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Protecting your kids from themselves · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
• 0:21
  Speaker 1: eight six six eight four eight five six ninety nine
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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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 Latsky, a partner with the law firm
• 0:51
  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 am never better in you?
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  Speaker 2: I am great? Thank you. What do you have for
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  Speaker 2: us this week?
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  Speaker 3: A couple of things. We are going to go to Idaho.
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  Speaker 3: We have an appellet court case there, and then we're
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  Speaker 3: going to stay right here for a real life story.
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  Speaker 2: Nice.
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  Speaker 3: So this Idaho case is set up where we have
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  Speaker 3: an omitted child that we want to know if they
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  Speaker 3: can still take under the will even though they're an
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  Speaker 3: omitted child. So basically, Lisa had a child with Lowell
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  Speaker 3: and Jane, but they weren't married at the time they
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  Speaker 3: had her, so born out of wedlock, but they did
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  Speaker 3: remarry the next year. But then there were several divorces
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  Speaker 3: along the way and remarriages and new kids coming into
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  Speaker 3: the picture. So this one's going to need a chart.
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  Speaker 3: But ultimately we're wondering if Lisa is out or in,
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  Speaker 3: and so we're going to find out when we go
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  Speaker 3: through this, And of course we're going to learn lots
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  Speaker 3: of lessons about drafting, about second marriages, about state planning,
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  Speaker 3: how to leave assets, which again is exactly what our
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  Speaker 3: guide is about this month, folks. And then we have
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  Speaker 3: a real life story. Again. I think it's more of
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  Speaker 3: a happy one, but it really kind of hit home
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  Speaker 3: when I was preparing for this show because it really
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  Speaker 3: made me think of how to leave assets to children,
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  Speaker 3: because this was a family comes in worth about six million,
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  Speaker 3: three kids, they got one disabled child, one crazy spending
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  Speaker 3: child that's horrible with money, and one good child that
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  Speaker 3: seems to be financially logical, married with kids child, and
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  Speaker 3: so you know, we want to treat them equally, but
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  Speaker 3: we're a little worried about what about how to leave
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  Speaker 3: assets to beneficiaries? Folks? Which is the name of the guide.
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  Speaker 3: It's the end of the month, it's the last chance
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  Speaker 3: to get it. Really. It is one of my favorite
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  Speaker 3: guides because it does offer something for everybody. Because when
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  Speaker 3: you're doing an estate plan, no matter what you're doing
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  Speaker 3: it because you're going to leave it to somebody, I
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  Speaker 3: don't care if it's nieces, nephew, siblings, or.
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  Speaker 2: Children, someone other than the government.
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  Speaker 3: How you leave it to them is so important. And
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  Speaker 3: how much your trust can do after you die is
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  Speaker 3: so important. People don't understand that trusts live on sometimes,
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  Speaker 3: but they do.
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  Speaker 4: So.
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  Speaker 5: Uh.
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  Speaker 3: If you've never done your planning, get the guide. Learn
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  Speaker 3: how to leave your assets. If you've done it, maybe
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  Speaker 3: there's some nuances you can learn here and amend or
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  Speaker 3: change your wishes as your family dynamics may have changed
• 3:19
  Speaker 3: eight six six eight four eight five six nine nine
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  Speaker 3: or legal exchange show dot com to get how to
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  Speaker 3: leave assets to beneficiaries. It's the last chance folks, end
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  Speaker 3: of the month eight six six eight four eight five
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  Speaker 3: six nine nine or legal Exchange show dot com. So
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  Speaker 3: where we go in Idaho. So in this case we
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  Speaker 3: have Lisa, a child of Lowell and Gane. As I
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  Speaker 3: said they were, they had the child before they got married,
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  Speaker 3: but then they did the right thing and they got married,
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  Speaker 3: which didn't matter because four years later they got divorced. Okay,
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  Speaker 3: So then Lowell decides to remarry Carol mm hmm, with
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  Speaker 3: whom she had he had to kill kids, Doug and Diane.
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  Speaker 3: After Carol died, Louell executed a will, so now he's single, yep,
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  Speaker 3: and he executes a will identifying Doug and Diane as
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  Speaker 3: the only.
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  Speaker 2: Kids, not Lisa.
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  Speaker 3: Well, there's no disinheriting of Lisa Lowell. Then Mary's again
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  Speaker 3: shocker to Mary, and they do that on May twenty sixteen,
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  Speaker 3: and then Lowell dies on August of twenty twenty four
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  Speaker 3: years later. Mary was then appointed PR Personal Representative in
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  Speaker 3: June of twenty twenty one, and Diane the child appointed
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  Speaker 3: successor PR in April of twenty twenty two. Well In
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  Speaker 3: June of twenty twenty two, Lisa, remember sees the child
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  Speaker 3: who might be this long lost child from way back,
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  Speaker 3: filed a petition for airship to say I need to
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  Speaker 3: be recognized as a child of loll and entitled to
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  Speaker 3: a portion of the residue of the estate. Now what
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  Speaker 3: does that mean? So sometimes these wills might say I
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  Speaker 3: leave things to certain people and then the residue. Yeah,
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  Speaker 3: but without that just whatever's left, right, and that if
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  Speaker 3: it wasn't itemized as to who gets it, that is
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  Speaker 3: the wild card here. So stay tuned and remember that piece. Okay, Well,
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  Speaker 3: the magistrate court found that Lisa was a child, but
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  Speaker 3: denied that she was entitled to any assets. So Lisa
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  Speaker 3: appealed to the district court. The district court affirmed the
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  Speaker 3: magistrate court. Well, Lisa appealed again to the appellate court,
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  Speaker 3: and Lisa argued that she's a child and because not
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  Speaker 3: expressly disinherited, she's entitled to share in the assets of
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  Speaker 3: the residue of the estate. So not something that would
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  Speaker 3: have been specifically.
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  Speaker 2: Given like this house goes to so and sane.
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  Speaker 3: Right, the residue of the estate. Well, the estate argued
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  Speaker 3: that Lowell did not intend for Lisa to share in
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  Speaker 3: the estate, and even if she was entitled to share,
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  Speaker 3: that they would have had to prove that Lowell openly
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  Speaker 3: and notoriously treated her as a child. Well, the appellate
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  Speaker 3: court reversed and said the intestate Succession Statute says, and
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  Speaker 3: again state by state, folks, this is Idaho says any
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  Speaker 3: part of an estate not effectively disposed of by a
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  Speaker 3: will passes to the decedent's heirs. The court said, an
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  Speaker 3: heir disinherited by will is not prevented from sharing under
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  Speaker 3: the intestacy laws, and therefore Lisa's in.
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  Speaker 2: But don't the intestacy laws only come into play.
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  Speaker 3: If you don't have a will, I know, but or
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  Speaker 3: if you don't in this case, and again state by state,
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  Speaker 3: so we can't be broad sweeping here. It's all about
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  Speaker 3: this residue of the estate. Is the residue of the
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  Speaker 3: estate is not direct, specifically directing where something goes, then
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  Speaker 3: it's going to go according to the intestate Succession Statue.
