Latest / The Legal Exchange / How Divorce Can Put Your Inheritance at Risk

Transcript

How Divorce Can Put Your Inheritance at Risk · The Legal Exchange

• 0:00
  Speaker 1: This is The Legal Exchange with Todd Lutzke from the
• 0:04
  Speaker 1: law firm of Cushing & 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: 866-848-5699 to make an appointment. That's 866-848-5699. Operators are standing by. Now,
• 0:31
  Speaker 1: here are your hosts, Todd Lutzke and Susan Powers.
• 0:37
  Speaker 2: Welcome into The Legal Exchange with Todd Lutzke. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutzke, a partner with the law firm
• 0:46
  Speaker 2: of Cushing & Dolan with a master's in taxation. Welcome, Todd.
• 0:51
  Speaker 2: How are you today?
• 0:51
  Speaker 3: I'm never better, and you?
• 0:53
  Speaker 2: I am excellent, thank you. What do you have for
• 0:55
  Speaker 2: us this week?
• 0:55
  Speaker 3: A couple of things.
• 0:56
  Speaker 4: I got.
• 0:57
  Speaker 3: Two cases, one out of Alaska and one out of
• 1:00
  Speaker 3: North Dakota, just trying to keep things cold. So this
• 1:04
  Speaker 3: first one is basically you need to say, when is
• 1:08
  Speaker 3: an inheritance separate marital property and when is it not?
• 1:13
  Speaker 1: Okay.
• 1:13
  Speaker 3: It's really a situation about commingling assets after you get them.
• 1:20
  Speaker 3: So in this place, in this situation, the whole idea is,
• 1:25
  Speaker 3: you know, why are you leaving assets to a spouse
• 1:31
  Speaker 3: or to a family member when maybe you could have
• 1:34
  Speaker 3: been doing, you know, divorce proofing and creditor protecting it.
• 1:37
  Speaker 3: Once you give it away, folks, it could be subject
• 1:40
  Speaker 3: to the marriage.
• 1:41
  Speaker 2: That might be what they've been waiting for.
• 1:43
  Speaker 3: So we'll learn about that. And then North Dakota, third
• 1:46
  Speaker 3: circuit federal case, uh, you know, you wouldn't think this
• 1:50
  Speaker 3: would be an issue, but you know, when are you
• 1:52
  Speaker 3: divorced and what's, make sure you're divorced before you get
• 1:56
  Speaker 3: remarried and then die thinking you're remarried. And then the
• 2:00
  Speaker 3: spouse says, wait, the spouse who's married, the second spouse
• 2:05
  Speaker 3: learns that maybe you're not really the second spouse because
• 2:08
  Speaker 3: there's still a first spouse.
• 2:10
  Speaker 2: It's juicy today.
• 2:12
  Speaker 3: So folks, lots to learn about how to do your planning,
• 2:15
  Speaker 3: you know, make planning of course can fix a lot
• 2:17
  Speaker 3: of this. Um, But interestingly enough, the guide for the
• 2:20
  Speaker 3: month is making the most of gifting assets, which is
• 2:23
  Speaker 3: kind of back to that first case, right? You know,
• 2:25
  Speaker 3: never give things away because nothing good comes from it.
• 2:28
  Speaker 3: The same idea is when you let somebody inherit it outright,
• 2:32
  Speaker 3: could be nothing good comes from it. But folks, gifting
• 2:35
  Speaker 3: is not as easy as you think. There's estate tax issues.
• 2:38
  Speaker 3: There's gift tax issues. Step up in basis income tax
• 2:43
  Speaker 3: issues that you have to deal with. What kind of
• 2:46
  Speaker 3: assets should I give away? Should I give them away outright?
• 2:49
  Speaker 3: Should I put them in an irrevocable gifting trust for family?
• 2:52
  Speaker 3: Should I set up a gifting trust that allows me
• 2:54
  Speaker 3: to actually enjoy what I gave away? Let's face it,
• 2:57
  Speaker 3: giving is good, but I might want to enjoy a
• 2:59
  Speaker 3: little bit about what I gave away. So folks, there's
• 3:02
  Speaker 3: so many things to think about when you're making a
• 3:04
  Speaker 3: gift and quite frankly, whether you should make the gift
• 3:07
  Speaker 3: at all. And so before you do anything on the
• 3:11
  Speaker 3: gifting front, please get this guide. There's so much information
• 3:14
  Speaker 3: in here about how you can make or not make giftings.
• 3:17
  Speaker 3: a part of your estate plan. Call and get it
• 3:23
  Speaker 3: 866-848-5699 or LegalExchangeShow.com. Again, 866-848-5699 or LegalExchangeShow.com. You can always
• 3:34
  Speaker 3: go to Christian Dolan PC on our Instagram page for
• 3:36
  Speaker 3: more information. So let's take a peek. Stephanie and Scott
• 3:42
  Speaker 3: are characters here. married in 2010, separated in 2021, and
• 3:47
  Speaker 3: divorced shortly after that. The dispute here is really over
• 3:53
  Speaker 3: the proceeds of the sale of the primary residence. Stephanie
• 3:58
  Speaker 3: claims that a portion of the sale proceeds would be
• 4:02
  Speaker 3: separate property, not included in the marital estate, because she
• 4:06
  Speaker 3: had used part of it, part of her inheritance, excuse me,
• 4:11
  Speaker 3: from her grandpa, towards the down payment on the property.
• 4:16
  Speaker 3: And her and Scott had a verbal agreement that she
• 4:19
  Speaker 3: could pull those funds back out of the house in
• 4:22
  Speaker 3: a few years. Okay. Scott, of course, denied any such
• 4:27
  Speaker 3: agreement ever existed.
• 4:28
  Speaker 4: Of course.
• 4:29
  Speaker 3: And as a sidebar, folks, there's something called the statute
• 4:32
  Speaker 3: of frauds, which means whenever you're dealing with agreements when
• 4:36
  Speaker 3: it comes to real estate, It has to be in writing. Yes.
• 4:39
  Speaker 3: That's what the statute of fraud states.
• 4:41
  Speaker 2: People don't want things to be awkward while they're married.
• 4:44
  Speaker 3: So this agreement may or may not have any teeth.
• 4:48
  Speaker 3: But let's keep going. So like I say, Scott, of course,
• 4:51
  Speaker 3: didn't think that existed. So she goes to court and
• 4:55
  Speaker 3: the Superior Court found that Stephanie did contribute $ 212, 000 to
• 5:01
  Speaker 3: the down payment by cashing in stocks and bonds from
• 5:03
  Speaker 3: grandpa's inheritance to And that that contribution remained separate property. Yeah, well,
• 5:10
  Speaker 3: you should say because Scott appealed.
• 5:12
  Speaker 2: Yeah.
• 5:12
  Speaker 3: Up to the Supreme Court of Alaska, who quickly reversed
• 5:17
  Speaker 3: and stated that when separate property is commingled with marital property,
• 5:23
  Speaker 3: a legal presumption arises that the separate property became marital
• 5:28
  Speaker 3: property and that Stephanie's testimony, now it's a rebuttable presumption,
• 5:34
  Speaker 3: So Stephanie would have to rebut that presumption. And it
• 5:37
  Speaker 3: turns out that Stephanie's testimony about a verbal agreement which
• 5:41
  Speaker 3: was uncooperated is simply not enough to rebut the presumption. Ruh-roh, Stephanie.
• 5:48
  Speaker 2: Yeah.
• 5:49
  Speaker 3: You are not going to get that money back.
• 5:52
  Speaker 2: It sounds correct, right? I mean, you're taking your money,
• 5:55
  Speaker 2: you're putting it into a jointly owned home.
• 5:58
  Speaker 3: Totally agree that it's the correct result.
• 6:01
  Speaker 2: I mean, I'm not an attorney, but just from my
• 6:04
  Speaker 2: lay person's opinion.
• 6:05
  Speaker 3: So here's the real tips and lessons, right? What do
• 6:09
  Speaker 3: we learn from this? And this is an important thing
• 6:11
  Speaker 3: for people, especially doing estate planning, which is always what
• 6:14
  Speaker 3: we're about, but, but second marriage estate planning, right? When
• 6:18
  Speaker 3: you get married for a second time and maybe you
• 6:20
  Speaker 3: have a prenup, let's think about how this would play out.
• 6:23
  Speaker 3: So say you enter a second marriage and prior to
• 6:26
  Speaker 3: the marriage, you and you had a prenup in place
• 6:28
  Speaker 3: to protect your separate assets from future divorces. Not uncommon
• 6:33
  Speaker 3: at all. I see it a lot. Then later you
• 6:36
  Speaker 3: decide to say, you know what, I'm going to do
• 6:38
  Speaker 3: an estate plan, which you should do your estate plan.
• 6:40
  Speaker 3: It's a second marriage. I want to ensure that I
• 6:43
  Speaker 3: take care of each other, my spouse, each other. But
• 6:46
  Speaker 3: we also want to ensure your kids from each side
• 6:49
  Speaker 3: of the marriage are taken care of. And that's exactly
• 6:52
  Speaker 3: why you would do.
• 6:53
  Speaker 2: And that they can't be disinherited by your. spouse if
• 6:57
  Speaker 2: you pre-deceased them.
