were so many opportunities to review the
• 9:52
  Speaker 4: estate plan, sit down, look it over, make updates, and
• 9:56
  Speaker 4: none of them really did that at any stretch. So folks,
• 10:00
  Speaker 4: for you guys, if you've never done your planning certainly
• 10:02
  Speaker 4: the guides for you. Get this guide Demystifying the Top
• 10:06
  Speaker 4: seven estate planning trusts and figure out which trust is
• 10:10
  Speaker 4: right for you or if you need to change your
• 10:13
  Speaker 4: estate plan, which trust is right for you in that
• 10:15
  Speaker 4: change eight six six, eight four, eight five six nine
• 10:19
  Speaker 4: to nine or Legal Exchange show dot com.
• 10:22
  Speaker 2: You've been listening to Todd Lutski, a partner with the
• 10:25
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:28
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:31
  Speaker 2: much more to come when we return to the Legal
• 10:34
  Speaker 2: Exchange with Todd Lutsky.
• 10:37
  Speaker 1: A trust isn't just a document. It's a powerful tool
• 10:39
  Speaker 1: that can help protect your assets from the nursing home
• 10:42
  Speaker 1: and even reduce or eliminate a state taxes. Cushing and
• 10:45
  Speaker 1: Dolan are leaders in elder law, estate planning and asset protection.
• 10:48
  Speaker 1: This month, they're offering a free guide called Demistifying the
• 10:52
  Speaker 1: Top seven estate Planning Trusts. This guide breaks down the
• 10:54
  Speaker 1: most common types of trusts, explains the pros and cons
• 10:57
  Speaker 1: of each, and helps you understand which might be right
• 11:00
  Speaker 1: for you and your family. Trust come with different rules,
• 11:03
  Speaker 1: benefits and tax treatment and choosing the wrong one could
• 11:06
  Speaker 1: cost you. Learning the differences now can help you make
• 11:08
  Speaker 1: smarter decisions for your future and your loved ones. Trusts
• 11:12
  Speaker 1: are a critical part of any well designed estate plan,
• 11:14
  Speaker 1: but they can be complex. Don't guess your way through it.
• 11:17
  Speaker 1: Get the facts first. Call Cushing and Dolan now at
• 11:20
  Speaker 1: eight sixty six eight four eight five six ninety nine
• 11:23
  Speaker 1: to request your free copy, or visit legal exchange show
• 11:26
  Speaker 1: dot com. The proceeding was paid for in the views
• 11:28
  Speaker 1: exprest Or Sole, leaders of Cushing and Doolin. Cushing and Dolan,
• 11:30
  Speaker 1: ind or Armstrong Advisory may contact you're offering legal or
• 11:32
  Speaker 1: investment services. Cushing and Dolan and I'm Strong Advisory do
• 11:35
  Speaker 1: not endorse each other. In or not affiliated.
• 11:37
  Speaker 5: This is Michael Valila, adjudent of the Disabled American Veterans
• 11:40
  Speaker 5: Department of Massachusetts. The DAVIA Massachusetts has helped me and
• 11:44
  Speaker 5: countless others adjust to civilian life through a variety of
• 11:47
  Speaker 5: incredible programs. Through our Local Veterans Assistance Program, we provide
• 11:52
  Speaker 5: necessary services to veterans in their communities, such as food, shopping, landscaping,
• 11:57
  Speaker 5: and companionship. But we need your support. Can help by
• 12:00
  Speaker 5: making a donation today. Please visit davfivek dot Boston. That's
• 12:05
  Speaker 5: davfivek dot Boston.
• 12:08
  Speaker 1: The holidays are just around the corner, so now is
• 12:11
  Speaker 1: the time to plan your winter escape. Trade in the
• 12:13
  Speaker 1: cold for sunshine, sea breezes and island vibes in the
• 12:17
  Speaker 1: US Virgin Islands, America's Caribbean paradise. Whether it's a romantic retreat,
• 12:23
  Speaker 1: a family celebration, or a solo recharge before the new year,
• 12:27
  Speaker 1: Saint Croix, Saint Thomas, and Saint John offer the ultimate
• 12:31
  Speaker 1: warm weather getaway. Lounge on sun drenched beaches, explore vibrant
• 12:35
  Speaker 1: culture and celebrate the holidays island style. No passport, no hassle,
• 12:41
  Speaker 1: just warm weather, clear blue water and unforgettable memories. This
• 12:45
  Speaker 1: is where the stress melts away and you find yourself
• 12:48
  Speaker 1: naturally in rhythm with the heartbeat of the islands. Go
• 12:51
  Speaker 1: to visit USVII dot com and book your trip today.
• 12:55
  Speaker 1: That's visit USVII dot com. The US Virgin Islands is
• 13:00
  Speaker 1: Caribbean Paradise. Your holiday escape starts here at visit USVI
• 13:05
  Speaker 1: dot com.
• 13:07
  Speaker 6: The future doesn't plan itself. Hi, this is Mike Armstrong
• 13:10
  Speaker 6: from the Armstrong Advisory Group. Whether you've built a business,
• 13:13
  Speaker 6: grown your investments, or simply want to protect your family.
• 13:16
  Speaker 6: Your legacy deserves more than a generic estate plan. From
• 13:20
  Speaker 6: wills and trusts to beneficiary designations and beyond. True wealth
• 13:24
  Speaker 6: transfer is personal, powerful, and deeply strategic. That's why we
• 13:28
  Speaker 6: created Leaving a Lasting Legacy, a comprehensive guide to legacy
• 13:31
  Speaker 6: planning that puts your vision, values, and family first. Learn
• 13:35
  Speaker 6: how to protect your assets, avoid probate, minimize taxes, and
• 13:38
  Speaker 6: build a legacy that lasts for generations. Get your free
• 13:41
  Speaker 6: copy of Leaving a Lasting Legacy today by calling eight
• 13:44
  Speaker 6: hundred three nine three four zero zero one. That number
• 13:48
  Speaker 6: again is eight hundred three nine three four zero zero one,
• 13:51
  Speaker 6: or you can request the guide online by visiting Armstrong
• 13:53
  Speaker 6: Advisory dot com.
• 13:55
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 13:57
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 13:59
  Speaker 1: Armstrong guide is specific financial, legal or tax advice. Consult
• 14:02
  Speaker 1: your own financial tax into state planning advisors before making
• 14:04
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 14:07
  Speaker 1: advisory services. You're listening to the Legal Exchange with Todd Lutsky,
• 14:11
  Speaker 1: an expert in elder life planning and taxation. Need help
• 14:14
  Speaker 1: with your estate plan? Call Todd right now and make
• 14:17
  Speaker 1: an appointment eight six six eight four eight five six
• 14:19
  Speaker 1: ninety nine. That's eight six six eight four eight five
• 14:22
  Speaker 1: six ninety nine.
• 14:24
  Speaker 2: Welcome back into legal exchange with Todd Latsky. I'm Susan Powers,
• 14:28
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 14:31
  Speaker 2: joined by Todd Latsky, a partner with the law firm
• 14:34
  Speaker 2: of Cushing and Dolan with a master's in taxation. Where
• 14:37
  Speaker 2: we headed now, Todd, we.
• 14:39
  Speaker 4: Are going to head to the sixth Circuit out of
• 14:42
  Speaker 4: Ohio and we're going to basically understand revocable trusts and
• 14:45
  Speaker 4: how they work. And this is I thought just so appropriate,
• 14:48
  Speaker 4: especially with this month's guide.
• 14:50
  Speaker 3: That we have. So here are the facts.
• 14:54
  Speaker 4: Lester, a surgeon, did a revocable trust in nineteen ninety.