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  Speaker 2: Not an attorney just FYI.
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  Speaker 3: Yeah, no, it's the details that will kill you for sure.
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  Speaker 3: And so folks, let's just learn a little something from this,
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  Speaker 3: right and it's again all about drafting, all about making
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  Speaker 3: sure your wishes are carried out. So in this case
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  Speaker 3: second marriages, Number one, always ask how close you are
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  Speaker 3: to the other kids, right, prior relationships, prior marriage. If
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  Speaker 3: they're in, they're in. If they're not, they're not. And
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  Speaker 3: let's be clear about.
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  Speaker 2: It, because he could have specifically disinheritedly there and then
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  Speaker 2: they wouldn't be all these issues for his ultimate beneficiaries, right.
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  Speaker 3: I would think that that would have would have been
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  Speaker 3: very helpful. Again, how you draft things right. Number two
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  Speaker 3: also a good idea to use a trust stay out
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  Speaker 3: of the probate court. If you're not in the probate court,
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  Speaker 3: the intestate succession statute can't apply, right, right, So that
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  Speaker 3: would be would be really helpful. So and again I
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  Speaker 3: think if you're dealing with if you're using a trust,
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  Speaker 3: it'll also help you deal with the second marriage situation
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  Speaker 3: because in here I'm not sure how that lost that
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  Speaker 3: first spouse, the last spouse to Mary. Yep, how is
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  Speaker 3: Mary treated? The will? The last will that was done
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  Speaker 3: as I understand it was before he married Mary, right,
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  Speaker 3: and it left it apparently to Doug and Diane, But
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  Speaker 3: we don't.
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  Speaker 2: Know, and it could have disinherited Mary.
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  Speaker 3: So then there would have been the whole Mary issue.
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  Speaker 3: So I'm not sure if that just wasn't addressed or
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  Speaker 3: what in this case, but anyways, not the biggest issue.
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  Speaker 3: So we can design a trust, you know, from a
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  Speaker 3: prior marriage situation. We can provide for how the assets
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  Speaker 3: can be held and take care of this, and then
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  Speaker 3: take care of the kids from the prior marriage and
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  Speaker 3: specifically which kids you know, and you can even design it,
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  Speaker 3: as we say, to protect from divorces and skip generations.
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  Speaker 3: So a trust was really the way to go here, folks.
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  Speaker 3: And remember the language is important. Kids born out of
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  Speaker 3: a marriage are kids of the mother only in our
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  Speaker 3: trust unless they marry. But they married, so we have
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  Speaker 3: definitional sections. So Lisa would be a kid in one
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  Speaker 3: of our documents. So be careful how you draft your
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  Speaker 3: documents right, and you can allocate as we said, to
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  Speaker 3: specific kids and whatnot. I think the key here is
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  Speaker 3: really to stay out of the probate court and stay
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  Speaker 3: out of the intestacy statutes. And this way the court
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  Speaker 3: or this way the trust can deal with the assets
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  Speaker 3: however you want to leave them. In this case, a
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  Speaker 3: trust simply leaving her out would have been enough to
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  Speaker 3: keep her out.
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  Speaker 2: Right, because you don't have to leave your kid's asset.
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  Speaker 3: You do not have to. But folks, the guide we're
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  Speaker 3: doing for the end of the month is how to
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  Speaker 3: leave your assets to your kids. So if you care
• 10:06
  Speaker 3: to learn what the ways are to leave your assets
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  Speaker 3: to your children, call and get the guide eight six
• 10:12
  Speaker 3: six eight four eight five six nine nine or Legal
• 10:16
  Speaker 3: Exchange show dot com because the ask the kids behind,
• 10:20
  Speaker 3: the family behind the estate plan is really more important
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  Speaker 3: than anything you've.
• 10:24
  Speaker 2: Been listening to. Todd Lutsky, a partner with the law
• 10:27
  Speaker 2: firm of Cushing in Dolan with a master's in taxation.
• 10:30
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
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  Speaker 2: We've got much more to come when we return to
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  Speaker 2: the Legal Exchange with Todd Lutsky.
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  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
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  Speaker 1: planning process smooth and easy. Leaving your assets to your
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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
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  Speaker 1: your estate plan? Call Todd right now and make an appointment.
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  Speaker 1: Eight sixty six eight four eight five six ninety nine.
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  Speaker 1: That's eight six six eight four eight five six ninety nine.
• 14:33
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 14:36
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:40
  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
• 14:42
  Speaker 2: law firm of Cushing and Dolan with the Masters in Taxation.
• 14:46
  Speaker 2: Where we headed now, Todd, nowhere, nowhere, We're staying right here,
• 14:50
  Speaker 2: staying right here. In real life story.
• 14:52
  Speaker 1: Action we do.
• 14:53
  Speaker 3: And you know, I think it really Like I say,
• 14:55
  Speaker 3: it's just when I was preparing for the show, I
• 14:56
  Speaker 3: remember the case this family I met the prior week,
• 15:00
  Speaker 3: and it just said, you know, this is exactly what
• 15:04
  Speaker 3: we're talking about with this guy. This is exactly what
• 15:06
  Speaker 3: we need to explain that we can do for people.
• 15:10
  Speaker 3: So let's go through it. So we have a family
• 15:12
  Speaker 3: aged sixty five. They come in to do estate planning.
• 15:15
  Speaker 3: They're worth about six million, they have a home, a
• 15:17
  Speaker 3: vacation home, they have the standard investments in an IRA.
• 15:20
  Speaker 3: We discussed basic estate planning and the use of a
• 15:24
  Speaker 3: single joint revocable trust. They had long term care insurance,
• 15:28
  Speaker 3: so and they really had enough assets that they were
• 15:31
  Speaker 3: kind of self insured in addition to the help they're
• 15:34
  Speaker 3: getting from the long term care insurance. So you know,
• 15:38
  Speaker 3: nursing home planning was not really an issue in this case,
• 15:42
  Speaker 3: which is why we settled in on the joint one trust,
• 15:46
  Speaker 3: not too revocable trust for them. So the family has
• 15:52
  Speaker 3: a special needs child, they have a child horrible with money,
• 15:57
  Speaker 3: and they have a child who appears to be good
• 15:59
  Speaker 3: financially level headed and is married with kids. M So
• 16:03
  Speaker 3: we explained a little bit about the revocable trust which
• 16:06
  Speaker 3: I want to do here, right, we explain that we'll
• 16:08
  Speaker 3: keep them in control of everything, and that they'll be
• 16:12
  Speaker 3: the donors, they'll be the trustees, and that there's no
• 16:16
  Speaker 3: annual income tax returns are going to be needed for
• 16:19
  Speaker 3: this trust during their life, no separate returns, again giving
• 16:24
  Speaker 3: you folks the idea that this revocable trust is really
• 16:27
  Speaker 3: set it and forget it, and you're not doing anything
• 16:30
  Speaker 3: really different, just go about your day to day lives.
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  Speaker 3: Then I explained how upon the death of one of them,
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  Speaker 3: one of the spouses, that the trust does become irrevocable,
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  Speaker 3: but that the surviving spouse is in charge. So again
• 16:44
  Speaker 3: the word irrevocable is not going to scare us off.
