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Benefits of naming your estate as the beneficiary of your IRA · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  Speaker 1: and protecting your money from a nursing home. If you
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  Speaker 1: need assistance in any of these areas, or have a
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: eight six six eight four eight five six ninety nine
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  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 the Armstrong Advisory Group, and I'm joined
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  Speaker 2: by Todd Lutsky, a partner with the law firm of
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  Speaker 2: Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 3: How are you today? I am never better in you.
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  Speaker 3: I am great? Thank you. What do you have for
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  Speaker 3: us this week? Well, couple of cases. I got one
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  Speaker 3: out of pill Sylvania ap Pellic court case and one
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  Speaker 3: out of Oklahoma both a pelic court cases. The first
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  Speaker 3: one is, you know, trying to prove the validity of
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  Speaker 3: a will. You hate to even go down that road,
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  Speaker 3: but in this case, you know, if it's if there's
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  Speaker 3: any question, how do you go about proving the validity
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  Speaker 3: of the will? And then what happens when the will
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  Speaker 3: turns out to be either good or no good? And
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  Speaker 3: if you die, into state what happens. And in this
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  Speaker 3: case it's actually evolving a second marriage, I think from
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  Speaker 3: the facts, so again I'm scratching my head, why would
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  Speaker 3: they even start with a simple will with second marriage
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  Speaker 3: any event, We're going to explore all of that again
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  Speaker 3: and let you see what we can learn from that case.
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  Speaker 3: And then we go over to Oklahoma and we have,
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  Speaker 3: interestingly enough, a homestead case. You don't think about this
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  Speaker 3: a lot, but we're going to talk about the homestead,
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  Speaker 3: why it's important, why it's not, And the reason it's
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  Speaker 3: important here is because Melissa and George unrelated, had a
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  Speaker 3: car accident and they both died. Well, guess what George
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  Speaker 3: decided to assume Melissa's estate for wrongful death. Wonder if
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  Speaker 3: the homestead can protect the house. Very interesting case. So
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  Speaker 3: we'll be back to talk about that, but more specifically
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  Speaker 3: to learn about the homestead. These are all little nuances
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  Speaker 3: that come up in the estate planning world. They may
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  Speaker 3: be little, but they can be big when it comes
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  Speaker 3: to who gets what, just like our new guide is
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  Speaker 3: really a little nuance in the estate planning world, folks,
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  Speaker 3: but it really is important because it deals with iras.
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  Speaker 3: So many people have iras. It's like a house. You
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  Speaker 3: have a house, you have an IRA. These are like
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  Speaker 3: two big assets of your estate. And the IRA is
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  Speaker 3: very tough. It's like a fitting a round peg into
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  Speaker 3: a square hole when it comes to estate planning, right
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  Speaker 3: because it's got income tax issues and estate tax issues.
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  Speaker 3: But because the Secure Act came out in twenty twenty two,
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  Speaker 3: it now allows us to name an estate the beneficiary
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  Speaker 3: of an IRA. There's a lot of parameters we got
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  Speaker 3: to follow, and that's what the guide'll explain to you.
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  Speaker 3: But what it does is it allows you to protect
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  Speaker 3: the IRA in advance of going in a nursing home.
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  Speaker 3: Partly meaning partly because you got to die and not
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  Speaker 3: go to a nursing home, and it'll protect them for
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  Speaker 3: the spouse. But folks, lots to learn about naming the
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  Speaker 3: estate the beneficiary of the IRA. It can really be
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  Speaker 3: beneficial both from an estate tax planning standpoint and a
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  Speaker 3: nursing home planning standpoint. Call get the guide. Why name
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  Speaker 3: your estate IRA the beneficiary eight six six eight four
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  Speaker 3: eight five six nine nine or Legal Exchange show dot
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  Speaker 3: com brand new for the month and really brand new
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  Speaker 3: in the estate planning world because it's only been around
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  Speaker 3: since twenty twenty two. Eight six six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange showed. Let's head
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  Speaker 3: back to PA. So Dorothy dies in February of twenty
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  Speaker 3: twenty two, survived by her husband, Charles, and six kids.
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  Speaker 3: Then it goes on to say four of Dorothy's kids,
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  Speaker 3: which leads me to believe that there were four kids
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  Speaker 3: that Dorothy had and maybe two kids that Charles had
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  Speaker 3: and Charles has survived. They filed a petition claiming that
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  Speaker 3: she died without a will. Well, Charles said, no, there's
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  Speaker 3: a will and their son together. I get the impression
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  Speaker 3: ron was appointed pr So this is getting a little gray, right.
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  Speaker 3: So they held an evidentiary hearing and in the probate
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  Speaker 3: court they both presented handwriting witnesses and even three of
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  Speaker 3: Dorothy's kids testified as to her health. Ronald, a former attorney.
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  Speaker 3: Former attorney, I don't know why, they said that maybe
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  Speaker 3: he retired, said he drafted the will for her and
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  Speaker 3: saw her sign it. However, no witness is very Dorothy's signature.
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  Speaker 3: The court found that there were expert handwriting witnesses were
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  Speaker 3: credible who said that the signature was a forgery and
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  Speaker 3: it's no good. And they found that Ronald was not
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  Speaker 3: a credible witness. Okay, yeah, not a credible witness. So
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  Speaker 3: they said that there's no will. Well, they didn't like that,
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  Speaker 3: so they appealed. Well, ron argued under the law that
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  Speaker 3: you're supposed to give more weight to actual factual witnesses
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  Speaker 3: than you are to expert witnesses when coming up with
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  Speaker 3: a decision. And well, that's true. The court said, that
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  Speaker 3: is true. You're supposed to do that, provided, however, that
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  Speaker 3: you find the actual witnesses to be credible. And here
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  Speaker 3: they said ron was found not to be credible, and therefore,
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  Speaker 3: since there were no other factual witnesses to support the
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  Speaker 3: signing of the will, that they could give as much
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  Speaker 3: weight as they wanted to to the expert witnesses. And
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  Speaker 3: the expert witnesses seem to carry the day, and so
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  Speaker 3: at the end of the day, no will probably a
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  Speaker 3: good thing that runs no longer practicing. Yeah. Probably.
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  Speaker 2: If you ever consider doing a will without witnesses, that
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  Speaker 2: just seems crazy to me.
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  Speaker 3: Yeah, I don't know why you would would get to
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  Speaker 3: that point. I mean, you either have a will or
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  Speaker 3: you don't have a will. And there's I mean, you
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  Speaker 3: can have a will many ways, but you're supposed to
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  Speaker 3: follow the statutory rules, right, you know, it's got to
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  Speaker 3: be witnessed, it's got to be notarized, it's got to
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  Speaker 3: have testamentary language saying I revoke all prior wills. Yeah,
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  Speaker 3: I mean, it's got to have certain language and to
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  Speaker 3: make it value. And it does vary by state, so please,
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  Speaker 3: I am I'm not trying to speak on every state. Well,
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  Speaker 3: what can we learn from this? Right? First of all,
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  Speaker 3: what's the what's the result? Everybody wants to know what
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  Speaker 3: the what the result is? Well, if she dies with
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  Speaker 3: no will and it's a second marriage and there's four
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  Speaker 3: kids of Dorothy and two kids that are step yep,
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  Speaker 3: that's a problem for the step Yeah, they're a right
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  Speaker 3: because under the intestate succession statute. I have to imagine
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  Speaker 3: in almost all states. I can't speak to all states,
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  Speaker 3: but intestate succession statute generally means next closest next of kin.
