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Real Estate Can Complicate Even the Best Estate Plan · The Legal Exchange

• 0:01
  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
• 0:04
  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
• 0:07
  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  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
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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, Tod Lutsky and Susan Powers.
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  Speaker 2: Welcome into the legally 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
• 0:45
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today?
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  Speaker 3: I'm never better in you?
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  Speaker 2: I am great? Thank you? What he have for us
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  Speaker 2: this week?
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  Speaker 3: Well, I've got a Newton, a North Dakota, a Supreme
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  Speaker 3: Court case. So in this case, it's property gets sold,
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  Speaker 3: but who gets the money or real estate because there's
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  Speaker 3: an estate plan that's put together that generates that has
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  Speaker 3: a bunch of real estate that's supposed to go to
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  Speaker 3: individual kids. But then they need money, so they sell
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  Speaker 3: the real estate. And then do you have the real
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  Speaker 3: estate now there's money. Do you just split the money
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  Speaker 3: equally or do you follow the proceeds from each sale.
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  Speaker 3: It's complicated, folks. Planning done here good, I'm glad they
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  Speaker 3: did it. But again, drafting the planning can be very
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  Speaker 3: important in how you deal with real estate, and that's
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  Speaker 3: really going to be our lessons. How do we deal
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  Speaker 3: with real estate inside an estate plan? Very important. Then
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  Speaker 3: we head over to Texas. We got an appellate court
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  Speaker 3: case in Texas dealing with the exercise of a general
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  Speaker 3: power of appointment and an arbitration clause built into the
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  Speaker 3: trust actually was added to the trust through the exercise
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  Speaker 3: of a general power of appointment. And then, of course
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  Speaker 3: all the other problems that I'm thinking in my head
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  Speaker 3: is why on earth would a joint revocable trust have
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  Speaker 3: a general power of appointment in it for each other
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  Speaker 3: if it's going to cause full inclusion in the estate.
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  Speaker 3: After one dies, you can have the general power appointment
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  Speaker 3: while you're both alive, but not after one dies. So
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  Speaker 3: I think we're going to learn a lot about general
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  Speaker 3: powers of appointment versus limited powers of appointment built in
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  Speaker 3: a trust and an arbitration clause being added, and whether
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  Speaker 3: it's done or not. But more importantly, we're going to
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  Speaker 3: focus on the powers of appointment and how to draft
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  Speaker 3: those in your documents in this case, so folks stay
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  Speaker 3: tuned for that. But it is a brand new month,
• 2:39
  Speaker 3: brand new month, and we're racing our way through summer already.
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  Speaker 2: It's a fabulous month. It's my birthday month, and we
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  Speaker 2: celebrate beyond just the one day. It's my month of birth.
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  Speaker 3: And it's the country's birthday, big birthday month, So Happy Birthday, America.
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  Speaker 3: But on that we're going to be sent you out
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  Speaker 3: a guide if you want it, called Unlocking the Power
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  Speaker 3: of an Irrevocable Medicaid Trust. We speak a lot about these,
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  Speaker 3: A lot of folks you know, are under the four
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  Speaker 3: five million dollar range and are saying, hey, I want
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  Speaker 3: to protect my assets from the nursing home and save
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  Speaker 3: a state tax as if need be. At the same time,
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  Speaker 3: this guide is not just talking to you about the
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  Speaker 3: Medicaid income only trust. It is designed in a question
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  Speaker 3: and answer format. You know, can I sell my house? Yes?
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  Speaker 3: Or no? And it gives you an example. You know,
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  Speaker 3: is it a gift? When I put the assets in
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  Speaker 3: the trust? How is it taxed? It explains how does
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  Speaker 3: the estate tax work? What about day to day operations?
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  Speaker 3: How can I invest? What can be put in the trust?
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  Speaker 3: How does it? I mean, folks, if you've never understood
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  Speaker 3: how a Medicaid trust works, and if you want to
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  Speaker 3: learn how much control you actually keep over the trust,
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  Speaker 3: this guide is for you and it will determine whether
• 3:53
  Speaker 3: you need one or not. Get the guide Unlocking the
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  Speaker 3: Power of Irrevocable Medicaid Trusts eight six eight four eight
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  Speaker 3: five six nine nine or Legal Exchange Show dot com
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  Speaker 3: again eight six six eight four eight five six ninety
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  Speaker 3: nine or Legal Exchange Show dot com. You can also
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  Speaker 3: go to Cushion Golan PC for more information.
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  Speaker 2: I can't think of anything I'd rather read on the beach.
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  Speaker 3: Oh this is July.
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  Speaker 2: You will be than irrevocable trust.
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  Speaker 3: You will be riveted, It'll be rival. You won't be
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  Speaker 3: able to put it down. Right is what it is.
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  Speaker 3: It's awesome or you'll sleep one of the two Okay,
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  Speaker 3: folks Supreme Court case, North Dakota. So Gi C and
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  Speaker 3: husbands they call her, they're just not using her name,
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  Speaker 3: So we'll say g I C. And her husband created
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  Speaker 3: a revocable trust in nineteen ninety seven and they transferred
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  Speaker 3: several parcels of farmland to the trust. At the death,
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  Speaker 3: the remaining income and principle were to go to the kids,
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  Speaker 3: and each child was to receive a specific parcel of
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  Speaker 3: f farmland. Okay, makes sense, Well, it may or may
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  Speaker 3: not make sense. During GI's C's life, she became ill
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  Speaker 3: and a bank was appointed trustee, which is strange. I mean,
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  Speaker 3: I would why wouldn't the husband be trustee? It doesn't
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  Speaker 3: make any sense. But anyways, so GIC needed money for
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  Speaker 3: her care and so the trustee, the bank said, there's
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  Speaker 3: no money in the trust, it's just got all this
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  Speaker 3: real estate in so they petitioned the court to sell
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  Speaker 3: real estate to get money to pay for her care. Well,
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  Speaker 3: in July of twenty twenty three, the court believed this
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  Speaker 3: was a reasonable way to generate money. In addition, the
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  Speaker 3: court believes selling all the real estate is the best,
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  Speaker 3: because otherwise it would adversely affect some beneficiaries and not others,
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  Speaker 3: which I guess also kind of makes sense. Sure, so
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  Speaker 3: then they can distribute whatever's left equally to the kids
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  Speaker 3: because it's just money. Sure, it seems reasonable. February twenty
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  Speaker 3: twenty four, they petitioned the court. Yeah, February twenty twenty four,
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  Speaker 3: they petitioned the court for a final distribution equally out
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  Speaker 3: to the kids. Well, Luke, a child, objected, stating that
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  Speaker 3: each child should get the proceeds from the sale of
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  Speaker 3: the parcel in which they were supposed to get.
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  Speaker 2: The particular parcels, but they used the money for her care, so.
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  Speaker 3: Well, not all of it. Okay, there's money there, they
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  Speaker 3: sold all the real estate. The court decided granted the
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  Speaker 3: bank's petition, saying no, we're okay. Luke appealed and the
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  Speaker 3: Supreme Court reversed. Determined that the primary intent of the donor,
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  Speaker 3: remember intent of the donor very important, was to provide
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  Speaker 3: for each other, which it did. Luke and the brother
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  Speaker 3: were to farm the land and pay the siblings rent,
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  Speaker 3: and each child was getting money related to their land sold.
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  Speaker 3: Is more in line with the donors intent than doing
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  Speaker 3: it any other way. So they remanded the case to
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  Speaker 3: determine this.
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  Speaker 2: Great once again, letsky leaves us hanging.