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  Speaker 3: And let you know that as the surviving spouse, you're
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  Speaker 3: still really in charge of all the assets. How are
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  Speaker 3: they in charge? Well, this is where that marital share
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  Speaker 3: is formed, the q TIP or special MARITALHI share, and
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  Speaker 3: the remainder or credit shelter share are formed. You hear
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  Speaker 3: us talk about those all the time. That's what happens
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  Speaker 3: when one spouse dies. These shares then get funded with
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  Speaker 3: the full five million dollars. One million was in an IRA,
• 17:15
  Speaker 3: all the other assets added up to five million. The
• 17:17
  Speaker 3: IRA is not in the trust, but the five million
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  Speaker 3: are in the trust, and that whole amount gets to
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  Speaker 3: be put in not half because of the joint trust.
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  Speaker 3: Now that money passes. So now what happens. So the
• 17:31
  Speaker 3: joint trust allows all the assets, not half, to be
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  Speaker 3: included in the estate of the first to die. Let's
• 17:37
  Speaker 3: allocate it amongst the shares. For you, if we've got
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  Speaker 3: five million in the trust, the marital share is going
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  Speaker 3: to get nothing. Why because the marital share gets the
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  Speaker 3: amount of assets north of the thirteen point nine million
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  Speaker 3: dollar federal exemption.
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  Speaker 2: So if you have lawer estates, you're never going to
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  Speaker 2: have that.
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  Speaker 3: Merrital shares empag Ok. The q TIP or the special
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  Speaker 3: marital share is going to to get two million because
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  Speaker 3: out of the five it's going to get the amount
• 18:03
  Speaker 3: north of I'm sorry, it's going to get three million,
• 18:06
  Speaker 3: because it's going to get the amount north of the
• 18:08
  Speaker 3: two million dollar exemption for a state of mass for
• 18:12
  Speaker 3: the state of Mass because that's our mass to state tax.
• 18:15
  Speaker 3: So five minus two is three and that leaves the
• 18:19
  Speaker 3: two million into the remainder share, so that the marit'll share,
• 18:22
  Speaker 3: so that equals the Massachusetts state exemption. So this plan
• 18:26
  Speaker 3: is going to allow you to completely eliminate well not
• 18:29
  Speaker 3: quite because you're at six million, but we will be
• 18:32
  Speaker 3: able to fully use our four million dollar exemption amounts
• 18:35
  Speaker 3: for Massachusetts, and we will completely eliminate the federalistate tax
• 18:41
  Speaker 3: even if it lowers the exemption.
• 18:43
  Speaker 2: Hey, you're substantially reducing the Massachusetts substantially liability, absolutely substantially
• 18:48
  Speaker 2: reducing it.
• 18:49
  Speaker 3: So that's really it. During their life, they're comfortable, they're
• 18:52
  Speaker 3: in charge. One dies, the other ones in charge, and
• 18:55
  Speaker 3: we've managed to shelter all the assets for taxes as
• 18:57
  Speaker 3: much as we possibly.
• 18:58
  Speaker 2: Can, no restrictions during life in and out as you wire.
• 19:01
  Speaker 3: Then of course we're going to talk about how to
• 19:03
  Speaker 3: leave assets to beneficiaries, which is the next part of
• 19:06
  Speaker 3: the plan, which is exactly what this guide is about, folks.
• 19:09
  Speaker 3: It's the end of the month, it's the last chance
• 19:11
  Speaker 3: to get it. It really explains to you how to
• 19:15
  Speaker 3: leave your assets to your family and helps you understand
• 19:19
  Speaker 3: that these trusts can live on a long time after
• 19:23
  Speaker 3: you're gone. And if you've never done your planning, get
• 19:26
  Speaker 3: it before you do it. Learn get some ideas on
• 19:29
  Speaker 3: how you might want to leave assets and then look
• 19:31
  Speaker 3: at your family dynamics. If you've already done it, get
• 19:34
  Speaker 3: the guide. Several examples in there might give you an
• 19:37
  Speaker 3: idea how to change your estate plan, especially if your
• 19:40
  Speaker 3: family dynamics have changed. So call and get the guide
• 19:43
  Speaker 3: end of the month eight six six eight four eight
• 19:46
  Speaker 3: five six nine nine or Legal Exchange Show dot com
• 19:50
  Speaker 3: again eight six six eight four eight five six nine
• 19:54
  Speaker 3: nine or Legal Exchange Show dot com. Now what are
• 20:00
  Speaker 3: we going to learn that the rest of this? Right now?
• 20:01
  Speaker 3: They said, Okay, well, Todd, we really want to treat
• 20:04
  Speaker 3: all three of our kids equally, but we couldn't have
• 20:09
  Speaker 3: three more different children.
• 20:11
  Speaker 2: Yeah, and you can't put it in the hands of
• 20:12
  Speaker 2: two of them.
• 20:13
  Speaker 3: Yeah, you don't want to do that. You don't want
• 20:15
  Speaker 3: to disinherit anybody. They don't want to know their first
• 20:17
  Speaker 3: Their first concerns are they got a special needs, they
• 20:19
  Speaker 3: got a spendthrift, and they've got seemingly a kid that
• 20:22
  Speaker 3: doesn't have any of these problems. Okay, so let's go
• 20:27
  Speaker 3: through this. So they very much, as I said, want
• 20:29
  Speaker 3: to treat the kids equally. Let's start at the beginning.
• 20:31
  Speaker 3: They're worried about the special needs child. They're saying, we're
• 20:34
  Speaker 3: going to lose benefits if we leave them the assets,
• 20:36
  Speaker 3: and we don't want that to happen. We've got one
• 20:38
  Speaker 3: kid that's bad with money, and we don't want them
• 20:40
  Speaker 3: to lose all the money overnight if we give it
• 20:42
  Speaker 3: to them. So I start to explain, you know, we
• 20:45
  Speaker 3: can do a share, a special share for the special
• 20:48
  Speaker 3: needs child, right called a special needs trust built in
• 20:53
  Speaker 3: for that kid's share, and the share for the child
• 20:57
  Speaker 3: that's that's bad or has difficulties with money could be
• 21:01
  Speaker 3: held in a sole discretionary trust, which, by the way
• 21:05
  Speaker 3: we're going to learn, is very similar language to the
• 21:09
  Speaker 3: special needs trust share. Then I said, well, you know,
• 21:14
  Speaker 3: if we want to treat all kids equally in terms
• 21:16
  Speaker 3: of the dollar amount that's in these trusts, then I said, well,
• 21:21
  Speaker 3: why not treat all the kids the same as to
• 21:23
  Speaker 3: how they get them, so no one feels ostracized.
• 21:26
  Speaker 2: Because the daughter that's married, she could potentially go through
• 21:30
  Speaker 2: divorce later.
• 21:31
  Speaker 3: Too, exactly. And so I said, if we're going to
• 21:34
  Speaker 3: treat why not treat all the kids the same way.