• 15:00
  Speaker 4: He had five kids and they were all contingent beneficiaries.
• 15:04
  Speaker 4: Remember it's a revocable trust. Lester's daughter, Sarah predeceased him
• 15:09
  Speaker 4: but left two kids, Dan and Rachel, so they were
• 15:13
  Speaker 4: beneficiaries in her place.
• 15:14
  Speaker 3: Well, that makes sense.
• 15:16
  Speaker 4: Twenty eighteen, Lester names the son David Durable power of
• 15:22
  Speaker 4: attorney and trustee on the trust, which strikes me as
• 15:26
  Speaker 4: strange because I haven't gotten anything about David dying or
• 15:29
  Speaker 4: about Lester dying. Yet later in twenty eighteen, again I
• 15:32
  Speaker 4: assume Lester's still alive. The facts weren't clear. David started
• 15:36
  Speaker 4: distributing assets out of the trust, mostly equally to the
• 15:41
  Speaker 4: four kids living and a much smaller portion to the grandkids,
• 15:47
  Speaker 4: Dan and Rachel. Well, Dan and Rachel bring an action
• 15:50
  Speaker 4: right away. They're not happy about this. They say there's
• 15:52
  Speaker 4: a breach of fiduciary duty here. In the court agreed.
• 15:55
  Speaker 4: The lower court said, you know what, it is a
• 15:57
  Speaker 4: breach of duty. You cannot distribute assets out of the
• 16:00
  Speaker 4: trust without specific authorization letters from from Lester. So Lester's
• 16:06
  Speaker 4: still alive, and so this is a breach of fiduciary duty. Well,
• 16:11
  Speaker 4: the kids appealed and the court reversed, saying because Ohio
• 16:17
  Speaker 4: law doesn't give Dan and Rachel the right to sue
• 16:21
  Speaker 4: for breach of trust.
• 16:23
  Speaker 3: Oh boy.
• 16:24
  Speaker 4: Well, they didn't like that, so they appealed and Dan
• 16:28
  Speaker 4: and Rachel. Turns out that Dan and Rachel on they
• 16:32
  Speaker 4: appealed all the way to the Sixth Circuit. It turns
• 16:35
  Speaker 4: out that Dan and Rachel have a constitutional right to sue.
• 16:39
  Speaker 4: Those elements were satisfied, so they remanded the case. So
• 16:42
  Speaker 4: we get no answer.
• 16:43
  Speaker 3: I know, I know, you know, I know you don't answer.
• 16:48
  Speaker 3: But I'm happy with it because this has just got so.
• 16:52
  Speaker 4: Many problems with it right when I'm when I'm I'm
• 16:55
  Speaker 4: reading this, and the biggest problem I have is that,
• 17:01
  Speaker 4: you know, Lester created a revocable trust. He still alive,
• 17:07
  Speaker 4: he didn't die, So how is it and why is
• 17:10
  Speaker 4: it that we would put Dan on as trustee and
• 17:16
  Speaker 4: these distributions are being made and how does all that work?
• 17:19
  Speaker 2: So and the kids are filing suits? He's not that
• 17:22
  Speaker 2: you don't have any beneficiaries till your dead.
• 17:25
  Speaker 3: That's another problem. You're really I'm going to.
• 17:27
  Speaker 2: Merely change and say, because you know, he's got to
• 17:29
  Speaker 2: be involved in this process.
• 17:31
  Speaker 4: Yeah, I mean so, folks, I felt this case was
• 17:35
  Speaker 4: good because I think we can learn a lot about
• 17:38
  Speaker 4: these revocable trusts and how they actually work and what
• 17:41
  Speaker 4: you should do as a creator, a donor settler of
• 17:44
  Speaker 4: the trust. Before we do that, though, I just want
• 17:47
  Speaker 4: to let you know about the new guide, which again
• 17:49
  Speaker 4: is really spot on for this this month demystifying the
• 17:53
  Speaker 4: top seven estate planning trusts, one of which is revocable trust,
• 17:57
  Speaker 4: which is what we're talking about in this case. Certainly
• 18:00
  Speaker 4: those are used frequently, but you know what, there's also
• 18:03
  Speaker 4: irrevocable trust, many different kinds. We've got gifting and life
• 18:07
  Speaker 4: insurance trusts, which are very different irrevocable trusts than the
• 18:11
  Speaker 4: irrevocable medicaid trust that we talk a lot about. And
• 18:16
  Speaker 4: then there's you know, if you've got special needs children,
• 18:18
  Speaker 4: we've got special needs trusts in here. We've got pooled
• 18:21
  Speaker 4: trusts in here, so of course the least favorite nominee
• 18:25
  Speaker 4: realty trust. But more importantly how they operate your control taxes,
• 18:31
  Speaker 4: income taxes, estate taxes, gift taxes. They're addressed in here.
• 18:37
  Speaker 4: Get the guide learn how to get your estate in
• 18:40
  Speaker 4: place and what trust is right for you eight six
• 18:43
  Speaker 4: six eight four eight five six ninety nine or Legal
• 18:48
  Speaker 4: exchange Show dot com New Guide for the Month eight
• 18:50
  Speaker 4: six six eight four eight five six nine nine or
• 18:54
  Speaker 4: Legal exchange Show dot com. What are we going to learn?
• 18:58
  Speaker 2: Don't put your kids on your revocable trust is trustee.
• 19:02
  Speaker 4: So we talked about this already, right Generally, the donor
• 19:05
  Speaker 4: serves as trustee. Just so you know, right, you're the trustee,
• 19:08
  Speaker 4: you're the donor unless you lose capacity, right, and then
• 19:12
  Speaker 4: you have an alternate trustee. And so I cannot see
• 19:15
  Speaker 4: why anyone would ever have appointed dan or a child
• 19:18
  Speaker 4: to serve as trustee while the donor is still alive
• 19:20
  Speaker 4: and competent, and competent, the donor stays in control, folks,
• 19:25
  Speaker 4: And remember, distributions generally come out. It states that distributions
• 19:31
  Speaker 4: can come out of the trust to the donor without
• 19:35
  Speaker 4: written order, or if the donor loses capacity, then it
• 19:39
  Speaker 4: can come out to the donor or the spouse.
• 19:42
  Speaker 3: That's how our trust reads.
• 19:43
  Speaker 2: There's no restrictions on a revocable trust in it out right.
• 19:47
  Speaker 4: Well to the donor or to the donor spouse while
• 19:50
  Speaker 4: the donor is living. The kids are not beneficiaries on
• 19:54
  Speaker 4: this trust. On our revocable trusts, while the donor is
• 19:59
  Speaker 4: living comes out to the donor and the donor spouse only,
• 20:03
  Speaker 4: which makes sense. If they want to make a gift
• 20:05
  Speaker 4: to the kid, then they can take the money and
• 20:07
  Speaker 4: give it to the kid. I mean, they're allowed to
• 20:09
  Speaker 4: do that if they want to. But I think you know,
• 20:12
  Speaker 4: people need to so that's another problem which I didn't
• 20:15
  Speaker 4: understand how that could even happen, which is why it's
• 20:18
  Speaker 4: a breach of fiduciary duty. Right, That's exactly what this
• 20:22
  Speaker 4: case is about. They're saying, WHOA, you can't do this?
• 20:26
  Speaker 2: Was he distributing it to himself.