• 6:58
  Speaker 3: That's exactly right. We're trying to make sure we ensure
• 7:01
  Speaker 3: that after one dies, we've got, you know, the kids
• 7:05
  Speaker 3: from each side of the marriage are covered. Okay. So
• 7:08
  Speaker 3: then you go ahead and you say, I'm going to
• 7:10
  Speaker 3: do my estate plan and you set up a joint
• 7:12
  Speaker 3: revocable trust and put your assets in there. Well, now
• 7:18
  Speaker 3: you've commingled separate property, separate assets and And you could
• 7:23
  Speaker 3: very well jeopardize your prenuptial agreement protection.
• 7:27
  Speaker 4: Why?
• 7:27
  Speaker 3: Because it's no longer separate, just like this case says.
• 7:31
  Speaker 3: You've commingled it. Now it becomes marital property.
• 7:34
  Speaker 2: What would you typically do in that case, Todd?
• 7:37
  Speaker 3: Well, you know, interestingly, and I do know when there's
• 7:40
  Speaker 3: usually tell us there's prenups. Now, even though the joint trust,
• 7:43
  Speaker 3: you know, based on a moderate estate size would have
• 7:47
  Speaker 3: been the right way to go from an estate planning standpoint.
• 7:52
  Speaker 3: but not in cases where you have a prenup.
• 7:54
  Speaker 2: Yes.
• 7:55
  Speaker 3: So even though the joint trust typically would be the
• 7:57
  Speaker 3: right way to go, you really would need to do
• 8:00
  Speaker 3: two separate trusts, the old husband-wife trusts.
• 8:04
  Speaker 2: And you're giving up some benefits by not doing, some
• 8:06
  Speaker 2: potential future tax benefits by not doing the joint, but
• 8:09
  Speaker 2: you're giving up more if you went to the trouble
• 8:12
  Speaker 2: of doing a prenup because you want to preserve those
• 8:14
  Speaker 2: assets separately.
• 8:15
  Speaker 3: Yeah, I think you still are fine with the estate
• 8:18
  Speaker 3: planning side. I think you're still going to be able
• 8:19
  Speaker 3: to shelter... You know, mostly the same stuff. But you're right.
• 8:24
  Speaker 3: By keeping the assets separate, you've now kept the assets
• 8:29
  Speaker 3: separate for the prenup in case you get divorced.
• 8:33
  Speaker 2: Which was your ultimate objective.
• 8:36
  Speaker 3: True, true. You know, one of the comments on this
• 8:38
  Speaker 3: case is, you know, the whole idea of why aren't
• 8:41
  Speaker 3: we doing estate planning, right? What did grandpa do here?
• 8:44
  Speaker 3: He just gave away, you know, here is your asset,
• 8:46
  Speaker 3: grandchild or whatnot for you. You know, maybe what we
• 8:50
  Speaker 3: say is, you know, if you had set up a
• 8:52
  Speaker 3: trust and you leave the assets in a discretionary trust
• 8:56
  Speaker 3: for the benefit of the kids and the grandkids.
• 8:59
  Speaker 2: So what we kind of refer to as an inheritor's trust.
• 9:02
  Speaker 3: Or just the same that, yes, like a divorce proof
• 9:05
  Speaker 3: language and the stuff like that. Absolutely. Right. So if
• 9:09
  Speaker 3: grandpa had decided to set up the estate plan to
• 9:12
  Speaker 3: take care of his kids and his grandkids in this
• 9:15
  Speaker 3: sole discretionary trust. Well, then these assets, this $ 212, 000 or
• 9:20
  Speaker 3: whatever else, would be sitting in a trust for the
• 9:23
  Speaker 3: benefit of grandchild, but not owned by grandchild. So in
• 9:27
  Speaker 3: this case, when she got divorced, Stephanie, these assets would
• 9:31
  Speaker 3: not have been a marital asset. They would not have
• 9:33
  Speaker 3: been subject to this divorce. So they would not have
• 9:36
  Speaker 3: been marital property. Right. That's a much better way to
• 9:40
  Speaker 3: leave assets. Now, of course, if you take it out
• 9:43
  Speaker 3: and actually put it in your name, whatever you take
• 9:45
  Speaker 3: out of that trust bucket does become subject to marital assets.
• 9:49
  Speaker 3: But at least it's a way of preserving and protecting
• 9:52
  Speaker 3: going forward. So, folks, lots of good things come from
• 9:55
  Speaker 3: planning and things that are bad don't.
• 9:58
  Speaker 2: The gifting the right way.
• 9:59
  Speaker 3: But make sure you learn how to gift, Susan. That's
• 10:01
  Speaker 3: exactly right. Get the guide, making the most of gifting
• 10:04
  Speaker 3: your assets. Learn what to gift, how to gift, when
• 10:06
  Speaker 3: to gift, or if you should gift. 866-848-5699 or LegalExchangeShow.com.
• 10:11
  Speaker 1: Again, 866-848-5699.
• 10:11
  Speaker 3: 5699 or LegalExchangeShow.com.
• 10:22
  Speaker 2: You've been listening to Todd Lutzke, a partner with the
• 10:24
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:28
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:31
  Speaker 2: more to come when we return to The Legal Exchange
• 10:34
  Speaker 2: with Todd Lutzke.
• 10:36
  Speaker 1: Giving assets to your children during your lifetime may sound
• 10:38
  Speaker 1: like a simple way to pass along your wealth, but
• 10:41
  Speaker 1: the way you make the gift can have important tax consequences.
• 10:44
  Speaker 1: Cushing and Dolan's new guide, Making the Most of Gifting Assets,
• 10:48
  Speaker 1: explains what you should consider before transferring property, investments, or
• 10:52
  Speaker 1: other appreciative assets to your family. If you give away
• 10:54
  Speaker 1: an asset too soon, your children could end up with
• 10:57
  Speaker 1: a larger tax bill when they eventually sell it. In
• 10:59
  Speaker 1: some cases, holding on to that asset and letting your
• 11:02
  Speaker 1: children inherit it later could reduce the capital gains tax
• 11:05
  Speaker 1: they have to pay. That's why gifting isn't just about
• 11:07
  Speaker 1: what you give. When and how you give it can
• 11:10
  Speaker 1: make a big difference. Get Cushing and Dolan's new guide,
• 11:13
  Speaker 1: Making the Most of Gifting Assets, by calling 866-848-5699. That's 866-848-5699.
• 11:16
  Speaker 1: Or you can request the guide online by visiting LegalExchangeShow.com.
• 11:25
  Speaker 1: The proceeding was paid for and the views expressed are
• 11:27
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 11:29
  Speaker 1: or Armstrong Advisory may contact your offering legal or investment services.
• 11:32
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 11:35
  Speaker 1: other and are not affiliated.
• 11:36
  Speaker 5: Seeing some high volume out there on those roads today, folks.
• 11:40
  Speaker 2: Sound familiar?
• 11:41
  Speaker 5: The Braintree split is backed up.
• 11:43
  Speaker 2: If your commute feels endless, it might be time to
• 11:45
  Speaker 2: ask a bigger question. Are you working because you want
• 11:48
  Speaker 2: to or because you think you have to? At the
• 11:50
  Speaker 2: Armstrong Advisory Group, our financial advisors help individuals and families
• 11:54
  Speaker 2: build retirement income plans designed around their goals, savings, Social Security,
• 11:59
  Speaker 2: investments and overall financial picture. Retirement shouldn't be a guessing game.
• 12:04
  Speaker 2: If you're concerned about what path you're on or have
• 12:06
  Speaker 2: questions about your financial plan, we may be able to help.
• 12:09
  Speaker 2: Visit armstrongadvisory.com and schedule a no-obligation meeting. The Armstrong Advisory Group.
• 12:15
  Speaker 2: We answer only to you. Schedule your meeting today at armstrongadvisory.com.
• 12:20
  Speaker 2: That's armstrongadvisory.com.
• 12:22
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 12:25
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 12:27
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 12:30
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 12:32
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 12:35
  Speaker 1: advisory services. Giving assets directly to your children may create
• 12:39
  Speaker 1: problems you didn't expect. Cushing and Dolan's new guide, Making
• 12:43
  Speaker 1: the Most of Gifting Assets, explains how giving away property
• 12:46
  Speaker 1: or investments could mean losing control of those assets. Learn
• 12:49
  Speaker 1: about your options before you give assets away. Call 866-848-5699
• 12:52
  Speaker 1: or visit LegalExchangeShow.com. The proceeding was paid for and the
• 12:58
  Speaker 1: views expressed are solely those of Cushing and Dolan. Cushing
• 13:00
  Speaker 1: and Dolan and or Armstrong Advisory may contact you offering
• 13:02
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 13:05
  Speaker 1: do not endorse each other and are not affiliated.
• 13:06
  Speaker 6: For many Massachusetts veterans, getting to a medical appointment isn't
• 13:10
  Speaker 6: always easy. That's why the Disabled American Veterans Department of
• 13:14
  Speaker 6: Massachusetts provides free transportation to VA medical appointments through its
• 13:18
  Speaker 6: network of dedicated drivers. Every mile helps a veteran get
• 13:22
  Speaker 6: the care they've earned through their service. You can help
• 13:26
  Speaker 6: by volunteering or making a donation. Learn more at DAVMA.org.
• 13:31
  Speaker 6: That's DAVMA.org.
