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The best way to leave real estate to your beneficiaries · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  Speaker 1: and protecting your money from a nursing home. If you
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
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  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
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  Speaker 2: joined by Todd Lutsky, a partner with the law firm
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  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today?
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  Speaker 3: I'm never better on you.
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  Speaker 2: I'm great, Thank you. What do you have for us
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  Speaker 2: this week?
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  Speaker 3: So a couple of things. We have an Ohio Appellate
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  Speaker 3: Court case dealing with a trust that held property but
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  Speaker 3: gives one of the kids as trustees a life tendency,
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  Speaker 3: and then the question is does he have the power
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  Speaker 3: to sell the whole property or just the life estate piece.
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  Speaker 3: And of course in between, one of the other kids
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  Speaker 3: died and left kids and are they in or are
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  Speaker 3: they out? I mean, this is all about drafting, folks,
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  Speaker 3: and trust work and how to deal with real estate.
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  Speaker 3: We're going to learn so much from this case. Then
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  Speaker 3: we're going to flip over and do a Louisiana Supreme
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  Speaker 3: Court case dealing primarily with the operation and understanding of
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  Speaker 3: a no contest clause. Okay, because that's what's going on here,
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  Speaker 3: How it works, when does it apply, who does it
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  Speaker 3: apply to, and what can you do and what can
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  Speaker 3: you not do with a no contest clause. So that's
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  Speaker 3: kind of the summary of what we're going to talk
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  Speaker 3: about in these cases and why are they're important to
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  Speaker 3: put in your trusts. I say that, folks, because the
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  Speaker 3: They give you both tax and non tax information, mainly
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  Speaker 3: operational information as well. Get the guide eight six six
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  Speaker 3: Show dot com again eight six six eight four eight
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  Speaker 3: It is the end of the month, folks, so let's
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  Speaker 3: head over to Ohio, shall we my home state? What's
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  Speaker 3: going on here? We have Mary who had two kids. Now,
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  Speaker 3: you can't make this up. Dirf and Bambi are the
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  Speaker 3: two kids. No, I'm not kidding for real, for real,
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  Speaker 3: unless they made it up. So diff and Bambie are
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  Speaker 3: the kids. Now, Bamby had three kids. So Mary created
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  Speaker 3: a trust and transferred her home and money into the
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  Speaker 3: trust on December of twenty twelve. Well that's fine, that
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  Speaker 3: seems like the right thing to do. And then she
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  Speaker 3: died in January of twenty twenty one. Keynoteo. Bamby daughter
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  Speaker 3: died six weeks later, survived by those three kids, an
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  Speaker 3: important fact to keep in mind. Okay, so what happens. Well,
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  Speaker 3: they go to probate court and DIRF was granted a
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  Speaker 3: life estate in the trust. Okay, that seems fine, and
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  Speaker 3: as trustee, he decided he wanted to sell the whole property. Well,
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  Speaker 3: the grandkids weren't through with that. Remember Bambi died and
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  Speaker 3: left three kids. The grandkids argued that they needed their
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  Speaker 3: permission before you could sell this property, as they succeeded
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  Speaker 3: to Bambi's rights under the trust because Bamby died. Well,
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  Speaker 3: the ruling came down that DIRF could in fact sell
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  Speaker 3: the life estate whenever he wanted and that the proceeds
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  Speaker 3: would be administered according to the terms of the trust.
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  Speaker 3: Also seems right, and that the grandkids were vested beneficiaries. Well,
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  Speaker 3: they weren't happy with that result, so they went to
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  Speaker 3: the appeled court and the trust said in fact that
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  Speaker 3: DIRF as trustee, had absolute discretion and power to sell
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  Speaker 3: not just a life estate, but the entire property in
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  Speaker 3: his discretion as he sees fit, no requirement to talk
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  Speaker 3: or consult with any of the grand kids. Again, not
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  Speaker 3: an abnormal power to have in the trust. Now the
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  Speaker 3: issue regard, we turn our attention to the issue of
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  Speaker 3: whether these grandkids are vested beneficiaries or not. Well, the
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  Speaker 3: trust said, if you read the language, it provided that
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  Speaker 3: the money in the trust would be held for the
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  Speaker 3: kids Dirf and Bambie till age sixty five, then it
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  Speaker 3: would pay out to them. Now, if they died prior
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  Speaker 3: to age sixty five, then it would go to the
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  Speaker 3: grandkids outright. But it turns out that Bambi survived Mary,
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  Speaker 3: so she didn't die before Mary, and she was over
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  Speaker 3: sixty five. So this property got paid out. Remember it
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  Speaker 3: was only a six week difference. This property got paid
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  Speaker 3: out to Mary or to Bambi. Excuse me, And so
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  Speaker 3: the kids are the grandkids are not vested beneficiaries here
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  Speaker 3: because Mary died after I'm sorry, because Bambi died after Mary.
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  Speaker 2: Took paid out to her estate and.
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  Speaker 3: She was over sixty five, so it got paid out
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  Speaker 3: to Bamby and then Bambi's estate plan side where it goes, Yeah,
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  Speaker 3: not this trust, which is right right. I'm not sure
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  Speaker 3: what the grandkids were upset about here. Because likely they
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  Speaker 3: got it. Bambi might have given it to her kids.
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  Speaker 2: And even if she didn't have an estate plan in place,
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  Speaker 2: although we don't know, she could have had a spouse
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  Speaker 2: though too.
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  Speaker 3: She could have had a spouse from a second marriage.
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  Speaker 3: She could have had that asset, could have went to
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  Speaker 3: he could have controlled it, given it to his kids
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  Speaker 3: from a prior marriage.
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  Speaker 2: Got to do your plan.
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  Speaker 3: Don't know what's going on there, folks, but that certainly
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  Speaker 3: could have been a big, a big issue. So that said,
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  Speaker 3: what do we you know? What do we learn from this?
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  Speaker 4: Right?
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  Speaker 3: And it's the trust's work. Right. Trusts are great in
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  Speaker 3: this case. You have whenever you have real estate. I
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  Speaker 3: don't care if you're dealing with a revocable trust or
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  Speaker 3: an irrevocable trust. It's so important to have a trust
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  Speaker 3: in place when you're dealing with real estate, not just
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  Speaker 3: because it helps you avoid probate, but remember it avoids
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  Speaker 3: probate in all states. If you've got real estate, you
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  Speaker 3: might have real estate in more than one state, not
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  Speaker 3: thinking that if you do, and you don't put all
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  Speaker 3: the real estate into the trust you're doing, then you're
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  Speaker 3: going to have to probate in multiple states. So if
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  Speaker 3: you die in Massachusetts, but you own property in Florida
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  Speaker 3: and it's in your name, you're going to have to
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  Speaker 3: probate in Massachusetts because that's where you died. Then do
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  Speaker 3: an ancillary probate in the state where you own property,
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  Speaker 3: so you could be probating in multiple states. A trust
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  Speaker 3: prevents that, so that's an easy reason to do it. Yes,
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  Speaker 3: it also reduces and eliminates your state tax, both federal
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  Speaker 3: and state. But more importantly, it really controls how you
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  Speaker 3: leave your assets, right, and this case is important, right
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  Speaker 3: because look, they left a life of state in here. Well,
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  Speaker 3: there's nothing wrong with that. That's saying, listen, we've got
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  Speaker 3: two kids, or they thought they had two kids, and
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  Speaker 3: they did actually because Bambi did outlive Mary not long,
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  Speaker 3: but she did. And it says, well, we want to
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  Speaker 3: treat our kids equally, as I understood it, but we need,
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  Speaker 3: you know, Durf to have a life estate so that
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  Speaker 3: he can live there. Now, we do that all the
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  Speaker 3: time as well, to say, if you're going to do that, though,
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  Speaker 3: put language in and I don't know if this trust
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  Speaker 3: had it. You know, Durf, you can live there, but
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  Speaker 3: you got to pay the real estate taxes, you got
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  Speaker 3: to pay the utility bills, You've got to maintain the property.