• 20:27
  Speaker 4: Well to all four kids, and a little less to
• 20:30
  Speaker 4: the grandkids, So there was still no there was no
• 20:33
  Speaker 4: trying to be cheap here or devious, I don't think,
• 20:38
  Speaker 4: but I don't understand why they were even coming out, right,
• 20:43
  Speaker 4: So you know, I just don't understand how those distributions
• 20:47
  Speaker 4: come out to the kids while Lester's alive. Right now, now,
• 20:52
  Speaker 4: I just want to spend a minute before I share
• 20:53
  Speaker 4: a real life story with you on this. Now, remember
• 20:57
  Speaker 4: normally when a child dies, you don't have to race
• 21:00
  Speaker 4: back and amend your document. So in this case, if
• 21:03
  Speaker 4: one child died, remember the grandkids sort of stepped into
• 21:07
  Speaker 4: the shoes of the deceased child, so it was a
• 21:10
  Speaker 4: one fifth split to the kids. So here, you know,
• 21:14
  Speaker 4: there's no need to come back and amend the trust.
• 21:17
  Speaker 4: Just read the language and make sure it covers the grandkids.
• 21:20
  Speaker 4: You know, per stirpies usually not per capita. So here
• 21:25
  Speaker 4: the distributions would simply have been one fifth, and then
• 21:29
  Speaker 4: the one fifth that went to the deceased child would
• 21:33
  Speaker 4: have been split between those two kids, Dan and Rachel.
• 21:37
  Speaker 4: So it's possible that Dan and Rachel get a little
• 21:39
  Speaker 4: less individually because they have to share one fifth.
• 21:43
  Speaker 2: Which is what they would still get if their parents
• 21:45
  Speaker 2: were still alive exactly.
• 21:47
  Speaker 3: So I don't think you know.
• 21:49
  Speaker 4: Just so it's just sort of a side note to
• 21:51
  Speaker 4: let you folks know that just because someone dies, you
• 21:55
  Speaker 4: don't have to change. You normally have still provided for
• 21:58
  Speaker 4: your grandchildren. I know we do that a lot. So
• 22:01
  Speaker 4: that's just to keep that in mind. So operationally again,
• 22:04
  Speaker 4: sort of a lot of strange stuff going on here,
• 22:06
  Speaker 4: and just so you understand why you don't want to change.
• 22:10
  Speaker 4: During life, I had a real life situation where another
• 22:12
  Speaker 4: attorney advised this donor, right, he was getting old, but
• 22:17
  Speaker 4: he was not incompetent, right, and he put the daughter
• 22:21
  Speaker 4: on as trustee, and apparently the donor said, Okay, you know,
• 22:26
  Speaker 4: we'll do that. Turns out the son, who was actively
• 22:29
  Speaker 4: involved in the business, had a one third non voting
• 22:32
  Speaker 4: interest in the property or in the company, and was
• 22:36
  Speaker 4: ultimately supposed to get control of the company later, and
• 22:41
  Speaker 4: so you know, because he's been working in it. Well,
• 22:45
  Speaker 4: what did you do, don Or? You gave by the way,
• 22:49
  Speaker 4: the controlling voting shares of the stock were in the
• 22:52
  Speaker 4: donors revocable trust. Well, when you turned over the trustee
• 22:57
  Speaker 4: power to your daughter, you don Or just gave up
• 23:00
  Speaker 4: all the control over your own business. Right now, it's
• 23:04
  Speaker 4: controlled by the trustee of the trust because that's where
• 23:06
  Speaker 4: your stock is owned. And this caused a tremendous ruckus.
• 23:10
  Speaker 4: I'm sure, Well, good news. We don't shy away from
• 23:14
  Speaker 4: tough cases. We simply looked at the revocable trust and
• 23:18
  Speaker 4: we went ahead and we said, we went ahead, and
• 23:21
  Speaker 4: we said, you know what, we're just going to remove
• 23:24
  Speaker 4: you as trustee daughter, because you're still alive and the
• 23:27
  Speaker 4: donor could do that. And we went ahead and did that,
• 23:30
  Speaker 4: so got him back in charge and fixed the whole situation.
• 23:34
  Speaker 2: I just don't understand why you would put a child
• 23:36
  Speaker 2: on unless you're incompetent to be your trustee on a revocable.
• 23:40
  Speaker 3: Yeah, no, that's exactly right. I wouldn't do that either.
• 23:43
  Speaker 4: I would I would say, you know, just stay in
• 23:46
  Speaker 4: charge of your trust as much as you possibly can.
• 23:48
  Speaker 3: Yeah, and folks.
• 23:50
  Speaker 4: I think that's important here for you guys as well.
• 23:53
  Speaker 4: Learn how these trusts work, what controls you keep, what
• 23:56
  Speaker 4: controls you don't keep. Seven different kinds of trusts are
• 23:59
  Speaker 4: in the Guy eight six six, eight four, eight, five
• 24:03
  Speaker 4: six nine nine or Legal Exchange show dot com.
• 24:06
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 24:08
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 24:11
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and Todd
• 24:15
  Speaker 2: will be answering your listener questions when we return to
• 24:18
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 24:21
  Speaker 1: A trust isn't just a document. It's a powerful tool
• 24:24
  Speaker 1: that can help protect your assets from the nursing home
• 24:26
  Speaker 1: and even reduce or eliminate a state taxes. Cushing and
• 24:29
  Speaker 1: Dolan are leaders in elder law, estate planning, and asset protection.
• 24:33
  Speaker 1: This month, they're offering a free guide called Demistifying the
• 24:36
  Speaker 1: Top seven Estate Planning Trusts. This guide breaks down the
• 24:39
  Speaker 1: most common types of trusts, explains the pros and cons
• 24:41
  Speaker 1: of each, and helps you understand which might be right
• 24:44
  Speaker 1: for you and your family. Trust come with different rules
• 24:47
  Speaker 1: benefits and tax treatment, and choosing the wrong one could
• 24:50
  Speaker 1: cost you. Learning the differences now can help you make
• 24:53
  Speaker 1: smarter decisions for your future and your loved ones. Trusts
• 24:56
  Speaker 1: are a critical part of any well designed estate plan,
• 24:58
  Speaker 1: but they can be complo don't guess your way through it.
• 25:02
  Speaker 1: Get the facts first. Call Cushing and Dolan now at
• 25:04
  Speaker 1: eight sixty six eight four eight five six ninet nine
• 25:07
  Speaker 1: to request your free copy, or visit legal exchange show
• 25:10
  Speaker 1: dot com. The proceeding was paid for in the views
• 25:12
  Speaker 1: exprest or sole lead those of Cushing and Dolan. Cushing
• 25:14
  Speaker 1: and Dolan, ind or Armstrong Advisory may contact you offering
• 25:16
  Speaker 1: legal or investment services. Cushing and Dolin and Armstrong Advisory
• 25:19
  Speaker 1: do not endorse each other. In or not affiliated HI.
• 25:22
  Speaker 6: This is Mike Armstrong from the Armstrong Advisory Group. When
• 25:24
  Speaker 6: it comes to legacy planning, having a will is important,
• 25:27
  Speaker 6: but it may not be enough. A will only covers
• 25:29
  Speaker 6: probate assets, and the probate process can be slow, public,
• 25:32
  Speaker 6: and expensive. That's where trusts come in. Trust can help
• 25:35
  Speaker 6: you avoid probate, keep your wishes private, and control how
• 25:39
  Speaker 6: and when your assets are distributed. Whether you're looking to
• 25:41
  Speaker 6: support family, minimize taxes, or prepare for the unexpected. A
• 25:45
  Speaker 6: well designed plan can make a meaningful difference. Our new
• 25:48
  Speaker 6: free Guide, leaving a lasting legacy, covers wills, trusts and
• 25:52
  Speaker 6: other strategies to help you build a strong retirement plan.
