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When Estate Planning Goes Wrong, Families Pay the Price · 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
• 0:10
  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
• 0:13
  Speaker 1: and protecting your money from a nursing home. If you
• 0:16
  Speaker 1: need assistance in any of these areas, or have a
• 0:18
  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing A. Dolan with a master's in taxation. Welcome Todd,
• 0:51
  Speaker 2: How are you today?
• 0:52
  Speaker 3: Never better in you?
• 0:54
  Speaker 2: I'm great? Thank you? What do you have for us
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  Speaker 2: this week?
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  Speaker 4: A couple of things are going to go to Montana. First,
• 0:59
  Speaker 4: nice Supreme Court Court case is an uncashed check an
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  Speaker 4: asset of the estate. Does it matter who it's paid
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  Speaker 4: made payable to there's a spouse involved. Wow, this is
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  Speaker 4: a variant dying without a will and having this situation
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  Speaker 4: with a second marriage involved. Where does this money end
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  Speaker 4: up going.
• 1:25
  Speaker 2: Right to the bank. As soon as you get the news, we're.
• 1:27
  Speaker 4: Gonna find out. Stay tuned. Then we head over to Ohio.
• 1:31
  Speaker 4: Love going there, Ohio Pellett, Couart Tate. I'm gonna I'm
• 1:35
  Speaker 4: gonna call this case the the no good deed goes
• 1:40
  Speaker 4: unpunished case where somebody tries very diligently to provide care
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  Speaker 4: for mom but doesn't keep good records, and the other
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  Speaker 4: siblings thinks we should sue her for wasting money. Okay, yeah,
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  Speaker 4: I'm not sure how that's gonna play out, but I
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  Speaker 4: always would love to tell the other sibling maybe you
• 2:03
  Speaker 4: should have taken care of mine instead. That person should
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  Speaker 4: probably not be doing anything but thanking people.
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  Speaker 3: Anyways.
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  Speaker 4: These are things that happen, folks, and and a lot
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  Speaker 4: of things, especially the first case, happens because there was
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  Speaker 4: no planning, I mean, a second marriage, and you're you're
• 2:22
  Speaker 4: running around worried about an uncash check because you don't
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  Speaker 4: even have a will done, folks, forget the will. Call
• 2:28
  Speaker 4: and get this guide. It's it's new for the month,
• 2:30
  Speaker 4: but de mystifying the top eight estate planning trust If
• 2:34
  Speaker 4: you've not done your planning, it's going to help you
• 2:36
  Speaker 4: figure out what kind of trust is right for you.
• 2:39
  Speaker 4: If you've done your planning and you say, geez, maybe
• 2:41
  Speaker 4: I need to review it and switch from a revocable
• 2:43
  Speaker 4: to an irrevocable might help you figure out which way
• 2:47
  Speaker 4: to go as well. This has got things in it
• 2:50
  Speaker 4: from nominee realty trusts which are not really trusts, to
• 2:53
  Speaker 4: revocable to medicate, irrevocable to irrevocable gifting and life insurance
• 2:58
  Speaker 4: type trusts. You got special needs child, You've got situations
• 3:03
  Speaker 4: like that, folks. All kinds of trust. We've added one.
• 3:06
  Speaker 4: It used to be seven, there's now eight. Call and
• 3:10
  Speaker 4: get it. Learn what's trusts are right for you eight
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  Speaker 4: six six eight four eight five six nine nine or
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  Speaker 4: Legal Exchange Show dot com again eight six six eight
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  Speaker 4: four eight five six ninety nine or Legal Exchange Show
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  Speaker 4: dot com. And you can always go to Cushing Dolan
• 3:28
  Speaker 4: PC's Instagram page for more information. Let's talk about this
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  Speaker 4: on cash check for a minute. Montana Supreme Court. Bradley,
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  Speaker 4: he dies intest eight folks. That means without a will,
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  Speaker 4: so no planning at all, not even a will. He
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  Speaker 4: dies at November twenty twenty one, survived by his wife.
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  Speaker 4: Let me reiterate second wife Rebecca and son Jason from
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  Speaker 4: a prior marriage. Those are the two survivors. Well, under
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  Speaker 4: the Montana intestacy statute, Rebecca gets one hundred and fifty
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  Speaker 4: thousand dollars plus one half of the balance of the
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  Speaker 4: estate assets. Ok, all right, so that means Jason here
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  Speaker 4: is getting something.