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  Speaker 3: Step kids are not even on the chart. So if
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  Speaker 3: they're step unless they're defined in the in the will, oh,
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  Speaker 3: there's no will. So in this case, that could be
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  Speaker 3: the end result.
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  Speaker 2: And there's no advance planning like in terms of trust
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  Speaker 2: or anything here. So likely she inherited everything from her
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  Speaker 2: ex from her deceased spouse husband.
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  Speaker 3: Right, Well, though the husband's alive, she died. She died,
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  Speaker 3: so unless she left everything to the husband, which which
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  Speaker 3: you can't do because you're intestate, So who knows how
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  Speaker 3: that's going to play out. The spouse will get some,
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  Speaker 3: the kids will probably get some, but the step kids
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  Speaker 3: will probably be out. Yeah, this is you're going to
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  Speaker 3: need a chart at the end of the day. Folks,
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  Speaker 3: I have a problem just with what can we learn
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  Speaker 3: second marriages? Please do more than a will, Right, You've
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  Speaker 3: got to put together a trust at a bare minimum.
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  Speaker 3: You're using the trust not so much for the probate
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  Speaker 3: and the taxes, but to allow this surviving spouse to
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  Speaker 3: be taken care of. Right, you can have these assets
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  Speaker 3: in the trust. The trustee can be a spouse, right,
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  Speaker 3: It can provide the income to the spouse. It can
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  Speaker 3: provide principal subject to ascertainable standards health, education, welfare and support.
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  Speaker 3: Then the trust bee can be just a spouse. Or
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  Speaker 3: if you want a check in balance, you can put
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  Speaker 3: a kid on from her side of the marriage to
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  Speaker 3: serve with the spouse. Now people say, okay, I get it.
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  Speaker 3: That's a check and bound. So now I'm preserving assets
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  Speaker 3: for the spouse and for the kids of the other marriage.
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  Speaker 3: But I don't want to have to deal with this kid. Well,
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  Speaker 3: here's how distributions actually work. With a standard. If in
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  Speaker 3: fact you meet the standard, the other trustee cannot say no.
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  Speaker 3: That's how it works. And it's the same standard you
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  Speaker 3: were living at before they die. I need this much food,
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  Speaker 3: I need travel, I need a car, I need vacations,
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  Speaker 3: I need you can't say no. So I mean, that's
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  Speaker 3: what a standard's all about. It's just to prevent waste
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  Speaker 3: and to prevent remarrying and saying I'm just going to
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  Speaker 3: blow all this money on someone else. So there is
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  Speaker 3: it's okay to have the check and balance, But that's
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  Speaker 3: kind of how that works. Right now, Remember you have
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  Speaker 3: this trust, you've now taken care of You've avoided probate,
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  Speaker 3: you've taken care of both sides of the family. You've
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  Speaker 3: provided for the surviving spouse likely to have assets left
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  Speaker 3: for the family, and then when they both die, you
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  Speaker 3: can have language in the trust that lays out the
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  Speaker 3: percentages that go to each side of the family. Some
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  Speaker 3: people say, divide it down the middle and put half
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  Speaker 3: to her side, half to his side, regardless of the
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  Speaker 3: number of kids on each side. That's a fair approach.
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  Speaker 3: Some people look at how much money came to the
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  Speaker 3: marriage to begin with and say, well, it was sixty
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  Speaker 3: forty seventy thirty. But you can do all of this, folks.
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  Speaker 3: Trusts are important. So but trusts are important, but planning
• 10:02
  Speaker 3: for all your assets are important. Please get the guide
• 10:06
  Speaker 3: new for the month, how or why you should name
• 10:09
  Speaker 3: your estate and IRA beneficiary right. This will help get
• 10:14
  Speaker 3: your assets to the right people. Eight six six eight
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  Speaker 3: four eight five six nine nine or Legal Exchange show
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  Speaker 3: dot com.
• 10:22
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:25
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:28
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:31
  Speaker 2: much more to come when we return to the Legal
• 10:33
  Speaker 2: Exchange with Todd Lutsky.
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  Speaker 1: Spouses generally serve as the beneficiary to your IRA or
• 10:39
  Speaker 1: life insurance policy, but naming your estate the beneficiary has
• 10:42
  Speaker 1: quite a few benefits. Cushing and Dolan are experts and
• 10:45
  Speaker 1: elder lack and they can help you protect your assets
• 10:48
  Speaker 1: from probate and the nursing home. By naming your estate
• 10:50
  Speaker 1: as a beneficiary, you can avoid the probate process, less
• 10:53
  Speaker 1: than the chance of creating any income tax issues on
• 10:55
  Speaker 1: your rmds and enjoy enhanced the state tax reduction. Call
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  Speaker 1: new guide called why Name your Estate and IRA Beneficiary?
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  Speaker 1: mind for you and your family during your retirement years.
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  Speaker 1: That number again is eight six six eight four eight
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  Speaker 1: online by visiting our website at legal exchainshow dot com.
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  Speaker 4: Social Security benefits are a key source of income for
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 13:57
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined by Todd Leutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:07
  Speaker 2: Where are we headed now, Todd?
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  Speaker 3: How about Oklahoma? Sounds good? I haven't been to the
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  Speaker 3: somewhat center of this country in a while. Homestead case.
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  Speaker 3: You don't hear about these a lot folks. This is
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  Speaker 3: very interesting. I found so Melissa and George unrelated. Die
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  Speaker 3: in a car accident, both of them. September third, twenty twenty,
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  Speaker 3: Melissa's son Joshua files a will and appointed and was
• 14:35
  Speaker 3: appointed pr personal representative. And in the will it identified
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  Speaker 3: Joshua the son, Ryan the son, and a stepdaughter Tamera
• 14:44
  Speaker 3: as children of the beneficiary. So children and beneficiary, so
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  Speaker 3: children of Melissa. So again step is in because she
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  Speaker 3: named her yep, perfectly okay. Deborah, the PR of George's estate,
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  Speaker 3: decides to file a wrongful death action against the estate
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  Speaker 3: of Melissa. So arguably it was Melissa's fault for the accident.
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  Speaker 3: And and well, neither one of them care because they're
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  Speaker 3: both dead, but they filed this action. Well, Joshua, the
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  Speaker 3: son of Melissa is the PR files a motion to
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  Speaker 3: have the homestead apply to the home when he had
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  Speaker 3: been residing with his mother and minor kids to protect
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  Speaker 3: them from the lawsuit. Interesting, the probate court rejected the
• 15:42
  Speaker 3: homestead claim because Melissa died not leaving a spouse or
• 15:47
  Speaker 3: minor children, therefore the home at risk for this lawsuit. Well,
• 15:54
  Speaker 3: an appellate action was filed and they delved into the
• 15:58
  Speaker 3: definition of homestead. So the appellate court said the homestead
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  Speaker 3: is designed to protect the family from creditors. It's never
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  Speaker 3: been extended to other occupants in the home after the
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  Speaker 3: death of the owner, which was interesting. Then they went
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  Speaker 3: on to read and said, it's really designed to protect
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  Speaker 3: a surviving spouse and minor children by allowing them to
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  Speaker 3: continue to occupy a property during their lifetime. In this case, however,
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  Speaker 3: Joshua was an adult and at the moment was not
• 16:35
  Speaker 3: residing with any minor children. Therefore, the homestead can apply.