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  Speaker 2: Can't be living off the doll of the trust right.
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  Speaker 3: You got to do this. And then you put trigger
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  Speaker 3: language in that says, in the event you don't pay
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  Speaker 3: a utility bill for ninety consecutive days, make sure you
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  Speaker 3: say it that way. I mean, you can miss a
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  Speaker 3: bill for a month, I get it, but ninety consecutive days,
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  Speaker 3: if that's a trigger event, then you lose your right
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  Speaker 3: to live there. Or you go away for more than
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  Speaker 3: six consecutive months. You can take a vacation, but don't
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  Speaker 3: leave the property unattended too long, you lose your right
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  Speaker 3: to live there. Or if you relinquish your right on
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  Speaker 3: your own or if you die. I mean, these are
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  Speaker 3: all trigger events. And then you can say in the
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  Speaker 3: trust what happens if one of those trigger events occur. Okay, well,
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  Speaker 3: then it goes back into the trust and to both kids,
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  Speaker 3: or or give the life tenant the right to buy
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  Speaker 3: out the other one, whatever you want. But what we
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  Speaker 3: also do is, even when there's no life estate issue,
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  Speaker 3: always put that language in there that says, even if
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  Speaker 3: we're treating the kids equally, when it comes to real estate,
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  Speaker 3: you force the sale unless the kids want it. If
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  Speaker 3: they want it, then they get it. If they don't,
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  Speaker 3: then the one who wants it gets to buy out
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  Speaker 3: the interest of the one who doesn't at fair market value.
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  Speaker 3: Everybody's treated equally and there's no fighting, so that's very important.
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  Speaker 3: And in this case, even if grandkids weren't around, if
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  Speaker 3: one kid dies, the grandkids then would have one vote
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  Speaker 3: to decide whether this for the parent who's deceased. But
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  Speaker 3: in this case it didn't matter because they worthly weren't
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  Speaker 3: vested anyway because she outlived mom. Folks lots to think about.
• 10:10
  Speaker 3: Understand the top seven estate planning trust. It's the end
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  Speaker 2: You've been listening to Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
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  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
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  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Lutsky.
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  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
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  Speaker 1: You're listening to the Legal Exchange with Todd Lutsky, an
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  Speaker 1: expert in elder life planning and taxation. Need help with
• 14:12
  Speaker 1: your estate plan? Call Todd right now and make an
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  Speaker 1: appointment eight six six eight four eight five six nine nine.
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  Speaker 1: That's eight six six eight four eight five six ninety nine.
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 14:25
  Speaker 2: Susan Powers, a financial advice with the Armstrong Advisory Group,
• 14:28
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:31
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where are we headed now, Todd.
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  Speaker 3: Let's go to Louisiana. We got a Supreme Court case there.
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  Speaker 3: So in this case, it's all about the operation of
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  Speaker 3: a no contest clause. So let's gook to the facts.
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  Speaker 3: We have Robert and Bonnie, they had five kids. Well
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  Speaker 3: that's a struggle right there. But you're not kidding. They
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  Speaker 3: include Robert Junior, Kurt, and I'm not going to listen
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  Speaker 3: to the pack. Amongst the pack, Robert Senior executed a
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  Speaker 3: will in December of twenty twelve, and then proceeded to
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  Speaker 3: do three conticils in twenty eighteen, all seemingly fine. My head,
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  Speaker 3: I'm scratching, why is there not a trust here? But
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  Speaker 3: apparently there's a will. One of those amendments in twenty
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  Speaker 3: eighteen increased the amount that goes to his wife, including
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  Speaker 3: giving her one half of an interest in the community
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  Speaker 3: family home. Of course, scratching my head again, saying what
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  Speaker 3: was she? What were they doing in the first will,
• 15:32
  Speaker 3: disinheriting the wife somehow, and why on earth are we
• 15:35
  Speaker 3: doing that? Of course, doesn't tell you, but that's what
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  Speaker 3: makes me think right. Also, it added a no contest clause. Fine.
• 15:44
  Speaker 3: Robert Senior died in June of twenty nineteen. Bonnie then
• 15:48
  Speaker 3: opened up an estate and began living in the family
• 15:50
  Speaker 3: home and did that for over a year. Bonnie died
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  Speaker 3: in September of twenty nineteen. Oh no, so I'm sorry.
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  Speaker 3: Bonnie did a will in September of twenty nine and
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  Speaker 3: included assets from Robert to state and added a no
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  Speaker 3: contest clause. Bonnie died in May of twenty twenty. Remember
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  Speaker 3: June of twenty nineteen. He died May of twenty twenty.
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  Speaker 3: She dies well in August of twenty twenty. Kurt and Junior,
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  Speaker 3: Robert Junior filed to say, you know what, the conticels
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  Speaker 3: that were done were no good because Robert lacked capacity.
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  Speaker 3: He couldn't have done it. And they specifically were seeking
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  Speaker 3: to annul the bequest of the one half interest in
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  Speaker 3: the family home to Bonnie, and they took out a
• 16:35
  Speaker 3: tro a restraining order to prevent the lean or from
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  Speaker 3: selling the house.
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  Speaker 2: Was Bonnie the stepmom a second one?
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  Speaker 3: I didn't get that impression, hu, I did not get
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  Speaker 3: that impression. From this case, and the trial court found
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  Speaker 3: that Robert Junior did in fact have capacity to execute
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  Speaker 3: the codicils to the will, and they further disinherited Kurt
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  Speaker 3: and Junior because they violated the no contest clause.
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  Speaker 2: What good kids?
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  Speaker 3: Yeah, Well, Craig, who wasn't involved in this, is the
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  Speaker 3: pr of Mom's estate, decided to get a declaratory judgment
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  Speaker 3: to enforce Bonnie's wills no contest clause against those two
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  Speaker 3: kids as well, and say, because they engaged in a
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  Speaker 3: controversy against Bonnie's estate, and because Bonnie's language in the
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  Speaker 3: no contest clause stated that if you engage in a
• 17:30
  Speaker 3: controversy with the executor of her estate that impacts the
• 17:35
  Speaker 3: assets of her estate, i e. The family home, the
• 17:38
  Speaker 3: other half of the family home. Remember the trend the
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  Speaker 3: temporary restraining order, right, then the no contest clause applies. Well,
• 17:45
  Speaker 3: because they did that, they had a temporary restraining order
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  Speaker 3: that prevented the pr of Bonnie's estate from administering Bonnie's estate.