• 13:38
  Speaker 1: You're listening to The Legal Exchange with Todd Lutzke, an
• 13:41
  Speaker 1: expert in elder life planning and taxation. Need help with
• 13:44
  Speaker 1: your estate plan? Call Todd right now and make an appointment.
• 13:47
  Speaker 2: 866-848-5699.
• 13:47
  Speaker 1: That's 866-848-5699.
• 13:55
  Speaker 2: Welcome back into The Legal Exchange with Todd Lutzke. I'm
• 13:58
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:01
  Speaker 2: and I'm joined by Todd Lutzke, a partner with a
• 14:04
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:08
  Speaker 2: Where are we headed now, Todd?
• 14:10
  Speaker 3: We are going to head to the Federal Third Circuit
• 14:12
  Speaker 3: in North Dakota. When are you divorced? Seems like a
• 14:17
  Speaker 3: pretty obvious question. So in this case, Edward and Lori
• 14:21
  Speaker 3: were married in 1987. And at some point thereafter, they separated.
• 14:28
  Speaker 3: But it's unclear if they're legally divorced. They did file
• 14:32
  Speaker 3: two complaints for divorce in Alabama. Both dismissed. No divorce
• 14:37
  Speaker 3: decree issued. Okay. Well, 2014 rolls around, which is a
• 14:41
  Speaker 3: long time later. And Ed decides to marry Arlette. And
• 14:47
  Speaker 3: Arlette never knew he wasn't divorced. And no family member
• 14:51
  Speaker 3: throughout their marriage time together ever mentioned that there's a
• 14:56
  Speaker 3: possibility even that Ed was still married to Laurie.
• 15:01
  Speaker 2: Did Ed know he was still married?
• 15:03
  Speaker 3: Well, so Edward married Arlette and the marriage application stated
• 15:12
  Speaker 3: that Ed was divorced on July 16th, 2020. And again,
• 15:17
  Speaker 3: no one ever told him her otherwise. So on April 2019,
• 15:22
  Speaker 3: Ed died. Arlette and Ed had lived together until his death.
• 15:31
  Speaker 3: So they were apparently married and lived together until death. Well,
• 15:37
  Speaker 3: Lori at that time decided to assert that she's still
• 15:40
  Speaker 3: married and objected.
• 15:41
  Speaker 2: Lori's the 1987 wife.
• 15:42
  Speaker 3: Lori, the 1987 wife, decided to object to the burial
• 15:46
  Speaker 3: in Chicago where they lived together with Arlette.
• 15:50
  Speaker 4: Hmm.
• 15:50
  Speaker 3: This is the first time Arlette learns of Laurie still
• 15:54
  Speaker 3: potentially being married to Ed.
• 15:56
  Speaker 4: Wow.
• 15:57
  Speaker 3: Yeah, pretty neat.
• 15:58
  Speaker 2: I don't think she would use the term neat.
• 16:02
  Speaker 3: Arlette wins custody of the body and then files a
• 16:07
  Speaker 3: petition to become special administrator of the estate, which means, rut-ro,
• 16:12
  Speaker 3: there's never been a will even done after they got married, apparently,
• 16:16
  Speaker 3: to Arlette.
• 16:17
  Speaker 1: Ish.
• 16:17
  Speaker 6: Married-ish.
• 16:18
  Speaker 2: Ish.
• 16:18
  Speaker 4: Ish.
• 16:19
  Speaker 3: In order to pursue a wrongful death action under the
• 16:21
  Speaker 3: Federal Tort Claims Act. So Arlette, the second supposed wife,
• 16:26
  Speaker 3: wants to get this claim filed. Well, the night before
• 16:30
  Speaker 3: the trial on wrongful death claim, the United States was
• 16:34
  Speaker 3: granted leave to file a motion for summary judgment that
• 16:39
  Speaker 3: Arlette is not entitled to bring the action Because she's
• 16:43
  Speaker 3: not a surviving spouse.
• 16:45
  Speaker 2: So summary judgment is you just have to go away.
• 16:47
  Speaker 3: There's no controversy here. You're not the spouse. And therefore,
• 16:52
  Speaker 3: if you're not a related party, you don't have standing
• 16:55
  Speaker 3: to bring an action for this case. Well, the court
• 17:00
  Speaker 3: denied the United States motion. and said, listen, even if
• 17:05
  Speaker 3: Arlette is not the surviving spouse, she was legally appointed
• 17:10
  Speaker 3: personal representative and she can bring the action as personal
• 17:13
  Speaker 3: representative of the estate. Maybe she can't benefit. That's a
• 17:16
  Speaker 3: whole nother story if she's not the spouse, but she
• 17:20
  Speaker 3: can actually bring the action because they appointed her special PR.
• 17:25
  Speaker 2: That's crazy. Are you going to tell us now you
• 17:27
  Speaker 2: don't have any answer?
• 17:27
  Speaker 3: Well, no, this is not an answer. They're now pursuing this.
• 17:30
  Speaker 3: They're at least saying that's the answer.
• 17:32
  Speaker 2: I need court TV. I need to be able to
• 17:34
  Speaker 2: follow this thing.
• 17:35
  Speaker 3: You need to find out whether or not Arlette is
• 17:38
  Speaker 3: going to ever benefit from here.
• 17:39
  Speaker 2: Arlette might be setting Lori up for a nice payday.
• 17:42
  Speaker 3: Yeah, we're not really sure. I think Arlette being the
• 17:44
  Speaker 3: surviving spouse might be on thin ice here.
• 17:47
  Speaker 1: Yeah.
• 17:48
  Speaker 3: I'm not entirely sure. But folks... we don't want you
• 17:51
  Speaker 3: to be on thin ice. When it comes to gifting assets,
• 17:54
  Speaker 3: I want you to have all the knowledge you need
• 17:57
  Speaker 3: before you make a gift. You need to know what
• 17:59
  Speaker 3: the gift tax ramifications are, which assets to give away,
• 18:03
  Speaker 3: high basis, low basis, because if you give away low basis,
• 18:06
  Speaker 3: you're converting and giving up maybe estate tax savings, but
• 18:09
  Speaker 3: creating huge capital gains tax because you lose the step
• 18:12
  Speaker 3: up in basis. Also, think about assets that are owned jointly.
• 18:15
  Speaker 3: Do you want real estate owned jointly? Is that you
• 18:20
  Speaker 3: made a half a gift when you put someone else's
• 18:22
  Speaker 3: name on a piece of property? What about the Medicaid
• 18:24
  Speaker 3: implications of gifting? Don't just do things without getting this guide, folks.
• 18:29
  Speaker 3: Learn how gifting can be or not be a part
• 18:34
  Speaker 3: of your estate plan. Call and get the guide 866-848-5699
• 18:37
  Speaker 3: or LegalExchangeShow.com.
• 18:39
  Speaker 1: Again, 866-848-5699.
• 18:39
  Speaker 3: 5699 or LegalExchangeShow.com and download it there. You can also
• 18:52
  Speaker 3: go to Cushing Dolan PC, our Instagram page for much
• 18:55
  Speaker 3: more information. What are we going to learn here? We
• 19:01
  Speaker 3: got a lot to learn.
• 19:02
  Speaker 2: Yeah.
• 19:03
  Speaker 3: So let's think this thing through. The first problem I
• 19:07
  Speaker 3: have is one, it's a second marriage and two, how
• 19:09
  Speaker 3: do you do no planning?
• 19:11
  Speaker 6: Right.
• 19:12
  Speaker 3: If it's a second marriage and I guess more importantly,
• 19:14
  Speaker 3: you know, you got to make sure you know you're divorced.
• 19:19
  Speaker 3: That would be step one. But why is it so
• 19:21
  Speaker 3: important to update your estate plan after a divorce? Well,
• 19:25
  Speaker 3: let's kind of use this fact pattern and see what
• 19:28
  Speaker 3: we can learn. So first, make it very clear that,
• 19:34
  Speaker 3: of course, you are divorced. Here, there doesn't appear to
• 19:37
  Speaker 3: be any planning done after the divorce, assuming the divorce happened.
• 19:43
  Speaker 3: So why that's important, if you're not divorced, then arguably, Lori,
• 19:48
  Speaker 3: the server. spouse, the true surviving spouse could inherit under
• 19:56
  Speaker 3: the intestate succession laws under that, you know, it depends
• 20:01
  Speaker 3: state by state. So there does appear to be not
• 20:06
  Speaker 3: in this case, there isn't even a will in place
• 20:09
  Speaker 3: Because Arlette, the supposed second wife, was appointed special administrator.
• 20:18
  Speaker 3: You don't get appointed administrator if there's a will. You
• 20:20
  Speaker 3: get appointed personal representative. So that's what's cluing me in
• 20:25
  Speaker 3: here that this is likely a situation where there was
• 20:30
  Speaker 3: not even a will done. And so the intestate succession
• 20:33
  Speaker 3: would come in.
• 20:35
  Speaker 2: If you don't know if you're really divorced... Why would
• 20:38
  Speaker 2: you not do a will? I don't know. Because you
• 20:41
  Speaker 2: don't have to leave things. I mean, you can leave
• 20:43
  Speaker 2: things to anyone you want, right? So he could have
• 20:47
  Speaker 2: made sure Arlette was taken care of.
• 20:48
  Speaker 3: Well, I think that's where I'm kind of headed with this, right?