• 25:55
  Speaker 6: Take the first step towards clarity by calling eight hundred
• 25:58
  Speaker 6: three nine three four zero zero one right now and
• 26:01
  Speaker 6: asking for your free guide today. That number again is
• 26:03
  Speaker 6: eight hundred three nine three four zero zero one, or
• 26:06
  Speaker 6: requested online at Armstrong Advisory dot com.
• 26:09
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:11
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 26:13
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 26:16
  Speaker 1: your own financial tax into state planning advisors before making
• 26:18
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 26:21
  Speaker 1: advisory services. The holidays are just around the corner, so
• 26:25
  Speaker 1: now is the time to plan your winter escape. Trade
• 26:28
  Speaker 1: in the cold for sunshine, sea breezes and island vibes
• 26:32
  Speaker 1: in the US Virgin Islands, America's Caribbean paradise, whether it's
• 26:37
  Speaker 1: a romantic retreat, a family celebration, or a solo recharge.
• 26:41
  Speaker 1: Before the new year, Saint Croix Saint Thomas and Saint
• 26:44
  Speaker 1: John offer the ultimate warm weather getaway. Lounge on sun
• 26:48
  Speaker 1: drenched beaches, explore vibrant culture, and celebrate the holiday's island style.
• 26:54
  Speaker 1: No passport, no hassle, just warm weather, clear blue water
• 26:58
  Speaker 1: and unforgettable mine memories. This is where the stress melts
• 27:02
  Speaker 1: away and you find yourself naturally in rhythm with the
• 27:05
  Speaker 1: heartbeat of the islands. Go to visit USVII dot com
• 27:08
  Speaker 1: and book your trip today. That's visit USVII dot com,
• 27:12
  Speaker 1: the US Virgin Islands, America's Caribbean paradise. Your holiday escape
• 27:18
  Speaker 1: starts here at visit USVII dot com. You're listening to
• 27:24
  Speaker 1: the Legal Exchange, and it's time for Ask Todd, the
• 27:28
  Speaker 1: segment where Todd will answer your questions about anything and
• 27:31
  Speaker 1: everything that's included in the estate planning process. Once again,
• 27:34
  Speaker 1: here's Todd Lutsky and Susan Powers.
• 27:39
  Speaker 2: Welcome back talk. We have a few questions from listeners
• 27:41
  Speaker 2: for you. First question comes from Christine and Charlton Mass
• 27:44
  Speaker 2: and Christine writes, my father transferred his home to me
• 27:48
  Speaker 2: and my sister and he reserved a life estate. My
• 27:51
  Speaker 2: husband and I have been living with him for the
• 27:53
  Speaker 2: past eight years while caring for him. He is now
• 27:56
  Speaker 2: going into a nursing home, will be at risk for
• 28:01
  Speaker 2: the nursing home. My sister is trying to get us
• 28:04
  Speaker 2: to move from the house so she can sell it
• 28:06
  Speaker 2: once he does go into the nursing home. Is this legal?
• 28:11
  Speaker 2: So daughter moves.
• 28:12
  Speaker 3: In with dad.
• 28:14
  Speaker 4: But more importantly, my father transferred his home to me
• 28:18
  Speaker 4: and my sister, so she let's start with ownership. Yeah,
• 28:23
  Speaker 4: in the very beginning, folks, dad did a bad thing.
• 28:27
  Speaker 4: I don't care how this turns out. I mean, if
• 28:31
  Speaker 4: you know Dad had come into our office, I would
• 28:33
  Speaker 4: have said, we're not transferring the house to you know,
• 28:35
  Speaker 4: that doesn't make sense. You need to keep some control.
• 28:39
  Speaker 4: You did to a degree because you kept the life estate.
• 28:42
  Speaker 4: I get it, you get the right to live there,
• 28:44
  Speaker 4: but you've really given up more control than you need
• 28:47
  Speaker 4: to at this case. So what does that do? First
• 28:50
  Speaker 4: and foremost, from a nursing home standpoint, well, from a
• 28:53
  Speaker 4: nursing home standpoint, since it was done eight years ago,
• 28:57
  Speaker 4: this arrangement ultimately protects it from the nursing home. So
• 29:00
  Speaker 4: at least you can stop there and wipe your brow
• 29:02
  Speaker 4: and say, you know the house is protected from the
• 29:05
  Speaker 4: nursing home. But remember he reserved a nugget of ownership.
• 29:09
  Speaker 4: That's that life estate peace. It's the right to live there,
• 29:13
  Speaker 4: but it's also the present income interest in the property. Okay,
• 29:19
  Speaker 4: so at least we dodge the bullet about him going
• 29:22
  Speaker 4: into the nursing home. He can go in and they're
• 29:25
  Speaker 4: not going to take the house. However, they are going
• 29:28
  Speaker 4: to put a lean on the house. Okay, The lean
• 29:31
  Speaker 4: is there for people who foolishly enough, like the one
• 29:36
  Speaker 4: sister here, wants to sell the house before dad dies.
• 29:42
  Speaker 4: That's the problem, right, Why on earth would you want
• 29:45
  Speaker 4: to sell this house before dad dies? Never mind the
• 29:48
  Speaker 4: fact that it sounds like one sister wants to continue
• 29:50
  Speaker 4: to live there.
• 29:51
  Speaker 2: And she owns half of it basically, right.
• 29:54
  Speaker 3: Well, she owns half of the remainder interest.
• 29:57
  Speaker 4: Yet and well she owns half the remainder interest the
• 30:00
  Speaker 4: child owned the other child. Sister owns half the remainder interest.
• 30:04
  Speaker 4: But Dad has this nugget. So if there's a big pie,
• 30:07
  Speaker 4: and depending on how old Dad is, Dad could still
• 30:10
  Speaker 4: own you know, twenty percent.
• 30:12
  Speaker 2: So heed to sign on that if.
• 30:14
  Speaker 4: He absolutely would need to sign off on it. So
• 30:18
  Speaker 4: first and foremost we have a capacity issue for dad.
• 30:21
  Speaker 4: We have to think about does Dad have the capacity
• 30:23
  Speaker 4: to sign off? Does Dad want to sell his house?
• 30:27
  Speaker 4: He might say, wait, I still intend to return home.
• 30:29
  Speaker 4: I still hope to come home. I want to I
• 30:31
  Speaker 4: don't want to give up that right to come home
• 30:34
  Speaker 4: if I have no house to come home to. So
• 30:37
  Speaker 4: Dad might not want to sign off. Nor might Dad
• 30:39
  Speaker 4: have capacity to sign off. Now, if there's a power
• 30:42
  Speaker 4: of attorney in place, they'll have they could do that
• 30:46
  Speaker 4: with the power of attorney sign for Dad. So I
• 30:50
  Speaker 4: get past all of that and I say, all right, now,
• 30:53
  Speaker 4: it's just up to you and your sister. You're going
• 30:54
  Speaker 4: to have to fight with each other to say, you know,
• 30:56
  Speaker 4: I don't want to sell. And again, if one of
• 30:58
  Speaker 4: the sisters doesn't want to sell, then you're going to
• 31:00
  Speaker 4: have to go to court. So this isn't an easy
• 31:03
  Speaker 4: sale for anybody here. Yeah, it's not going to be
• 31:08
  Speaker 4: like I put it on the market and it goes
• 31:09
  Speaker 4: in thirty days because one sister's knock signed right clearly,
• 31:14
  Speaker 4: is it legal? Well, it's legal. You could force each
• 31:17
  Speaker 4: other to sell. Whenever you own property like this, you're
• 31:20
  Speaker 4: able to go to court and get a petition to
• 31:22
  Speaker 4: partition and say hey, I want out of the property,
• 31:24
  Speaker 4: and then one sister would either have to buy out
• 31:26
  Speaker 4: the other sister or they force the sale.