• 21:37
  Speaker 3: Even the one that's financially responsible can be held in
• 21:40
  Speaker 3: the same discretionary trust. But for different reasons. Right, So
• 21:45
  Speaker 3: let's run through them, right. And the beauty of this is,
• 21:48
  Speaker 3: although there are three different reasons to control the assets,
• 21:55
  Speaker 3: the language we use in the trusts will be the
• 21:59
  Speaker 3: same one stop shop language, but for different reasons.
• 22:04
  Speaker 2: Yeah.
• 22:05
  Speaker 3: So that language is this sole discretionary trust language that
• 22:09
  Speaker 3: we've spoken about over the course of the month, right,
• 22:12
  Speaker 3: allowing an independent trustee to make discretionary distributions out of
• 22:16
  Speaker 3: the trust to the kids so that they don't own
• 22:20
  Speaker 3: it right now and so, and by the way, for
• 22:23
  Speaker 3: the special needs trust, you don't really need an independent trustee.
• 22:26
  Speaker 3: You can have one of the siblings do it, okay,
• 22:29
  Speaker 3: because again for that reason, we don't care so much
• 22:32
  Speaker 3: about their creditors. We just don't want them to own it. Right,
• 22:35
  Speaker 3: So you could probably have a sibling serve and they
• 22:38
  Speaker 3: know the kids needs the best. So let's run through this, right.
• 22:43
  Speaker 3: The sole discretionary language first and foremost means that neither
• 22:46
  Speaker 3: benef neither child owns the asset, the trust does. So
• 22:51
  Speaker 3: for the special needs person, that's critical because then if
• 22:54
  Speaker 3: the special needs child doesn't own it, they don't lose
• 22:56
  Speaker 3: their governmental benefits. They're entitled to distributions and they keep
• 22:59
  Speaker 3: their better it's hooray. And when they pass, it goes
• 23:02
  Speaker 3: to the siblings, assuming they don't have any children any
• 23:06
  Speaker 3: grandchildren from that special needs child. For the other two,
• 23:10
  Speaker 3: same language, right, they don't own it. So if they
• 23:13
  Speaker 3: don't own it, the money comes out slowly to the
• 23:15
  Speaker 3: child who's bad with money and it lasts over his lifetime.
• 23:20
  Speaker 3: And the other child who also again using an independent
• 23:23
  Speaker 3: trustee who's good with everything, can distribute money out to
• 23:27
  Speaker 3: that child, the good child, so to speak, the one
• 23:29
  Speaker 3: that doesn't have any issues. But again, not owning it
• 23:33
  Speaker 3: means if they get divorced, it's not subject to their
• 23:36
  Speaker 3: creditors and all the while it can skip a generation
• 23:39
  Speaker 3: for a state tax is when they both pass. So, folks,
• 23:43
  Speaker 3: there is so many ways to leave assets to kids.
• 23:46
  Speaker 3: This is a dynamic, a family dynamic that might be
• 23:49
  Speaker 3: like yours. There's all of these examples and many more
• 23:53
  Speaker 3: are in this guide about how to leave assets to beneficiaries.
• 23:57
  Speaker 3: End of the month. Give a call eight six y
• 23:59
  Speaker 3: six eight four eight five six ninety nine or Legal
• 24:03
  Speaker 3: Exchange show dot com.
• 24:05
  Speaker 2: You've been listening to Todd Lutski, a partner with the
• 24:07
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 24:11
  Speaker 2: financial advisor with the Armstrong Advisory Group. Tod will be
• 24:14
  Speaker 2: answering your listener questions next on the Legal Exchange with
• 24:17
  Speaker 2: Todd Lutski.
• 24:19
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
• 24:22
  Speaker 1: in Dolan has a new guide out called how to
• 24:24
  Speaker 1: Leave Assets to Beneficiaries, and it can help make your
• 24:27
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• 24:30
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• 24:33
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 24:36
  Speaker 1: it's time to consider the best way to keep your
• 24:38
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• 24:42
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  Speaker 1: sixty six eight four eight five six ninety nine and
• 24:47
  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
• 24:50
  Speaker 1: You'll learn which paths are the safest when it comes
• 24:52
  Speaker 1: to protecting yourself and your children while avoiding unnecessary risks
• 24:56
  Speaker 1: that can create substantial problems in the long run. That
• 24:59
  Speaker 1: number again is eight six six eight four eight five
• 25:01
  Speaker 1: six nine nine, or you can request it online from
• 25:04
  Speaker 1: our website Legal Exchange Show dot com that's a legal
• 25:07
  Speaker 1: exchange show dot com. The proceeding was paid for and
• 25:10
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• 25:12
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• 25:15
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• 25:17
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• 25:19
  Speaker 6: One of the keys to enjoying a peaceful retirement is flexibility.
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  Speaker 3: Hi.
• 25:23
  Speaker 6: This is Chuck's out of from the Armstrong Advisory Group today.
• 25:25
  Speaker 6: Retirement planning involves lots of possible changes and challenges given
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• 26:06
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:08
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  Speaker 1: slash promotions. You're listening to the Legal Exchange, and it's
• 27:23
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 27:26
  Speaker 1: your questions about anything and everything that's included in the
• 27:29
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 27:37
  Speaker 2: Welcome back, Todd. I have a few questions from listeners
• 27:39
  Speaker 2: for you. First question comes from Jonathan in fair Field, Connecticut.
• 27:44
  Speaker 2: Jonathan writes, I am single and I have two children.
• 27:48
  Speaker 2: I created my trust and left my assets equally between
• 27:52
  Speaker 2: my two children. I would like to now include my grandkids.
• 27:57
  Speaker 2: Is there a way I can leave assets to them
• 28:00
  Speaker 2: as well, but not hand it to them when they
• 28:04
  Speaker 2: are too young?
• 28:06
  Speaker 3: So questions let's be miners, yes.
• 28:08
  Speaker 2: Or even teenagers if that matter.
• 28:11
  Speaker 3: So one thing that I'm not sure is clear in
• 28:14
  Speaker 3: the in the callers question is are we are we
• 28:20
  Speaker 3: still treating our kids equally, meaning we want it, we
• 28:22
  Speaker 3: don't want to skip them right away. So when when
• 28:25
  Speaker 3: mom and dad die, we're not skipping the kids and
• 28:29
  Speaker 3: getting it to grandkids. We're still leaving it to kids
• 28:32
  Speaker 3: and then to grandkids.
• 28:34
  Speaker 2: He's leaving to kids, but he wants to carve out
• 28:37
  Speaker 2: a chunk for his grandkids.