• 20:51
  Speaker 3: So like I say, depending on the state, if it's
• 20:56
  Speaker 3: a second marriage, if it's truly a second marriage, and again,
• 21:01
  Speaker 3: the kids from the first marriage would also have some
• 21:04
  Speaker 3: ability to be in a high priority position. on this
• 21:07
  Speaker 3: intestate succession statute. So it would go not just to
• 21:13
  Speaker 3: the spouse, but perhaps to the kids of the second marriage. Again,
• 21:16
  Speaker 3: if you can only have one spouse, then the marriage
• 21:20
  Speaker 3: to Arlette might be void, right? If you truly can
• 21:25
  Speaker 3: only have one spouse, then the quote marriage to Arlette
• 21:28
  Speaker 3: doesn't exist. And therefore, she would not be a beneficiary
• 21:33
  Speaker 3: at all. And if not even have standing to bring
• 21:37
  Speaker 3: an action against the estate to pursue it, which is
• 21:40
  Speaker 3: exactly what the court said here. I think the United
• 21:45
  Speaker 3: States petition to grant a summary judgment would have probably
• 21:51
  Speaker 3: been allowed if she truly wasn't a surviving spouse. She
• 21:55
  Speaker 3: wouldn't have the ability to bring a claim. That's right.
• 21:58
  Speaker 3: But remember, the decision wasn't about that. They said, well,
• 22:00
  Speaker 3: it doesn't matter because she's PR. So the PR is
• 22:04
  Speaker 3: going to carry the day. in that case. But folks,
• 22:07
  Speaker 3: you're right. This is what you were saying, Susan. If
• 22:09
  Speaker 3: you just do planning, let's say Ed actually set up
• 22:13
  Speaker 3: a trust, provided for Arlette, his wife or not wife,
• 22:18
  Speaker 3: doesn't matter, at the same time ensuring that upon her death,
• 22:23
  Speaker 3: assets would go to his kids from the first marriage.
• 22:26
  Speaker 3: And that might have been with Lori. Right. Can he
• 22:29
  Speaker 3: do that? I think he can do that.
• 22:31
  Speaker 1: Right?
• 22:32
  Speaker 3: So arguably, even if they're not married, He's allowed to
• 22:36
  Speaker 3: leave assets any way he wants. So even if you
• 22:40
  Speaker 3: weren't truly divorced, you still could set up a trust
• 22:44
  Speaker 3: and do this. One exception, of course, a forced share issue.
• 22:50
  Speaker 3: So you can't disinherit your spouse. So if truly Lori
• 22:52
  Speaker 3: is the spouse and Arlette is not, then even though
• 22:56
  Speaker 3: you've provided for Arlette and your own kids, she would
• 22:59
  Speaker 3: be able to claim against the will, the forced share issue.
• 23:02
  Speaker 3: That she's entitled to.
• 23:03
  Speaker 1: Right.
• 23:04
  Speaker 3: Which is, by the way, not always that big. Right.
• 23:06
  Speaker 3: So it's a small amount. So, wow. Look at how
• 23:10
  Speaker 3: this tangled web they wove. But in any event, folks,
• 23:16
  Speaker 3: before you start tangling webs, get the guide. Learn how
• 23:20
  Speaker 3: to make gifts or not make gifts. Sometimes it's right.
• 23:24
  Speaker 3: Sometimes it's not. Give it away. Learn how to keep it.
• 23:28
  Speaker 3: Decide how it fits into your estate plan. 866- 848-5699
• 23:35
  Speaker 3: or LegalExchangeShow.com, and you can download the guide right there.
• 23:39
  Speaker 2: You've been listening to Todd Lutzke, a partner with the
• 23:41
  Speaker 2: law firm of Cushing & Dolan. I'm Susan Powers, a
• 23:45
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:48
  Speaker 2: be answering your listener questions when we return to The
• 23:51
  Speaker 2: Legal Exchange with Todd Lutzke.
• 23:54
  Speaker 1: Giving assets to your children during your lifetime may sound
• 23:57
  Speaker 1: like a simple way to pass along your wealth, but
• 23:59
  Speaker 1: the way you make the gift can have important tax consequences.
• 24:03
  Speaker 1: Cushing and Dolan's new guide, Making the Most of Gifting Assets,
• 24:06
  Speaker 1: explains what you should consider before transferring property, investments, or
• 24:10
  Speaker 1: other appreciative assets to your family. If you give away
• 24:13
  Speaker 1: an asset too soon, your children could end up with
• 24:15
  Speaker 1: a larger tax bill when they eventually sell it. In
• 24:18
  Speaker 1: some cases, holding on to that asset and letting your
• 24:20
  Speaker 1: children inherit it later could reduce the capital gains tax
• 24:23
  Speaker 1: they have to pay. That's why gifting isn't just about
• 24:26
  Speaker 1: what you give. When and how you give it can
• 24:28
  Speaker 1: make a big difference. Get Cushing and Dolan's new guide,
• 24:31
  Speaker 1: Making the Most of Gifting Assets, by calling 866-848-5699.
• 24:34
  Speaker 3: That's 866-848-5699.
• 24:34
  Speaker 1: Or you can request the guide online by visiting LegalExchangeShow.com.
• 24:44
  Speaker 1: The proceeding was paid for and the views expressed are
• 24:46
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 24:48
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 24:51
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:53
  Speaker 1: other and are not affiliated.
• 24:54
  Speaker 4: Your life changes over time, and the amount you keep
• 24:57
  Speaker 4: in your emergency fund may need to change with it.
• 25:00
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. Our
• 25:02
  Speaker 4: new guide, Building and Sizing Your Emergency Fund, can help
• 25:06
  Speaker 4: you take a fresh look at the money you've set
• 25:08
  Speaker 4: aside for the unexpected. A new job, a move, a
• 25:11
  Speaker 4: growing family, or a sudden change in your income can
• 25:14
  Speaker 4: all affect how much you need in reserve. The guide
• 25:17
  Speaker 4: can help you review your essential monthly expenses, set a
• 25:20
  Speaker 4: target for your emergency savings, and decide where that money
• 25:23
  Speaker 4: should be kept so it's accessible when you need it.
• 25:26
  Speaker 4: Get your free copy of Building and Sizing Your Emergency
• 25:29
  Speaker 4: Fund by calling the Armstrong Advisory Group at 800-393-4001. That's 800-393-4001,
• 25:32
  Speaker 4: or you can request the guide online at armstrongadvisory.com.
• 25:41
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:44
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:46
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 25:48
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 25:51
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 25:53
  Speaker 1: advisory services.
• 25:57
  Speaker 6: Our nation's veterans answered the call to serve. Today, the
• 26:00
  Speaker 6: Disabled American Veterans Department of Massachusetts is there to support
• 26:04
  Speaker 6: our veterans through benefits assistance, transportation services, advocacy, and community outreach.
• 26:11
  Speaker 6: Their mission is to ensure no veteran has to face
• 26:14
  Speaker 6: life's challenges alone. You can make a difference by volunteering
• 26:17
  Speaker 6: for the DAV Massachusetts or making a donation. Learn more
• 26:22
  Speaker 6: at DAVMA.org.
• 26:25
  Speaker 1: Giving assets to your children during your lifetime may sound
• 26:27
  Speaker 1: like a simple way to pass along your wealth, but
• 26:30
  Speaker 1: the way you make the gift can have important tax consequences.
• 26:33
  Speaker 1: Cushing and Dolan's new guide, Making the Most of Gifting Assets,
• 26:37
  Speaker 1: explains what you should consider before transferring property, investments, or
• 26:40
  Speaker 1: other appreciative assets to your family. If you give away
• 26:43
  Speaker 1: an asset too soon, your children could end up with
• 26:46
  Speaker 1: a larger tax bill when they eventually sell it. In
• 26:48
  Speaker 1: some cases, holding on to that asset and letting your
• 26:51
  Speaker 1: children inherit it later could reduce the capital gains tax
• 26:54
  Speaker 1: they have to pay. That's why gifting isn't just about
• 26:56
  Speaker 1: what you give. When and how you give it can
• 26:59
  Speaker 1: make a big difference. Get Cushing and Dolan's new guide,
• 27:02
  Speaker 1: Making the Most of Gifting Assets, by calling 866-848-5699. That's 866-848-5699.
• 27:10
  Speaker 1: Or you can request the guide online by visiting LegalExchangeShow.com.
• 27:14
  Speaker 1: The proceeding was paid for and the views expressed are
• 27:16
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 27:18
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 27:21
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 27:23
  Speaker 1: other and are not affiliated. You're listening to The Legal Exchange,
• 27:27
  Speaker 1: and it's time for Ask Todd, the segment where Todd
• 27:31
  Speaker 1: will answer your questions about anything and everything that's included
• 27:34
  Speaker 1: in the estate planning process. Once again, here's Todd Lutzke
• 27:38
  Speaker 1: and Susan Powers.
• 27:41
  Speaker 2: Welcome back, Todd. I have a few questions from listeners
• 27:43
  Speaker 2: for you. First question comes from Paul in Belmont, Mass.,
• 27:46
  Speaker 2: and Paul writes, I'm 59, I have no children, and
• 27:49
  Speaker 2: I'm not married. I have a rental property and a
• 27:52
  Speaker 2: second home, as well as roughly $ 3 million in retirement
• 27:55
  Speaker 2: accounts and investment accounts. I have two brothers, one that
• 27:59
  Speaker 2: I care for and lives with me. If I pass
• 28:02
  Speaker 2: before them, I want to make sure my brother is
• 28:05
  Speaker 2: cared for and I can help my other brother. What
• 28:08
  Speaker 2: do you recommend?