• 31:29
  Speaker 3: So I mean it could happen. So I'd say, is
• 31:32
  Speaker 3: it legal. Yes, it is.
• 31:34
  Speaker 4: But there's a lot of other underlying issues to think
• 31:36
  Speaker 4: about here. The biggest one for all of them is
• 31:42
  Speaker 4: if Dad's in the nursing home and there's a lean
• 31:44
  Speaker 4: on it because he's on Medicaid, and they sell the property,
• 31:48
  Speaker 4: they're going to get paid back.
• 31:49
  Speaker 3: So the state's going to get to the state.
• 31:52
  Speaker 4: Yeah, whatever chunk Dad gets, that's going to the state,
• 31:57
  Speaker 4: not to the family.
• 31:58
  Speaker 2: So if they wait to sell, that life estate goes
• 32:01
  Speaker 2: away when he dies and then they get the whole
• 32:03
  Speaker 2: trit split.
• 32:03
  Speaker 3: The lien goes away.
• 32:04
  Speaker 4: It's not subject to pro it's not subject to probate,
• 32:07
  Speaker 4: no estate administration, so the lean or state recovery excuse me,
• 32:11
  Speaker 4: the lien goes away. And don't forget, there's capital gains
• 32:14
  Speaker 4: taxes that might be paid that would be completely avoided
• 32:17
  Speaker 4: if you wait until Dad dies.
• 32:18
  Speaker 3: To sell the property.
• 32:20
  Speaker 4: Folks get some guidance when you're dealing with nursing home
• 32:24
  Speaker 4: admission situation and folks, get the guide Demystifying the Top
• 32:29
  Speaker 4: seven planning estate planning trusts when you're trying to do
• 32:33
  Speaker 4: your estate plan to get your ideas together to figure
• 32:37
  Speaker 4: out what kind of trust is right for you. This
• 32:40
  Speaker 4: guide offers them all, from nominee realty trust to revocable
• 32:44
  Speaker 4: to a series of different kinds of irrevocable trusts, and
• 32:48
  Speaker 4: how they all operate, your dues and don't and the
• 32:53
  Speaker 4: different types of income, gift and estate taxes that are
• 32:57
  Speaker 4: offered through these trusts. Yet the guide Get started eight
• 33:01
  Speaker 4: six six eight four eight five six nine nine or
• 33:05
  Speaker 4: Legal Exchange show dot com New for the month eight
• 33:08
  Speaker 4: six six eight four eight five six nine nine or
• 33:13
  Speaker 4: Legal Exchange Show dot com.
• 33:15
  Speaker 2: Our last question comes from Renee in Wooster, mass and
• 33:18
  Speaker 2: Renee writes, my mother passed away recently and named me
• 33:21
  Speaker 2: as the executor. In reviewing her account statements, it appears
• 33:25
  Speaker 2: that she gave a lot of money to my brother
• 33:28
  Speaker 2: over the past year. Can we deduct this amount from
• 33:31
  Speaker 2: his portion of his inheritance. I don't think my mother
• 33:34
  Speaker 2: fully understood what she was doing before she died, and
• 33:38
  Speaker 2: I think he may have taken advantage of that.
• 33:41
  Speaker 3: Well, that's going to be. That's going to be a
• 33:45
  Speaker 3: tough call.
• 33:46
  Speaker 4: So so let's just try to analyze this a little bit.
• 33:50
  Speaker 4: So Mom died, so now we have an estate administration.
• 33:53
  Speaker 4: First step in reviewing everything, you see that there were
• 33:57
  Speaker 4: gifts made from these accounts because you got to gather
• 34:00
  Speaker 4: all the statements. Remember, when someone dies, you've got to
• 34:02
  Speaker 4: do evaluation of everything you own on the date of death,
• 34:06
  Speaker 4: and in doing that you would definitely pull the bank statements.
• 34:09
  Speaker 4: So this is how they're going to see this now
• 34:12
  Speaker 4: when you say mother gave it away, so we have
• 34:14
  Speaker 4: to then look at the actual actions that were taken.
• 34:17
  Speaker 4: Did Mom write a check and sign it and give
• 34:21
  Speaker 4: it to son potentially? Did son just use a you know,
• 34:25
  Speaker 4: a code and went to the ATM machine and took
• 34:28
  Speaker 4: out money. I mean, you know, it becomes it becomes
• 34:32
  Speaker 4: a little harder to prove what happened. But you're going
• 34:35
  Speaker 4: to need to do that if you want to try
• 34:38
  Speaker 4: to prove this issue right. Then again, remember, folks, you
• 34:44
  Speaker 4: start doing this from a family perspective, and it's going
• 34:48
  Speaker 4: to get ugly. But if it needs to get ugly
• 34:51
  Speaker 4: because it's wrong, yes, sure, Now, before we go down
• 34:56
  Speaker 4: that ugly road, let's answer the question, can we deduct
• 35:00
  Speaker 4: this amount from his portion of the inheritance. No, you
• 35:04
  Speaker 4: don't get to decide. You know, children don't get to
• 35:09
  Speaker 4: decide how a decedent wishes to leave their assets. If
• 35:15
  Speaker 4: this decedent said all I have is a will and
• 35:20
  Speaker 4: I treat my kids equally, well that's her wish. If
• 35:24
  Speaker 4: it said, you know, I want to treat something as
• 35:28
  Speaker 4: an advancement, like we do in our trust.
• 35:30
  Speaker 2: Johnny owes me some money.
• 35:32
  Speaker 4: Or certainly Susan, it could be that someone owes me money,
• 35:36
  Speaker 4: or in this case like we have this this thing
• 35:39
  Speaker 4: in our trust called advancement language. If the don't or
• 35:44
  Speaker 4: the creator now the person who's deceased. If the creator
• 35:47
  Speaker 4: comes to us and says, you know what, I've given
• 35:50
  Speaker 4: my son one hundred thousand dollars recently or over his lifetime,
• 35:55
  Speaker 4: I want to treat that as an advancement. We have
• 35:58
  Speaker 4: special language in the trust that says, treat that as
• 36:01
  Speaker 4: an advancement, which in English means if you're dividing everything equally,
• 36:06
  Speaker 4: you have to give one hundred thousand dollars to the
• 36:09
  Speaker 4: other kids.
• 36:11
  Speaker 2: First before you do this split.
• 36:13
  Speaker 4: Then you split up everything equally so now, yes, that
• 36:17
  Speaker 4: would be a deduction from his inheritance, but.
• 36:20
  Speaker 2: They would have to specifically say do here's what.
• 36:23
  Speaker 4: It is, even though I have that language and the trust,
• 36:26
  Speaker 4: unless they come to me and give me in writing
• 36:29
  Speaker 4: the language, the amount of the and to treat it
• 36:32
  Speaker 4: that way, that language.
• 36:33
  Speaker 2: Is doesn't do anything give because he's my favorite exactly.
• 36:37
  Speaker 4: It's love and affection, it's it's whatever you want to
• 36:40
  Speaker 4: call it. So folks, you know, be careful there so,
• 36:43
  Speaker 4: but yes, can't can you do it?
• 36:45
  Speaker 6: No?
• 36:45
  Speaker 4: But if you want to bring an action and claim
• 36:47
  Speaker 4: undue influence, have at it. But it's going to be litigation, right,
• 36:51
  Speaker 4: and it's going to get ugly. But folks, to keep
• 36:54
  Speaker 4: things from getting ugly, get the guide This month it's
• 36:57
  Speaker 4: new top seven estate planning trusts and learn which trust
• 37:01
  Speaker 4: is right for you and begin your planning eight six, six,
• 37:05
  Speaker 4: eight four, eight, five, six, nine to nine.