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  Speaker 3: That specific language allowed the no contest clause to reach
• 17:56
  Speaker 3: them as well.
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  Speaker 2: I love it. Suddenly one of an inheritance becomes one third.
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  Speaker 3: So they weren't happy with that, so they went to
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  Speaker 3: the Supreme Court.
• 18:04
  Speaker 2: Of course they did, and.
• 18:06
  Speaker 3: The Supreme Court promptly affirmed the trial court and kicked
• 18:09
  Speaker 3: out Kurt and the junior from participating.
• 18:13
  Speaker 2: You don't mess your mom, try witcher. Shame on that.
• 18:18
  Speaker 3: So this one actually worked out pretty well. I mean,
• 18:20
  Speaker 3: but again, folks, we need to learn about no contest clause.
• 18:23
  Speaker 3: But before we do that, we need to learn about
• 18:25
  Speaker 3: trust so that you can actually put the no contest
• 18:28
  Speaker 3: clause in the trust language if you think it's appropriate.
• 18:31
  Speaker 3: What kind of trust? Last chance, folks were at the
• 18:34
  Speaker 3: end of the month, Get your seven estate planning trust guide.
• 18:38
  Speaker 3: That's what we're doing, the Top seven estate planning trusts.
• 18:41
  Speaker 3: Learn which trust is right for you. Learn how they
• 18:44
  Speaker 3: work from an estate tax standpoint, they have income tax standpoint,
• 18:49
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• 18:52
  Speaker 3: when you're alive, how do they work when you're dead.
• 18:55
  Speaker 3: It will help you get started in your estate planning,
• 18:58
  Speaker 3: and if you've already done your estate plan it will
• 19:00
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  Speaker 3: and change from one trust to another. Get the guide
• 19:08
  Speaker 3: Top seven estate Planning Trusts eight six six eight four
• 19:11
  Speaker 3: eight five, six nine nine or Legal Exchange Show dot com.
• 19:15
  Speaker 3: It's the end of the month, last chance to get
• 19:17
  Speaker 3: it eight six six eight four eight five six nine
• 19:21
  Speaker 3: nine or Legal Exchange Show dot com. What do you
• 19:25
  Speaker 3: think we can learn from this case?
• 19:28
  Speaker 2: We put those clauses in, they work.
• 19:30
  Speaker 3: Yeah, so let's take a peek again. Everybody's intent is important.
• 19:34
  Speaker 3: So here what is a no contest clause? Just remember,
• 19:37
  Speaker 3: let's get to the basics. Let's define it for you.
• 19:41
  Speaker 3: It basically says that if you challenge the estate plan,
• 19:45
  Speaker 3: will or trust, you can put this language in both,
• 19:48
  Speaker 3: and you always should put it in both. If you're
• 19:50
  Speaker 3: doing a plan. If you win, you lose, is basically
• 19:56
  Speaker 3: what it says. Right, even if you win, you lose
• 19:59
  Speaker 3: whatever you were going to ge. So it's it's really
• 20:02
  Speaker 3: powerful and lots of times other attorneys won't even take
• 20:05
  Speaker 3: the case because it's a no win situation. Now, when
• 20:11
  Speaker 3: should you use it? Well, you don't have to use
• 20:14
  Speaker 3: it every time you do an a state plan, but
• 20:16
  Speaker 3: certainly if you are going to treat people differently in
• 20:21
  Speaker 3: any way, differently, I don't mean just unequally. Now, certainly
• 20:25
  Speaker 3: if you're giving you know, different percentages to different kids
• 20:31
  Speaker 3: than Absolutely you should use a no contest class, but
• 20:35
  Speaker 3: even more than that, I think sometimes you'll find that,
• 20:38
  Speaker 3: you know, one kid is very responsible and one kid
• 20:40
  Speaker 3: just isn't, and you might give the responsible kids piece
• 20:45
  Speaker 3: even though it's the same amount outright, and you might
• 20:50
  Speaker 3: hold back the irresponsible kid or the drug addicted kid,
• 20:54
  Speaker 3: or whatever the issue is with that child. You might
• 20:57
  Speaker 3: want to hold back those assets again to protect the
• 21:00
  Speaker 3: kid from himself. I get it. But if it's treating
• 21:04
  Speaker 3: the kids differently, that might also be a reason to
• 21:08
  Speaker 3: put a no contest clause in because if you have
• 21:11
  Speaker 3: any differences, you want to make sure that's covered. Now,
• 21:16
  Speaker 3: the question here for.
• 21:17
  Speaker 1: Me is.
• 21:19
  Speaker 3: What was this kid doing so these kids or whoever
• 21:23
  Speaker 3: challenged the two kids that challenge it. I think you're
• 21:27
  Speaker 3: allowed to challenge capacity. So if they went in and
• 21:33
  Speaker 3: they just said, look, we think that dad didn't have
• 21:37
  Speaker 3: capacity to do the condicil and they stopped there, yep,
• 21:42
  Speaker 3: I think you're allowed to do that with a no
• 21:45
  Speaker 3: contest clause. Because obviously, if if the will they created
• 21:49
  Speaker 3: which added the no contest clause wasn't valid, then the
• 21:54
  Speaker 3: no contest clause isn't valid. So I think you're allowed
• 21:57
  Speaker 3: to determine the vale validity of a will, but they
• 22:02
  Speaker 3: didn't do that. They went further and they specifically said,
• 22:05
  Speaker 3: we want to a null the transfer of the half
• 22:08
  Speaker 3: interest in the community home to mom.
• 22:12
  Speaker 2: And restrain in order to boot exactly Susan, you don't
• 22:15
  Speaker 2: mess with your mom.
• 22:16
  Speaker 3: And they took out a restraining order on mom or
• 22:20
  Speaker 3: on the property which half of which belonged to mom,
• 22:23
  Speaker 3: which is what got them in trouble in Mom's the
• 22:27
  Speaker 3: state right that connection. So I think that's the difference.
• 22:31
  Speaker 3: I don't want you to think that you can't do anything,
• 22:34
  Speaker 3: but because they were specific about what they were trying
• 22:38
  Speaker 3: to pick on is what I think triggered the the
• 22:42
  Speaker 3: no contest closet was that that restraining order.
• 22:45
  Speaker 2: And typically it's to stop them from filing a case
• 22:50
  Speaker 2: about how you leave the stuff.
• 22:52
  Speaker 3: Right, you can't pick and choose. What you're getting is
• 22:55
  Speaker 3: what you're getting.
• 22:56
  Speaker 2: You get what you get, you don't get upset, and
• 22:58
  Speaker 2: you like it.
• 23:00
  Speaker 3: So, but I have some planning questions, some general questions
• 23:04
  Speaker 3: that just aren't answered here. But this is why we
• 23:06
  Speaker 3: analyze the case so we can learn from it, right,
• 23:09
  Speaker 3: you know, first and foremost, why are there two wills here?
• 23:11
  Speaker 3: Why didn't they do real estate planning. I don't want
• 23:15
  Speaker 3: to say a will's not real estate planning, but but
• 23:17
  Speaker 3: you know they needed more than yeah, they needed trusts.
• 23:21
  Speaker 3: They need I mean, I mean the fact that they
• 23:23
  Speaker 3: were even at some point not treating the wife the same.