• 28:10
  Speaker 3: Okay, and this is a great example for people who
• 28:14
  Speaker 3: think that planning is not for me.
• 28:17
  Speaker 2: Right?
• 28:17
  Speaker 3: So many people say, well, I'm not married. I don't
• 28:19
  Speaker 3: have kids. Why do I need to bother planning? Well,
• 28:21
  Speaker 3: that may be the case. I don't know for everybody,
• 28:24
  Speaker 3: but hey, think about it. Do you have nieces? Do
• 28:26
  Speaker 3: you have nephews? Do you have siblings? Do you have
• 28:29
  Speaker 3: people in your life that you care for versus maybe
• 28:32
  Speaker 3: just leaving things to charity, which is also noble. So
• 28:35
  Speaker 3: I'm saying, just need to think about what your family
• 28:38
  Speaker 3: dynamics and your wishes are before you just say, I
• 28:42
  Speaker 3: don't need to do estate planning. And that's really the
• 28:45
  Speaker 3: case here, right? So I think about probate. I think
• 28:47
  Speaker 3: about taxes all the time and this and that. But
• 28:50
  Speaker 3: at the end of the day, there's no federal tax
• 28:53
  Speaker 3: because he's probably got a $ 3 million in retirement accounts.
• 28:56
  Speaker 2: He's got a bunch of rental property. He's got a
• 28:58
  Speaker 2: rental property, a vacation home, and probably a primary house.
• 29:00
  Speaker 2: So maybe he's another $ 3 million.
• 29:02
  Speaker 3: Another $ 3 million, right. So call it $ 6 million. So
• 29:05
  Speaker 3: he's not anywhere approaching that $ 15 million federal number. So
• 29:09
  Speaker 3: we don't really need to worry about that. He's in Massachusetts.
• 29:13
  Speaker 3: He can always move. No, just kidding. Six months and
• 29:17
  Speaker 3: a day. That's all you need. But even in mass,
• 29:22
  Speaker 3: you could shelter two and you're going to pay some
• 29:24
  Speaker 3: tax on the amount over. But again, you don't have kids.
• 29:27
  Speaker 3: Maybe you don't go out of your way to try
• 29:29
  Speaker 3: to reduce the mass tax, although there might be some
• 29:32
  Speaker 3: things you can do. Although you can't move the retirement
• 29:35
  Speaker 3: accounts because those are stuck. And I would be hesitant
• 29:40
  Speaker 3: to probably try to gift away my home or my
• 29:44
  Speaker 3: rental properties, especially rental properties, because they would have significantly
• 29:48
  Speaker 3: lower basis because you've probably depreciated the basis by renting
• 29:52
  Speaker 3: them over the years. So there could be a lot
• 29:54
  Speaker 3: of built-in gain on those. And the reason you wouldn't
• 29:58
  Speaker 3: gift them for mass purposes to reduce the mass tax
• 30:01
  Speaker 3: is because mass tax is between 10% and 16%, call
• 30:06
  Speaker 3: it 13%. The capital gains that you're trapping when you
• 30:10
  Speaker 3: make the gift is 28.8%, at least federal and state,
• 30:15
  Speaker 3: plus 4% mass millionaire's tax if you run into that problem.
• 30:19
  Speaker 3: So you could be well into the 30% range. So
• 30:21
  Speaker 3: I'd rather get a step up in basis and save
• 30:24
  Speaker 3: 30% and pay mass 13%.
• 30:27
  Speaker 2: So in this situation, there's about $ 4 million that would
• 30:30
  Speaker 2: be hit with mass estate tax. How much do you
• 30:33
  Speaker 2: think that is ballpark?
• 30:35
  Speaker 3: You know, every bit of $ 400, 000.
• 30:36
  Speaker 2: Okay.
• 30:37
  Speaker 3: You know, you figure at a flat 10%, it's $ 400, 000.
• 30:38
  Speaker 3: So for $ 400, 000, he can go buy a house in
• 30:39
  Speaker 3: a state that does not have state tax. Yes, you could.
• 30:48
  Speaker 3: And spend six months a day. There's some other things
• 30:50
  Speaker 3: you need to do to make sure you change your residency.
• 30:52
  Speaker 3: It's not quite that easy. But you need to do
• 30:55
  Speaker 3: those other things. But the quick answer now that I
• 30:58
  Speaker 3: sort of gave up on the gifting idea and said, look,
• 31:00
  Speaker 3: if I just really want to just take care of
• 31:02
  Speaker 3: my brother, you know, you need to think about a trust, right?
• 31:05
  Speaker 3: You can at least avoid probate and you can have
• 31:06
  Speaker 3: these assets protected, especially if there's someone who you know,
• 31:09
  Speaker 3: is little, I guess, needs some help.
• 31:11
  Speaker 2: He's caring for us. So we don't know if he's
• 31:12
  Speaker 2: receiving government benefits maybe.
• 31:14
  Speaker 3: So you might need to have that stuff set up
• 31:16
  Speaker 3: in a special needs trust or even maybe protected from
• 31:19
  Speaker 3: the nursing home. He's just pushing 60, maybe set up
• 31:21
  Speaker 3: an irrevocable trust so that in case something happens to Paul,
• 31:24
  Speaker 3: they don't take the house that might be needed to
• 31:27
  Speaker 3: be left for one of the brothers. So there's lots
• 31:30
  Speaker 3: that you could still do here, whether it's revocable or
• 31:32
  Speaker 3: irrevocable would require a conversation with Paul and what his
• 31:36
  Speaker 3: overall wishes are. But But certainly planning would be in
• 31:39
  Speaker 3: order here as a means of protecting some of these
• 31:42
  Speaker 3: assets and even providing for how they get it. So folks,
• 31:47
  Speaker 3: that's just on the dying part. But the guide this
• 31:50
  Speaker 3: month is all about making gifts and whether or not
• 31:52
  Speaker 3: you should gift or not. And when you think about gifting,
• 31:57
  Speaker 3: what should we gift? And again, we talked about here,
• 31:59
  Speaker 3: you don't want to give away low basis assets. You
• 32:02
  Speaker 3: got to be concerned about capital gains taxes that you're
• 32:05
  Speaker 3: trapping versus estate taxes that you're saving. You need to
• 32:09
  Speaker 3: know about the income tax associated or the gift tax
• 32:13
  Speaker 3: associated with it. And folks, there's many ways to give
• 32:15
  Speaker 3: it away. Do you put it in a trust? Do
• 32:17
  Speaker 3: you give it to a trust that you can continue
• 32:19
  Speaker 3: to enjoy and control? So many ways to gift and
• 32:23
  Speaker 3: think about what to gift. Call and get the guide,
• 32:27
  Speaker 3: making the most of gifting and determine whether it should
• 32:29
  Speaker 3: be even a part of your estate plan. 866- 848-5699
• 32:36
  Speaker 3: or LegalExchangeShow.com. Again, 866-848-5699 or LegalExchangeShow.com. And even from a
• 32:46
  Speaker 3: Medicaid standpoint, think about what you're giving and how that
• 32:48
  Speaker 3: could hurt on that front. There's so many things here, folks.
• 32:52
  Speaker 2: Our last question comes from Jean in West Borough, Mass.
• 32:55
  Speaker 2: And Jean writes, my husband and I set up joint
• 32:57
  Speaker 2: irrevocable trust many years ago with you. He passed away
• 33:01
  Speaker 2: and we funded the remainder share with around half of
• 33:04
  Speaker 2: the proceeds.
• 33:05
  Speaker 3: Perfect.
• 33:05
  Speaker 2: Can I now use the money that is in the
• 33:08
  Speaker 2: two trust accounts to improve my vacation property? Should I
• 33:12
  Speaker 2: use the funds in the remainder share or the original trust?
• 33:15
  Speaker 2: Is there a benefit to using one versus the other?
• 33:19
  Speaker 2: Any restrictions?
• 33:21
  Speaker 3: Wow. Could they have asked more questions?
• 33:23
  Speaker 4: Yes.
• 33:24
  Speaker 2: Yes, they could have.
• 33:26
  Speaker 3: So, but this is great because this is exactly the
• 33:29
  Speaker 3: kind of stuff that so many people try to understand
• 33:33
  Speaker 3: about these joint irrevocable trusts. So let's begin first and
• 33:37
  Speaker 3: foremost with, you know, can I use the money in
• 33:42
  Speaker 3: either the remainder share, because some money went in there,
• 33:46
  Speaker 3: and maybe there wasn't enough to put in the marital
• 33:48
  Speaker 3: share because the rest just stayed in the trust.
• 33:50
  Speaker 2: In the original, that's what it sounds like.
• 33:51
  Speaker 3: And I would think that's the case. So if there's
• 33:52
  Speaker 3: less than $ 2 million, it's probably all in the remainder share.
• 33:56
  Speaker 3: So first of all, can I use the money in
• 33:58
  Speaker 3: the remainder share or in the other, in the main
• 34:01
  Speaker 3: trust still, joint trust, to fix up a house that,
• 34:06
  Speaker 3: that might be owned by that trust? The answer is yes.