• 37:08
  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
• 37:14
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:17
  Speaker 2: read your question on the air, and hopefully his answer
• 37:19
  Speaker 2: will stop you from becoming one of his next real
• 37:22
  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 Lutski.
• 37:38
  Speaker 1: A trust isn't just a document. It's a powerful tool
• 37:41
  Speaker 1: that can help protect your assets from the nursing home
• 37:43
  Speaker 1: and even reduce or eliminate a state taxes. Cushing and
• 37:46
  Speaker 1: Dolan are leaders in elder law, estate planning, and asset protection.
• 37:50
  Speaker 1: This month, they're offering a free guide called Demistifying the
• 37:53
  Speaker 1: Top seven estate Planning Trusts. This guy breaks down the
• 37:56
  Speaker 1: most common types of trusts, explains the pros and cons
• 37:59
  Speaker 1: of each, and helps you understand which might be right
• 38:02
  Speaker 1: for you and your family. Trust come with different rules, benefits,
• 38:05
  Speaker 1: and tax treatment, and choosing the wrong one could cost you.
• 38:08
  Speaker 1: Learning the differences now can help you make smarter decisions
• 38:11
  Speaker 1: for your future and your loved ones. Trusts are a
• 38:14
  Speaker 1: critical part of any well designed estate plan, but they
• 38:16
  Speaker 1: can be complex. Don't guess your way through it. Get
• 38:19
  Speaker 1: the facts first. Call Cushing and Dolan now at eight
• 38:22
  Speaker 1: sixty six eight, four, eight, five, six, nine nine to
• 38:25
  Speaker 1: request your free copy or visit legal exchange show dot com.
• 38:29
  Speaker 1: The proceeding was paid for in the views exprest Or Sole,
• 38:30
  Speaker 1: leaders of Cushing and Dolan. Cushing and Dolan, d or
• 38:32
  Speaker 1: Armstrong Advisory may contact you offering legal investment services. Cushing
• 38:35
  Speaker 1: and Dolan and I'mstrong Advisory do not endorse each other
• 38:37
  Speaker 1: in or not affiliated. The holidays are just around the corner,
• 38:42
  Speaker 1: so now is the time to plan your winter escape.
• 38:45
  Speaker 1: Trade in the cold for sunshine, sea breezes, and island
• 38:48
  Speaker 1: vibes in the US Virgin Islands, America's Caribbean paradise. Whether
• 38:53
  Speaker 1: it's a romantic retreat, a family celebration, or a solo
• 38:57
  Speaker 1: recharge before the new year. Saint Croix, Say Thomas and
• 39:00
  Speaker 1: Saint John offer the ultimate warm weather getaway. Lounge on
• 39:05
  Speaker 1: sun drenched beaches, explore vibrant culture and celebrate the holiday's
• 39:09
  Speaker 1: island style. No passport, no hassle, just warm weather, clear
• 39:14
  Speaker 1: blue water and unforgettable memories. This is where the stress
• 39:18
  Speaker 1: melts away and you find yourself naturally in rhythm with
• 39:21
  Speaker 1: the heartbeat of the islands. Go to visit USVII dot
• 39:25
  Speaker 1: com and book your trip today. That's visit USVII dot
• 39:28
  Speaker 1: com the US Virgin Islands, America's Caribbean paradise. Your holiday
• 39:34
  Speaker 1: escape starts here at visit USVII dot com.
• 39:39
  Speaker 6: The future doesn't plan itself. Hi, this is Mike Armstrong
• 39:42
  Speaker 6: from the Armstrong Advisory Group. Whether you've built a business,
• 39:45
  Speaker 6: grown your investments, or simply want to protect your family,
• 39:48
  Speaker 6: your legacy deserves more than a generic estate plan. From
• 39:51
  Speaker 6: wills and trusts to beneficiary designations and beyond, true wealth
• 39:55
  Speaker 6: transfer is personal, powerful, and deeply strategic. That's why we
• 39:59
  Speaker 6: created Leaving a Lasting Legacy, a comprehensive guide to legacy
• 40:03
  Speaker 6: planning that puts your vision, values, and family first. Learn
• 40:06
  Speaker 6: how to protect your assets, avoid probate, minimize taxes, and
• 40:10
  Speaker 6: build a legacy that lasts for generations. Get your free
• 40:13
  Speaker 6: copy of Leaving a Lasting Legacy today by calling eight
• 40:16
  Speaker 6: hundred three nine three four zero zero one. That number
• 40:19
  Speaker 6: again is eight hundred three nine three four zero zero one,
• 40:22
  Speaker 6: or you can request the guide online by visiting Armstrong
• 40:25
  Speaker 6: Advisory dot com.
• 40:26
  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
• 40:36
  Speaker 1: any investment decisions. Armstrong make 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,
• 40:45
  Speaker 1: call Todd right now at eight sixty six eight four
• 40:48
  Speaker 1: eight five six ninet nine and let him make sure
• 40:50
  Speaker 1: your assets are protected. That's eight six six eight four
• 40:53
  Speaker 1: eight five six nine nine, or visit him online at
• 40:56
  Speaker 1: Legal Exchange show dot com.
• 40:59
  Speaker 2: Welcome back into Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 41:03
  Speaker 2: a financial advisor the Armstrong Advisory Group, and I'm joined,
• 41:07
  Speaker 2: of course by Todd Lutsky, a partner with the law
• 41:09
  Speaker 2: firm of Cushing and Dolan with a master's in taxation. So, Todd,
• 41:14
  Speaker 2: we're talking about all the different types of estate planning
• 41:19
  Speaker 2: trusts that are out there, and in no particular order.
• 41:21
  Speaker 2: The nominee reality trust is the first one listed in there.
• 41:26
  Speaker 2: Not your favorite, yep. So I think that nominee reality
• 41:32
  Speaker 2: trusts are really misunderstood. The title says trust, but that's
• 41:36
  Speaker 2: not really the case.
• 41:38
  Speaker 3: Correct, Yeah, it's not really a trust.
• 41:40
  Speaker 4: It's it's more of a you know, a principal agency relationship.
• 41:46
  Speaker 3: And what do I mean by that?
• 41:48
  Speaker 4: Or or one way of looking at it as like
• 41:50
  Speaker 4: an employer employee relationship. And here's how I get there
• 41:56
  Speaker 4: in these documents. Unlike a regular I don't know how
• 41:59
  Speaker 4: to say it. Unlike let's call it a true trust,
• 42:02
  Speaker 4: a real trust, which could be revocable or irrevocable, or
• 42:06
  Speaker 4: you name it. Unlike a real trust, a nominee realty
• 42:12
  Speaker 4: trust is basically you have the trustee of the trust,
• 42:19
  Speaker 4: and then you have a schedule of beneficiaries, usually at
• 42:24
  Speaker 4: the end of the document. And by the way, it's
• 42:26
  Speaker 4: not really part of the trust, it's a separate attachment. However,
• 42:31
  Speaker 4: the document itself says that here are all the trustee powers,
• 42:37
  Speaker 4: and that's normal in a trust. You have a list
• 42:40
  Speaker 4: of powers. However, before that list of powers, it says,
• 42:46
  Speaker 4: the trustee can't do anything unless directed by the beneficiaries. So, yeah,
• 42:54
  Speaker 4: here are your powers, but you can't do anything unless
• 42:59
  Speaker 4: the beneficiary say it's okay, So is it.
• 43:01
  Speaker 2: The mom and dads of the world that are typically
• 43:04
  Speaker 2: the trustees of anonymy nominee reality trust.