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  Speaker 3: And if the homestead doesn't apply, the house is at risk.
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  Speaker 3: Which sounds like the correct decision, right, Well, just following
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  Speaker 3: the statute would be the answer would be would be yes,
• 16:52
  Speaker 3: that that would be the correct decision. But I think
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  Speaker 3: we need to spend some time and say how does
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  Speaker 3: this homestead work and why are we concerned about it?
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  Speaker 3: And how does it work when you're doing your estate
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  Speaker 3: planning and does that impact your ability to get a homestead?
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  Speaker 3: Well it may, so stay tuned, But I also want
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  Speaker 3: you to understand not just how to protect your house,
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  Speaker 3: which is what the homestead might do, but how to
• 17:15
  Speaker 3: deal with your IRA assets. Folks, this is the brand
• 17:18
  Speaker 3: new guide for the month. Why name your estate and
• 17:21
  Speaker 3: IRA beneficiary. It is a problem asset in everyone's estate.
• 17:26
  Speaker 3: It's got income and estate tax issues that you have
• 17:30
  Speaker 3: to deal with, and of course you can sprinkle in
• 17:33
  Speaker 3: how can I protect it from a nursing home for
• 17:35
  Speaker 3: a third level of complexity with this particular asset, generally
• 17:40
  Speaker 3: very hard to protect them in advance from a nursing home.
• 17:42
  Speaker 3: But folks, there now might be a way by naming
• 17:45
  Speaker 3: your estate the beneficiary of the IRA. We preferred if
• 17:49
  Speaker 3: you're over, if you're at least age seventy three. But
• 17:52
  Speaker 3: now through the use of testamentary trusts, we can also
• 17:56
  Speaker 3: shelter the asset for state tax purposes. We can then
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  Speaker 3: protected from the nursing home without a five year waiting
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  Speaker 3: period upon the death of the decedent, upon the death
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  Speaker 3: of the owner of the of the IRA, and still
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  Speaker 3: provide for the surviving spouse, all without creating any adverse
• 18:13
  Speaker 3: income tax consequences. I say it it's easy. It really
• 18:17
  Speaker 3: requires a read because there's a lot of things to
• 18:19
  Speaker 3: think about when you're doing it. Get the guide eight
• 18:21
  Speaker 3: six six eight four eight five six nine nine or
• 18:25
  Speaker 3: Legal Exchange show dot com Brand new for the for
• 18:29
  Speaker 3: the month, Brand new in the Estate planning world in general,
• 18:32
  Speaker 3: it's not been around very long eight six six eight
• 18:35
  Speaker 3: four eight five six nine nine or Legal Exchange show
• 18:39
  Speaker 3: dot com. And we're back to Oklahoma. So what is
• 18:44
  Speaker 3: the homestead? By the way, folks, I'm going to be speaking.
• 18:48
  Speaker 3: Homestead's different in every state, right, so we need to
• 18:52
  Speaker 3: think about what they mean. Some states say, oh, you
• 18:55
  Speaker 3: get a homestead, you get a real estate tax break
• 18:58
  Speaker 3: on your house. They call it a homestat, like Florida.
• 19:00
  Speaker 3: I think like Florida, like California has that. And in
• 19:04
  Speaker 3: Massachusetts they don't call it. It's not called the homestead
• 19:08
  Speaker 3: giving you that break. But we have real estate abatements
• 19:11
  Speaker 3: that you can get in Massachusetts in certain towns, not everywhere.
• 19:16
  Speaker 3: In certain towns depending on whether you're considered an owner occupant,
• 19:20
  Speaker 3: they want to give you a break because they want
• 19:21
  Speaker 3: you to own, not rent. You're over sixty five, they
• 19:24
  Speaker 3: give you a break. Yeah, a veteran that you could
• 19:27
  Speaker 3: get a break. So you have to check with your
• 19:30
  Speaker 3: town to get that in Massachusetts. So not called the
• 19:33
  Speaker 3: homestead in mass just real estate tax abatements. But other
• 19:36
  Speaker 3: states you get a break. Most states also have ones
• 19:41
  Speaker 3: that say you get creditor protection. That's what homestead means,
• 19:45
  Speaker 3: creditor protection. But again varies by state. What about mass
• 19:50
  Speaker 3: it's the only one we can really speak to. And Massachusetts,
• 19:52
  Speaker 3: believe it or not, revamped their statute and we spoke
• 19:55
  Speaker 3: about it when it happened. Yeah, it's gotta be ten
• 19:58
  Speaker 3: years ago now, easily, I'm thinking somewhere around ten years ago.
• 20:01
  Speaker 3: And they now, when I say revamp it, they now
• 20:05
  Speaker 3: allow you to get a homestead credit or protection on
• 20:09
  Speaker 3: your home, even if your house is in a trust.
• 20:14
  Speaker 3: Before then there was a question you were not allowed
• 20:16
  Speaker 3: to put the house in the trust and get the homestead,
• 20:21
  Speaker 3: which kind of is awful regardause of the type of
• 20:24
  Speaker 3: trust right revocable or you're evocable, right, Yeah, and that's
• 20:28
  Speaker 3: awful because you had to go to probate, subject your
• 20:32
  Speaker 3: house to probate in order to benefit during your life
• 20:35
  Speaker 3: from the homestead. Now that's not the case. Now you
• 20:39
  Speaker 3: can do your revocable trust planning. We'll talk about it.
• 20:41
  Speaker 3: You're revocable, you brought it up, we'll talk about it.
• 20:44
  Speaker 3: But with a revocable trust, you can now have it
• 20:47
  Speaker 3: in a trust, in a revocable trust and still get
• 20:50
  Speaker 3: your homestead. How do you get your homestead in Mass
• 20:53
  Speaker 3: and what's the protection? Well, in Mass, you have to file.
• 20:59
  Speaker 3: You got to pay a one opping thirty five dollars
• 21:01
  Speaker 3: and file to get your homestead the max homestead. Right
• 21:05
  Speaker 3: right when you file, you get five hundred thousand dollars
• 21:09
  Speaker 3: of protection against your house. If you never file, you
• 21:15
  Speaker 3: still get an automatic one hundred and twenty five thousand
• 21:17
  Speaker 3: dollars protection a little something. A little something is not
• 21:19
  Speaker 3: going to protect your whole house, but in case you're sued,
• 21:21
  Speaker 3: at least that piece of it would be would be protected.