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  Speaker 3: So no, actually they didn't. They didn't remand it. They
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  Speaker 3: actually decided it. There it is right here. They just
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  Speaker 3: said that was the donors intent because it was a
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  Speaker 3: Supreme Court of this of the case. So there you go.
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  Speaker 3: All right. So I think they got the right answer.
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  Speaker 3: I mean, I but how.
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  Speaker 2: They figure out. I mean, they needed to spend money
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  Speaker 2: by O here they sold all the real estate, so
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  Speaker 2: who's well I think I proceed I think more than
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  Speaker 2: just the.
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  Speaker 3: I think what they'll do is they'll just go look
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  Speaker 3: at the p ANDSS of each one and then they'll
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  Speaker 3: just pro rade it. Yeah, They'll say, here's the total,
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  Speaker 3: here's how much you were getting, and so each piece
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  Speaker 3: just got pro rated. I mean, way to aach anyway.
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  Speaker 3: I just have some comments on this because I think
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  Speaker 3: drafting trust for real estate is so important. Right, if
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  Speaker 3: you truly want to trust the kids to be treated
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  Speaker 3: unequally by giving different parcels of real estate, Okay, if
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  Speaker 3: that's what you want, but you better put in a
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  Speaker 3: no contest clause in the mix to prevent fighting. Yeah,
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  Speaker 3: that's the first thing that I would tell people to do. Now,
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  Speaker 3: if you're going to try to hold real estate in trust,
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  Speaker 3: like a vacation home or a home or something, you know,
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  Speaker 3: for a kid or for all the kids, and there's
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  Speaker 3: no money in the trust to pay the bills or
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  Speaker 3: the upkeep, well, then that's going to cause problems for
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  Speaker 3: the kids. So you've got to figure out. You know,
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  Speaker 3: if I'm not saying this is what this case is
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  Speaker 3: all about, I'm just trying to give you ideas about drafting.
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  Speaker 3: So if you're going to be holding things in trust
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  Speaker 3: for the kid, and that particular kid's going to be
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  Speaker 3: using it, then you better make sure that kid is
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  Speaker 3: obligated to pay for the upkeep and maintenance or put
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  Speaker 3: money aside in the trust to be used to maintain
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  Speaker 3: that property.
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  Speaker 2: Todd, how do you handle it when you have someone
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  Speaker 2: who says, I want, you know, one two three school
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  Speaker 2: street to go to my son, but mom and dad
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  Speaker 2: end up selling one two three school streets, so that's
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  Speaker 2: not there anymore. Do you accommodate for that?
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  Speaker 3: Yeah, and so that's another great question, right, And that's
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  Speaker 3: what this case is really all about, too. Right, If
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  Speaker 3: you want property to go to one child and then
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  Speaker 3: that property gets sold during life, you better have language
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  Speaker 3: in there. If that's what they want to say, then
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  Speaker 3: it's either this property goes to this child, or any
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  Speaker 3: replacement property goes to this child, or if no property,
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  Speaker 3: then the sale proceeds from this property should be allocated
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  Speaker 3: to that child's share. So and again, you just need
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  Speaker 3: to keep that in there. But drafting stuff like that's
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  Speaker 3: so important, folks, and dealing with real estate, and there's
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  Speaker 3: so many other things to think about, but most importantly,
• 9:57
  Speaker 3: if you haven't done your planning and you're wondering whether
• 10:00
  Speaker 3: their irrevocable medicaid trusts are right for you. This guide
• 10:03
  Speaker 3: in a very detailed question answer format, along with an
• 10:06
  Speaker 3: example that walks you through everything has this information in it.
• 10:11
  Speaker 3: Please call and get it eight six six eight four
• 10:14
  Speaker 3: eight five six nine to nine or Legal exchange show
• 10:18
  Speaker 3: dot com. You can download it there. New guide for
• 10:21
  Speaker 3: the month, folks.
• 10:23
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:25
  Speaker 2: law firm of Cushing in Dolan. I'm Susan Powers, a
• 10:29
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:32
  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Ludsky.
• 10:38
  Speaker 1: Many people assume that if an asset is irrevocable, it's
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  Speaker 1: Get your free guide today call Cushing and Dolan at
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  Speaker 4: The most important part of an inheritance isn't always the money,
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  Speaker 4: it's the legacy you leave behind. Hi, this is Mike
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  Speaker 2: Welcome back into the Legal Exchange with to I'm susan
• 14:01
  Speaker 2: Powers of financial advisor with the Armstrong Advisory Group, and
• 14:04
  Speaker 2: I'm joined by Todd Lutsky, a partner with the law
• 14:07
  Speaker 2: firm of Cushing and Dolan with a masters in taxation.
• 14:11
  Speaker 2: Where we headed now, Todd.
• 14:13
  Speaker 3: We are headed to Texas Excellent. We have an appellate
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  Speaker 3: court case there. What's going on here? Well, we've got
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  Speaker 3: Richard and Barbara who created a revocable trust in twenty eleven.
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  Speaker 3: Now it did contain a testamentary general power of appointment.
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  Speaker 3: Now I don't know if it's a joint revocable trust.
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  Speaker 3: It seems like they created a revocable trust. I'm assuming
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  Speaker 3: it's a joint revocable trust, which I love. And the
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  Speaker 3: general power of appointment exists in these trusts, but generally
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  Speaker 3: during life, not a testamentary one which is at death. Folks,
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  Speaker 3: we're going to learn a lot about general powers of appointment,
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  Speaker 3: limited powers of appointment, and testamentary powers of appointment.
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  Speaker 2: I feel like we're in summer school right now.
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  Speaker 3: Versus lifetime powers of appointment. I could go on anyways,
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  Speaker 3: joint trust has a testamentary power of appointment in favor
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  Speaker 3: of the surviving spouse. Okay, Well, Barbara died January of
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  Speaker 3: twenty twelve and the trust broke down into a marital
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  Speaker 3: share and a remainder share. At this point, folks, there
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  Speaker 3: should be no general power of appointment, but there is.
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  Speaker 5: So.
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  Speaker 3: Richard surviving spouse then, through his will, exercised his general
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  Speaker 3: testamentary power of appointment and added an arbitration clause to
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  Speaker 3: the trust. Remember, folks, an arbitration clause just means that
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  Speaker 3: you don't go to jury trial. You go to an
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  Speaker 3: arbitrator to settle disputes.
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  Speaker 2: Right, So, normally they don't have that power after one's
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  Speaker 2: spouse dies normally not so it kind of locks everything
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  Speaker 2: in so you can't mess with it.
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  Speaker 3: Well, you can have a limited power, just not a
• 15:53
  Speaker 3: general power. We're gonna learn about these differences. So so, okay,
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  Speaker 3: So that's what happened. So on March of twenty twenty one,
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  Speaker 3: Richard dies. Okay, Well, the grandkids now are upset, so
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  Speaker 3: they file an action arguing that Richard only partially exercised
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  Speaker 3: his general power of appointment only over the survivor's trust.
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  Speaker 3: I don't know if that's the remainder share or the
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  Speaker 3: marital share. Excuse me. Children then moved to compel arbitration.
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  Speaker 3: Well because he added the arbitration agreement, remember so, and
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  Speaker 3: the court denied the motion. Not allowed to use arbitration. Okay,
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  Speaker 3: kids appealed. The Court of Appeals reversed, stating that the
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  Speaker 3: arbitration agreement must be supported by mutual assent, and a
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  Speaker 3: unilateral instrument like a will, becomes enforceable when the beneficiaries
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  Speaker 3: accept by actual performance. Here, the arbitration agreement was supported
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  Speaker 3: by mutual assent because the grandkids had taken mutual benefits
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  Speaker 3: under the will, So there they are now because of that,
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  Speaker 3: this constitutes a compromised or it comprised a dispute under
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  Speaker 3: the will, and it was an action against the trustee,
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  Speaker 3: and therefore the scope of the arbitration agreement applies.