• 43:07
  Speaker 4: So you yes, I would say you. If you create it, yeah,
• 43:12
  Speaker 4: likely you'll be the trustees. But you can't do anything
• 43:17
  Speaker 4: unless the beneficiaries whoever that is right, And we don't
• 43:21
  Speaker 4: know who that is till we look, and most of
• 43:24
  Speaker 4: the time most people don't even they can't even find
• 43:26
  Speaker 4: those half the time. But those people or entities listed
• 43:33
  Speaker 4: have to direct the trustee to act.
• 43:35
  Speaker 3: There's your employer employee. You say, how that kind of meant?
• 43:38
  Speaker 2: Got it? So? All right? So who is typically shown
• 43:43
  Speaker 2: as the beneficiaries? Like if I had one of these,
• 43:45
  Speaker 2: would it be my kids? Or who would the beneficiary be?
• 43:50
  Speaker 3: Yeah?
• 43:50
  Speaker 4: This is where mistakes come in, and this is where
• 43:54
  Speaker 4: the problem with these trusts come in, and and that
• 43:59
  Speaker 4: is not only do the beneficiaries have the power to
• 44:05
  Speaker 4: direct the trustee to act, they actually are the owners.
• 44:11
  Speaker 3: Right away.
• 44:12
  Speaker 2: So if you put your kids on as beneficiaries like
• 44:15
  Speaker 2: you would for a regular trust, or you would at
• 44:18
  Speaker 2: least they they own your house now.
• 44:21
  Speaker 4: Yeah or whatever you put in the nomine realty trust. Yeah,
• 44:25
  Speaker 4: So that's what people The biggest misunderstanding or misconception of
• 44:32
  Speaker 4: these documents is that they don't realize that they gave
• 44:37
  Speaker 4: something away right.
• 44:40
  Speaker 2: Then and there, So why would anyone ever consider using
• 44:44
  Speaker 2: these documents? What are they used for?
• 44:45
  Speaker 3: I'm going to tell you.
• 44:46
  Speaker 4: So we would we would typically in the old days
• 44:51
  Speaker 4: there were no trustee certificates. A trustee certificate today allows
• 44:56
  Speaker 4: us to describe the trust vehicle that I want as
• 45:00
  Speaker 4: a beneficiary. So I don't have to put my trust
• 45:02
  Speaker 4: on record, right, because that's I don't want to prepare
• 45:05
  Speaker 4: for your private So what you normally would do is
• 45:07
  Speaker 4: you would put real estate into these doc into these
• 45:11
  Speaker 4: nominee realty trusts, and the real estate then the beneficiary
• 45:15
  Speaker 4: would be your family revocable trust let's say, or whatever,
• 45:19
  Speaker 4: or irrevocable medicaid trust.
• 45:21
  Speaker 3: Right, And so now the owner.
• 45:24
  Speaker 4: Is the correct trust that you want to be the owner,
• 45:28
  Speaker 4: and what you put on record is the nominee realty trust,
• 45:33
  Speaker 4: not the schedule of beneficiaries, and not the big family
• 45:38
  Speaker 4: trust that you now owns the property. So it was
• 45:41
  Speaker 4: a privacy benefit, right, and it was also an ease
• 45:45
  Speaker 4: of transferability benefit where you could just change beneficiaries and
• 45:49
  Speaker 4: not change deeds.
• 45:51
  Speaker 2: Got it.
• 45:51
  Speaker 3: So there were some reasons to do it. Boy way
• 45:55
  Speaker 3: more problems than benefits. So folks, that.
• 46:00
  Speaker 4: Is actually the first, not that I put it there
• 46:03
  Speaker 4: by design, but it's the first trust in this new
• 46:07
  Speaker 4: guide for the month Top seven estate planning trust demystifying them.
• 46:12
  Speaker 4: It's the first one listed. There are many other kinds,
• 46:15
  Speaker 4: seven other kind in fact, from pool trust to special
• 46:18
  Speaker 4: needs trust to many types of irrevocable trusts, gifting trusts.
• 46:24
  Speaker 4: Of course, revocable trusts are important, but more importantly it
• 46:28
  Speaker 4: goes into describing who would use it, when you would
• 46:32
  Speaker 4: use it, and how it works when you're alive, so
• 46:34
  Speaker 4: you can say, oh, am I going to be burdened
• 46:36
  Speaker 4: by this trust? And what are the income and gift
• 46:39
  Speaker 4: tax associated with these trusts? And of course how do
• 46:43
  Speaker 4: you save estate planning? So lots to learn about if
• 46:46
  Speaker 4: you need to get your estate plan and going or
• 46:48
  Speaker 4: in order either one something is in here for everybody
• 46:52
  Speaker 4: eight six six eight four eight five six nine to
• 46:56
  Speaker 4: nine or Legal exchange show dot com to get the
• 46:59
  Speaker 4: new guide for the month month eight six six eight
• 47:02
  Speaker 4: four eight five six nine to nine or Legal exchange
• 47:05
  Speaker 4: show dot com.
• 47:07
  Speaker 2: So let's go back to the scenario where you've got
• 47:12
  Speaker 2: mom and dad and they put their kids down as
• 47:15
  Speaker 2: the beneficiaries. Okay, would you say the kids already own it?
• 47:19
  Speaker 3: Yeah, I would say that's that's what happened. Right.
• 47:22
  Speaker 2: So what if mom and dad want to sell their house.
• 47:25
  Speaker 4: Yeah, what happens so the trustee cannot act unless directed
• 47:30
  Speaker 4: by the beneficiary.
• 47:31
  Speaker 3: See how this comes into PA.
• 47:32
  Speaker 2: I do not enjoy that whatsoever.
• 47:35
  Speaker 4: So if they want to sell the house, they're going
• 47:36
  Speaker 4: to have to say, kids, can you please when we
• 47:39
  Speaker 4: do this? Right, you prepare an Authorization and Direction of
• 47:43
  Speaker 4: Beneficiary form signed by the beneficiary saying trustee, please sell
• 47:49
  Speaker 4: or transfer the property located at our permission you And
• 47:54
  Speaker 4: then there's a trustee certificate that signs saying the trustees
• 47:58
  Speaker 4: of the trust say, we work told by the beneficiaries
• 48:01
  Speaker 4: to go ahead and sell the property, and we acknowledge.
• 48:03
  Speaker 4: I mean, there's paperwork that you have to do and
• 48:06
  Speaker 4: then we go ahead and sell it. It's like Robert's
• 48:08
  Speaker 4: Rules of Order, right.
• 48:10
  Speaker 2: Yeah, okay, so no fun if someone's out there listening
• 48:14
  Speaker 2: and they go row, Yeah, my kids are listed. Is
• 48:18
  Speaker 2: the beneficiaries on my nominee? Reality trust? How do we
• 48:22
  Speaker 2: undo this?
• 48:22
  Speaker 4: Is it?
• 48:23
  Speaker 2: Can you undo that?
• 48:24
  Speaker 3: Yeah?
• 48:24
  Speaker 4: So let me ask you a follow up question. In
• 48:26
  Speaker 4: your little hypothetical, Susan, do these kids get along with
• 48:30
  Speaker 4: their parents?
• 48:31
  Speaker 2: Let's start with no, No.
• 48:34
  Speaker 4: That's a problem, I would think, because you know they
• 48:40
  Speaker 4: those kids control that trust, they control who you know
• 48:44
  Speaker 4: you can you change the beneficiaries of that trust, Yes,
• 48:47
  Speaker 4: but it has to be signed by the beneficiaries authorizing
• 48:50
  Speaker 4: the change. Well, they're not going to sign that. So
• 48:53
  Speaker 4: so you you really, in a lot of ways, you've
• 48:55
  Speaker 4: tied your hands.