• 23:26
  Speaker 3: I'm like, we need the two trusts, probably to help
• 23:29
  Speaker 3: avoid probate, shelter assets, control, how we leave these assets
• 23:33
  Speaker 3: better than what they accomplished here. The other question I
• 23:37
  Speaker 3: have is why were they disinheriting the spouse at all?
• 23:40
  Speaker 1: Right?
• 23:40
  Speaker 3: Why did you need to add language? I don't know.
• 23:43
  Speaker 3: Why didn't we just do marital shares and remainder shares
• 23:45
  Speaker 3: and take care of the spouse one hundred percent and
• 23:48
  Speaker 3: then have it go to the kids later. Folks, Learn
• 23:51
  Speaker 3: how to do your plan, Learn how to what trust
• 23:53
  Speaker 3: is right for you. It's the end of the month.
• 23:56
  Speaker 3: Get the guide Top seven Estate Planning Trusts eight six
• 24:00
  Speaker 3: eight four eight, five six nine nine or Legal Exchange
• 24:04
  Speaker 3: 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 Powers, a
• 24:12
  Speaker 2: financial advisor with the Armstrong advisory Group and Todd will
• 24:15
  Speaker 2: be answering your listener questions when we return to the
• 24:18
  Speaker 2: Legal Exchange with Todd.
• 24:20
  Speaker 1: Lutsky, Cushing and Dolan are experts in elder life planning
• 24:24
  Speaker 1: and taxation. They know that every family is unique and
• 24:27
  Speaker 1: that every estate plan must be different. Early planning is
• 24:30
  Speaker 1: crucial if you want to stress free your retirement and
• 24:32
  Speaker 1: trusts are oftentimes the document of choice to help protect
• 24:35
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• 24:38
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• 24:40
  Speaker 1: Revocable and irrevocable trusts are most common, but there are
• 24:43
  Speaker 1: several differences as well as numerous tax implications with each.
• 24:47
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• 24:49
  Speaker 1: a fresh and existing plan, call Cushing and Dolan and
• 24:52
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• 25:04
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• 25:07
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• 25:09
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• 25:12
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• 25:14
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• 25:16
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• 25:19
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 25:22
  Speaker 6: The IRS doesn't let you keep retirement funds indefinitely, so
• 25:25
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• 26:09
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:11
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• 26:14
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  Speaker 1: USBI dot com. You're listening to the Legal Exchange and
• 27:25
  Speaker 1: it's time for Ask Todd, the segment where Todd will
• 27:29
  Speaker 1: answer your questions about anything and everything that's included in
• 27:32
  Speaker 1: the estate planning process. Once again, here's Todd Lutsky and
• 27:36
  Speaker 1: Susan Powers.
• 27:39
  Speaker 2: Welcome back, Todd. We have a few questions from listeners.
• 27:42
  Speaker 2: Our first question comes from Brenda in Guilford, New Hampshire,
• 27:46
  Speaker 2: and Brenda writes, I am married, but my name is
• 27:49
  Speaker 2: not on the deed to the house. Only my husband's
• 27:52
  Speaker 2: name is ro Does my name need to be on
• 27:55
  Speaker 2: the deed to avoid probate if my husband should pass away?
• 28:00
  Speaker 3: So, folks, this is a really good question, but it's
• 28:04
  Speaker 3: it's really missing the bigger picture, is what I think.
• 28:07
  Speaker 3: I'm glad you're asking it, but but you've got to
• 28:09
  Speaker 3: look way beyond this. Not only do you need your
• 28:12
  Speaker 3: deed on the house, I'm sorry, not only do you
• 28:15
  Speaker 3: need your name on the house to yes, avoid probate,
• 28:20
  Speaker 3: but also just to make sure you are an owner
• 28:24
  Speaker 3: of the house while you're living. I get that, But
• 28:26
  Speaker 3: simply putting names joint names as a married couple on
• 28:32
  Speaker 3: a house, on a vacation home, on brokerage accounts, on
• 28:37
  Speaker 3: bank accounts, that doesn't really help at all. I mean,
• 28:42
  Speaker 3: it makes you feel better because yeah, you both feel
• 28:45
  Speaker 3: like you own it while you're living. But from an
• 28:48
  Speaker 3: estate planning standpoint, yes, you're right, it will help you
• 28:53
  Speaker 3: avoid probate if the name is on it. And yes,
• 28:57
  Speaker 3: you're right, all the assets that I listed what avoid
• 29:01
  Speaker 3: probate by adding the name, But generally you want to
• 29:05
  Speaker 3: do way more than that.
• 29:07
  Speaker 2: Yeah, you may have a bigger problem than just avoiding
• 29:09
  Speaker 2: probate here, Brenda.
• 29:10
  Speaker 3: I don't know if you've got children, I don't know
• 29:14
  Speaker 3: what the situation is. I don't know how much you're worth,
• 29:17
  Speaker 3: you know.
• 29:17
  Speaker 2: But to be first marriage, second marriage.
• 29:19
  Speaker 3: Yeah, I mean everybody needs to think about this, and
• 29:22
  Speaker 3: I'm sort of answering it generally for all the listeners.
• 29:25
  Speaker 3: But remember if you leave everything joint, yes, you avoid probate,
• 29:30
  Speaker 3: and then everything automatically passes to the surviving joint owner automatically.
• 29:36
  Speaker 3: So even if you've done trust planning, if you've not
• 29:39
  Speaker 3: funded it, you've completely wasted your trust. So why that's
• 29:45
  Speaker 3: important is, yes, it avoids probate, but it all passes
• 29:47
  Speaker 3: to the spouse. Now the spouse's a state is as
• 29:50
  Speaker 3: large as it could possibly be, which depending on where
• 29:54
  Speaker 3: you live from a state standpoint. Now, luckily for you
• 29:57
  Speaker 3: in New Hampshire they don't have any right axis. But
• 30:01
  Speaker 3: other folks listening, if you're thinking this is a good idea,
• 30:03
  Speaker 3: you could put you into a situation where you now
• 30:07
  Speaker 3: have a taxable estate in your state, and never mind
• 30:11
  Speaker 3: that you may have a taxable estate federally.
• 30:14
  Speaker 2: Whereas if you had your trust you could be eliminating potentially.
• 30:20
  Speaker 3: Because remember federally, the exemption is going to fall to
• 30:23
  Speaker 3: about seven million come twenty twenty six and then January one,
• 30:27
  Speaker 3: and then maybe more depending on who gets in and
• 30:30
  Speaker 3: the what the legislation looks like, what our legislators look
• 30:35
  Speaker 3: like in terms of the Republicans and Democrats, and whether
• 30:39
  Speaker 3: they can get together and do more planning or planning
• 30:42
  Speaker 3: more tax planning is really what they're going to do,
• 30:45
  Speaker 3: so it could be a lower number. So my point
• 30:48
  Speaker 3: is that if you, as you said, Susan, if you
• 30:50
  Speaker 3: had trust in place, you're at least able to carve
• 30:53
  Speaker 3: out or shelter assets on the first death. Not that
• 30:57
  Speaker 3: I'm suggesting we disinherit your spouse either way. I'm just
• 31:02
  Speaker 3: suggesting that the trust will hold a certain amount of assets,
• 31:07
  Speaker 3: maybe half, and shelter them so that they're available for
• 31:12
  Speaker 3: the surviving spouse, but not owned by the surviving spouse
• 31:18
  Speaker 3: and therefore not taxable when the surviving spouse dies. And
• 31:23
  Speaker 3: again there's two buckets, a marital share and a remainder share,
• 31:25
  Speaker 3: so that they get funded based on the state exempt
• 31:28
  Speaker 3: amount and the federal exempt amount. So there's always there's
• 31:32
  Speaker 3: always a formula that works for every estate.