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  Speaker 3: Well.
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  Speaker 4: One month prior to death, Bradley withdrew eighty thousand dollars
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  Speaker 4: from his own account in a cashier's check made payable
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  Speaker 4: to himself. Rebecca, during discovery denied knowledge of the check,
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  Speaker 4: but later said the bank told her about the check
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  Speaker 4: and that it was not cashed, but because she was
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  Speaker 4: a signer on the account, the money could be released
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  Speaker 4: to her. Rebecca argued that this should not be an
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  Speaker 4: asset of the estate because the check was issued before
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  Speaker 4: brad died. Well, the District Court found the check was
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  Speaker 4: not an asset of the estate. Brad of Bradley's state
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  Speaker 4: because it constituted a lifetime gift to Rebecca, and Bradley
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  Speaker 4: delivered the check to Rebecca, and as a holder of
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  Speaker 4: such an instrument, she could enforce that instrument. Therefore, it's
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  Speaker 4: not an asset of the estate.
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  Speaker 2: So it was payable to her.
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  Speaker 3: Well, let's keep going.
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  Speaker 4: You got to listen to the facts in the beginning.
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  Speaker 2: I did. That's why I'm confused. I thought it was
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  Speaker 2: to him.
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  Speaker 3: You're absolutely right, it was to him.
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  Speaker 4: The Supreme Court reversed, okay, but you'll be happy to
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  Speaker 4: hear and said the check was payable to Bradley, not
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  Speaker 4: to Rebecca. See, Susan, you're a really good listener. Was
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  Speaker 4: payable to Bradley, not to Rebecca. It was never given
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  Speaker 4: to Rebecca while he was alive. And finally, it was
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  Speaker 4: not even payable to her. Therefore she could not enforce
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  Speaker 4: the check without Bradley endorsing it over to her. Therefore
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  Speaker 4: it's an asset of the estate.
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  Speaker 2: I agree. I completely agree with that fine, And because
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  Speaker 2: although if he cashed it it would have been in
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  Speaker 2: his estate right his the state anyway, but he could
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  Speaker 2: have given a way between the time that he.
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  Speaker 4: If he had endorsed it to her. I think you
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  Speaker 4: would have had a different problem.
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  Speaker 2: Where whatever he had planned for it, I mean she
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  Speaker 2: would do that.
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  Speaker 4: If he endorsed it to her and actually delivered to her.
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  Speaker 4: I think he makes a completed gift. Sure, so I
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  Speaker 4: think that the district court would would have been correct.
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  Speaker 4: But they were working under the wrong facts, right, even
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  Speaker 4: though it was pretty clear. So so, folks, I just think,
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  Speaker 4: you know, what do we learn from this? Obviously it's
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  Speaker 4: it's I think the decisions right, But but you know
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  Speaker 4: what are we really learning? I mean, this is all
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  Speaker 4: about a second marriage, folks. This is a red flag, right,
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  Speaker 4: you have a second marriage, you know, the first thing
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  Speaker 4: you do is you do planning here. Dying without even
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  Speaker 4: a will, having a will in place really doesn't help anybody.
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  Speaker 4: I mean, he very well when I say he Bradley right,
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  Speaker 4: Bradley very well may have wanted more money to go
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  Speaker 4: to his wife, and the statue just simply didn't provide
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  Speaker 4: for that. Right, the statute provided for one hundred and
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  Speaker 4: fifty thousand dollars and half the rest of the estate. Well,
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  Speaker 4: maybe he wanted more. Didn't provide for it. But if
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  Speaker 4: you had a trust in place, maybe you could have, right,
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  Speaker 4: This could have been a revocable trust, an irrevocable trust.
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  Speaker 4: It wouldn't have mattered depending on what the size of
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  Speaker 4: the estate is and whether they wanted to do any
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  Speaker 4: nursing home protection. These could have held the assets for her.