• 48:57
  Speaker 2: And if they do get along, get along that.
• 49:00
  Speaker 4: Way, you just prepare an authorization and direction of beneficiaries
• 49:03
  Speaker 4: to issue a change of schedule of beneficiaries form. Change
• 49:08
  Speaker 4: the form back to mom and dad as a beneficiaries. Yep,
• 49:11
  Speaker 4: sign that off. Now mom and dad are the trustees.
• 49:14
  Speaker 4: Mom and dad are the beneficiaries, and on we go. Okay,
• 49:17
  Speaker 4: so out would come the property. Please let's get rid
• 49:20
  Speaker 4: of this and then let's just take the property that
• 49:23
  Speaker 4: they now own mom and dads of the world and
• 49:25
  Speaker 4: put it directly into their new family Planning trust.
• 49:30
  Speaker 2: So you've mentioned this that you used these in the past.
• 49:34
  Speaker 3: Oh yeah, you had to, but your.
• 49:36
  Speaker 2: Schedule of beneficiaries would have been their trust.
• 49:39
  Speaker 4: Oh yeah, yeah, we would never make the schedule of
• 49:41
  Speaker 4: beneficiaries the kids have you say you're making a gift,
• 49:43
  Speaker 4: why bother, why even bother?
• 49:45
  Speaker 3: Just give it to the kids.
• 49:46
  Speaker 2: So I recall years ago you and I met with
• 49:49
  Speaker 2: some folks and they were listed as their own beneficiaries.
• 49:54
  Speaker 2: So what did they accomplished by doing that? Like mom
• 49:56
  Speaker 2: and dad the trustee and mom and Dad's the beneficiaries,
• 49:59
  Speaker 2: great quot question.
• 50:00
  Speaker 4: They accomplished nothing. I mean the property went from their
• 50:03
  Speaker 4: name through a trust back into their name. I'm not
• 50:07
  Speaker 4: even sure they're avoiding probate, never mind not accomplishing any
• 50:10
  Speaker 4: estate tax planning. And where does it go when the
• 50:13
  Speaker 4: survivor dies?
• 50:14
  Speaker 3: Right?
• 50:15
  Speaker 4: I mean you got to tie the estate plan together, folks,
• 50:19
  Speaker 4: and in your case, to get going with your estate plan,
• 50:22
  Speaker 4: get this guide Demystifying the top seven estate planning trusts
• 50:26
  Speaker 4: so you don't make this mistake. You pick the right
• 50:29
  Speaker 4: trust that works for you and your family situation eight
• 50:34
  Speaker 4: six six eight four eight five six ninety nine or
• 50:38
  Speaker 4: Legal exchange show dot com and you can download it
• 50:41
  Speaker 4: right there.
• 50:42
  Speaker 2: Todd Letsky from the law firm of Cushing and Do
• 50:45
  Speaker 2: and thank you so much.
• 50:46
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:47
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:52
  Speaker 2: We thank you for joining us today and we'll be
• 50:54
  Speaker 2: back again next week on the Legal Exchange with Todd Letske.
• 50:59
  Speaker 1: A trust isn't just document. It's a powerful tool that
• 51:02
  Speaker 1: can help protect your assets from the nursing home and
• 51:04
  Speaker 1: even reduce or eliminate a state taxes. Cushing and Dolan
• 51:07
  Speaker 1: are leaders in elder law, estate planning and asset protection.
• 51:11
  Speaker 1: This month, they're offering a free guide called Dmistifying the
• 51:14
  Speaker 1: Top seven estate Planning Trusts. This guide breaks down the
• 51:17
  Speaker 1: most common types of trusts, explains the pros and cons
• 51:19
  Speaker 1: of each, and helps you understand which might be right
• 51:22
  Speaker 1: for you and your family. Trust come with different rules, benefits,
• 51:25
  Speaker 1: and tax treatment, and choosing the wrong one could cost you.
• 51:29
  Speaker 1: Learning the differences now can help you make smarter decisions
• 51:31
  Speaker 1: for your future and your loved ones. Trusts are a
• 51:34
  Speaker 1: critical part of any well designed estate plan, but they
• 51:37
  Speaker 1: can be complex. Don't guess your way through it. Get
• 51:40
  Speaker 1: the facts first. Call Cushing and Dolan now at eight
• 51:43
  Speaker 1: sixty six eight four eight five six ninety nine to
• 51:45
  Speaker 1: request your free copy, or visit Legal Exchange show dot com.
• 51:49
  Speaker 1: The proceeding who's paid for in the views express or
• 51:50
  Speaker 1: sole leaders of Cushing and Dolin, Cushing and Dolan ind
• 51:52
  Speaker 1: or Armstrong Advisory may contact you're offering legal or investment services.
• 51:55
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 51:57
  Speaker 1: other and are not affiliated.
• 51:59
  Speaker 3: HI.
• 51:59
  Speaker 6: This is Mike Armstrong from the Armstrong Advisory Group. When
• 52:02
  Speaker 6: it comes to legacy planning, having a will is important,
• 52:05
  Speaker 6: but it may not be enough. A will only covers
• 52:07
  Speaker 6: probate assets, and the probate process can be slow, public,
• 52:10
  Speaker 6: and expensive. That's where trusts come in. Trust can help
• 52:13
  Speaker 6: you avoid probate, keep your wishes private, and control how
• 52:16
  Speaker 6: and when your assets are distributed. Whether you're looking to
• 52:19
  Speaker 6: support family, minimize taxes, or prepare for the unexpected, a
• 52:23
  Speaker 6: well designed plan can make a meaningful difference. Our new
• 52:26
  Speaker 6: free guide Leaving a Lasting Legacy covers wills, trusts, and
• 52:29
  Speaker 6: other strategies to help you build a strong retirement plan.
• 52:32
  Speaker 6: Take the first step towards clarity by calling eight hundred
• 52:35
  Speaker 6: three nine three for zero zero one right now and
• 52:38
  Speaker 6: asking for your free guide today. That number again is
• 52:41
  Speaker 6: eight hundred three nine three four zero zero one, or
• 52:44
  Speaker 6: requested online at Armstrong Advisory dot Com.
• 52:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  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 make contact you to offer investment
• 52:58
  Speaker 1: advisory services. The holidays are just around the corner, so
• 53:03
  Speaker 1: now is the time to plan your winter escape. Trade
• 53:06
  Speaker 1: in the cold for sunshine, sea breezes and island vibes
• 53:09
  Speaker 1: in the US Virgin Islands, America's Caribbean paradise. Whether it's
• 53:14
  Speaker 1: a romantic retreat, a family celebration, or a solo recharge
• 53:18
  Speaker 1: before the new year. Saint Croix, Saint Thomas, and Saint
• 53:21
  Speaker 1: John offer the ultimate warm weather getaway. Lounge on sun
• 53:26
  Speaker 1: drenched beaches, explore vibrant culture and celebrate the holiday's island style.
• 53:31
  Speaker 1: No passport, no hassle, just warm weather, clear blue water
• 53:36
  Speaker 1: and unforgettable memories. This is where the stress melts away
• 53:40
  Speaker 1: and you find yourself naturally in rhythm with the heartbeat
• 53:42
  Speaker 1: of the islands. Go to visit USVII dot com and
• 53:46
  Speaker 1: book your trip today. That's visit USVII dot com the
• 53:50
  Speaker 1: US Virgin Islands, America's Caribbean paradise. Your holiday escape starts
• 53:56
  Speaker 1: here at visit USVII dot com