• 21:24
  Speaker 3: So of course we always help our clients file file
• 21:27
  Speaker 3: get your protection. If you're over sixty two, you get
• 21:31
  Speaker 3: five hundred thousand dollars for both spouses. Nice, so you
• 21:34
  Speaker 3: can kind of stack them when you're older and get
• 21:37
  Speaker 3: you could technically get a million dollars. It's a little complicated,
• 21:40
  Speaker 3: but you're able to stack these exemptions if you're over
• 21:44
  Speaker 3: I believe it's sixty two, not sixty three. Sixty two,
• 21:47
  Speaker 3: and it's also designed to cover other family members living
• 21:51
  Speaker 3: in the home. Hmm, okay, you could still carry that
• 21:54
  Speaker 3: five hundred thousand dollars exclusion to them. Now, if you
• 21:59
  Speaker 3: have an irrevocable Medicaid trust in mass You may not, well,
• 22:03
  Speaker 3: we don't. We don't put it homestead on one, you
• 22:07
  Speaker 3: don't need it. You're actually getting more protection with the
• 22:10
  Speaker 3: irrevocable trust then you're going to get with the homestead. Now,
• 22:14
  Speaker 3: remember the homestead protects you from creditors, but one very
• 22:17
  Speaker 3: clear creditor in the statute that you're not protected from
• 22:22
  Speaker 3: is the nursing home. So the homestead does not protect
• 22:25
  Speaker 3: you from the nursing something. Please please do not just say, oh,
• 22:29
  Speaker 3: well I have a homestead and therefore creditors can't get
• 22:32
  Speaker 3: my house, so I don't have to worry about protecting
• 22:33
  Speaker 3: it from the nursing home. That's not how it works.
• 22:36
  Speaker 3: So we need to put it in the trust. But
• 22:38
  Speaker 3: then when we put it in the trust, the homestead
• 22:40
  Speaker 3: language is conflicting with the trust, saying you're using it
• 22:44
  Speaker 3: as your primary residence, you own it. Has all this
• 22:47
  Speaker 3: language in there that I think could conflict with the
• 22:51
  Speaker 3: medicaid protection you're trying to get with the irrevocable trust.
• 22:54
  Speaker 3: So that's why we don't put the homestead on. When
• 22:58
  Speaker 3: you put it into a medicaid ear of vocable trust.
• 23:01
  Speaker 3: But think It's very important for people to understand the
• 23:04
  Speaker 3: homestead is out there and it's it's great to have.
• 23:06
  Speaker 3: And again, some states you can only recover against probate
• 23:09
  Speaker 3: assets depending on where you live. That might be a
• 23:12
  Speaker 3: reason to stay out of probate in of itself. Sure
• 23:14
  Speaker 3: for car accidents like this or any other creditors that
• 23:18
  Speaker 3: might come along, Folks, learn how to protect your assets,
• 23:21
  Speaker 3: not just with the homestead, but how can you protect
• 23:23
  Speaker 3: your IRA from the nursing home and taxes? Call and
• 23:27
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• 23:30
  Speaker 3: beneficiary eight six six eight four eight five six ninety
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• 23:38
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:40
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:44
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:47
  Speaker 2: be answering your listener questions when we return to the
• 23:50
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:53
  Speaker 1: Spouses generally serve as the beneficiary to your IRA or
• 23:57
  Speaker 1: life insurance policy, but naming your state the beneficiary has
• 24:00
  Speaker 1: quite a few benefits. Cushing and Dolan are experts in
• 24:03
  Speaker 1: elder log and they can help you protect your assets
• 24:05
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  Speaker 1: That's Legal exchangshow dot com. The proceeding was paid for
• 24:43
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• 24:45
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• 24:48
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• 24:51
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  Speaker 1: dot com. You're listening to the Legal Exchange, and it's
• 27:30
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 27:33
  Speaker 1: your questions about anything and everything that's included in the
• 27:37
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 27:44
  Speaker 2: Welcome back, Todd. Have a few questions from listeners for you.
• 27:47
  Speaker 2: First question comes from Lena in Brookline, mass And Lena writes,
• 27:51
  Speaker 2: my mother passed away in August without a will or
• 27:53
  Speaker 2: anything written down with her intentions. I have one sibling
• 27:57
  Speaker 2: and my father passed away years ago. Lack of planning
• 28:01
  Speaker 2: complicate the process of settling her estate. She was worth
• 28:05
  Speaker 2: around one and a half million when she died.
• 28:07
  Speaker 3: Well, I got it. I need a chart for this one,
• 28:10
  Speaker 3: so let's see. Lena doesn't say what type of assets
• 28:13
  Speaker 3: she had, but we can kind of Lena's mom died,
• 28:16
  Speaker 3: Dad had already died yep, so mom was the widow
• 28:21
  Speaker 3: of Lena, and mom had Lena and one kid. So
• 28:26
  Speaker 3: mom dies with two kids and is the surviving spouse.
• 28:30
  Speaker 3: I like that now I can understand. And no planning,
• 28:33
  Speaker 3: I assume with no planning, there probably was no planning
• 28:35
  Speaker 3: when dad died. I have to assume that everything just passed.
• 28:38
  Speaker 3: I think that that's probably a safe assumption. But it's
• 28:40
  Speaker 3: important for the listeners to understand when one spouse dies
• 28:44
  Speaker 3: with no planning, that's what happens.
• 28:45
  Speaker 2: Because she didn't even have a will, so he probably didn't.
• 28:48
  Speaker 2: He didn't either, because if he was going to do one,
• 28:50
  Speaker 2: they both would have been likely. So we'll make some
• 28:52
  Speaker 2: assumptions there.
• 28:53
  Speaker 3: So interesting if he would have died without a will,
• 28:56
  Speaker 3: where the assets ultimately would have gone under the intestate
• 28:59
  Speaker 3: success in statue. We won't go there because we don't know.
• 29:02
  Speaker 3: But let's assume these these are all she got. She
• 29:05
  Speaker 3: got one point five million, she'd.
• 29:06
  Speaker 2: But they were probably all owned jointly when he died,
• 29:09
  Speaker 2: and they went to her and she was the beneficiary
• 29:12
  Speaker 2: and so forth. So it's probably probably no probate, So
• 29:14
  Speaker 2: why would she think of going to get a will
• 29:16
  Speaker 2: because she didn't have to deal with anything when he died.
• 29:19
  Speaker 3: I'm going to go with that, Susan. We're going up
• 29:21
  Speaker 3: a whole story he did. That's perfect, and that's typical. Yes,
• 29:26
  Speaker 3: very typical of people who don't plan, they waste their exemption.
• 29:29
  Speaker 3: Now in this case, she's going to be able to
• 29:30
  Speaker 3: wipe her brow. The first thing I think about is
• 29:32
  Speaker 3: what's her estate when she dies? One point five million?
• 29:35
  Speaker 3: Thank goodness, it was twenty twenty four when she passed,
• 29:38
  Speaker 3: because the exemption has increased in Massachusetts effective January one,
• 29:43
  Speaker 3: twenty twenty three, from one million to two million, So
• 29:50
  Speaker 3: no estate tax federal or Massachusetts the state federal, so high,
• 29:54
  Speaker 3: she's way under it. So you're right, no federal, no
• 29:58
  Speaker 3: Massachusetts death tax. So we don't have to file a thing.
• 30:02
  Speaker 3: Good except the will. Oh there's no will. So we
• 30:04
  Speaker 3: have to now figure out how these assets are owned.
• 30:07
  Speaker 3: So if these assets are just in her name alone
• 30:10
  Speaker 3: and they didn't add any designated beneficiaries, which likely under
• 30:15
  Speaker 3: your scenario, she probably didn't, then they are probate assets.