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  Speaker 2: We're going to need you to translate that into English, okay.
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  Speaker 3: So it simply means that that now you don't get
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  Speaker 3: to go to a jury trial, Okay, you get to
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  Speaker 3: go to arbitrator.
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  Speaker 2: So you've got grandkids battling kids battling the grandkids.
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  Speaker 3: Well, they're really kind of challenging the trust at the
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  Speaker 3: same time, saying we wanted, we just wanted. We want
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  Speaker 3: to one we don't think that that you could have
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  Speaker 3: done this. But they're not saying that the power of
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  Speaker 3: attorney is no good. They're simply saying, or not the
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  Speaker 3: power attorney, the exercise of the general power of appointment
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  Speaker 3: is no good. They're saying that was only over a
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  Speaker 3: portion of the trust. And so the whole thing is
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  Speaker 3: how do we fight that battle?
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  Speaker 2: And this is messy.
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  Speaker 3: They're saying, because of this arbitration clause, you can fight
• 17:57
  Speaker 3: that battle to determine how how the testamentary power of
• 18:01
  Speaker 3: appointment was exercised over which bucket. But you can do
• 18:05
  Speaker 3: it in an arbitration setting, not in front of a jury. Yep,
• 18:09
  Speaker 3: that's the answer. Got it so somehow? I hope I
• 18:12
  Speaker 3: made that clear. But trust, Hey, law is not always easy. No,
• 18:17
  Speaker 3: it's complicated, folks. Trust planning can be complicated or it
• 18:21
  Speaker 3: can be easy. This guide Unlocking the power of Medicaid
• 18:25
  Speaker 3: Trusts in a question and answer format is how it's written.
• 18:30
  Speaker 3: If you have a question, I hope it's answered in here.
• 18:32
  Speaker 3: I update them with all the most popular questions on
• 18:35
  Speaker 3: the trust, like can I live in my house? Can
• 18:38
  Speaker 3: I sell my house? Can I buy another house inside
• 18:41
  Speaker 3: the trust? How much taxes do I pay if I
• 18:43
  Speaker 3: sell the house? Does that restart my five year waiting period?
• 18:46
  Speaker 3: Is it a gift if I put it in the trust?
• 18:48
  Speaker 3: What can I do with my money? Can I invest?
• 18:50
  Speaker 3: I mean, every question you can think of about how
• 18:53
  Speaker 3: this trust might operate is in here, folks. If you
• 18:57
  Speaker 3: want to learn how we are revocable trusts work to
• 19:01
  Speaker 3: see if they're right for you, This guide will answer
• 19:05
  Speaker 3: your questions. Brand new for the month updated eight sixty
• 19:09
  Speaker 3: six eight four eight five six nine nine or Legal
• 19:13
  Speaker 3: Exchange Show dot Com again eight six six eight four
• 19:17
  Speaker 3: eight five six ninety nine or Legal Exchange show dot com.
• 19:21
  Speaker 3: You can download it there or go to Cushing Dole
• 19:23
  Speaker 3: in PC for more information.
• 19:25
  Speaker 2: Todd, why do you think that whole this whole case
• 19:28
  Speaker 2: came about. Do you think he changed how things were
• 19:30
  Speaker 2: being left? And that's why he put the arbitration clause
• 19:33
  Speaker 2: in because people were going to complain about it. I
• 19:36
  Speaker 2: think that so you would do it.
• 19:37
  Speaker 3: Yeah, obviously there was something happening here where the grandkids
• 19:41
  Speaker 3: got upset. So again, the issue of this case was
• 19:44
  Speaker 3: all about whether the arbitration clause could exist. But obviously
• 19:48
  Speaker 3: if the grandkids either got more or got less, something
• 19:51
  Speaker 3: must have happened when he exercised the power of appointment
• 19:54
  Speaker 3: in his in his will to change something. And they're
• 19:58
  Speaker 3: now saying, well, first of all, did he have it?
• 20:00
  Speaker 3: Can we exercise it? And you know, is it valid?
• 20:04
  Speaker 3: And if we're going to challenge that then you know,
• 20:07
  Speaker 3: or we're going to find out what he actually exercised
• 20:10
  Speaker 3: it over? How do we do it? Yeah? We go
• 20:14
  Speaker 3: to court or do we go to an arbortrator? We
• 20:17
  Speaker 3: go to arbortrator. Wow, But folks, let's learn a little
• 20:20
  Speaker 3: bit about these. So first of all, a general power
• 20:24
  Speaker 3: of appointment means that the surviving spouse can change the
• 20:30
  Speaker 3: revocable trust the joint revocable trust after one spouse dies
• 20:35
  Speaker 3: without any limits. Now, remember I put the general power
• 20:38
  Speaker 3: of appointment in. During life you can make you have
• 20:42
  Speaker 3: this lifetime power of appointment, and if you have it,
• 20:48
  Speaker 3: it happens so that when you die with it, it
• 20:52
  Speaker 3: causes all the assets to be included in the remainder
• 20:55
  Speaker 3: share and the marital share on the first death, cramming
• 20:58
  Speaker 3: down more assets, shelter more assets, getting a full step
• 21:01
  Speaker 3: up in basis on the first death. That's why I
• 21:04
  Speaker 3: have a general power appointment that works on the date
• 21:07
  Speaker 3: of death.
• 21:07
  Speaker 2: So you remove it so that you can maximize the
• 21:10
  Speaker 2: estate tax savings.
• 21:12
  Speaker 3: Yeah, so that general power, well, the general power appointments
• 21:14
  Speaker 3: there during life, that's all okay, But when they die,
• 21:17
  Speaker 3: it's gone. When they die, they're left with a limited
• 21:21
  Speaker 3: power of appointment. Because this power of appointment allows the
• 21:24
  Speaker 3: surviving spouse to appoint assets to anyone because it's a
• 21:28
  Speaker 3: general power appointment, including himself Richard in this case, his estate,
• 21:34
  Speaker 3: his creditors, creditors of his estate. It's very broad, which
• 21:38
  Speaker 3: actually explains to me how he was able to add
• 21:42
  Speaker 3: an arbitration agreement, because that's a broad power. Okay, Well,
• 21:51
  Speaker 3: in an estate plan and again, if you have a
• 21:53
  Speaker 3: general power of appointment to appoint it to yourself, it's
• 21:55
  Speaker 3: really still kind of a revocable trust, so okay.
• 21:59
  Speaker 5: And so.
• 22:02
  Speaker 3: From an estate planning standpoint, I think it's horrible because
• 22:05
  Speaker 3: if you could exercise this power over the marital share
• 22:09
  Speaker 3: or the remainder share, then all the assets would be
• 22:12
  Speaker 3: includable in the surviving spouse's gross estate. And therefore you're
• 22:17
  Speaker 3: not sheltering anything from a state taxes, both federal or state,
• 22:21
  Speaker 3: because it would all be included. So we don't have that.
• 22:25
  Speaker 3: We have a limited power of appointment. Now that's different.
• 22:28
  Speaker 3: A limited power of appointment generally allows the surviving spouse
• 22:31
  Speaker 3: to appoint assets equally or unequally to a specific class
• 22:38
  Speaker 3: of people, kids of all generations, if you don't have them, nieces, nephews, siblings,
• 22:44
  Speaker 3: you know, but not to yourself, not to your estate,
• 22:46
  Speaker 3: not the creditors of your estate.