• 31:36
  Speaker 2: And this doesn't cover any bloodline planning by just winging it.
• 31:41
  Speaker 3: Yeah, and so then you're right, when the survivor dies,
• 31:43
  Speaker 3: where does everything go? Folks, you really need to think
• 31:46
  Speaker 3: about more than just this. This is great brenda that
• 31:50
  Speaker 3: you're thinking about state planning in general, but there's a
• 31:52
  Speaker 3: lot more to it than how we own the assets.
• 31:56
  Speaker 3: In fact, some kind of trust is probably in order
• 31:59
  Speaker 3: for you. Folks. There's the Top seven estate planning trust Guide.
• 32:04
  Speaker 3: It's the end of the month, call and get the guide.
• 32:07
  Speaker 3: Learn which trust might be right for you. If you've
• 32:11
  Speaker 3: never done your estate plan perhaps like you Brenda, then
• 32:15
  Speaker 3: this guide will give you some insight as to what
• 32:18
  Speaker 3: kind of trust might make sense to you before you
• 32:22
  Speaker 3: go see your estate planning attorney. And if you've already
• 32:26
  Speaker 3: done your work, folks, maybe you can shift. Maybe it's
• 32:29
  Speaker 3: time to shift from revocable to irrevocable. The guide explains
• 32:32
  Speaker 3: how they work, not only from a tax standpoint, but
• 32:36
  Speaker 3: also a daily operational standpoint. Get the guide eight six
• 32:40
  Speaker 3: six eight four eight five six nine nine or Legal
• 32:45
  Speaker 3: Exchange Show dot com. It's the end of the month, folks.
• 32:48
  Speaker 3: Eight six six eight four eight five six nine nine
• 32:52
  Speaker 3: or Legal Exchange Show dot com.
• 32:54
  Speaker 2: Our last question comes from William in Middletown, Connecticut, and
• 32:58
  Speaker 2: William writes, my mother and stepdad have a revocable trust
• 33:02
  Speaker 2: written thirty six years ago in Connecticut, and then they
• 33:05
  Speaker 2: relocated to Florida. Their house in Florida is not in
• 33:09
  Speaker 2: their trust.
• 33:10
  Speaker 3: My death.
• 33:11
  Speaker 2: My stepdad passed away three years ago, would my mother
• 33:15
  Speaker 2: now be able to create a new trust in Florida.
• 33:20
  Speaker 3: So this is going to require a little bit of
• 33:22
  Speaker 3: a discussion. So first, I'm going to assume that the
• 33:27
  Speaker 3: trust they did is a joint revocable trust, since they
• 33:30
  Speaker 3: only have one and it was done so long ago.
• 33:33
  Speaker 2: Likely and and.
• 33:34
  Speaker 3: While that's a fair point, Susan, I don't know that
• 33:37
  Speaker 3: it that it means it's no good. Just so people know,
• 33:40
  Speaker 3: you still.
• 33:40
  Speaker 2: Show and I just mean from an age like.
• 33:44
  Speaker 3: Oh yes, yes, And so you're right, the kind of
• 33:46
  Speaker 3: trust they might want might be different right now that
• 33:49
  Speaker 3: they're thirty six years older.
• 33:50
  Speaker 2: Yeah, right, and he since passed, So it's just a
• 33:52
  Speaker 2: mom at this point.
• 33:54
  Speaker 3: So let's let's play this out. It started off with
• 33:56
  Speaker 3: a revocable joint trust. They put the Connecticut house, and
• 34:00
  Speaker 3: hopefully they put other assets in, but we don't know.
• 34:03
  Speaker 3: But that's a funding question, very important that you fund
• 34:06
  Speaker 3: your trust. We say it over and over. Then I'm
• 34:09
  Speaker 3: going to guess they sold the Connecticut property and they
• 34:14
  Speaker 3: moved to Florida and they bought the new Florida property.
• 34:16
  Speaker 3: But I'm hearing that the Florida property never got put
• 34:19
  Speaker 3: in the trust, and after they were in Florida. The father,
• 34:24
  Speaker 3: the husband died, the stepdad died, So now if they
• 34:29
  Speaker 3: put no other assets in that trust other than the
• 34:31
  Speaker 3: Connecticut house, it's empty. So that's the first thing you
• 34:35
  Speaker 3: need to look at is find out whether or not
• 34:38
  Speaker 3: there were assets in the trust on the date of
• 34:41
  Speaker 3: death when stepdad died, because if there were, that trust
• 34:46
  Speaker 3: still exists, but now it's irrevocable because it required two
• 34:50
  Speaker 3: signatures likely to revoke it. So now it's irrevocable, and
• 34:54
  Speaker 3: likely the surviving spouse the mother in this case, is
• 34:59
  Speaker 3: the trustee. And then this is where that marital share
• 35:02
  Speaker 3: and remainder share would come into play. So if there
• 35:05
  Speaker 3: were certain assets in there, they would now be sheltered
• 35:08
  Speaker 3: from future estate taxes for the surviving spouse and in
• 35:13
  Speaker 3: this case not worrying about state because Florida has no
• 35:16
  Speaker 3: death tax. So that means all the assets that were
• 35:18
  Speaker 3: in this joint trust, provided there was a power of
• 35:21
  Speaker 3: appointment in there, which I suspect there should be. That
• 35:24
  Speaker 3: means all the assets when stepdad died that are in
• 35:27
  Speaker 3: this trust would be sheltered in the remainder share, never
• 35:30
  Speaker 3: to be taxed federally. Again, when the surviving spouse dies. However,
• 35:37
  Speaker 3: we don't know if there's any assets in there. Hopefully
• 35:39
  Speaker 3: there is. Now the question is can she put this
• 35:43
  Speaker 3: house in that trust? Probably you won't do that, But
• 35:48
  Speaker 3: the bigger question is, since it's not in that trust,
• 35:52
  Speaker 3: can she create a new trust in Florida for herself
• 35:55
  Speaker 3: and deal with the Florida property. I would say certainly,
• 36:00
  Speaker 3: she certainly could be allowed to do that. So if
• 36:02
  Speaker 3: she's the owner of this property and she's now older,
• 36:05
  Speaker 3: and she says, you know, Todd, I'm not sure if
• 36:08
  Speaker 3: the existing joint trust, which is now irrevocable, protects assets
• 36:13
  Speaker 3: from the nursing home. If there's anything in there, I'm
• 36:16
  Speaker 3: likely going to tell you that the answer is no,
• 36:18
  Speaker 3: probably does not. Probably has language that says you can
• 36:22
  Speaker 3: get the income and you can get the principle as
• 36:26
  Speaker 3: needed to maintain your standard of living, health, education, etc.