• 28:38
  Speaker 3: Okay, that's the part I don't get. Yeah, so let's
• 28:41
  Speaker 3: say there's a pie of one hundred percent. Yes, maybe
• 28:44
  Speaker 3: we want to take twenty percent of the pie off
• 28:47
  Speaker 3: the top, off the top and tuck it down here
• 28:51
  Speaker 3: below to the grandkids and leave let's say eighty percent
• 28:54
  Speaker 3: to the kids. Certainly, by the way, folks, this is
• 28:57
  Speaker 3: a great question now because obviously it allows us to
• 29:01
  Speaker 3: elaborate on the fact that you can leave any percentage
• 29:04
  Speaker 3: amount to anybody you want, in any way you want. Right,
• 29:08
  Speaker 3: So this is certainly an option. There certainly is no
• 29:12
  Speaker 3: right or wrong answer here. So how does this play out? Well,
• 29:18
  Speaker 3: you're going to then say two buckets will be formed
• 29:21
  Speaker 3: and we'll put eighty percent of the assets in there. Now,
• 29:24
  Speaker 3: we'll have to make an issue regarding any houses that
• 29:26
  Speaker 3: might be there. Do they want to sell the house,
• 29:28
  Speaker 3: split the money up. We'll have to carve that out
• 29:30
  Speaker 3: and figure out how to do that. But we want
• 29:32
  Speaker 3: to drop twenty percent down into a bucket for the grandkids. Now,
• 29:36
  Speaker 3: they may be doing this because the eighty percent they
• 29:38
  Speaker 3: want to leave to their kids. They just wanted to
• 29:40
  Speaker 3: have it out right, which is again certainly okay. So
• 29:43
  Speaker 3: if you give it outright to the kids, then it's
• 29:46
  Speaker 3: theirs to do whatever they want with And why yes, yep,
• 29:50
  Speaker 3: they take it and go. And why that's important is
• 29:55
  Speaker 3: that money may or may not find its way back
• 29:59
  Speaker 3: to the grandkids. You hope they would take care of them,
• 30:03
  Speaker 3: but they could get divorced. They could spend.
• 30:04
  Speaker 2: It, live a life right a large we're on the
• 30:08
  Speaker 2: same page. Sorry, kids, we're in our spend mode.
• 30:12
  Speaker 3: So my point is that you know that may or
• 30:15
  Speaker 3: may not get there. So what I think this particular
• 30:17
  Speaker 3: family is saying is that we would like some piece
• 30:22
  Speaker 3: to be tucked away so the grandkids can say, yeah,
• 30:25
  Speaker 3: I remember grandma and grandpa, right, And so this twenty
• 30:30
  Speaker 3: percent then absolutely can be carved out into a share
• 30:33
  Speaker 3: for the grandkids. You could even have the parents, which
• 30:38
  Speaker 3: would be the children as trustee, and that's probably a
• 30:42
  Speaker 3: good idea, sure, And then you have language in there saying, well, look,
• 30:45
  Speaker 3: well they're miners, right most likely, and we don't want
• 30:49
  Speaker 3: these assets to go outright to them. So what we're
• 30:53
  Speaker 3: going to do is we're going to have it held
• 30:56
  Speaker 3: in trust. But in this case it might not be
• 30:58
  Speaker 3: sold to You won't need to get into that sole
• 31:00
  Speaker 3: discretionary language. If you don't want to. You can simply
• 31:03
  Speaker 3: put it in for health education, you know, welfare and support.
• 31:07
  Speaker 3: That way, the trustee must distribute it out to pay
• 31:11
  Speaker 3: for the prep school and the college.
• 31:13
  Speaker 2: Would you, let's say you have three grandkids, would you
• 31:15
  Speaker 2: create three separate buckets for each of the grandkids?
• 31:19
  Speaker 3: If it's yeah, again, especially it's a family issue, it's
• 31:24
  Speaker 3: not it's not generally mandated. You could do whatever you want.
• 31:28
  Speaker 3: But if you do one big pot for all the grandkids,
• 31:33
  Speaker 3: the risk you run is that one goes to a
• 31:35
  Speaker 3: fancier school than another, and then the.
• 31:38
  Speaker 4: Right.
• 31:39
  Speaker 3: So if you're concerned about equal treatment, then do three
• 31:43
  Speaker 3: separate buckets or however many grandkids there are separate buckets,
• 31:47
  Speaker 3: and then have it, you know, and then put an
• 31:49
  Speaker 3: agent so by the time they reach thirty whatever they
• 31:52
  Speaker 3: haven't spent on that education or that whatever they needed
• 31:56
  Speaker 3: during their life to that point, they can just take
• 31:59
  Speaker 3: it and go. So that's one example, folks, of how
• 32:03
  Speaker 3: to leave assets to beneficiaries. It's the end of the month,
• 32:06
  Speaker 3: Last chance to get This guide entitled that how to
• 32:10
  Speaker 3: leave assets to beneficiaries gives you multiple examples, from special
• 32:14
  Speaker 3: needs kids to incentives trusts, to skipping a generation like
• 32:19
  Speaker 3: we did in this example here, to divorce proofing, to
• 32:23
  Speaker 3: you know, stagger distributions for ages. Folks, There's so many
• 32:27
  Speaker 3: ways to leave assets to kids. And please know that
• 32:31
  Speaker 3: trust can live on after you die. So if you've
• 32:34
  Speaker 3: done planning. If you haven't done planning, this guide is
• 32:37
  Speaker 3: for you to help you understand how to leave assets
• 32:41
  Speaker 3: to your family eight six six eight four eight five
• 32:45
  Speaker 3: six nine nine or Legal Exchange Show dot com Again,
• 32:49
  Speaker 3: end of the month, Last chance to get it eight
• 32:51
  Speaker 3: six six eight four eight five six ninety nine or
• 32:55
  Speaker 3: Legal Exchange Show dot com.
• 32:57
  Speaker 2: Todd. Our last question comes from John and where mass
• 33:00
  Speaker 2: and John writes, I am a fifty six year old
• 33:03
  Speaker 2: disabled veteran and I will be selling my home in
• 33:05
  Speaker 2: Massachusetts soon and relocating when I sell my home and
• 33:10
  Speaker 2: purchase a new one. Should I place one of my
• 33:12
  Speaker 2: children on the deed to protect it from probate, inheritance
• 33:16
  Speaker 2: taxes and the nursing home.
• 33:18
  Speaker 3: Well, it's a lot to unpack here. So you're fifty six,
• 33:21
  Speaker 3: you're a veteran. You want to sell.
• 33:23
  Speaker 2: Your disabled veterans. So maybe that's where the nursing home concerns.
• 33:27
  Speaker 3: Yeah, to say, should could be something that you know,
• 33:29
  Speaker 3: and again he may have veterans benefits, but still you
• 33:31
  Speaker 3: want to be concerned. So but he's selling his home soon,
• 33:37
  Speaker 3: he's not, you know, and relocate, So I assume he's
• 33:39
  Speaker 3: going to buy another home. Yes, we can make that assumption.
• 33:42
  Speaker 3: So if he sells his home and he purchases the
• 33:44
  Speaker 3: new one, what says right there? You know, do I
• 33:47
  Speaker 3: want to place my children's name on the deed? While
• 33:50
  Speaker 3: I never I never liked that? Maybe fat ye right
• 33:54
  Speaker 3: out of the gate, Yeah, big no, right right out
• 33:56
  Speaker 3: of the gate, right, because what she's saying, I want
• 33:58
  Speaker 3: to I want to put the kid's name on to
• 34:00
  Speaker 3: secure it from probate and inheritance taxes in the nursing
• 34:04
  Speaker 3: home and the nursing home, Well, does it even do
• 34:06
  Speaker 3: all of that? Well, I guess if you don't own it. Yeah,
• 34:11
  Speaker 3: it's not going to go to probate because you don't
• 34:12
  Speaker 3: own it because I gave it to my child. Does
• 34:16
  Speaker 3: it protect it from a nursing home? Well, I guess
• 34:18
  Speaker 3: it does after five years because you don't own it.