• 22:48
  Speaker 2: Would a general power appointment let him add a new spouse.
• 22:51
  Speaker 3: But again, if you have a general power of appointment,
• 22:53
  Speaker 3: it would let you appoint to anybody. So would let
• 22:56
  Speaker 3: you appoint to a spouse, not ad but a point
• 22:58
  Speaker 3: so yeah so, But this limited power doesn't cause inclusion
• 23:03
  Speaker 3: in the estate, so it offers great flexibility. But be
• 23:06
  Speaker 3: careful if it's a second marriage. You don't want to
• 23:09
  Speaker 3: wondering if you don't want to add kids in from
• 23:11
  Speaker 3: a prior marriage, or or take away kids from a
• 23:14
  Speaker 3: prior marriage. So with a second marriage, a limited power
• 23:17
  Speaker 3: of appointment can be done, but be careful with a
• 23:20
  Speaker 3: first marriage having that built in flexibility to reconsider what
• 23:24
  Speaker 3: family members might get. It is a good idea. That's
• 23:29
  Speaker 3: a little bit about the differences between general and limited.
• 23:32
  Speaker 3: But folks call and get the new guide Unlocking the
• 23:35
  Speaker 3: Power of Irrevocable Trusts. It will answer all your questions
• 23:38
  Speaker 3: about these documents. Eight six y six eight four, eight five, six,
• 23:42
  Speaker 3: nine to nine.
• 23:43
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:46
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:49
  Speaker 2: financial advisor with the Armstrong Advisory Group. We'll be back
• 23:53
  Speaker 2: in just a few minutes. On the legal exchange with
• 23:56
  Speaker 2: Todd Lutsky.
• 23:57
  Speaker 1: Many people assume that if an asset is irrevocable and
• 24:00
  Speaker 1: it's completely out of their hands, that's not necessarily the case.
• 24:03
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of Irrevocable
• 24:06
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  Speaker 1: when it comes to protecting what you've built. Get your
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  Speaker 1: free guide today call Cushing and Dolan at eight six
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  Speaker 5: That's eight six six eight four eight.
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  Speaker 1: Five six ninety nine, or you can request it online
• 24:45
  Speaker 1: at Legal exchange show dot com. The proceeding was paid
• 24:48
  Speaker 1: for in The views expressed are solely those of Cushing
• 24:49
  Speaker 1: and Dolan. Cushing and Dolan in or Armstrong Advisory may
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  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
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  Speaker 4: The most important part of an inheritance isn't always the money.
• 25:01
  Speaker 4: It's the understanding, the intentions, and the family relationships left behind.
• 25:04
  Speaker 3: HI.
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  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. For
• 25:07
  Speaker 4: many families, estate planning isn't just about who gets what.
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  Speaker 4: It's about communicating your values, explaining your decisions, and helping
• 25:14
  Speaker 4: to avoid misunderstandings after you're gone. Our new guide Talking
• 25:18
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• 25:21
  Speaker 4: and what to consider when fair and equal may not
• 25:24
  Speaker 4: mean the same thing. You'll learn strategies from managing expectations
• 25:27
  Speaker 4: and helping your family understand the thinking behind your plan.
• 25:30
  Speaker 4: Get your free guide today by calling eight hundred three
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  Speaker 4: dot com.
• 25:43
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:46
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:48
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 25:51
  Speaker 1: your own financial, tax into state planning advisors before making
• 25:54
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  Speaker 1: DAV fivek dot Boston. That's DAV fivek dot Boston. Protecting
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  Speaker 1: how these trusts can help protect certain assets from nursing
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  Speaker 1: home costs without giving up everything you've worked so hard
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  Speaker 1: to build. You may be surprised to learn that you
• 26:46
  Speaker 1: can continue living in your home, receive trust income, and
• 26:49
  Speaker 1: still maintain important flexibility in your planning. The guide also
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  Speaker 1: explains how these trusts may help your family avoid probate
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  Speaker 1: request your free guide today. Call Cushing and Dolan at
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  Speaker 1: eight six six eight four eight five six ninety nine.
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  Speaker 1: That's eight six six eight four eight five six nine nine,
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  Speaker 1: or requested online at Legal exchange Show dot com. The
• 27:17
  Speaker 1: proceeding was paid for and the views expressed are solely
• 27:19
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan and or
• 27:21
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 27:24
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 27:27
  Speaker 1: other and are not affiliated.
• 27:28
  Speaker 4: The most important part of an inheritance isn't always the money.
• 27:31
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. Our
• 27:33
  Speaker 4: new guide Talking to your Kids about Inheritance shows how
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  Speaker 4: a simple conversation can help your family better understand your
• 27:39
  Speaker 4: wishes and your legacy. Get your free guide today by
• 27:42
  Speaker 4: calling eight hundred three nine three four zero zero one
• 27:45
  Speaker 4: or requested at Armstrong Advisory dot com.
• 27:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 27:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 27:51
  Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
• 27:53
  Speaker 1: your own financial tax into state planning advisors before making
• 27:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 27:58
  Speaker 1: advisory services. You're listening to the Legal Exchange, and it's
• 28:03
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 28:06
  Speaker 1: your questions about anything and everything that's included in the
• 28:09
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers.
• 28:17
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 28:20
  Speaker 2: for you. First question comes from Robert in Boston, mass
• 28:23
  Speaker 2: And Robert writes, my father lives in his home in Chatham, Mass.
• 28:28
  Speaker 2: He is thinking of moving into an assisted living facility
• 28:31
  Speaker 2: and keeping his Chatham home as his vacation property. If
• 28:35
  Speaker 2: he goes into a nursing home down the road, will
• 28:38
  Speaker 2: his Chatham home be at risk or would it still
• 28:41
  Speaker 2: qualify as his primary residence. He has enough income to
• 28:44
  Speaker 2: support the cost of assisted living and he would rather
• 28:47
  Speaker 2: not sell his home, so he's going to keep the
• 28:51
  Speaker 2: Chatham home.
• 28:52
  Speaker 3: But he has no planning done here. This is just
• 28:54
  Speaker 3: property in his name. Is that what I'm hearing he
• 28:56
  Speaker 3: would assume? So he just owns this stuff. Yeah, okay,
• 28:59
  Speaker 3: So taken aback by the fact that there's absolutely no
• 29:02
  Speaker 3: planning here, and he's worried about going into a nursing home, and.
• 29:04
  Speaker 2: Well, yeah, true, but he wants to move into assisted living.
• 29:07
  Speaker 2: I think they're worried more about his Chatham home being.
• 29:10
  Speaker 3: At risk because he's not living there.
• 29:13
  Speaker 2: Because he's not living there, does that not.
• 29:15
  Speaker 3: Yeah, I think he's got a problem. Okay, So I
• 29:17
  Speaker 3: mean I if he moves into an assist well, well,
• 29:20
  Speaker 3: hold on, he moves into an assisted living facility, but
• 29:23
  Speaker 3: that was his home.
• 29:25
  Speaker 2: Chatham was his primary residence.
• 29:28
  Speaker 3: So folks, this is this is just just horrible across
• 29:34
  Speaker 3: the board. There's nothing good that's going to come from
• 29:36
  Speaker 3: this question. Okay, so let's start with you.
• 29:38
  Speaker 2: How do we fix it?