• 30:19
  Speaker 3: So we'll have to go file. We'll still have to
• 30:21
  Speaker 3: petition the court and get an administrator appointed. That administrator
• 30:27
  Speaker 3: will be probably Lena or one of the kids, and
• 30:30
  Speaker 3: then they will have to go. Once they are officially appointed,
• 30:35
  Speaker 3: they will have to take their appointment from the court
• 30:38
  Speaker 3: and the death certificate and go around to the different
• 30:40
  Speaker 3: institutions in which hold the money and or the real estate.
• 30:45
  Speaker 3: She couldn't deal with the real estate either, there would
• 30:47
  Speaker 3: be no accessing any of these assets if they were
• 30:49
  Speaker 3: all in in the mother's name. Now she can, She
• 30:55
  Speaker 3: can deal with the house. She can deal with the
• 30:57
  Speaker 3: bank accounts, the broker's accounts to the estate. She then
• 31:00
  Speaker 3: will open up, will get an ID number, She'll open
• 31:02
  Speaker 3: up new accounts tax ID number, tax ID number for
• 31:05
  Speaker 3: the estate of the decedent yep. And then all the
• 31:09
  Speaker 3: money can get poured into new accounts in the name
• 31:11
  Speaker 3: of the estate of the decedan with the new ID number,
• 31:15
  Speaker 3: and then she, as the administrator, can control. And then
• 31:19
  Speaker 3: how do they figure out who gets the asset? Well,
• 31:21
  Speaker 3: then you have to go to the intestate succession statute
• 31:23
  Speaker 3: and say who who's the next closest next of kins,
• 31:27
  Speaker 3: so in mass in this case with they would look
• 31:29
  Speaker 3: for the spouse there isn't any then they'd look to kids.
• 31:32
  Speaker 3: Stop they found it, got it? So likely it would
• 31:35
  Speaker 3: go to the two kids in this case, although I
• 31:37
  Speaker 3: always want to check double check that statute because has
• 31:40
  Speaker 3: its little nuances, but that seems to be where this
• 31:44
  Speaker 3: would end up. And then of course once she's appointed,
• 31:46
  Speaker 3: she can then pay the bills that need to be
• 31:48
  Speaker 3: paid and then in that way everybody shares in the expense,
• 31:52
  Speaker 3: and then she can start distributing out checks.
• 31:55
  Speaker 2: Is the onus on the personal representative to say this
• 31:59
  Speaker 2: is how it happens. So like whatever institutions are there,
• 32:03
  Speaker 2: she can say, Okay, it's going to myself and my brother,
• 32:06
  Speaker 2: trust me, I'm the fiduciary.
• 32:08
  Speaker 3: He No, she probably would have to show the statute
• 32:10
  Speaker 3: or they probably will look at the statute too. As
• 32:12
  Speaker 3: a fiduciary, you would probably look yeah, yeah, you just
• 32:15
  Speaker 3: want to make sure that you're distributing the money to
• 32:16
  Speaker 3: the right people. But there's not like a court document
• 32:19
  Speaker 3: that says it goes to these two people. Not sure. Okay,
• 32:23
  Speaker 3: if they involved, the court gets in doing that, but yeah,
• 32:27
  Speaker 3: definitely get the distributions made. And so what easier if
• 32:31
  Speaker 3: she had done some planning? Oh, this is Yeah. So
• 32:33
  Speaker 3: she's asking if it's going to make it more complicated,
• 32:35
  Speaker 3: it's going to make it ten times more complicated, so
• 32:38
  Speaker 3: and long, and we don't want to make things complicated,
• 32:40
  Speaker 3: and we don't want you to make things complicated for
• 32:42
  Speaker 3: your family, especially when it comes to an IRA, which
• 32:45
  Speaker 3: is the new guide that we're giving away. How to
• 32:47
  Speaker 3: deal with them? Boy, are they a problem right there?
• 32:49
  Speaker 3: They have income tax issues, they have estate tax issues
• 32:53
  Speaker 3: and medicaid issues. How do we protect those assets from
• 32:58
  Speaker 3: potential nursing home claims and tax issues, state tax issues,
• 33:03
  Speaker 3: the new way naming your estate and IRA beneficiary. It
• 33:08
  Speaker 3: can be done. There's a lot of parameters we need
• 33:10
  Speaker 3: to understand. Please get the guide eight six six eight
• 33:14
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 33:18
  Speaker 3: dot com again eight six six eight four eight five
• 33:21
  Speaker 3: six nine nine or Legal Exchange Show dot com.
• 33:25
  Speaker 2: Our last question comes from Janet and Conquered New Hampshire
• 33:28
  Speaker 2: and Janet rites. My husband and I would like to
• 33:30
  Speaker 2: transfer our lake home to a trust so that our children,
• 33:34
  Speaker 2: grandchildren and great grandchildren can continue to enjoy this property
• 33:38
  Speaker 2: for years to come. Can this be done to prevent
• 33:41
  Speaker 2: our children from selling the property?
• 33:44
  Speaker 3: Do you think these people live in New Hampshire. The family,
• 33:47
  Speaker 3: she's from Concord. I don't know about the kids. Oh
• 33:49
  Speaker 3: but no, but the she's from Concord. The client, the
• 33:53
  Speaker 3: person's there from New Hampshire. Yes, Goodhamshire. And that's because
• 33:56
  Speaker 3: I believe New Hampshire has something called no rule against perpetuity.
• 34:01
  Speaker 3: What that means in English? Yeah, So that's why when
• 34:03
  Speaker 3: you said children, great grandchildren, you could keep going. So
• 34:07
  Speaker 3: some states have that, other states don't. Mass we have
• 34:10
  Speaker 3: a rule against perpetuity. So move to New Hampshire if
• 34:13
  Speaker 3: you want no perpetuities. Now what's the story here? So
• 34:19
  Speaker 3: can we do this? Can we set up a trust
• 34:21
  Speaker 3: that can hold real estate and provide for these generations
• 34:27
  Speaker 3: of enjoyment? In theory yes you can not, even in theory.
• 34:32
  Speaker 3: In reality, yes, you put the house in and then
• 34:34
  Speaker 3: start writing it. Here's the writing. It is the problem.
• 34:36
  Speaker 3: Right now, You've got to say, Okay, I put the
• 34:39
  Speaker 3: house in, and I'm going to say, upon the death
• 34:41
  Speaker 3: of myself and my spouse, the property located at x
• 34:45
  Speaker 3: y Z Lake held in trust for the benefit of
• 34:49
  Speaker 3: the kids and the grandkids equally. Okay, Well, you can
• 34:53
  Speaker 3: already start seeing the problem, who's going to pay for
• 34:55
  Speaker 3: the maintenance, the upkeep, the real estate taxes, the utility bills.
• 34:59
  Speaker 3: Are we going to fight over this? Are all the
• 35:00
  Speaker 3: kids going to come up with the dough could be, well,
• 35:04
  Speaker 3: we'll fix that. We'll hold all the money in the trust.