• 36:30
  Speaker 3: So I'm likely going to say that whatever's in that
• 36:33
  Speaker 3: revocable trust that you created is available for the nursing
• 36:37
  Speaker 3: home for you, although not subject to a state tax
• 36:40
  Speaker 3: when you die. But you might want to protect this
• 36:43
  Speaker 3: new house, so set up an irrevocable trust and you
• 36:46
  Speaker 3: could take this house put it into an irrevocable trust
• 36:49
  Speaker 3: and maybe some of your money and get that protected
• 36:51
  Speaker 3: as well. Folks, many kinds of trust going on here,
• 36:54
  Speaker 3: and this is just one example. Get the guide Top
• 36:58
  Speaker 3: seven estate Planning trust Learn which one's right for you
• 37:01
  Speaker 3: eight six six eight four eight five six nine nine
• 37:06
  Speaker 3: or Legal Exchange Show dot com.
• 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
• 37:15
  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
• 37:20
  Speaker 2: will stop you from becoming one of his next real
• 37:23
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:26
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:30
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:33
  Speaker 2: back with more after this quick break on the Legal
• 37:36
  Speaker 2: Exchange with Todd Lutsky.
• 37:39
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 37:43
  Speaker 1: They know that every family is unique and that every
• 37:45
  Speaker 1: estate plan must be different. Early planning is crucial if
• 37:48
  Speaker 1: you want to stress for your retirement, and trust are
• 37:50
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 37:53
  Speaker 1: but with so many kinds of trusts, you need to
• 37:56
  Speaker 1: learn about which one is right for your plan. Revocable
• 37:58
  Speaker 1: and irrevocable trust are most common, but there are several differences,
• 38:02
  Speaker 1: as well as numerous tax implications with each. If you
• 38:05
  Speaker 1: are ready to start your planning or need are a
• 38:07
  Speaker 1: fresh and existing plan, call Cushing and Dolan and ask
• 38:09
  Speaker 1: for their new guide called Dmistifying the Top seven Estate
• 38:12
  Speaker 1: Planning trusts. Learn how to protect your assets and potentially
• 38:16
  Speaker 1: eliminate your estate taxes. Call eight six six eight four
• 38:19
  Speaker 1: eight five six ninety nine right now and ask for
• 38:22
  Speaker 1: your guide today. That's eight six six eight four eight
• 38:24
  Speaker 1: five six nine nine, or request it online at Legal
• 38:27
  Speaker 1: exchange show dot com. The proceeding was paid for in
• 38:30
  Speaker 1: The views expressed are solely those of Cushing and Dolan.
• 38:32
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 38:34
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 38:37
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 38:40
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• 39:40
  Speaker 7: If you're approaching or have recently reached the age of
• 39:42
  Speaker 7: seventy three, Required minimum distributions should be a key consideration
• 39:46
  Speaker 7: as you evaluate your retirement strategy. HI, this is Mike
• 39:49
  Speaker 7: Armstrong from the Armstrong Advisory Group. There are several factors
• 39:52
  Speaker 7: to think about when it comes to rm ds, including
• 39:54
  Speaker 7: the types of accounts that require rmds, when to take
• 39:57
  Speaker 7: your withdrawals, how your RMD is calculating, and the penalty
• 40:00
  Speaker 7: for missing all or part of an RMD. That's what
• 40:03
  Speaker 7: our new guide this month is all about. It's called
• 40:05
  Speaker 7: Frequently Asked Questions about required minimum Distributions and you can
• 40:09
  Speaker 7: get your copy today by calling eight hundred three nine
• 40:12
  Speaker 7: three four zero zero one. Rmds are a key part
• 40:15
  Speaker 7: of your retirement strategy, so don't delay. Get your guide
• 40:18
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• 40:21
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• 40:21
  Speaker 1: That number one more.
• 40:22
  Speaker 7: Time, eight hundred three nine three four zero zero one.
• 40:25
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:28
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:30
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 40:33
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 40:36
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 40:39
  Speaker 1: advisory services. Your tune to the legal Exchange with Todd Lutsky.
• 40:44
  Speaker 1: If you are a loved one needs a nursing homestay,
• 40:46
  Speaker 1: call Todd right now at eight sixty six eight four
• 40:49
  Speaker 1: eight five six nine nine and let him make sure
• 40:51
  Speaker 1: your assets are protected. That's eight six six eight four
• 40:54
  Speaker 1: eight five six nine nine. Or visit him online at
• 40:57
  Speaker 1: Legal Exchange show dot com.
• 41:02
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:05
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:09
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:12
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:14
  Speaker 2: master's in taxation. Todd, I have an exciting segment for you.
• 41:21
  Speaker 3: I'm on the edge of my seat.
• 41:22
  Speaker 2: It's the last chance ever to request this guide demystifying
• 41:27
  Speaker 2: the top seven is date planning trust. So I'm going
• 41:29
  Speaker 2: to put you in the hot seat.
• 41:30
  Speaker 3: And by the way, this is true, I don't know
• 41:32
  Speaker 3: what I am.
• 41:33
  Speaker 2: Going to do now, A rapid fire round of all
• 41:40
  Speaker 2: seven trusts. Oh boy, I don't want any of your
• 41:43
  Speaker 2: legallyese stuff. I just want to give you the name
• 41:46
  Speaker 2: of the trust and you tell me rather briefly who
• 41:50
  Speaker 2: should consider using this type of trust.
• 41:52
  Speaker 3: Tell me answering one question.
• 41:53
  Speaker 2: One question, okay, per trust, and we're going to teach
• 41:57
  Speaker 2: people how to find an attorney.
• 41:58
  Speaker 3: Who should use it. Yes, try to stick with that.
• 42:01
  Speaker 2: The nominee reality trust.
• 42:04
  Speaker 3: Nobody No, just kidding, but in some regards that is true, folks.
• 42:09
  Speaker 3: These nominy realty trusts are are not there. They're overused,
• 42:13
  Speaker 3: but they're they're a Massachusetts anomaly. They're not really trusts.
• 42:18
  Speaker 3: They flow everything through, so if you put it in there,
• 42:21
  Speaker 3: it immediately flows through to who's listed as the beneficiaries.
• 42:24
  Speaker 3: So be careful when you use them. We don't use
• 42:27
  Speaker 3: them very often much anymore, and we never use them
• 42:31
  Speaker 3: when we're dealing with a medicaid trust. But if you
• 42:33
  Speaker 3: are going to use them, make sure that you put
• 42:35
  Speaker 3: the property in and that the beneficiary is not you husband, wife,
• 42:41
  Speaker 3: not your kids, but maybe another estate planning trust to trust.
• 42:46
  Speaker 2: Okay, perfect, that was quite impressive for you as an attorney.
• 42:51
  Speaker 2: I dialed back a lot revocable family trusts.
• 42:56
  Speaker 3: So revocable family trust the single most common right trust.
• 43:01
  Speaker 3: It's used for single people, married couples, It's for younger people,
• 43:05
  Speaker 3: and it can be used for older people as well.