• 29:39
  Speaker 3: So one, the idea that he's thinking that the home
• 29:44
  Speaker 3: is somehow protected because it's your home is probably because
• 29:47
  Speaker 3: he listens to the show and I've said it, but
• 29:49
  Speaker 3: I've also explained how it works and what the limitations
• 29:53
  Speaker 3: are on that. So one, if he had gotten sick
• 29:56
  Speaker 3: and went from his Chatham home to a nursing home,
• 30:01
  Speaker 3: the house would be protected if you check the box
• 30:04
  Speaker 3: like we always say, and say, this is my primary
• 30:07
  Speaker 3: residence and I intend to return home and Therefore they
• 30:10
  Speaker 3: will say your house is non countable but leanable. But
• 30:15
  Speaker 3: at least it won't be taken and you can still
• 30:17
  Speaker 3: qualify for Medicaid benefits home run. That is a great result,
• 30:23
  Speaker 3: I agree, Robert. If that's how you remember me saying it,
• 30:27
  Speaker 3: that's a great result. Yep. I mean for having done
• 30:31
  Speaker 3: no planning. I mean, please do planning way better. But
• 30:35
  Speaker 3: at least this is less bad and it would allow
• 30:38
  Speaker 3: you to keep the house with a lean accruing against it. Okay,
• 30:42
  Speaker 3: so so far, so good, except that's not what's going
• 30:46
  Speaker 3: to happen here. What's going to happen here is he's
• 30:48
  Speaker 3: going to move out of that house to an assisted
• 30:50
  Speaker 3: living facility. Who knows how long he stays there.
• 30:52
  Speaker 2: He seems pretty healthy now, he just wants to go there, And.
• 30:55
  Speaker 3: So let's play out the string. When you're an assisted
• 30:57
  Speaker 3: living facility, you are not eligible for Medicaid, so you're
• 31:00
  Speaker 3: private paying. And he seems to say that he's going
• 31:02
  Speaker 3: to do that, and that's good, go ahead, use it
• 31:05
  Speaker 3: private pay. Okay, I love that, Todd. But now say
• 31:10
  Speaker 3: he stays there for two years, then he moves to
• 31:14
  Speaker 3: the nursing home because he declined in health. Now he's
• 31:18
  Speaker 3: in a nursing home. Is the house still protected? That's
• 31:21
  Speaker 3: the question. The answer is hard, stop no. Why interesting
• 31:26
  Speaker 3: little piece in the regulation It says that you have
• 31:29
  Speaker 3: to move from your house to and the regulation say
• 31:34
  Speaker 3: to a medical institution. Medical institution does not assisted living
• 31:42
  Speaker 3: does not qualify as a medical institution. Interestingly enough, so
• 31:47
  Speaker 3: there was actually a case where we had where that happened,
• 31:50
  Speaker 3: where they had moved out and then they had moved
• 31:52
  Speaker 3: into this assisted living facility for a while, it wasn't
• 31:55
  Speaker 3: even that long, and then they moved into the skilled
• 31:58
  Speaker 3: nursing facility and said, sorry, the house is at risk,
• 32:03
  Speaker 3: because it's only not at risk if you move out
• 32:07
  Speaker 3: and go into a basically what is a skilled nursing
• 32:11
  Speaker 3: facility because they define it that way. Yeah wow, yeah, right,
• 32:16
  Speaker 3: so now you know the only thing you could do
• 32:18
  Speaker 3: at that moment would be rented. If you rented it,
• 32:21
  Speaker 3: at least you've converted it from a home to a
• 32:24
  Speaker 3: rental property, and a rental property would be considered non
• 32:27
  Speaker 3: countable but leanable and at least just saved it. So
• 32:31
  Speaker 3: but he should do planning right now, Oh gosh, yeah,
• 32:33
  Speaker 3: come on, folks, and it won't be yeah, assisted living.
• 32:36
  Speaker 3: I hope you stay there and you never go to
• 32:37
  Speaker 3: a nursing home. So get the five year o'clock started
• 32:39
  Speaker 3: and be done, and be done with it. So folks,
• 32:45
  Speaker 3: call and get this guide. It's brand new for the month,
• 32:48
  Speaker 3: this one. This is where Robert should be taking his
• 32:50
  Speaker 3: house and putting it into this Medicaid income only trust.
• 32:54
  Speaker 3: In this case, this guid answers all of your questions
• 32:57
  Speaker 3: and a very question answer format. You know, is it
• 33:01
  Speaker 3: a gift? When I put it in? Do I start
• 33:03
  Speaker 3: the five year clock? Can I sell it? Do I
• 33:06
  Speaker 3: lose my capital gains exclusion? Can I buy another house?
• 33:09
  Speaker 3: Who can be the trustee? Who can be the don or?
• 33:12
  Speaker 3: You know? How does it work when I pass away?
• 33:15
  Speaker 3: Is it a completed gift? Folks?
• 33:17
  Speaker 2: You know?
• 33:18
  Speaker 3: Can I invest my money? I can tell you the
• 33:20
  Speaker 3: questions I keep adding to this list. I add new
• 33:23
  Speaker 3: questions every year. Call and get the guide. You will
• 33:28
  Speaker 3: now learn whether this trust is right for you, once
• 33:31
  Speaker 3: and for all eight six six eight four eight five
• 33:36
  Speaker 3: six nine nine or legal exchange show dot com. You
• 33:39
  Speaker 3: can download it there again eight six six eight four
• 33:42
  Speaker 3: eight five six ninety nine or legal Exchange show dot
• 33:47
  Speaker 3: com and You can also go to Cushing Dole in
• 33:49
  Speaker 3: PC for new information, So brand new guide, folks.
• 33:52
  Speaker 2: Our last question comes from Dave in Middleborough, mass And
• 33:55
  Speaker 2: Dave writes, my father in law was recently diagnosed with
• 33:58
  Speaker 2: early onset demands. His home has been paid off for
• 34:02
  Speaker 2: years and he has it in a revocable trust. He
• 34:05
  Speaker 2: has little other assets and he would need to access
• 34:08
  Speaker 2: the equity in his home to pay for in home care.
• 34:12
  Speaker 2: Is it okay for him to do this? What happens
• 34:15
  Speaker 2: if he ends up going into a nursing home? Will
• 34:17
  Speaker 2: he lose his home?
• 34:19
  Speaker 3: So another one with sort of a home question, which
• 34:24
  Speaker 3: is most important for most people. So I get it,
• 34:27
  Speaker 3: it's your home. But also no planning.
• 34:32
  Speaker 2: Right, Well, he did some revocable trust plane but not
• 34:35
  Speaker 2: protection fair.
• 34:36
  Speaker 3: That's fair, I mean a revocable trust planning is still good,
• 34:40
  Speaker 3: avoiding probate, protecting assets you know or not from a
• 34:42
  Speaker 3: nursing home, but you know, bloodline planning, etc. So I
• 34:46
  Speaker 3: like it, But now he's thinking he needs to rethink
• 34:50
  Speaker 3: his trust. So I mean he's got early onset dementia
• 34:54
  Speaker 3: it says here, and you know, I don't know how long,
• 34:58
  Speaker 3: No one knows, so you know it doesn't mean that
• 35:01
  Speaker 3: you don't have five years. So maybe you switch and
• 35:05
  Speaker 3: put it in an irrevocable trust, which I would say, yes,
• 35:08
  Speaker 3: do that, but he's got this loan issue. He wants
• 35:12
  Speaker 3: to borrow money.
• 35:14
  Speaker 2: To pay for his care to stay at home.