• 35:07
  Speaker 3: The money's in California and never plans to go there
• 35:09
  Speaker 3: is exactly my point, right, So we could say, put
• 35:14
  Speaker 3: money in the trust and have the money held in trust,
• 35:17
  Speaker 3: and then the trustee can use the money to maintain
• 35:19
  Speaker 3: the property till it runs out. Till it runs out,
• 35:21
  Speaker 3: I mean, it's okay until it runs out. But you
• 35:23
  Speaker 3: bring up another problem, right, and that is okay, can
• 35:27
  Speaker 3: we do it? Yes, but again, you have kids all
• 35:31
  Speaker 3: over the country. Perhaps we don't know. So what do
• 35:33
  Speaker 3: we put in? I mean, in our trust, we would
• 35:35
  Speaker 3: at least put the language in that says, listen, the
• 35:39
  Speaker 3: property gets sold unless all the kids want it. You've
• 35:42
  Speaker 3: heard this right, And that way the ones that don't
• 35:45
  Speaker 3: want it, they don't want the headache, the liability, the expenses.
• 35:49
  Speaker 1: They want the money.
• 35:50
  Speaker 3: Right, Well, then you can let the kids who want
• 35:52
  Speaker 3: it buy out the interest of the kids who don't.
• 35:55
  Speaker 3: So now you've weeded out that problem that you mentioned, Susan.
• 35:59
  Speaker 3: So at least the one who don't want it are
• 36:01
  Speaker 3: out and there's no fighting because they got money fair
• 36:07
  Speaker 3: market value piece of their interest in the property. Now
• 36:11
  Speaker 3: the ones who want it will at least care for it.
• 36:14
  Speaker 3: Still might fight if they have to pay all the
• 36:15
  Speaker 3: bills themselves, and that's probably the way though. You got
• 36:19
  Speaker 3: to let them say, look, we all want it, we
• 36:21
  Speaker 3: got to pay the bills. You don't have to hold
• 36:22
  Speaker 3: money in the trust to do it. Can you hold
• 36:25
  Speaker 3: money in the trust to do it? Yes? Till it
• 36:28
  Speaker 3: runs out right and then what I get it? So
• 36:31
  Speaker 3: that's the issue. And then of course if it's a
• 36:33
  Speaker 3: vacation spot, now you've got to say who gets to
• 36:35
  Speaker 3: use it which week? Now you're going to have to
• 36:38
  Speaker 3: start fighting. You try and schedule that out when you
• 36:40
  Speaker 3: can't and think about when it gets sprinkled down to
• 36:43
  Speaker 3: the grandkids and the great grandkids, like how many people
• 36:47
  Speaker 3: so be involved in this? So can you do it? Absolutely, yes,
• 36:50
  Speaker 3: you can do it. It's just going to require a
• 36:52
  Speaker 3: significant amount of drafting and discussion and family. You know dynamics, folks,
• 36:59
  Speaker 3: in terms of one asset, is this another assets? Your
• 37:02
  Speaker 3: IRA please learn how to deal with your IRA. Get
• 37:04
  Speaker 3: the guide eight six six eight four eight five six
• 37:08
  Speaker 3: nine nine or Legal Exchange Show dot com.
• 37:11
  Speaker 2: If you have a question you would like to ask Todd,
• 37:14
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:17
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:20
  Speaker 2: read your question on the air, and hopefully his answer
• 37:22
  Speaker 2: will stop you from becoming one of his next real
• 37:24
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:28
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:31
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and we'll
• 37:35
  Speaker 2: be back with more after this quick break on the
• 37:37
  Speaker 2: Legal Exchange with Todd Lutsky.
• 37:40
  Speaker 1: Spouses generally serve as the beneficiary to your IRA or
• 37:43
  Speaker 1: life insurance policy, but naming your estate the beneficiary has
• 37:46
  Speaker 1: quite a few benefits. Cushing and Dolan are experts and
• 37:49
  Speaker 1: elder lack and they can help you protect your assets
• 37:51
  Speaker 1: from probate and the nursing home. By naming your estate
• 37:54
  Speaker 1: as a beneficiary, you can avoid the probate process, less
• 37:57
  Speaker 1: than the chance of creating any income tax issues on
• 37:59
  Speaker 1: your rmds, and enjoy enhanced the state tax reduction. Call
• 38:03
  Speaker 1: Cushing and Dolan right now at eight six six eight
• 38:06
  Speaker 1: four eight five, six nine nine and ask for their
• 38:08
  Speaker 1: brand new guide called Why Name your Estate and IRA Beneficiary.
• 38:12
  Speaker 1: Learn about these benefits and others and provide peace of
• 38:14
  Speaker 1: mind for you and your family during your retirement years.
• 38:17
  Speaker 1: That number again is eight six six eight four eight
• 38:20
  Speaker 1: five six nine nine, or you can request the guide
• 38:22
  Speaker 1: online by visiting our website at Legal exchange Show dot com.
• 38:26
  Speaker 1: That's Legal exchange show dot com. The proceeding was paid
• 38:29
  Speaker 1: for and the views expressed are solely those of Cushing
• 38:31
  Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
• 38:34
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 38:37
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 38:39
  Speaker 1: not affiliated. Follow is in full swing, The leaves are changing,
• 38:43
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• 39:40
  Speaker 4: Social Security benefits are a key source of income for
• 39:43
  Speaker 4: many retirees hi. This is Mike Armstrong from the Armstrong
• 39:46
  Speaker 4: Advisory Group. Social Security offers monthly payments to eligible workers,
• 39:50
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• 39:53
  Speaker 4: fully aware of the factors that can help maximize your benefits,
• 39:57
  Speaker 4: you need to request our new guide called Secure and taxes.
• 40:01
  Speaker 4: As retirement approaches, it's very important to understand these factors
• 40:04
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• 40:07
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• 40:10
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• 40:13
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• 40:18
  Speaker 4: guide today again. That free guide is called Social Security
• 40:20
  Speaker 4: and Taxes and you can get it by calling the
• 40:22
  Speaker 4: Armstrong Advisory Group at eight hundred three nine three four
• 40:25
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• 40:26
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:31
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 40:34
  Speaker 1: your own financial tax into state planning advisors before making
• 40:37
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 40:40
  Speaker 1: advisory services. Your tune to the legal exchange with Todd Lutsky.
• 40:44
  Speaker 1: If you are a loved one needs a nursing homestay,
• 40:46
  Speaker 1: call Todd right now at eight sixty six eight four
• 40:49
  Speaker 1: eight five six ninet nine and let him make sure
• 40:51
  Speaker 1: your assets are protected. That's eight six six eight four
• 40:54
  Speaker 1: eight five six nine nine, or visit him online at
• 40:57
  Speaker 1: Legal Exchange Show dot com.
• 41:01
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:05
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:08
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:11
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. So Todd your guide for the month
• 41:18
  Speaker 2: of October. It's all about naming your estate as your
• 41:21
  Speaker 2: IRA beneficiary, which goes against everything I know we know
• 41:28
  Speaker 2: to be true in our worlds of you always want
• 41:32
  Speaker 2: to have a named beneficiary.
• 41:33
  Speaker 3: So who should actually.
• 41:35
  Speaker 2: Consider naming their estate as an IRI beneficiary?
• 41:39
  Speaker 3: And that's great you mentioned it, Susan as a new idea.
• 41:43
  Speaker 3: It is a new idea. Don't go to probate, avoid
• 41:45
  Speaker 3: probated all, Nope, we're going. It's definitely a new idea.