• 43:07
  Speaker 3: Depending on the size of the estate. So if we're
• 43:10
  Speaker 3: not concerned about nursing homes, let's just say that if
• 43:13
  Speaker 3: we're not concerned about nursing homes, either because we're way
• 43:15
  Speaker 3: younger and not worried about it, or we have enough
• 43:18
  Speaker 3: assets that we're self insured and we're older, I would
• 43:23
  Speaker 3: say this should be used. Why you're the donor, you're
• 43:26
  Speaker 3: the trustee, You're in complete control of everything that's in it.
• 43:30
  Speaker 3: You can simply you don't have to file any separate
• 43:33
  Speaker 3: income tax returns. Everything goes on your ten forty and
• 43:36
  Speaker 3: you literally set it and forget it, and there's nothing
• 43:41
  Speaker 3: to do except when you die. Then it now has
• 43:43
  Speaker 3: that nice bloodline distribution as to who gets it. You
• 43:47
  Speaker 3: can control from the grave as to who gets it
• 43:50
  Speaker 3: and how they get it. And if you're married, it's
• 43:53
  Speaker 3: going to shelter assets for a state tax purposes and
• 43:57
  Speaker 3: avoid probate folks. Easiest, easiest, most commonly used.
• 44:01
  Speaker 2: Trust irrevocable Medicaid income only trusts.
• 44:07
  Speaker 3: So a very special kind of irrevocable trust, as you
• 44:11
  Speaker 3: so said, Susan, it's specifically the medicaid kind. These are
• 44:16
  Speaker 3: for people generally sixty and over that are concerned about
• 44:20
  Speaker 3: nursing homes, meaning I have, you know, assets that are
• 44:23
  Speaker 3: not overly large. You know, I'm probably under four million
• 44:26
  Speaker 3: ish in assets, and I want to protect them from
• 44:30
  Speaker 3: the cost of long term care. So that's who should
• 44:32
  Speaker 3: use it. And remember there's a little bit more involved
• 44:35
  Speaker 3: in it because you're not the trustee all the time.
• 44:37
  Speaker 3: But you can remove and replace the trustee. And you
• 44:40
  Speaker 3: do need to file a separate income tax return, but
• 44:42
  Speaker 3: only if there's income producing assets in there, which there
• 44:45
  Speaker 3: may not be. But you don't pay any extra income tax.
• 44:49
  Speaker 3: Everything flows onto your own personal return, much like the
• 44:51
  Speaker 3: revocable trust, so there's not that much difference other than
• 44:56
  Speaker 3: it does protect it from the cost of long term care.
• 44:59
  Speaker 3: But you can still maintain a significant degree of control.
• 45:03
  Speaker 3: And like the revocable trust, when you die, you can
• 45:07
  Speaker 3: provide for all those niceties as to who gets it
• 45:10
  Speaker 3: when they get it. It can live on, and it
• 45:14
  Speaker 3: can shelter assets from a state taxes. All those things
• 45:17
  Speaker 3: can be done with it. Folks. Those are the top
• 45:20
  Speaker 3: three so far of the top seven estate planning trust
• 45:23
  Speaker 3: that this guide offers. If you've not done your planning,
• 45:27
  Speaker 3: call get the guide. It's the end of the month,
• 45:30
  Speaker 3: last chance to get it. Learn what trust is right
• 45:34
  Speaker 3: for you. If you've never done your planning, I'm sorry.
• 45:37
  Speaker 3: If you've done your planning and you want to switch,
• 45:39
  Speaker 3: looking at these trusts, might say, yeah, you know, I've
• 45:41
  Speaker 3: done revocable trust long ago, and now I'm ready to
• 45:44
  Speaker 3: switch to an irrevocable I mean, learn about those. It's
• 45:47
  Speaker 3: in here. Top seven estate planning Guides. Estate Planning Trust
• 45:52
  Speaker 3: End of the Month eight six six eight four eight
• 45:55
  Speaker 3: five six nine to nine or Legal Exchange show dot com.
• 45:59
  Speaker 3: Learn how they work. See what's right for you eight
• 46:01
  Speaker 3: six six eight four eight five six nine to nine
• 46:06
  Speaker 3: or Legal Exchange Show dot com.
• 46:08
  Speaker 2: How about special needs trusts?
• 46:10
  Speaker 3: So much more limited? Right, this is kind of self explanatory.
• 46:16
  Speaker 3: It's going to be used for people who in fact
• 46:20
  Speaker 3: need or have a special needs situation. Sometimes child or grandchild, Yeah, child, grandchild,
• 46:27
  Speaker 3: anybody who who you want to provide for that is
• 46:30
  Speaker 3: special needs. And it could be special needs because they
• 46:33
  Speaker 3: they were born that way could have happened, or you
• 46:37
  Speaker 3: could have had somebody who had an injury and became
• 46:41
  Speaker 3: disabled and maybe they're not you know, they're special needs
• 46:44
  Speaker 3: in that regard where they're still getting because of their disability,
• 46:47
  Speaker 3: they're getting, you know, some kind of governmental benefits. That's
• 46:50
  Speaker 3: really what it comes down to. If you're looking at
• 46:52
  Speaker 3: governmental benefits, then you want to make sure that you
• 46:56
  Speaker 3: leave your assets, not necessarily into a separate, standalone own trust,
• 47:01
  Speaker 3: but one that you will build in to either the
• 47:04
  Speaker 3: revocable or the irrevocable trust. Meaning when you pass away,
• 47:09
  Speaker 3: it says how you leave the assets. Yep. Well, inside
• 47:13
  Speaker 3: that revocable or irrevocable State planning trust will have a
• 47:16
  Speaker 3: share established for the special needs child and that will
• 47:20
  Speaker 3: in itself have the special needs language in it. You
• 47:23
  Speaker 3: need to allow that child to enjoy the asset but
• 47:27
  Speaker 3: not lose governmental benefits.
• 47:28
  Speaker 2: Great, how about a sole benefit trust?
• 47:32
  Speaker 3: So a sole benefit trust is more like for special needs.
• 47:36
  Speaker 3: It's very similar to special needs trusts, right, but it's
• 47:38
  Speaker 3: designed generally for medicaid purposes. Somebody who maybe had that
• 47:41
  Speaker 3: injury right and now is getting a bunch of money,
• 47:45
  Speaker 3: and so they want to set up what they call
• 47:46
  Speaker 3: a self settled special needs trust or a sole benefit
• 47:50
  Speaker 3: trust just for them, so they're not incompetent. They just
• 47:54
  Speaker 3: need this trust set up so they'll take their own
• 47:57
  Speaker 3: settlement money and they'll put it into this. We call
• 48:00
  Speaker 3: it a defour a trust. It's a sole benefit trust
• 48:03
  Speaker 3: just for them, so they can continue to get the
• 48:05
  Speaker 3: governmental benefits they were getting. The transfer in will not
• 48:10
  Speaker 3: be a disqualifying transfer for them, unlike the special needs trust.
• 48:16
  Speaker 3: This trust will have a payback provision, however, so if
• 48:19
  Speaker 3: they don't use up all the money for themselves when
• 48:22
  Speaker 3: they pass away, it will they'll need to pay back
• 48:26
  Speaker 3: the state for whatever benefits they received if there's anything left.
• 48:30
  Speaker 3: So little different, more of a self settled situation versus
• 48:33
  Speaker 3: the parents setting it up for the kids.