• 35:16
  Speaker 3: Yeah, so if he wants to borrow money. One issue
• 35:20
  Speaker 3: with the irrevocable trust is can I borrow money? Well,
• 35:24
  Speaker 3: not after it's in the trust. So you need to
• 35:27
  Speaker 3: create the home equity line that you probably want to
• 35:31
  Speaker 3: take out now and get that done and let them,
• 35:35
  Speaker 3: you know, establish however much they'll let you borrow under
• 35:39
  Speaker 3: the home equity line and then tap it as you
• 35:42
  Speaker 3: need it to pay for your care, you know in
• 35:46
  Speaker 3: home right. So once you get that established, then go
• 35:51
  Speaker 3: get your estate plan done and you can take your exit.
• 35:56
  Speaker 3: And this is his home, right, so you can take
• 35:59
  Speaker 3: the home even though it's encumbered.
• 36:03
  Speaker 2: With the home equity loan.
• 36:04
  Speaker 3: With the home equity loan, and folks, the home equity
• 36:07
  Speaker 3: it's encumbered even if you've borrowed nothing. Right, Remember it's
• 36:11
  Speaker 3: still a home equity line.
• 36:13
  Speaker 2: Because at that point it's a line of credit. Even
• 36:15
  Speaker 2: taking money out on it, you're just able to.
• 36:18
  Speaker 3: Just because you haven't taken any money out, doesn't mean
• 36:20
  Speaker 3: that it's still not a line of credit. So you
• 36:23
  Speaker 3: need to be careful when you tran tell your planner
• 36:26
  Speaker 3: that you have this, so that when they transfer the
• 36:29
  Speaker 3: house into the irrevocable trust with a deed they put
• 36:34
  Speaker 3: in the deed the reservation of a legal life estate,
• 36:37
  Speaker 3: that reservation of a life estate will in fact preserve
• 36:42
  Speaker 3: the home equity line. When I say preserve it, it
• 36:45
  Speaker 3: will prevent you from it will prevent you from UH
• 36:49
  Speaker 3: or prevent the bank from calling the note. So you
• 36:53
  Speaker 3: can't trigger the do on sale clause by transferring it
• 36:58
  Speaker 3: in there if you reason deserve the equity line.
• 37:02
  Speaker 2: So if it's in the trust, now, can he still
• 37:05
  Speaker 2: use the equity line?
• 37:07
  Speaker 3: Yes, And that's why we're preserving it because it can
• 37:10
  Speaker 3: be tapped ongoing.
• 37:12
  Speaker 2: Okay.
• 37:12
  Speaker 3: One thing you can't do is renew it when it expires. Okay,
• 37:18
  Speaker 3: but that's okay, Probably won't happen. Yeah, it's it's a
• 37:20
  Speaker 3: long time. So folks, good information there information on these
• 37:24
  Speaker 3: irrevocable trusts which he should have gotten. You can get
• 37:27
  Speaker 3: call and get it eight six six eight four eight
• 37:31
  Speaker 3: five six nine nine or legal exchange show dot com.
• 37:35
  Speaker 3: It offers you question and answers on these trusts. Folks
• 37:39
  Speaker 3: eight six six eight four eight five six nine nine
• 37:43
  Speaker 3: or Legal Exchange Show dot com.
• 37:45
  Speaker 2: If you have a question you would like to ask Todd,
• 37:47
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:51
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:53
  Speaker 2: read your question on the air, and hopefully his answer
• 37:56
  Speaker 2: will stop you from becoming one of his next real
• 37:58
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 38:02
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 38:06
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 38:09
  Speaker 2: back with more after this quick break on the Legal
• 38:12
  Speaker 2: Exchange with Todd Lutsky.
• 38:14
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 38:16
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 38:20
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of a
• 38:23
  Speaker 1: revocable Medicaid Trusts explains how these trusts can help protect
• 38:26
  Speaker 1: certain assets from the cost of long term care while
• 38:28
  Speaker 1: still allowing you to maintain important rights and flexibility.
• 38:31
  Speaker 5: The guide breaks.
• 38:32
  Speaker 1: Down some of the common misunderstandings about irrevocable trusts and
• 38:35
  Speaker 1: how they actually work. It explains why many families use
• 38:38
  Speaker 1: these trusts as part of a broader plan to help
• 38:40
  Speaker 1: preserve assets for future generations. Inside you'll also find information
• 38:44
  Speaker 1: about how these trusts work, what types of assets may
• 38:47
  Speaker 1: be appropriate to transfer, and why the details matter when
• 38:50
  Speaker 1: it comes to protecting what you've built. Get your free
• 38:52
  Speaker 1: guide today call Cushing and Dolan at eight six six
• 38:55
  Speaker 1: eight four eight five six ninety nine.
• 38:57
  Speaker 5: That's eight six six eight four eight.
• 38:59
  Speaker 1: Five six nine nine, or you can request it online
• 39:02
  Speaker 1: at legal exchange show dot com. The proceeding was paid
• 39:04
  Speaker 1: for in The views expressed are solely those of Cushing
• 39:06
  Speaker 1: and Dolan. Cushing and Dolan in or Armstrong Advisory may
• 39:08
  Speaker 1: contact you offering legal or investment services. Cushing and Dolan
• 39:11
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 39:13
  Speaker 1: not affiliated.
• 39:14
  Speaker 4: The most important part of an inheritance isn't always the money,
• 39:17
  Speaker 4: it's the legacy you leave behind.
• 39:18
  Speaker 3: HI.
• 39:18
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. For
• 39:21
  Speaker 4: many families and inheritance represents more than assets. It reflects
• 39:25
  Speaker 4: a lifetime of hard work, values and the hope of
• 39:27
  Speaker 4: helping future generations. Our new guide Talking to your Kids
• 39:31
  Speaker 4: about Inheritance explains why sharing your intentions can be just
• 39:34
  Speaker 4: as important as the estate plan itself. The documents may
• 39:37
  Speaker 4: determine where your assets go, but a conversation can help
• 39:40
  Speaker 4: your family understand why. You'll discover ways to talk with
• 39:43
  Speaker 4: your children about your wishes and help them learn what
• 39:46
  Speaker 4: matters most to you while working to create a stronger
• 39:49
  Speaker 4: foundation for their future. You can get your free guide
• 39:51
  Speaker 4: today by calling eight hundred three nine three four zero
• 39:54
  Speaker 4: zero one. That's eight hundred three nine three four zero
• 39:57
  Speaker 4: zero one. Are requested at Armstrong Advisory dot com. It's
• 40:00
  Speaker 4: Armstrong Advisory dot com.
• 40:01
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 40:03
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 40:05
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 40:08
  Speaker 1: your own financial, tax into state planning advisors before making
• 40:10
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 40:13
  Speaker 1: advisory services. Protecting your assets doesn't always mean giving up control.
• 40:17
  Speaker 1: Get Cushion Dolan's new guide Unlocking the power of irrevocable
• 40:20
  Speaker 1: Medicaid trusts. Learn how to protect your assets while maintaining
• 40:23
  Speaker 1: planning flexibility. Get your free guide today by calling eight
• 40:27
  Speaker 1: six six eight four eight five six nine nine, or
• 40:30
  Speaker 1: requested online that Legal Exchange show dot com. The proceeding
• 40:33
  Speaker 1: was paid for and the views expressed are solely those
• 40:35
  Speaker 1: of Cushing and Dolan. Cushing and Dolan and or Armstrong
• 40:37
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• 40:41
  Speaker 1: and Dolan and Armstrong Advisory do not endorse each other
• 40:43
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• 40:46
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• 41:14
  Speaker 1: Exchange with Todd Lutsky. If you are a loved one
• 41:17
  Speaker 1: needs a nursing homestay, call Todd right now at eight
• 41:20
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• 41:22
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• 41:25
  Speaker 1: six six eight for eight five six nine nine, or
• 41:28
  Speaker 1: visit him online at Legal Exchange show dot com.