• 34:21
  Speaker 2: Doesn't protect it from your kids.
• 34:22
  Speaker 3: Though, and yeah, and it's it's as you know. And
• 34:25
  Speaker 3: and does it save it from inheritance taxes? I guess so,
• 34:27
  Speaker 3: because you don't own it, so you know on the
• 34:30
  Speaker 3: what cost? Yeah, exactly, that you don't own it. Part
• 34:33
  Speaker 3: is easy to understand. The fact of the matter is
• 34:38
  Speaker 3: the cost is too great for the for the owner,
• 34:41
  Speaker 3: for the parent in this case, in this case for
• 34:43
  Speaker 3: John right, if a client came to me and said
• 34:47
  Speaker 3: that's in fact what I want to do, then I
• 34:51
  Speaker 3: wouldn't help them. He would have to find another lawyer.
• 34:54
  Speaker 3: So that's a pretty emphatic no from me. But I
• 34:58
  Speaker 3: would explain to the client, Look, I'm not just telling
• 35:01
  Speaker 3: you no. The education here is as you said, Susan,
• 35:05
  Speaker 3: what's the cost? Right? The cost to you is you
• 35:09
  Speaker 3: don't own the house anymore. And if you your kid
• 35:13
  Speaker 3: gets a divorce or has a financial problem, unbeknownst to you.
• 35:16
  Speaker 3: You can't control it. You could lose the house, divorce,
• 35:21
  Speaker 3: who knows. Secondly, what if you want to move again?
• 35:27
  Speaker 3: Here you are moving and you know.
• 35:28
  Speaker 2: Right we now don't own that house. Your child does, so.
• 35:32
  Speaker 3: You can't even sell it. The child has to sell
• 35:35
  Speaker 3: it and the child gets the money. The child, maybe
• 35:39
  Speaker 3: they'll give it back. It has to give it back
• 35:41
  Speaker 3: to the child. If the child doesn't live there, they're
• 35:44
  Speaker 3: gonna have adverse capital gains taxes that you wouldn't have
• 35:48
  Speaker 3: because of this thing called a capital gains exclusion that
• 35:51
  Speaker 3: you get for selling your primary residence. Ye, that you
• 35:54
  Speaker 3: wouldn't have because you don't own it.
• 35:55
  Speaker 2: So what's a better alternative?
• 35:57
  Speaker 3: That's a problem. I can go on with these, Yeah.
• 36:00
  Speaker 2: What's a better what's the best way if he wants
• 36:03
  Speaker 2: to avoid probate, potentially reduce or eliminated inheritance taxes, and
• 36:08
  Speaker 2: protect from the nursing home.
• 36:09
  Speaker 3: The good news is reading this fact pattern, I'm guessing
• 36:12
  Speaker 3: he's probably not worth thirteen point nine million, so we
• 36:15
  Speaker 3: don't have a federal estate tax problem already. You know,
• 36:19
  Speaker 3: if he's in Massachusetts, the exemption has gone up to
• 36:21
  Speaker 3: two million, So depending on what he's worth it. It may
• 36:24
  Speaker 3: not even be it may not even be a problem
• 36:27
  Speaker 3: for mass Yeah, and so to me, probably just the straight,
• 36:31
  Speaker 3: single person irrevocable trust would be the way to go.
• 36:37
  Speaker 3: Put the house in, put your kid on as trustee,
• 36:40
  Speaker 3: you live there, you control it, you pay the bills,
• 36:42
  Speaker 3: You could sell it. When you want to sell it,
• 36:44
  Speaker 3: just direct the trustee. You can buy another one. And
• 36:47
  Speaker 3: if the house is the only thing in there, you're
• 36:49
  Speaker 3: not going to have any any income tax filings either. Folks.
• 36:53
  Speaker 3: It's a great way to do it, but when you're
• 36:55
  Speaker 3: leaving assets to children, giving it out right is not
• 36:58
  Speaker 3: the way to go. Get the guy eight six six
• 37:01
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 37:05
  Speaker 3: Show dot com.
• 37:06
  Speaker 2: If you have a question you would like to ask Todd,
• 37:09
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:12
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:14
  Speaker 2: read your question on the air, and hopefully his answer
• 37:17
  Speaker 2: will stop you from becoming one of his next real
• 37:20
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:24
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:27
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:31
  Speaker 2: back with more after this quick break on the Legal
• 37:33
  Speaker 2: Exchange with Todd Lutski.
• 37:36
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
• 37:39
  Speaker 1: and Dolan has a new guide out called how to
• 37:41
  Speaker 1: Leave Assets to Beneficiaries, and it can help make your
• 37:44
  Speaker 1: planning process smooth and easy. Leaving your assets to your
• 37:47
  Speaker 1: children isn't as simple as it sounds, especially if they
• 37:50
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 37:53
  Speaker 1: it's time to consider the best way to keep your
• 37:55
  Speaker 1: assets in your family while avoiding significant financial consequences down
• 37:59
  Speaker 1: the road. Call Cushing and Dolan right now at eight
• 38:01
  Speaker 1: sixty six eight four eight five six ninety nine and
• 38:04
  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
• 38:07
  Speaker 1: You'll learn which paths are the safest when it comes
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• 38:13
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• 38:16
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• 38:18
  Speaker 1: six nine nine, or you can request it online from
• 38:21
  Speaker 1: our website Legal exchange Show dot com. That's Legal exchange
• 38:24
  Speaker 1: show dot com. The proceeding was paid for in the
• 38:27
  Speaker 1: views expressed are solely those of Kushingan Dolan. Cushing and
• 38:29
  Speaker 1: Dolan in or Armstrong Advisory may contact you're offering legal
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• 40:23
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:25
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:28
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 40:31
  Speaker 1: your own financial, tax and estate planning advisors before making
• 40:33
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 40:36
  Speaker 1: advisory services. Your tune to the Legal Exchange with Todd Lutsky.
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  Speaker 1: If you are a loved one needs a nursing homestay,
• 40:43
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• 40:51
  Speaker 1: eight five six nine nine, or visit him online at
• 40:53
  Speaker 1: Legal Exchange show dot com.
• 40:59
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:02
  Speaker 2: Susan Power as a financial advisor the Armstrong Advisory Group,
• 41:06
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:09
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:11
  Speaker 2: master's in taxation. Todd, I want to talk a little
• 41:15
  Speaker 2: bit about rental properties and kind of the impact of
• 41:20
  Speaker 2: having an LLC for those rental properties. So what exactly
• 41:24
  Speaker 2: is an LLC and why should someone consider using it?