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  Speaker 4: They could have provided like all the income from all
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  Speaker 4: the assets, not cutting it in half, from all the assets,
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  Speaker 4: all the income could have gone to her. Also, you
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  Speaker 4: could have provided principal distributions to her. Maybe under hem standards,
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  Speaker 4: the health, education, maintenance and support situation right, maybe you
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  Speaker 4: have it go to her as needed to maintain her
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  Speaker 4: standard of living. You could have provided the ability for
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  Speaker 4: her to maybe live in the family home, maybe provided
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  Speaker 4: she maintains that you don't have to use the money
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  Speaker 4: in the trust for her to pay the bills and
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  Speaker 4: maintain the property. But you certainly could have, you know,
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  Speaker 4: had the house, give her a place to live on
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  Speaker 4: top of perhaps income from the money, depending on how
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  Speaker 4: much was here. All of that could have been done,
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  Speaker 4: you know, and for a state tax purposes, you know,
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  Speaker 4: if that was an issue the trust were to help
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  Speaker 4: shelter tax situation. I mean, I don't know what the
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  Speaker 4: size of the estate was or if Montana has an
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  Speaker 4: estate tax, but certainly federal or state estate tax issues
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  Speaker 4: could be dealt with way better if you have, you know,
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  Speaker 4: a trust in place, So all of this could have
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  Speaker 4: been done while preserving the possibility that more assets when
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  Speaker 4: she dies would be available for Jason. If Jason, I'm
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  Speaker 4: assuming Jason was the only child that they had, that
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  Speaker 4: he had from a prior marriage. So when I think
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  Speaker 4: of these things, I'm thinking that the planning would have
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  Speaker 4: been better for everybody.
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  Speaker 3: Probate would have been avoided, you wouldn't have had this whole.
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  Speaker 4: Headache, you would have sheltered for a state taxes, and ultimately,
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  Speaker 4: I think rather than dividing an asset in a state
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  Speaker 4: in half, you get to use all the money to
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  Speaker 4: generate more income than you could with half, and provide
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  Speaker 4: more for your spouse, save taxes, save probate, and ultimately
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  Speaker 4: provide more for Jason. Yep, just a little planning right
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  Speaker 4: would get you there. Now, in this case, the eighty
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  Speaker 4: thousand dollars, just so we come full circle, the eighty
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  Speaker 4: thousand dollars is now going to be an asset of
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  Speaker 4: the estate, which means it's going to be divided in half.
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  Speaker 3: And she's going to get half, and he's going to.
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  Speaker 2: Get half, so plus one hundred and fifty kicker.
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  Speaker 4: She gets one hundred and fifty plus half of the
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  Speaker 4: rest of the estate. But this particular eighty is going
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  Speaker 4: to be split.
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  Speaker 3: No, well, here's what it is. Folks. Don't let this
• 9:59
  Speaker 3: happen to you.
• 10:00
  Speaker 4: Get the guide Demystifying the Top eight estate Planning Trusts
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• 10:15
  Speaker 4: website Legal Exchange show dot com and you can download
• 10:19
  Speaker 4: it right there again. Top eight estate Planning Trusts.
• 10:22
  Speaker 2: You've been listening to Todd Lotski, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I am Susan Powers,
• 10:28
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:32
  Speaker 2: much more to come when we return to the Legal
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  Speaker 2: Exchange with Todd Lutsky.
• 10:37
  Speaker 1: Estate planning isn't just about writing a will. The right
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  Speaker 1: trust can help your family avoid probate, protect your home,
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  Speaker 1: today at eight sixty six eight four eight five six
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
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  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan with a Masters in taxation.
• 14:37
  Speaker 2: Back to Ohio, year old stomping ground.
• 14:40
  Speaker 4: Back to Ohio. Let's check it out. This is a
• 14:42
  Speaker 4: no good deed goes unpunished. This is sort of my title,
• 14:47
  Speaker 4: so in this case, Florence began living with her daughter
• 14:54
  Speaker 4: Laurie in about twenty eleven. After her health started declining.
• 15:00
  Speaker 4: Laurie became the power of attorney. Laurie became the healthcare proxy.
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  Speaker 3: Makes sense.
• 15:06
  Speaker 4: Florence died in twenty nineteen in December, survived by Laurie
• 15:11
  Speaker 4: and son Tom, So I guess they're siblings. Tom personal
• 15:17
  Speaker 4: representative of the estate, which is kind of strange that
• 15:20
  Speaker 4: Tom would be the PR when Laurie was everything else.
• 15:23
  Speaker 4: But in any event, doesn't sound like there's a trust
• 15:25
  Speaker 4: in place. Just sounds like there's a will. If there
• 15:28
  Speaker 4: is a will, it says PR of the estate files
• 15:31
  Speaker 4: a complaint against Lurie, alleging Laurie concealed assets and bezzled
• 15:36
  Speaker 4: assets and conveyed away assets from the estate belonging to Florence.