• 41:34
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:37
  Speaker 2: Susan Powers of financial Advice with the Armstrong Advisory Group
• 41:41
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:44
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:46
  Speaker 2: masters in taxation. So you have a brand new guide
• 41:50
  Speaker 2: all about the airevocable trusts I do. And you mentioned
• 41:54
  Speaker 2: this is a question and answer guide, So guess what
• 41:57
  Speaker 2: we're going to do today.
• 41:59
  Speaker 3: Give them a little as to what the questions are.
• 42:01
  Speaker 2: All month long. I'm gonna pep are you with some questions.
• 42:04
  Speaker 3: No, I think that's exactly the way as I do. Yeah,
• 42:07
  Speaker 3: I mean, this is what the this is what they
• 42:08
  Speaker 3: need to know.
• 42:09
  Speaker 2: It is the people need to know, just like they
• 42:12
  Speaker 2: need to know results. When you do your real life
• 42:14
  Speaker 2: stories and leave us hanging the people.
• 42:16
  Speaker 3: That's good. That's called good radio. Come back for more.
• 42:20
  Speaker 2: Yeah, if you gave us the answer, all right, medicaid
• 42:25
  Speaker 2: irrevocable trust? Yes, who should consider using this type of trust?
• 42:30
  Speaker 3: You know, I'm going to say married or single doesn't matter.
• 42:37
  Speaker 3: That's good. I would then say, maybe age matters. I mean,
• 42:42
  Speaker 3: you know, if you're sixty sixty five and up, you
• 42:47
  Speaker 3: might be I would ask anyway, when I meet the client,
• 42:49
  Speaker 3: I mean, are you here because you're thinking about nursing
• 42:53
  Speaker 3: home planning? If you are, then you know, let's talk
• 42:55
  Speaker 3: about irrevocable I would say people that have if you know,
• 43:00
  Speaker 3: well over five million dollars of assets, you know, I mean,
• 43:03
  Speaker 3: if you have enough assets that are that are generating
• 43:06
  Speaker 3: enough income to private pay a nursing home, well, then
• 43:09
  Speaker 3: yourself insured and so you know, you probably don't need
• 43:13
  Speaker 3: this kind of planning because.
• 43:15
  Speaker 2: Maybe less than that forty five.
• 43:16
  Speaker 3: Million yea, yeah, yeah, I'd say somewhere down there probably,
• 43:19
  Speaker 3: you know. And again it kind of depends on the
• 43:21
  Speaker 3: kind of assets you have as well. I mean, if
• 43:23
  Speaker 3: you've got a bunch of home vacation home that aren't
• 43:26
  Speaker 3: generating rent and you you know, don't you know. I
• 43:28
  Speaker 3: guess it would depend on liquid versus non liquid assets
• 43:32
  Speaker 3: that that could matter. And I would say those are
• 43:37
  Speaker 3: probably the top four ways of considering whether we need
• 43:41
  Speaker 3: to explore the irrevocable trust. Yeah, okay, so not that
• 43:46
  Speaker 3: forty five fifty year old couple that's coming in and do
• 43:48
  Speaker 3: a stay planning. Probably not right, you know, ten fifteen
• 43:51
  Speaker 3: years from now, lots can change in your life. Come
• 43:54
  Speaker 3: back and revisit your plan, like any good person who's
• 43:57
  Speaker 3: done their planning should do. Yeah.
• 43:59
  Speaker 2: Okay. So there's kind of a couple of key roles
• 44:02
  Speaker 2: when it comes to these irrevocable trusts.
• 44:05
  Speaker 3: So when it comes to picking people like, you know,
• 44:08
  Speaker 3: trustees and donors donors, you don't have to pick, So
• 44:10
  Speaker 3: just get that out of the way. The donor is
• 44:12
  Speaker 3: the person creating it. We don't have any choice. But
• 44:15
  Speaker 3: the trustee. You know, long ago we would say, well,
• 44:18
  Speaker 3: mom and dads of the world are the donors, they
• 44:20
  Speaker 3: can be the trustees. I don't love it. It's better
• 44:23
  Speaker 3: it can it be done? Yes, it can be done.
• 44:26
  Speaker 3: But long ago I've changed doing that, and I think
• 44:28
  Speaker 3: having the trustee be someone other than the donor is
• 44:34
  Speaker 3: probably the way to go. Okay, and that other person
• 44:37
  Speaker 3: is generally a child.
• 44:39
  Speaker 2: How do you I mean, what if you have a
• 44:40
  Speaker 2: whole gaggle of children, who do you pick?
• 44:42
  Speaker 3: Yeah? And another thing is don't don't get hung up
• 44:45
  Speaker 3: on oh I have three kids. I gotta make three trustees. No,
• 44:48
  Speaker 3: as long as you're treating your kids equally, which is
• 44:52
  Speaker 3: what they care about. I don't think one cares that
• 44:55
  Speaker 3: they don't have a trustee job.
• 44:56
  Speaker 2: They'll say thank you.
• 44:57
  Speaker 3: Yeah, They'll be happy to just collect and not have
• 44:59
  Speaker 3: to do it anything. So so please don't feel like that.
• 45:02
  Speaker 3: I mean, can you have more than one? Yes? Is
• 45:04
  Speaker 3: there a limit? Probably not, But from an operation and
• 45:08
  Speaker 3: ease of operational standpoint, yeah, one is good.
• 45:11
  Speaker 2: Yeah. And I would say, just from a practical logistical perspective,
• 45:15
  Speaker 2: having being on the receiving end of setting up a
• 45:17
  Speaker 2: ture for trustees, if you have two trustees, if you're
• 45:21
  Speaker 2: going to be doing gifting, that can definitely be helpful
• 45:24
  Speaker 2: because they can't write a gift check to themselves, so
• 45:26
  Speaker 2: they can do to each other.
• 45:27
  Speaker 3: So that's helpful.
• 45:28
  Speaker 2: Feel free to leave a child or two out and
• 45:31
  Speaker 2: just have two.
• 45:31
  Speaker 3: Maths or even better when again, let's face it, they
• 45:35
  Speaker 3: don't take a lot of money out of these trusts anyway.
• 45:37
  Speaker 3: When they need the gifting, just add one whenever you want.
• 45:40
  Speaker 3: You can always add a trustee and then remove a trustee,
• 45:42
  Speaker 3: so it just can be added for a transaction. In
• 45:45
  Speaker 3: that way, you don't have to tie up the burden,
• 45:47
  Speaker 3: so folks, that's that's really the first These are the
• 45:50
  Speaker 3: beginning type questions that are in the guide, and then
• 45:53
  Speaker 3: it just gets more you know, sort of detailed and
• 45:56
  Speaker 3: more more complex questions as we go forward from things like,
• 46:00
  Speaker 3: you know, is it a completed gift when I put
• 46:03
  Speaker 3: it in? How do I fund it? You know? Do
• 46:05
  Speaker 3: I have to file a gift tach? Do I lose
• 46:06
  Speaker 3: my step up in basis? How many times do you
• 46:09
  Speaker 3: hear about that when I put my house in that?
• 46:11
  Speaker 3: Can I put rental property into trust? And can I
• 46:14
  Speaker 3: collect rent after it's in the trust? Folks? These are
• 46:18
  Speaker 3: all the questions that are in there. I keep adding
• 46:20
  Speaker 3: to it. It is chock full of how these trusts
• 46:25
  Speaker 3: work and an easy question and answer format if you
• 46:28
  Speaker 3: ever wanted to know if this trust is right for
• 46:31
  Speaker 3: you or not, at the end of this guide you
• 46:33
  Speaker 3: will know whether you can live with this or not.