• 41:28
  Speaker 3: So, an LLC is a limited liability company, right like
• 41:35
  Speaker 3: an sque company, escorp, same thing, but you put the
• 41:40
  Speaker 3: you put the real estate in and it is designed
• 41:44
  Speaker 3: to protect you from the costs of creditors, really is
• 41:48
  Speaker 3: what it does.
• 41:49
  Speaker 2: So like slip and falls, things like that.
• 41:51
  Speaker 3: Right, So you put it in and you let you
• 41:54
  Speaker 3: know you if someone gets hurt on the property, instead
• 41:59
  Speaker 3: of suing you, which they would do. Now, So all
• 42:02
  Speaker 3: of you folks that have lots of rental properties or
• 42:05
  Speaker 3: even one, but if you have one rental property, but
• 42:08
  Speaker 3: you have a nice home, a nice vacation home, and
• 42:10
  Speaker 3: nice investment portfolio, I don't want to be sued personally.
• 42:14
  Speaker 3: I don't want them going after all those other things.
• 42:17
  Speaker 3: If it's in the LLC, they can only go after
• 42:21
  Speaker 3: what's in the LLC, and it limits your liability, which
• 42:25
  Speaker 3: is probably the easiest way to LLC limited liability company.
• 42:28
  Speaker 2: So, if you have a rental property in your LLC,
• 42:33
  Speaker 2: would you be able to then give up your umbrella insurance?
• 42:37
  Speaker 3: No? An emphatic no, you keep the umbrella insurance because
• 42:41
  Speaker 3: it's that insurance company that's going to basically hire their
• 42:48
  Speaker 3: lawyer to help settle the amount of money that this
• 42:51
  Speaker 3: claimant wants. And you're just happy you got to keep
• 42:55
  Speaker 3: your house and you didn't get sued, or your rental
• 42:57
  Speaker 3: property and you didn't get sued.
• 42:59
  Speaker 2: What happens if you have more than one rental property?
• 43:01
  Speaker 2: If you have a bunch of them, do you need
• 43:03
  Speaker 2: a bunch you need a separate LLC for everything or
• 43:06
  Speaker 2: just throw it all into one?
• 43:08
  Speaker 3: And do I do have clients that have you know,
• 43:10
  Speaker 3: multiples giving here like eighteen rental units. Right, Well, we're
• 43:14
  Speaker 3: not going to do eighteen LLC's. I mean you can,
• 43:17
  Speaker 3: there's no there's no law that says you can't. You
• 43:20
  Speaker 3: just have to be. There'll be an upfront cost to
• 43:22
  Speaker 3: get it in. But remember, at least in Massachusetts, and
• 43:25
  Speaker 3: each state has their own fees, mass is on the
• 43:29
  Speaker 3: high side. The other states perhaps not as much. But
• 43:33
  Speaker 3: you know, in mass you're going to pay five hundred
• 43:34
  Speaker 3: bucks a year for the privilege of having an LLC
• 43:38
  Speaker 3: for each LLC, each LLC, so you have that, but
• 43:42
  Speaker 3: that's tax deductible against the rent. So do I really care?
• 43:45
  Speaker 3: It's like free? So maybe I don't. If I've got
• 43:49
  Speaker 3: that many rental properties. So the answer to your question
• 43:51
  Speaker 3: is is really up to the client. So if the
• 43:54
  Speaker 3: client says, yeah, you know what I can afford it,
• 43:56
  Speaker 3: I'm going to set up eighteen LLC's and I want.
• 44:00
  Speaker 3: I love that individualized protection that I get. When I
• 44:04
  Speaker 3: say individualized protection, I mean when they get hurt on
• 44:09
  Speaker 3: LLC number one, they cannot sue LLC number two through seventeen,
• 44:14
  Speaker 3: and my example only that one. So that's great. Now,
• 44:18
  Speaker 3: if we're going to do that, and again you don't
• 44:20
  Speaker 3: have to you can group them, which we'll come back
• 44:22
  Speaker 3: to the grouping in a minute. If you're going to
• 44:25
  Speaker 3: do that, then what you want to do is you
• 44:30
  Speaker 3: want to set up a holding company and have all
• 44:33
  Speaker 3: these eighteen LLCs as subsidiaries of the holding company, so
• 44:38
  Speaker 3: that they become single member LLC's. Otherwise, you have to
• 44:43
  Speaker 3: file an income tax return for eighteen property.
• 44:46
  Speaker 2: Eighteen the so in this case, would you only file
• 44:48
  Speaker 2: one for that holding company exactly.
• 44:51
  Speaker 3: So now administratively this becomes a lot easier because now
• 44:56
  Speaker 3: I only have to file one ten sixty five go
• 45:00
  Speaker 3: through income tax return. Remember, these entities do not pay taxes.
• 45:04
  Speaker 3: They flow through to the individual, So here I would
• 45:07
  Speaker 3: now only have to file one ten sixty five, not eighteen. Yep. Now,
• 45:13
  Speaker 3: remember you're going to have to keep your quick books
• 45:16
  Speaker 3: for all your individual buildings. You still need to know
• 45:18
  Speaker 3: what building got new roof, got a new window, got
• 45:22
  Speaker 3: new expenses. You still have to keep rents and expensive same.
• 45:25
  Speaker 2: Kind of record keeping you have to do anyway.
• 45:27
  Speaker 3: Same kind of record keeping, but not administratively complicated. Folks,
• 45:32
  Speaker 3: that's exactly how you want to own rental property. But
• 45:36
  Speaker 3: then you have to decide how you want to leave
• 45:38
  Speaker 3: that rental property to your family or any other assets
• 45:42
  Speaker 3: you have to your family. And this guide how to
• 45:45
  Speaker 3: Leave Assets to your Beneficiaries is going to tell you that.
• 45:49
  Speaker 3: It has multiple examples of how to do it. It's the
• 45:53
  Speaker 3: end of the month, call and get the guide how
• 45:56
  Speaker 3: to leave Assets to beneficiaries. If you've not done your plan,
• 46:00
  Speaker 3: if you've done your planning, it's going to help you
• 46:03
  Speaker 3: learn or change the plan that you've done as life
• 46:06
  Speaker 3: events might have changed in your family. Eight six six
• 46:10
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 46:14
  Speaker 3: show dot Com. It's the end of the month, Get
• 46:16
  Speaker 3: the guide eight six six eight four eight five six
• 46:20
  Speaker 3: nine nine or Legal Exchange show dot com.
• 46:24
  Speaker 2: So how does it work? Todd. Let's say you have
• 46:25
  Speaker 2: a rental property and you've set up an LLC and
• 46:28
  Speaker 2: you have it in there, and you're going along as normal,
• 46:31
  Speaker 2: and then you come to a point in your life
• 46:32
  Speaker 2: where you say, hey, I really need to have an
• 46:35
  Speaker 2: estate plan and now you're going to create whether it's
• 46:38
  Speaker 2: a revocable trust or an irrevocable trust. Do you need
• 46:42
  Speaker 2: to get rid of that LLC and just put the
• 46:45
  Speaker 2: property in your trust? How would that work with your
• 46:49
  Speaker 2: state plan?