• 34:10
  Speaker 3: No restrictions. You can take the money and pay a contractor,
• 34:15
  Speaker 3: pay the house, the roof guy, the plumber, whatever you
• 34:19
  Speaker 3: need to do. You can't take the principal and put
• 34:23
  Speaker 3: it in your pocket. That's not what we're doing here.
• 34:26
  Speaker 3: We're taking it and writing a check to somebody to
• 34:29
  Speaker 3: do a service to an asset that's owned by the trust.
• 34:34
  Speaker 3: So all you're really doing is you know, buying or
• 34:38
  Speaker 3: selling a stock or a bond to convert it to cash,
• 34:42
  Speaker 3: to reinvest that, not in a stock or a bond,
• 34:46
  Speaker 3: but in real estate.
• 34:47
  Speaker 2: In real estate and improvement.
• 34:48
  Speaker 3: Which is in the trust. I'm just deciding I want
• 34:51
  Speaker 3: to improve or update an asset that is in the trust.
• 34:55
  Speaker 3: Perfectly allowed. And I would say no restrictions. So now
• 35:01
  Speaker 3: I guess the next question is what is there a
• 35:05
  Speaker 3: benefit to using one trust or another? Again, I don't
• 35:11
  Speaker 3: know how much they're worth in total, but I would
• 35:13
  Speaker 3: say the point of the remainder share is that no
• 35:20
  Speaker 3: matter how much that grows over time, that will never
• 35:25
  Speaker 3: be federally or Massachusetts estate taxed again. Okay. So- To me,
• 35:35
  Speaker 3: letting that grow and spending the money in the trust itself,
• 35:40
  Speaker 3: I'll call it the main trust, would make more sense.
• 35:45
  Speaker 3: Because what her half that's still in, because she's alive,
• 35:48
  Speaker 3: her half in that main trust would ultimately be included
• 35:51
  Speaker 3: in her estate when she dies.
• 35:54
  Speaker 2: So getting that lower could be beneficial.
• 35:56
  Speaker 1: Who knows?
• 35:57
  Speaker 3: I mean, if that could creep over the $ 2 million
• 35:59
  Speaker 3: mass number, might as well use that to fix up
• 36:04
  Speaker 3: the house. I guess the only gray area there is
• 36:09
  Speaker 3: that arguably, well, no, probably half the house would be
• 36:13
  Speaker 3: in the remainder share and the other half would just
• 36:15
  Speaker 3: want to make sure that that house that you're fixing
• 36:18
  Speaker 3: up is owned by the general bucket itself. So I
• 36:21
  Speaker 3: would imagine that only half the house got allocated to
• 36:25
  Speaker 3: the remainder share. The other half is still sitting in
• 36:28
  Speaker 3: the the main trust itself. So she could use money
• 36:31
  Speaker 3: from the main trust bucket to fix up the house
• 36:33
  Speaker 3: that's half owned to pay some by the main trust.
• 36:36
  Speaker 2: Could she use those funds for things like paying real
• 36:39
  Speaker 2: estate tax bills and stuff like that.
• 36:41
  Speaker 3: Out of either bucket? Yeah.
• 36:43
  Speaker 1: Yeah.
• 36:43
  Speaker 3: I mean, arguably you can use those funds to, to
• 36:47
  Speaker 3: pay your real estate taxes and so forth because again,
• 36:49
  Speaker 3: it's owned by the trust. So I would say, sure.
• 36:52
  Speaker 1: Okay.
• 36:53
  Speaker 3: Uh, folks learn about gifting, how to gift, what to gift,
• 36:58
  Speaker 3: Should I gift? Call and get the guide 866-848-5699 or LegalExchangeShow.com
• 37:02
  Speaker 3: and you can download it right there.
• 37:09
  Speaker 2: If you have a question you'd like to ask Todd,
• 37:12
  Speaker 2: visit his website at LegalExchangeShow.com and click on the Ask
• 37:16
  Speaker 2: Todd tab. Maybe I'll be able to read your question
• 37:19
  Speaker 2: on the air, and hopefully his answer will stop you
• 37:22
  Speaker 2: from becoming one of his next real-life stories. You've been
• 37:25
  Speaker 2: listening to Todd Lutzke, a partner with the law firm
• 37:28
  Speaker 2: of Cushing & Dolan. I'm Susan Powers, a financial advisor
• 37:32
  Speaker 2: with the Armstrong Advisory Group, and we'll be back with
• 37:35
  Speaker 2: more after this quick break on The Legal Exchange with
• 37:38
  Speaker 2: Todd Lutzke.
• 37:39
  Speaker 1: Giving assets to your children during your lifetime may sound
• 37:42
  Speaker 1: like a simple way to pass along your wealth, but
• 37:44
  Speaker 1: the way you make the gift can have important tax consequences.
• 37:48
  Speaker 1: Cushing and Dolan's new guide, Making the Most of Gifting Assets,
• 37:51
  Speaker 1: explains what you should consider before transferring property, investments, or
• 37:55
  Speaker 1: other appreciative assets to your family. If you give away
• 37:58
  Speaker 1: an asset too soon, your children could end up with
• 38:00
  Speaker 1: a larger tax bill when they eventually sell it. In
• 38:03
  Speaker 1: some cases, holding onto that asset and letting your children
• 38:06
  Speaker 1: inherit it later could reduce the capital gains tax they
• 38:08
  Speaker 1: have to pay. That's why gifting isn't just about what
• 38:11
  Speaker 1: you give. When and how you give it can make
• 38:13
  Speaker 1: a big difference. Get Cushing and Dolan's new guide, Making
• 38:17
  Speaker 1: the Most of Gifting Assets, by calling 866-848-5699. That's 866-848-5699.
• 38:25
  Speaker 1: Or you can request the guide online by visiting LegalExchangeShow.com.
• 38:29
  Speaker 1: The proceeding was paid for and the views expressed are
• 38:31
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 38:33
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 38:36
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:38
  Speaker 1: other and are not affiliated.
• 38:39
  Speaker 5: An unexpected car repair, medical bill, or sudden loss of
• 38:43
  Speaker 5: income can put a strain on your finances. That's where
• 38:45
  Speaker 5: an emergency fund can help. This is Chuck Zada from
• 38:48
  Speaker 5: the Armstrong Advisory Group. Our new guide, Building and Sizing
• 38:51
  Speaker 5: Your Emergency Fund, helps explain how to build a cash
• 38:54
  Speaker 5: reserve for those unanticipated expenses. The key is to save
• 38:57
  Speaker 5: regularly and make it part of your monthly budget. Start
• 39:00
  Speaker 5: with an amount you can manage and build from there.
• 39:02
  Speaker 5: You can also use things like a bonus or tax
• 39:04
  Speaker 5: refund to help grow the fund faster. Just as important
• 39:07
  Speaker 5: is knowing when to use that money. Routine bills and
• 39:10
  Speaker 5: planned expenses should be part of your regular budget, helping
• 39:12
  Speaker 5: you preserve your emergency fund for when you really need it.
• 39:15
  Speaker 5: Get your free copy of this new guide by calling 800-393-4001.
• 39:18
  Speaker 3: That's 800-393-4001.
• 39:18
  Speaker 5: Or you can request the guide at armstrongadvisory.com. The proceeding
• 39:21
  Speaker 5: was paid for by Armstrong Advisory Group, a registered That's 800-393-4001.
• 39:20
  Speaker 5: Or you can request the guide at armstrongadvisory.com.
• 39:40
  Speaker 1: Giving assets directly to your children may create problems you
• 39:43
  Speaker 1: didn't expect. Cushing and Dolan's new guide, Making the Most
• 39:46
  Speaker 1: of Gifting Assets, explains how giving away property or investments
• 39:50
  Speaker 1: could mean losing control of those assets. Learn about your
• 39:53
  Speaker 1: options before you give assets away. Call 866-848-5699 or visit LegalExchangeShow.com.
• 40:00
  Speaker 1: The proceeding was paid for and the views expressed are
• 40:02
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 40:04
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 40:06
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 40:09
  Speaker 1: other and are not affiliated.
• 40:10
  Speaker 6: For many Massachusetts veterans, getting to a medical appointment isn't
• 40:13
  Speaker 6: always easy. That's why the Disabled American Veterans Department of
• 40:17
  Speaker 6: Massachusetts provides free transportation to VA medical appointments through its
• 40:22
  Speaker 6: network of dedicated drivers. Every mile helps a veteran get
• 40:26
  Speaker 6: the care they've earned through their service. You can help
• 40:29
  Speaker 6: by volunteering or making a donation. Learn more at DAVMA.org.
• 40:35
  Speaker 6: That's DAVMA.org.
• 40:40
  Speaker 1: You're tuned to The Legal Exchange with Todd Lutzke. If
• 40:43
  Speaker 1: you or a loved one needs a nursing home stay,
• 40:45
  Speaker 1: call Todd right now at 866-848-5699 and let him make
• 40:50
  Speaker 1: sure your assets are protected. That's 866-848-5699 or visit him
• 40:53
  Speaker 1: online at LegalExchangeShow.com.