• 46:37
  Speaker 3: Call and get it eight six six eight four eight
• 46:40
  Speaker 3: five six ninety nine or Legal Exchange Show dot Com
• 46:44
  Speaker 3: again eight six six eight four eight five six nine
• 46:48
  Speaker 3: nine or Legal Exchange Show dot Com Brand new guide
• 46:52
  Speaker 3: for the month, and you can also go to Cushing
• 46:54
  Speaker 3: Dolean PC for more info.
• 46:55
  Speaker 2: So I want to stay on the trustee for a minute,
• 46:57
  Speaker 2: because with an irrevocable trust, people have this, I think
• 47:00
  Speaker 2: misconception that oh, my son owns my house now because
• 47:04
  Speaker 2: he's the trustee or my son's in charge. Because what
• 47:08
  Speaker 2: if I want to sell my house and he says
• 47:10
  Speaker 2: he doesn't want to.
• 47:10
  Speaker 3: Do it, it's his now, right?
• 47:13
  Speaker 2: What happens if you get that pushback from a trustee?
• 47:17
  Speaker 5: Yeah?
• 47:17
  Speaker 3: And I think that's a great question because people always
• 47:20
  Speaker 3: one of the things that they're still always upset about
• 47:23
  Speaker 3: when they hear this word they irrevocable, is that they
• 47:24
  Speaker 3: lose control. Yes, I can't say it. We can't say
• 47:28
  Speaker 3: it enough that they don't. But this is a great question.
• 47:32
  Speaker 3: How do you make how do you direct the trustee
• 47:37
  Speaker 3: to sell the house? Yes, well, you tell him we're
• 47:40
  Speaker 3: selling the house. And as you said, if they say no,
• 47:42
  Speaker 3: I give the trustee, I give the donor powers. One
• 47:47
  Speaker 3: of the powers they have is removing and replacing a trustee. However,
• 47:53
  Speaker 3: not with themselves. Yep, so the replacement cannot be themselves
• 47:57
  Speaker 3: and that's limited. That's the language that I put right
• 48:00
  Speaker 3: in the trust so they can remove and replace with anybody,
• 48:04
  Speaker 3: but not them. Okay, child one, you're out. Other bad
• 48:10
  Speaker 3: things might happen too, but for now you're out. I'm
• 48:13
  Speaker 3: going to put your sister in, or I'm going to
• 48:16
  Speaker 3: put my accountant on or my lawyer. You don't have
• 48:20
  Speaker 3: You don't need the trustee's permission to sell that property.
• 48:25
  Speaker 2: And you don't need the trustee's permission to remove them.
• 48:28
  Speaker 3: No, no, just send them the yep, just send them
• 48:31
  Speaker 3: the letter. So no permission needed, just like if you
• 48:35
  Speaker 3: hadn't done the trust.
• 48:37
  Speaker 2: Yeh, super perfect, perfect, So let's talk about we probably
• 48:41
  Speaker 2: don't have time to get him to them all today.
• 48:42
  Speaker 2: Certainly certainly a big benefit this trust. How does that
• 48:47
  Speaker 2: play out when it comes to someone dying in the
• 48:50
  Speaker 2: probate process.
• 48:52
  Speaker 3: Oh that's that's actually a great question. I forgot that
• 48:54
  Speaker 3: question was in there, so uh yeah. So this is
• 48:57
  Speaker 3: like any other trust if you fund the trust with assets.
• 49:04
  Speaker 3: So if the assets are owned and I just had
• 49:06
  Speaker 3: a client the other day she says, what does it
• 49:08
  Speaker 3: mean to fund the trust? And I'm like, and they've
• 49:11
  Speaker 3: already had their trust. I'm like, your house is currently
• 49:14
  Speaker 3: owned by the trust because we put the deed, you
• 49:16
  Speaker 3: funded it in there. That's what funding means. I mean,
• 49:19
  Speaker 3: I guess if you're a lay person, you think, wow,
• 49:21
  Speaker 3: that's some some kind of technical term.
• 49:23
  Speaker 2: Fancy just changeing ownership.
• 49:25
  Speaker 3: Folks, it's not a technical term. It's not a you know,
• 49:28
  Speaker 3: a legal term of art. It's really just look at
• 49:31
  Speaker 3: the name on the account, look at the name on
• 49:35
  Speaker 3: the deed. If you see the word trust there, then
• 49:40
  Speaker 3: it's funded or trustee.
• 49:42
  Speaker 2: That doesn't mean your trustee son owns your house.
• 49:44
  Speaker 3: That's right, Todd Lusky, trustee of the Todd Lutsky, your
• 49:49
  Speaker 3: vocal trust. That means the trust owns it. And that
• 49:53
  Speaker 3: means it's funded. So I hope that's that's helpful for them.
• 49:56
  Speaker 3: And if it's in there, no probate, so that's the key. Okay,
• 50:02
  Speaker 3: So folks, that's just a sort of a smattering of
• 50:07
  Speaker 3: questions appetizer this trust. This guide offers a question and
• 50:13
  Speaker 3: answer format based on a hypothetical example of a married couple.
• 50:17
  Speaker 3: So it's all in here. You can put your own
• 50:19
  Speaker 3: facts in, learn how they how this trust operates, from
• 50:22
  Speaker 3: soup to nuts. When you get done reading this guide,
• 50:26
  Speaker 3: you'll know whether it's right for you or not, call
• 50:28
  Speaker 3: and get it it's brand new for the month eight
• 50:30
  Speaker 3: six six eight four eight five six ninety nine or
• 50:35
  Speaker 3: Legal Exchange Show dot com again eight six six eight
• 50:38
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 50:43
  Speaker 3: 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.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:51
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:54
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:57
  Speaker 2: with Todd Lutsky.
• 51:00
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 51:02
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 51:06
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of a
• 51:09
  Speaker 1: revocable Medicaid Trusts explains how these trusts can help protect
• 51:12
  Speaker 1: certain assets from the cost of long term care while
• 51:14
  Speaker 1: still allowing you to maintain important rights and flexibility. The
• 51:18
  Speaker 1: guide breaks down some of the common misunderstandings about irrevocable
• 51:21
  Speaker 1: trusts and how they actually work. It explains why many
• 51:24
  Speaker 1: families use these trusts as part of a broader plan
• 51:26
  Speaker 1: to help preserve assets for future generations. Inside you'll also
• 51:30
  Speaker 1: find information about how these trusts work, what types of
• 51:32
  Speaker 1: assets may be appropriate to transfer, and why the details
• 51:35
  Speaker 1: matter when it comes to protecting what you've built. Get
• 51:38
  Speaker 1: your free guide today call Cushing and Dolan at eight
• 51:40
  Speaker 1: six six eight four eight five six ninety nine.
• 51:43
  Speaker 5: That's eight six six eight four eight.
• 51:44
  Speaker 1: Five six ninety nine, or you can request it online
• 51:48
  Speaker 1: at Legal exchange show dot com. The proceeding was paid
• 51:50
  Speaker 1: for in The views expressed are solely those of Cushing
• 51:52
  Speaker 1: and Dolan. Cushing and Dolan int 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 affiliated.
• 52:00
  Speaker 4: The most important part of an inheritance isn't always the money.
• 52:03
  Speaker 4: It's the understanding, the intentions, and the family relationships left behind.
• 52:07
  Speaker 3: HI.
• 52:07
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. For
• 52:09
  Speaker 4: many families, estate planning isn't just about who gets what.
• 52:13
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