• 46:49
  Speaker 3: And that really really dovetails off of what we just
• 46:52
  Speaker 3: said for the guide, right when I said, now you've
• 46:54
  Speaker 3: got to figure out how to leave those assets, yeah,
• 46:57
  Speaker 3: to your family. Well, that's where the trust comes into place.
• 47:00
  Speaker 3: So you've created this. Let's go back to our example
• 47:03
  Speaker 3: with the holding company and the eighteen subs, and again
• 47:07
  Speaker 3: they don't need to be eighteen. You could group them
• 47:09
  Speaker 3: and make it, you know, instead of eighteen, make it
• 47:11
  Speaker 3: nine and put two buildings in each LLC. That's good too,
• 47:16
  Speaker 3: So you could do it any way you want. But
• 47:19
  Speaker 3: the point is that all of those subllcs will be
• 47:23
  Speaker 3: owned by the holding company. Stock will be owned by
• 47:27
  Speaker 3: the holding company. Now the stock or the membership interest
• 47:31
  Speaker 3: that they call the holding company has those shares will
• 47:35
  Speaker 3: be owned by the trust.
• 47:37
  Speaker 2: Okay, so you only have to update that one holding company.
• 47:41
  Speaker 3: The stock and that needs to go. Now again, if
• 47:43
  Speaker 3: you have an estate this large, likely there could be
• 47:45
  Speaker 3: a husband trust and a wife trust, and so you
• 47:48
  Speaker 3: would then take fifty percent of the shares and put
• 47:51
  Speaker 3: it in husband's trust and fifty percent of the shares
• 47:53
  Speaker 3: and wife's trust again balancing the estate for estate tax purposes,
• 47:58
  Speaker 3: and then the trust will explain where those shares go
• 48:02
  Speaker 3: when you die.
• 48:04
  Speaker 2: So what happens now, let's let's not do the eighteen
• 48:07
  Speaker 2: LLC's example. It's a lot, but likely they would have
• 48:12
  Speaker 2: a revocable trust. But let's just say there's one rental
• 48:15
  Speaker 2: property and someone wants to do that nursing home planning
• 48:18
  Speaker 2: and they have an ere evocable trust. How does that
• 48:21
  Speaker 2: change how they can operate you know, that rental property
• 48:25
  Speaker 2: kind of on a day to day basis of you know,
• 48:27
  Speaker 2: collecting the rents and kicking out tenants and that kind
• 48:30
  Speaker 2: of stuff. How does that change if it's an irrevocable trust.
• 48:33
  Speaker 3: Yeah, at good point, and you're right, oftentimes that you're
• 48:36
  Speaker 3: not doing this as often with medicaid planning, but you
• 48:39
  Speaker 3: could easily be in that situation. So they still want
• 48:44
  Speaker 3: the day to day creditor protection from from the tenant.
• 48:47
  Speaker 3: So we set up the LLC and then let's say
• 48:51
  Speaker 3: it's a small enough estate that maybe it's a joint
• 48:54
  Speaker 3: trust a joint earv. Well, the shares would be owned
• 48:58
  Speaker 3: by the joint ev okay and the shares can still
• 49:02
  Speaker 3: be owned there. And interestingly enough, it would be a
• 49:04
  Speaker 3: single member LLC in this example, so you wondn't even
• 49:07
  Speaker 3: have to file income tax returns for the LLC. But
• 49:10
  Speaker 3: the LLC the managers could be mom and dads of
• 49:13
  Speaker 3: the world. They just can serve as manager. They will
• 49:17
  Speaker 3: collect the rent deposited in a bank account in the
• 49:19
  Speaker 3: name of the LLC. They will then write checks out
• 49:22
  Speaker 3: of that bank account to pay bills for that LLC,
• 49:27
  Speaker 3: and then at the end of the month there might
• 49:28
  Speaker 3: be something called excess rent. We hope, so this is
• 49:32
  Speaker 3: the excess rent after we've paid our bills. Well, we
• 49:35
  Speaker 3: need that in our pocket to live. So as managers
• 49:41
  Speaker 3: of the LLC, they can make a distribution, write a
• 49:45
  Speaker 3: check to the shareholder, which is the irrevocable trust, deposit
• 49:52
  Speaker 3: the money into the bank account and the irrevocable trust
• 49:55
  Speaker 3: and it is now what rental income that the trust
• 49:59
  Speaker 3: just received. And these trusts are income only trust so
• 50:04
  Speaker 3: the income is required to be paid out to mom
• 50:07
  Speaker 3: and dad. So mom and Dad still get the rental
• 50:10
  Speaker 3: income just like they did before yep. And they will
• 50:14
  Speaker 3: pick it up on their own income tax returns just
• 50:17
  Speaker 3: like they did before. Because the trusts are grant to
• 50:20
  Speaker 3: our trust, so it works and property will be protected
• 50:24
  Speaker 3: from the cost of long term care in the future. Folks.
• 50:28
  Speaker 3: End of the month. Get the guide learn how best
• 50:31
  Speaker 3: to leave your assets to your beneficiaries eight six six
• 50:36
  Speaker 3: eight four, eight five six nine to nine or Legal
• 50:40
  Speaker 3: Exchange show dot com.
• 50:41
  Speaker 2: Todd Lutsky from the law firm of Cushing in Dolan, thank.
• 50:44
  Speaker 3: You so much, always a pleasure. Thank you.
• 50:46
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:50
  Speaker 2: We thank you for joining us today and we'll be
• 50:53
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 50:59
  Speaker 1: Beneficiary playing an asset protection go hand in hand. Cushing
• 51:02
  Speaker 1: and Dolan has a new guide out called how to
• 51:04
  Speaker 1: Leave Assets to beneficiaries, and it can help make your
• 51:07
  Speaker 1: planning process smooth and easy. Leaving your assets to your
• 51:10
  Speaker 1: children isn't as simple as it sounds, especially if they
• 51:13
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 51:16
  Speaker 1: it's time to consider the best way to keep your
• 51:18
  Speaker 1: assets in your family while avoiding significant financial consequences down
• 51:22
  Speaker 1: the road. Call Cushing and Dolan right now at eight
• 51:24
  Speaker 1: sixty six eight four eight five six nine nine and
• 51:27
  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
• 51:30
  Speaker 1: You'll learn which paths are the safest when it comes
• 51:32
  Speaker 1: to protecting yourself and your children while avoiding unnecessary risks
• 51:36
  Speaker 1: that can create substantial problems in the long run. That
• 51:39
  Speaker 1: number again is eight sixty six eight four eight five
• 51:41
  Speaker 1: six nine nine, or you can request it online from
• 51:44
  Speaker 1: our website Legal exchange show dot com. That's Legal exchange
• 51:47
  Speaker 1: show dot com. The proceeding was paid for and the
• 51:50
  Speaker 1: views expressed are solely of those of Cushing and Dolan.
• 51:52
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact your
• 51:54
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 51:56
  Speaker 1: Advisory do not endorse each other and are not affiliated the.
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  Speaker 6: Keys to enjoying a peaceful retirement is flexibility.
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• 52:46
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:48
  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
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