• 48:36
  Speaker 2: How about a first to die irrevocable life insurance trust
• 48:41
  Speaker 2: and actually, if you want to, if it's easier to
• 48:43
  Speaker 2: do that, and the second to die, because both of those.
• 48:46
  Speaker 3: Trusts are in here, and I think they're very similar,
• 48:48
  Speaker 3: so we need to talk about them, folks. This is
• 48:51
  Speaker 3: an irrevocable trust, very much unlike the irrevocable trusts for medicaid.
• 48:58
  Speaker 3: Who uses these? These are used primarily when you have
• 49:02
  Speaker 3: a life insurance policy with a death benefit that, when
• 49:08
  Speaker 3: added to the other assets of your estate, cause your
• 49:13
  Speaker 3: estate to be a state taxable Okay, right, So federally
• 49:17
  Speaker 3: it might not be as much anymore for a lot
• 49:19
  Speaker 3: of people. Right, you can have a million dollar policy,
• 49:22
  Speaker 3: but your state can be worth less than thirteen point
• 49:25
  Speaker 3: six million, or even come twenty twenty six, with basic
• 49:30
  Speaker 3: estate planning and a married couple, wee can shelter fourteen million,
• 49:33
  Speaker 3: seven million each. So even if I've got a million
• 49:37
  Speaker 3: or a two million dollar policy, it might not make
• 49:40
  Speaker 3: my estate taxable, but for the state it might. So
• 49:43
  Speaker 3: you've got to always look out for your state and
• 49:46
  Speaker 3: see if it's causing it. If so, you throw it
• 49:48
  Speaker 3: into these irrevocable trusts. And by doing so, if it's
• 49:51
  Speaker 3: on your life, you're the donor, but you're not the trustee,
• 49:55
  Speaker 3: but your spouse can be. And then it's a state
• 49:58
  Speaker 3: tax free and income tax free.
• 50:00
  Speaker 2: Excellent. I love tax free and back by popular to
• 50:04
  Speaker 2: me and not included in this guide. The pool trust.
• 50:07
  Speaker 3: Oh I forgot about those ship real quick pool trust.
• 50:09
  Speaker 3: These are used primarily for people who are going on
• 50:12
  Speaker 3: medicaid last minute, with no planning done, and in which
• 50:15
  Speaker 3: the annuity does not work.
• 50:18
  Speaker 2: So last minute Medicaid please Yeah, And.
• 50:20
  Speaker 3: You're either too old to get the annuity or you
• 50:22
  Speaker 3: have too much money. So the numbers don't work on
• 50:24
  Speaker 3: the annuity side, folks. I know it was a lot
• 50:27
  Speaker 3: to cram in there, but I hope it was helpful.
• 50:30
  Speaker 3: If not, get the guide, read it slowly at home.
• 50:32
  Speaker 3: It's the end of the month eight six six eight
• 50:35
  Speaker 3: four eight five six nine nine or Legal Exchange show
• 50:39
  Speaker 3: dot com and you can download it right there.
• 50:42
  Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan,
• 50:45
  Speaker 2: thank you so much.
• 50:46
  Speaker 3: Thank you, Susan, always pleasure.
• 50:48
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:52
  Speaker 2: We thank you for joining us today and we'll be
• 50:54
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 50:59
  Speaker 1: Cushing and Dolan are experts in elder life planning and taxation.
• 51:02
  Speaker 1: They know that every family is unique and that every
• 51:05
  Speaker 1: estate plan must be different. Early planning is crucial if
• 51:08
  Speaker 1: you want to stress for your retirement, and trusts are
• 51:10
  Speaker 1: oftentimes the document of choice to help protect your assets,
• 51:13
  Speaker 1: but with so many kinds of trusts, you need to
• 51:15
  Speaker 1: learn about which one is right for your plan. Revocable
• 51:18
  Speaker 1: and irrevocable trusts are most common, but there are several differences,
• 51:22
  Speaker 1: as well as numerous tax implications with each. If you
• 51:24
  Speaker 1: are ready to start your planning or need are a
• 51:26
  Speaker 1: fresh and existing plan, call Cushing and Dolan and ask
• 51:29
  Speaker 1: for their new guide called Dmistifying the Top seven Estate
• 51:32
  Speaker 1: Planning Trusts. Learn how to protect your assets and potentially
• 51:35
  Speaker 1: eliminate your estate taxes. Call eight six six eight four
• 51:39
  Speaker 1: eight five six ninety nine right now and ask for
• 51:41
  Speaker 1: your guide today. That's eight six six eight four eight
• 51:44
  Speaker 1: five six nine nine, or request it online at legal
• 51:47
  Speaker 1: exchange show dot com. The proceeding was paid for and
• 51:50
  Speaker 1: the views expressed are solely those of Cushing and Dolan.
• 51:52
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact you
• 51:54
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 51:57
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 51:59
  Speaker 7: If you're a approaching or have recently reached the age
• 52:01
  Speaker 7: of seventy three, required minimum distributions should be a key
• 52:05
  Speaker 7: consideration as you evaluate your retirement strategy.
• 52:07
  Speaker 3: HI.
• 52:08
  Speaker 7: This is Mike Armstrong from the Armstrong Advisory Group. There
• 52:10
  Speaker 7: are several factors to think about when it comes to rmds,
• 52:13
  Speaker 7: including the types of accounts that require rmds, when to
• 52:16
  Speaker 7: take your withdrawals, how your RMD is calculated and the
• 52:19
  Speaker 7: penalty for missing all or part of an RMD. That's
• 52:22
  Speaker 7: what our new guide this month is all about. It's
• 52:24
  Speaker 7: called frequently Asked Questions about Required minimum Distributions and you
• 52:28
  Speaker 7: can get your copy today by calling eight hundred three
• 52:31
  Speaker 7: nine three four zero zero one. Rmds are a key
• 52:34
  Speaker 7: part of your retirement strategy, so don't delay. Get your
• 52:37
  Speaker 7: guide today by calling eight hundred three nine three four
• 52:40
  Speaker 7: zero zero one. That number one more time, eight hundred
• 52:43
  Speaker 7: three nine three four 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
• 52:49
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 52:52
  Speaker 1: your own financial tax into state planning advisors before making
• 52:55
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:58
  Speaker 1: advisory services.
• 53:00
  Speaker 8: Family scuse this Veterans Day weekend, help honor all who
• 53:03
  Speaker 8: have served our country and join wb Z for the
• 53:05
  Speaker 8: annual DAV five k, a run or walk to support
• 53:08
  Speaker 8: disabled vets here in Massachusetts with housing, transportation and other
• 53:12
  Speaker 8: critical support, Saturday, November ninth, at DCR's Castle Island in
• 53:16
  Speaker 8: South Boston.
• 53:17
  Speaker 2: Let's thank all who have sacrificed for.
• 53:19
  Speaker 8: Our freedom and help our heroes on their road to recovery.
• 53:22
  Speaker 8: Visit DAV five K dot Boston to register or donate today.
• 53:26
  Speaker 6: The DAV five K Boston is presented by Veterans Development Corporation.
• 53:30
  Speaker 1: Trusts are essential documents that can help protect your assets
• 53:33
  Speaker 1: from the nursing home. Call Cushing and Dolan right now
• 53:35
  Speaker 1: at eight six six eight four, eight five six ninet
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