• 41:00
  Speaker 2: Welcome back into The Legal Exchange with Todd Lutzke. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:07
  Speaker 2: and I'm joined, of course, by Todd Lutzke, a partner
• 41:10
  Speaker 2: with the law firm of Cushing & Dolan with a
• 41:13
  Speaker 2: master's in taxation. So, Todd, your guide this month, good
• 41:17
  Speaker 2: timing coming up on Thanksgiving. It is. Just around the corner.
• 41:20
  Speaker 3: A little pre-gifting idea.
• 41:21
  Speaker 2: Yeah, yeah. So I think that when you talk about gifting,
• 41:26
  Speaker 2: a lot of people don't realize that if they put
• 41:31
  Speaker 2: a child's name on their accounts or on their house,
• 41:35
  Speaker 2: they're actually gifting the asset to them, whether it's jointly
• 41:39
  Speaker 2: or completely. So I want to walk through some of the,
• 41:44
  Speaker 2: I guess, pros and cons. Let's have a fair and
• 41:46
  Speaker 2: balanced conversation about what happens, what the benefits are, what
• 41:50
  Speaker 2: the risks are, if you're adding a child's name to
• 41:54
  Speaker 2: your property, to your accounts and so forth. Because there are,
• 41:59
  Speaker 2: Little benefits. I don't want to say that there's no benefit.
• 42:03
  Speaker 3: I think we really need to start with this whole
• 42:06
  Speaker 3: idea that, like you said, it's people don't understand, right?
• 42:10
  Speaker 3: Or don't realize, I think is the word you used.
• 42:12
  Speaker 3: And let me clear that up right away, because even
• 42:15
  Speaker 3: in that statement, it says where you put a child's
• 42:18
  Speaker 3: name on an account or a house that they made
• 42:20
  Speaker 3: a gift. Well, that already isn't all true. So it's
• 42:23
  Speaker 3: important to really understand. Not everybody realizes this, right? Let's
• 42:27
  Speaker 3: start with the account.
• 42:29
  Speaker 2: Okay.
• 42:29
  Speaker 3: The bank account, the brokerage account, right?
• 42:32
  Speaker 1: Yeah. Okay.
• 42:33
  Speaker 3: Basic account, not IRAs because you can't do that. So
• 42:37
  Speaker 3: if I was to take my bank account and let's
• 42:42
  Speaker 3: say there's $ 100, 000 in it and I was to add
• 42:46
  Speaker 3: my daughter's name to that account.
• 42:49
  Speaker 1: Yes.
• 42:49
  Speaker 3: Have I in fact made a gift? No, absolutely not.
• 42:55
  Speaker 3: But people think maybe you have. I have not made
• 42:57
  Speaker 3: a gift. Not that there's not pros and cons that
• 43:00
  Speaker 3: go with this. You're absolutely right. But at least I
• 43:02
  Speaker 3: haven't made a gift.
• 43:03
  Speaker 2: Why?
• 43:03
  Speaker 3: Because until either joint owner.
• 43:07
  Speaker 2: So your daughter walks into the bank and withdraws the $ 100, 000.
• 43:12
  Speaker 3: Now I've made a gift.
• 43:14
  Speaker 2: Yes.
• 43:14
  Speaker 3: Unwittingly, but you did it. So even if she took half,
• 43:21
  Speaker 3: I will have made a gift of that half. So
• 43:24
  Speaker 3: it's very strange because... Well, that's true that there's no
• 43:28
  Speaker 3: IRS gift associated with that. I've opened the door for
• 43:34
  Speaker 3: her to be able to go in and take the money.
• 43:38
  Speaker 3: If there was a creditor chasing her, another con, technically
• 43:42
  Speaker 3: half the account would be at risk. But flip that
• 43:46
  Speaker 3: around and say, what about from a Medicaid perspective? I mean,
• 43:49
  Speaker 3: there's so many things to think about. If I put
• 43:52
  Speaker 3: a bank account joint with my daughter... It's still deemed
• 43:56
  Speaker 3: 100% mine if I go to the nursing home unless
• 43:59
  Speaker 3: she can say, no, I contributed half.
• 44:01
  Speaker 2: Here's my proof.
• 44:02
  Speaker 3: Yeah. So you don't get the same benefit there. That's saying, no,
• 44:07
  Speaker 3: it's still 100% mine. And if the daughter went in
• 44:11
  Speaker 3: and took it out, now I've made a gift and
• 44:12
  Speaker 3: I got a five-year penalty period. So you have that
• 44:17
  Speaker 3: kind of strange nuance with that.
• 44:19
  Speaker 2: So the only benefit that I can... see with this situation,
• 44:23
  Speaker 2: because those are all not benefits.
• 44:25
  Speaker 3: Those are all not benefits, yeah.
• 44:26
  Speaker 2: Is if you die and you don't go in the
• 44:29
  Speaker 2: nursing home, that account's not going to probate.
• 44:31
  Speaker 3: And I'm not sure that's a benefit. So now let's
• 44:33
  Speaker 3: pick on that, right?
• 44:35
  Speaker 2: Well, you're not going to probate, right?
• 44:36
  Speaker 3: Well, I guess there's pros and cons with that.
• 44:38
  Speaker 2: Maybe it's a convenience more than a benefit.
• 44:41
  Speaker 3: The benefits, I guess.
• 44:42
  Speaker 2: Because you have more than one child, right?
• 44:43
  Speaker 3: That's exactly where I'm going, right? And so I'm like, well, okay,
• 44:47
  Speaker 3: let's play out that string. I put three bank accounts
• 44:50
  Speaker 3: joint because my daughter lives with me. And so I
• 44:53
  Speaker 3: want her to have the ability to go in and
• 44:56
  Speaker 3: pay bills and help me. So I put her on
• 44:59
  Speaker 3: for convenience. Well, that's a benefit. Well, yeah, I guess.
• 45:03
  Speaker 3: I could have done that with a power of attorney
• 45:05
  Speaker 3: or just put her on as a signer, but not
• 45:07
  Speaker 3: an owner. Okay. So there's other ways, but I guess
• 45:10
  Speaker 3: that's a benefit. And then the other issue is, okay,
• 45:14
  Speaker 3: so that's good. And if I die, it will all
• 45:16
  Speaker 3: go to her and that'll avoid probate. So that's a benefit.
• 45:20
  Speaker 3: Except if I have two other kids, I've disinherited my
• 45:22
  Speaker 3: other kids.
• 45:23
  Speaker 1: Right.
• 45:23
  Speaker 3: Well, that's a big negative.
• 45:24
  Speaker 2: Yes.
• 45:25
  Speaker 3: I don't like that.
• 45:26
  Speaker 2: So even though there may be a little tiny benefit somewhere,
• 45:30
  Speaker 2: it is far outweighed by the risks and the cons
• 45:35
  Speaker 2: of doing this.
• 45:36
  Speaker 3: And we've only talked about a bank account, folks.
• 45:37
  Speaker 2: A bank account so far, yeah.
• 45:40
  Speaker 3: This guide is all about making gifts. Do you want
• 45:43
  Speaker 3: to set up joint accounts? Do you throw a joint
• 45:45
  Speaker 3: name on for a for a rental property or your home?
• 45:48
  Speaker 3: Do you give away your house? Please don't. Learn why though.
• 45:52
  Speaker 3: Learn about the gift tax ramifications, the income tax ramifications
• 45:56
  Speaker 3: that are associated with. Don't just save estate tax thinking
• 45:59
  Speaker 3: you're saving estate tax by giving away high basis or
• 46:02
  Speaker 3: low basis assets rather than you're trapping capital gains taxes, right?
• 46:06
  Speaker 3: And figure out how to gift. Do I want to
• 46:09
  Speaker 3: not give it to my kids, but I want to
• 46:10
  Speaker 3: put it in a special trust for them or a
• 46:12
  Speaker 3: trust that I can continue to enjoy? Folks, there's so
• 46:15
  Speaker 3: many things to think about when you're giving or not giving.
• 46:19
  Speaker 3: Find out if gifting fits into your estate plan because
• 46:22
  Speaker 3: it can make a big difference. Or maybe you don't
• 46:25
  Speaker 3: even need to do it. This guide will help you
• 46:28
  Speaker 3: know which way to go. Call and get it 866-848-5699
• 46:30
  Speaker 3: or LegalExchangeShow.com.
• 46:32
  Speaker 1: Again, 866-848-5699.
• 46:41
  Speaker 3: Or LegalExchangeShow.com. It's actually packed with examples and tax examples
• 46:46
  Speaker 3: about how to gift and what happens when you do.
• 46:48
  Speaker 2: So wouldn't think that the banks are so complex, but
• 46:52
  Speaker 2: they truly are. So you need, it's really a Rubik's Cube.
• 46:55
  Speaker 2: You do one thing, you don't realize what you've done
• 46:57
  Speaker 2: on the backside.
• 46:57
  Speaker 3: Isn't that weird?
• 46:58
  Speaker 2: What about investment accounts? Are they treated the same way
• 47:02
  Speaker 2: as how you describe the bank accounts?
• 47:04
  Speaker 3: So again, if you look at each aspect of this,
• 47:06
  Speaker 3: when you set up a joint bank account or joint
• 47:08
  Speaker 3: investment account, still no gift. Until... They withdraw. They withdraw.
• 47:13
  Speaker 1: Yeah.
• 47:13
  Speaker 3: Then you have the gift. Still subject to half the creditors.
• 47:17
  Speaker 4: Problem.