• 41:50
  Speaker 3: It's definitely one that's going to require understanding because it's
• 41:54
  Speaker 3: a IRA. All the requirements that you need to meet
• 42:00
  Speaker 3: to do this, okay, But if you meet them, the
• 42:03
  Speaker 3: benefits are going to far outweigh any of the negatives,
• 42:06
  Speaker 3: I think. But let's begin slowly. That's what we have
• 42:10
  Speaker 3: to do this slowly because you got to understand. I
• 42:13
  Speaker 3: mean literally, you could speak eight hours on IRA beneficiaries.
• 42:16
  Speaker 3: Please don't, I won't, but you can. I've been to seminars.
• 42:18
  Speaker 3: They could go in for hours. So who should consider
• 42:22
  Speaker 3: naming this? I would say, depending on the size of
• 42:26
  Speaker 3: your estate. But as a general rule, let's be seventy
• 42:31
  Speaker 3: three years old. Okay. That eliminates all the any question.
• 42:36
  Speaker 3: There's no question, right, seventy three years of age, because
• 42:41
  Speaker 3: seventy three is something called the required beginning date. That's
• 42:46
  Speaker 3: the date under the Secure Act that you must start
• 42:51
  Speaker 3: taking minimum distributions if you're alive. Yeah, okay, RBD. Right, So,
• 42:56
  Speaker 3: and it's that date that allows the beneficiary to be
• 43:03
  Speaker 3: the estate of without causing an adverse required minimum distribution
• 43:11
  Speaker 3: the r MD, not to be confused with the RBD,
• 43:15
  Speaker 3: which is the required beginning date seventy three. Once you
• 43:19
  Speaker 3: are seventy three, you have to take out r mds,
• 43:22
  Speaker 3: which are the required minimum distributions. It's that age that
• 43:27
  Speaker 3: sort of allows this to not be an income tax problem. Right.
• 43:33
  Speaker 3: If you reach that age and die, yep, then the
• 43:38
  Speaker 3: required minimum distributions going forward are going to be based
• 43:46
  Speaker 3: on the life expectancy of the decedent. Of the IRA owner. Okay,
• 43:54
  Speaker 3: so not the surviving spouse, not the surviving spouse, and
• 43:59
  Speaker 3: not the dreaded five year payout, which is why you
• 44:05
  Speaker 3: never really want to name the estate the beneficiary because
• 44:09
  Speaker 3: if you're under seventy three, then the money has to
• 44:14
  Speaker 3: come out of the IRA over five years, right. And
• 44:21
  Speaker 3: if it comes out over five years, depending on how
• 44:25
  Speaker 3: large the IRA is, that could be a significant income
• 44:31
  Speaker 3: tax burden to the person getting it or period it's
• 44:36
  Speaker 3: a significant income tax burden yep. So and again if
• 44:39
  Speaker 3: it's a small IRA, well then maybe we don't care.
• 44:44
  Speaker 3: Right then it's you know, if I got a three
• 44:46
  Speaker 3: hundred thousand dollars IRA and it's coming out over five years, right,
• 44:50
  Speaker 3: that's not a huge income tax hit. But just understand
• 44:55
  Speaker 3: that that's the real stop gap measure where you don't
• 45:00
  Speaker 3: have to worry at all about size of IRA pretty much.
• 45:03
  Speaker 3: Just you know. Oh, and you have to be married, okay, right,
• 45:07
  Speaker 3: so not for single individuals. Two prongs to answer your question. Married,
• 45:12
  Speaker 3: and then let's talk about that required beginning date being reached. Folks,
• 45:18
  Speaker 3: lots more to learn about how to name your estate
• 45:21
  Speaker 3: the IRA beneficiary. That's what this month's guide's all about.
• 45:26
  Speaker 3: It's a brand new guide. It's also new to the
• 45:28
  Speaker 3: planning world in general, so please call and get it
• 45:33
  Speaker 3: eight six six eight four eight five six nine nine
• 45:37
  Speaker 3: legal exchange show dot com. And it may also provide
• 45:41
  Speaker 3: protection from the nursing home for you as well. Eight
• 45:43
  Speaker 3: six six eight four eight five six nine nine or
• 45:48
  Speaker 3: Legal exchange show dot com.
• 45:51
  Speaker 2: So you can't just decide, Okay, I'm seventy three, I'm
• 45:54
  Speaker 2: going to name my estate as the beneficiary. You need
• 45:59
  Speaker 2: to have the proper legal documents in place. You need
• 46:04
  Speaker 2: to have a trust that has the language for this
• 46:06
  Speaker 2: in place. You can't just say, willy nilly, I'm going
• 46:09
  Speaker 2: to name my estate and not have anything that.
• 46:13
  Speaker 3: Yeah, that's a really good and I'm glad we're doing
• 46:15
  Speaker 3: this for the whole month because we're going to talk
• 46:16
  Speaker 3: about all the details, how to set up the accounts,
• 46:20
  Speaker 3: how to name things, how to retitle. That's all going
• 46:22
  Speaker 3: to be so important. So you'll see, folks, this is
• 46:25
  Speaker 3: going to be this is going to be a very
• 46:27
  Speaker 3: educational month. Let's answer this question that you just asked,
• 46:34
  Speaker 3: can you just name the estate? So say I made
• 46:36
  Speaker 3: it to seventy three and you say, oh, God said
• 46:40
  Speaker 3: you can name the estate the beneficiary and they do. Don't.
• 46:45
  Speaker 3: Don't do that right, because we do need to adjust
• 46:50
  Speaker 3: the estate plan or create the estate or create the
• 46:54
  Speaker 3: estate plan right. Both are important. People listening might have
• 46:57
  Speaker 3: already done their estate planning, might want to change this,
• 47:02
  Speaker 3: or we've not done it. We'll make sure we do
• 47:05
  Speaker 3: it right for you. If you've not done it, we're
• 47:07
  Speaker 3: going to do it right from the beginning. But if
• 47:09
  Speaker 3: you want to adjust, if you've not done proper planning,
• 47:13
  Speaker 3: and you reach seventy three and you want to name
• 47:16
  Speaker 3: the estate, don't do that without checking in with your lawyer. Why.
• 47:22
  Speaker 3: I don't want the money just to go to the estate.
• 47:26
  Speaker 3: I want it to be directed where it goes once
• 47:29
  Speaker 3: it hits the estate. If you just have a will
• 47:32
  Speaker 3: that says I leave everything to my spouse and you
• 47:36
  Speaker 3: name the estate the beneficiary, well your wife's just going
• 47:39
  Speaker 3: to get it or your spouse is just going to
• 47:41
  Speaker 3: get it, and it's going to come out over well
• 47:46
  Speaker 3: five years, depending on how old you are. If you're
• 47:48
  Speaker 3: seventy three, it'll come out over It'll come out over
• 47:50
  Speaker 3: your decedent's life expectancy. Okay, Well that didn't help anything, right,
• 47:54
  Speaker 3: that means that it went to probate for really no reason.
• 47:58
  Speaker 3: It flows through the will to the spouse. Yep, the
• 48:02
  Speaker 3: spouse now has access to it. And if the spouse
• 48:06
  Speaker 3: it's not sheltered for a state taxes because it just
• 48:10
  Speaker 3: went to the spouse under the unlimited marrital deduction. See
• 48:12
  Speaker 3: there's lots to think about. Yeah, and then if the
• 48:16
  Speaker 3: spouse gets sick and goes to the nursing home, it
• 48:19
  Speaker 3: remains as much at risk as it was when it
• 48:22
  Speaker 3: was in the hands of the now deceiting Yep. Not
• 48:26
  Speaker 3: not very helpful. In fact, that's just a complete disaster.
• 48:30
  Speaker 3: That's exactly what you don't want to have happened. Instead,
• 48:35
  Speaker 3: you need to name the estate, but have a will.
• 48:40
  Speaker 3: Inside the will is a testamentary trust. It's a fancy word,
• 48:46
  Speaker 3: just call it a will trust. It's a trust built
• 48:50
  Speaker 3: into your will. And now when that ira goes through
• 48:56
  Speaker 3: probate and hits the will, we have direction in the will.
• 49:02
  Speaker 3: The will doesn't say give it to the spouse, right, No,
• 49:07
  Speaker 3: it says hold it in this testamentary trust that has
• 49:13
  Speaker 3: language built in it. Remainder share, marital share. You've heard
• 49:19
  Speaker 3: us talk about those all the time. In our regular trusts, right,
• 49:26
  Speaker 3: and those are the buckets that are designed to help
• 49:29
  Speaker 3: shelter the assets from future estate taxes. So it will
• 49:35
  Speaker 3: be directed to either one of those buckets, depending on
• 49:39
  Speaker 3: the size of the estate, and it will be held
• 49:43
  Speaker 3: there for the benefit of the surviving spouse, with some
• 49:48
  Speaker 3: good benefits attached to it. Right, wonderful benefits. We probably
• 49:52
  Speaker 3: won't even be able to address them all right here,
• 49:54
  Speaker 3: but the first benefit would be it's sheltered for future
• 49:59
  Speaker 3: estate tax When the surviving spouse dies, it won't be
• 50:04
  Speaker 3: included in the estate of the surviving spouse potentially therefore shelter.
• 50:10
  Speaker 3: Also special language in there that allows the spouse to
• 50:15
  Speaker 3: have access to both income and principle. Folks, huge win
• 50:20
  Speaker 3: can't get to them all now, stay tuned. We're going
• 50:22
  Speaker 3: to go through this all month long. It's important to
• 50:26
  Speaker 3: learn how to use your estate or name your state
• 50:28
  Speaker 3: as an IRA beneficiary. There are way more pros than
• 50:32
  Speaker 3: cons in it. How do you do it? Get the
• 50:35
  Speaker 3: guide eight six six eight four eight five six nine
• 50:39
  Speaker 3: nine or Legal Exchange show dot com.
• 50:43
  Speaker 2: Todd Lutsky 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.
• 50:48
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Spouses generally serve as the beneficiary to your IRA or
• 51:03
  Speaker 1: life insurance policy, but naming your estate the beneficiary has
• 51:06
  Speaker 1: quite a few benefits. Cushing and Dolan are experts elder
• 51:09
  Speaker 1: log and they can help you protect your assets from
• 51:12
  Speaker 1: probate and the nursing home. By naming your estate as
• 51:14
  Speaker 1: a beneficiary, you can avoid the probate process, less than
• 51:17
  Speaker 1: the chance of creating any income tax issues on your rmds,
• 51:20
  Speaker 1: and enjoy enhanced a state tax reduction. Call Cushing and
• 51:24
  Speaker 1: Dolan right now at eight six six eight four eight
• 51:26
  Speaker 1: five six nine nine and ask for their brand new
• 51:28
  Speaker 1: guide called why Name your Estate and IRA Beneficiary? Learn
• 51:32
  Speaker 1: about these benefits and others, and provide peace of mind
• 51:35
  Speaker 1: for you and your family during your retirement years. That
• 51:37
  Speaker 1: number again is eight six six eight four eight five
• 51:40
  Speaker 1: six nine nine, or you can request the guide online
• 51:43
  Speaker 1: by visiting our website at Legal Exchange Show dot com.
• 51:46
  Speaker 1: That's Legal Exchange Show dot com The proceeding was paid
• 51:49
  Speaker 1: for and the views expressed are solely those of Cushing
• 51:51
  Speaker 1: and Dolan. Cushing and Dolan and or Armstrong Advisory may
• 51:54
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 51:57
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 51:59
  Speaker 1: not affiliate.
• 52:00
  Speaker 4: To fully maximize your social security benefits, it's important to
• 52:03
  Speaker 4: understand how social security may affect your taxes.
• 52:06
  Speaker 1: HI.
• 52:06
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group, and
• 52:09
  Speaker 4: when deciding to collect social security benefits, it's essential to
• 52:12
  Speaker 4: consider how those benefits interact with your other income sources,
• 52:16
  Speaker 4: your tax situation, and your long term financial goals. As
• 52:19
  Speaker 4: an example, if you have tax free or after tax
• 52:21
  Speaker 4: options in retirement, you can structure your financial plan to
• 52:24
  Speaker 4: manage your future tax burden. Collecting social security too early
• 52:28
  Speaker 4: without careful planning could limit your ability to manage taxes
• 52:31
  Speaker 4: later in life. Our new free guide is called Social
• 52:33
  Speaker 4: Security and Taxes and it unpacks these issues and more.
• 52:37
  Speaker 4: Get your free copy today by calling eight hundred three
• 52:40
  Speaker 4: nine three four zero zero one. That's eight hundred three
• 52:43
  Speaker 4: nine three four zero zero one.
• 52:45
  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 a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial, tax into state planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory server.
• 53:00
  Speaker 6: Last year, we introduced you to Mark Fodder, CEO of
• 53:03
  Speaker 6: Veterans Development Corporation. Mark is a career military man and
• 53:06
  Speaker 6: we're proud to have him back as the presenting sponsor
• 53:08
  Speaker 6: of the twenty twenty four DAV five K Boston.
• 53:11
  Speaker 7: I'm a proud partner of the Disabled American Veterans Department
• 53:14
  Speaker 7: of Massachusetts. The DAV does incredible work and it was
• 53:17
  Speaker 7: one of the first organizations I became familiar with after
• 53:20
  Speaker 7: my military service ended in nineteen eighty four. As I
• 53:23
  Speaker 7: built my company, Veterans Development Corporation, I did it knowing
• 53:26
  Speaker 7: that I'd be giving back to fellow vets who need jobs,
• 53:29
  Speaker 7: support services, medical supplies, and much more. I work with
• 53:32
  Speaker 7: disabled veterans every day and is one of the key
• 53:34
  Speaker 7: reasons why I'm such a big supporter of Dan Stack
• 53:37
  Speaker 7: and the Disabled American Veterans Department of Massachusetts and this
• 53:40
  Speaker 7: year's DAV five K Boston Please join me in supporting
• 53:43
  Speaker 7: this tremendous cause by taking part in this year's event
• 53:45
  Speaker 7: or by making a donation to The DAV.
• 53:47
  Speaker 6: Veterans Development Corporation is proud to be the presenting sponsor
• 53:50
  Speaker 6: of this year's DAV five k, taking place on Saturday,
• 53:53
  Speaker 6: November ninth at Fort Independence in South Boston. To register
• 53:57
  Speaker 6: for this year's race, visit DAV five kt bosmustin