• 47:18
  Speaker 3: Still subject to disinheriting a child. Yes, it would avoid probate,
• 47:22
  Speaker 3: but it would pass to the surviving joint owner.
• 47:25
  Speaker 2: And disinherit.
• 47:25
  Speaker 3: Pro, con. Disinherit other kids if that's the case. And
• 47:30
  Speaker 3: of course, even if you're not, for married couples, having
• 47:32
  Speaker 3: things owned jointly is no bargain either. Yeah, it's going
• 47:35
  Speaker 3: to go to the surviving joint owner. It's going to
• 47:36
  Speaker 3: avoid probate. All that's great. But you completely wasted estate
• 47:39
  Speaker 3: tax savings.
• 47:40
  Speaker 2: Right.
• 47:41
  Speaker 4: So.
• 47:42
  Speaker 3: it's not even great for married couples. So nevermind focusing
• 47:46
  Speaker 3: it on children. You just avoid some of the creditor
• 47:49
  Speaker 3: problems when you have it with spouses. So yeah, I
• 47:54
  Speaker 3: don't love it. What about from a Medicaid perspective? Well,
• 47:57
  Speaker 3: here's a nuance. If your account is not a bank account,
• 48:01
  Speaker 3: but a brokerage account, like I say, the bank account
• 48:04
  Speaker 3: is still deemed 100% yours if you get sick and
• 48:08
  Speaker 3: go to the nursing home. Whereas a joint brokerage account
• 48:11
  Speaker 3: Provided it was set up more than five years ago,
• 48:16
  Speaker 3: if you get sick and go to the nursing home,
• 48:17
  Speaker 3: they automatically deem percentage-wise, whatever you own, so if it's 50-50,
• 48:24
  Speaker 3: only 50% would be at risk for the nursing home.
• 48:28
  Speaker 3: Kind of a neat little loophole.
• 48:29
  Speaker 1: Hmm.
• 48:30
  Speaker 3: Not worth it, though. I would never be setting up
• 48:32
  Speaker 3: my accounts for Medicaid planning to do this.
• 48:34
  Speaker 2: Because you still need the five years.
• 48:36
  Speaker 3: You still need the five years. Just throw them in
• 48:37
  Speaker 3: a trust.
• 48:38
  Speaker 2: And that only gives you half protection.
• 48:39
  Speaker 3: It only gives you half protection, and it exposes it
• 48:41
  Speaker 3: to their creditors, and they could take the half and
• 48:44
  Speaker 3: steal your money. I mean, it's just not worth it.
• 48:47
  Speaker 3: But there is that little difference between a bank and
• 48:51
  Speaker 3: a brokerage account when you think about it from a
• 48:53
  Speaker 3: Medicaid perspective.
• 48:53
  Speaker 2: Yeah.
• 48:54
  Speaker 3: And I think people need to think about gifting from
• 48:56
  Speaker 3: a Medicaid perspective as well. Yeah, for sure.
• 48:58
  Speaker 2: What about when you die, Todd, and now your daughter
• 49:01
  Speaker 2: owns half of this account, or owned half, now she
• 49:04
  Speaker 2: owns the whole thing. What kind of tax implications is
• 49:08
  Speaker 2: she facing if she were to want to sell everything?
• 49:11
  Speaker 3: So arguably, this is interesting. So when you die owning
• 49:15
  Speaker 3: a joint, are we talking about bank account or a
• 49:19
  Speaker 3: brokerage account?
• 49:19
  Speaker 2: The brokerage account, yeah.
• 49:20
  Speaker 3: When you die owning a joint brokerage account with a non-spouse,
• 49:26
  Speaker 3: it's deemed 100% included in your estate, much like for Medicaid, right?
• 49:32
  Speaker 3: 100% included unless you can prove contribution.
• 49:35
  Speaker 6: Right.
• 49:36
  Speaker 3: I mean, arguably, you could have like, you know, an
• 49:39
  Speaker 3: auntie who sets up an account with nephew and nephew
• 49:43
  Speaker 3: died first. Well, it might be that, you know, or
• 49:48
  Speaker 3: just say, say the auntie died first, but nephew could
• 49:51
  Speaker 3: argue that a hundred percent was, was his and nothing
• 49:55
  Speaker 3: would be included in the account. I mean, it just
• 49:58
  Speaker 3: had to show contribution.
• 50:00
  Speaker 2: What about the capital gains?
• 50:01
  Speaker 3: Well, if it's included, you get a step up. Yeah.
• 50:03
  Speaker 3: If it's fully included, you're going to get a full
• 50:05
  Speaker 3: step up in, in basis as well.
• 50:07
  Speaker 2: There's a lot. nuance here.
• 50:09
  Speaker 3: Yeah, folks, when it comes to gifting, you really need
• 50:13
  Speaker 3: to decide. This guide has tax examples, gifting houses, gifting
• 50:17
  Speaker 3: rental properties, talks about the ramifications of gifting homes, rental properties,
• 50:22
  Speaker 3: vacation homes from a Medicaid perspective and an income tax perspective.
• 50:27
  Speaker 3: Just learn what to gift, how to gift, and whether
• 50:33
  Speaker 3: you should gift. Call and get the guide, 866-848- 5699,
• 50:40
  Speaker 3: or go to our website, LegalExchangeShow.com, and you can download
• 50:43
  Speaker 3: it right there.
• 50:44
  Speaker 2: Todd Lutzke from the law firm of Cushing and Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 3: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today, and we'll be
• 50:55
  Speaker 2: back again next week on The Legal Exchange with Todd Lutzke.
• 51:00
  Speaker 1: Giving assets to your children during your lifetime may sound
• 51:02
  Speaker 1: like a simple way to pass along your wealth, but
• 51:05
  Speaker 1: the way you make the gift can have important tax consequences.
• 51:08
  Speaker 1: Cushing and Dolan's new guide, Making the Most of Gifting Assets,
• 51:12
  Speaker 1: explains what you should consider before transferring property, investments, or
• 51:16
  Speaker 1: other appreciative assets to your family. If you give away
• 51:18
  Speaker 1: an asset too soon, your children could end up with
• 51:21
  Speaker 1: a larger tax bill when they eventually sell it. In
• 51:23
  Speaker 1: some cases, holding onto that asset and letting your children
• 51:26
  Speaker 1: inherit it later could reduce the capital gains tax they
• 51:29
  Speaker 1: have to pay. That's why gifting isn't just about what
• 51:32
  Speaker 1: you give. When and how you give it can make
• 51:34
  Speaker 1: a big difference. Get Cushing and Dolan's new guide, Making
• 51:37
  Speaker 1: the Most of Gifting Assets, by calling 866-848-5699. That's 866-848-5699.
• 51:45
  Speaker 1: Or you can request the guide online by visiting LegalExchangeShow.com.
• 51:49
  Speaker 1: The proceeding was paid for and the views expressed are
• 51:51
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 51:53
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 51:56
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 51:58
  Speaker 1: other and are not affiliated.
• 52:00
  Speaker 3: Stuck in traffic again?
• 52:03
  Speaker 4: Same road, same commute, same thought. How many more years
• 52:08
  Speaker 4: am I doing this?
• 52:09
  Speaker 3: One, two, five?
• 52:10
  Speaker 4: At the Armstrong Advisory Group, our financial advisors help people
• 52:14
  Speaker 4: answer one of the biggest retirement questions. Could I be
• 52:18
  Speaker 4: retired right now? Many factors may affect your decision, including
• 52:22
  Speaker 4: what your income might look like and whether your retirement
• 52:25
  Speaker 4: plan is built for the life you actually want. We
• 52:28
  Speaker 4: can provide you with some strategies to help you see
• 52:31
  Speaker 4: where you stand. So before you assume you have to
• 52:34
  Speaker 4: keep working, Get a clearer picture. Visit our website at armstrongadvisory.com
• 52:39
  Speaker 4: and schedule a no obligation meeting. The Armstrong Advisory Group.
• 52:43
  Speaker 4: We answer only to you.
• 52:45
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:47
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:50
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory services. Giving assets directly to your children. may create
• 53:02
  Speaker 1: problems you didn't expect. Cushing and Dolan's new guide, Making
• 53:06
  Speaker 1: the Most of Gifting Assets, explains how giving away property
• 53:09
  Speaker 1: or investments could mean losing control of those assets. Learn
• 53:12
  Speaker 1: about your options before you give assets away. Call 866-848-5699
• 53:15
  Speaker 1: or visit LegalExchangeShow.com. The proceeding was paid for and the
• 53:21
  Speaker 1: views expressed are solely those of Cushing and Dolan. Cushing
• 53:23
  Speaker 1: and Dolan and or Armstrong Advisory may contact you offering
• 53:25
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 53:28
  Speaker 1: do not endorse each other and are not affiliated.
• 53:30
  Speaker 6: For many Massachusetts veterans, getting to a medical appointment isn't
• 53:33
  Speaker 6: always easy. That's why the Disabled American Veterans Department of
• 53:37
  Speaker 6: Massachusetts provides free transportation to VA medical appointments through its
• 53:42
  Speaker 6: network of dedicated drivers. Every mile helps a veteran get
• 53:46
  Speaker 6: the care they've earned through their service. You can help
• 53:49
  Speaker 6: by volunteering or making a donation. Learn more at DAVMA.org.
• 53:54
  Speaker 6: That's DAVMA.org.