• 15:42
  Speaker 3: Well.
• 15:42
  Speaker 4: The evidence showed that Laurie used Florence's money to pay
• 15:46
  Speaker 4: for her care, pay for things like including redoing the
• 15:50
  Speaker 4: bedroom in Laurie's house in which Florence lived. Laurie pulled
• 15:57
  Speaker 4: money out of the of the cash out of the
• 16:00
  Speaker 4: accounts and paid for in home providers, but she wasn't
• 16:06
  Speaker 4: really good at keeping records of where Florence's expenses, of
• 16:11
  Speaker 4: what Florence's expenses were, or how she specifically spent the money. Well,
• 16:17
  Speaker 4: the trial court found Laurie guilty of concealment, stating that
• 16:21
  Speaker 4: Laurie and her husband personally benefited from Florence's money and
• 16:25
  Speaker 4: failed to rebut the presumption that she had engaged in
• 16:29
  Speaker 4: self dealing.
• 16:31
  Speaker 3: Well, Laurie appealed.
• 16:32
  Speaker 4: I'm sure she wasn't thrilled with that result. The appellate
• 16:36
  Speaker 4: court reversed nice finding that the trial court aired in
• 16:42
  Speaker 4: finding Laurie had unauthorized possession or was impermissibly disposing of
• 16:49
  Speaker 4: Florence's money. Laurie did not receive any lifetime gifts, but
• 16:57
  Speaker 4: she acted only under a valid, durable power of attorney,
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  Speaker 4: despite being poorly documented and making these transfers.
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  Speaker 3: The transfers were.
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  Speaker 4: Made before an estate ever existed, so you can't conceal
• 17:10
  Speaker 4: it from an estate that didn't exist when you made
• 17:13
  Speaker 4: the money, so there's no concealment. And they were generally
• 17:17
  Speaker 4: used for food, shelter, clothing, healthcare of Florence.
• 17:21
  Speaker 2: She shouldn't be out of pocket for letting her mom
• 17:24
  Speaker 2: live with her and take care of her for eight years.
• 17:27
  Speaker 3: Right.
• 17:28
  Speaker 4: I agree, and Tom, the person who's upset here did
• 17:32
  Speaker 4: not challenge the power of attorney, so he agreed the
• 17:36
  Speaker 4: power of attorney existed, and therefore the assets that were
• 17:39
  Speaker 4: transferred are not part of the estate, never were and
• 17:43
  Speaker 4: should not have been part of the estate. That I
• 17:47
  Speaker 4: think they got both of these right for a change.
• 17:50
  Speaker 4: I'm always happy, but you know, I think at the
• 17:52
  Speaker 4: end of the day, that's what you really need to
• 17:54
  Speaker 4: sort of work through when you're doing this. But again,
• 17:59
  Speaker 4: you know, the whole idea here is, you know, yes,
• 18:01
  Speaker 4: they're a good deed, but I think of a lot
• 18:03
  Speaker 4: of other things, probably more planning could have been done.
• 18:06
  Speaker 4: But we got to look at this not just from
• 18:09
  Speaker 4: this perspective, but I think about it from even a
• 18:12
  Speaker 4: nursing home perspective and what these transfers could cause in
• 18:17
  Speaker 4: other ways. So we're going to talk about that. But folks, here,
• 18:20
  Speaker 4: like the other case, a trust might have been a
• 18:23
  Speaker 4: better approach. Question is which trust?
• 18:26
  Speaker 3: Hot?
• 18:27
  Speaker 4: If I hit trust on an online I'm going to get,
• 18:29
  Speaker 4: you know, five million.
• 18:30
  Speaker 2: Hits, way more than that.
• 18:32
  Speaker 3: Yeah, you're right.
• 18:34
  Speaker 4: I'm going to give you the top eight estate planning
• 18:36
  Speaker 4: trust in this guide from irrevocable to revocable, to gifting trust,
• 18:40
  Speaker 4: to medicaid trust to pool trusts. You got Nominee realty trusts.
• 18:44
  Speaker 4: In here, you've got special needs trust if you have
• 18:47
  Speaker 4: a special needs child. Folks, estate planning is important, and
• 18:52
  Speaker 4: choosing the right trust is even more important. Get the
• 18:56
  Speaker 4: guide eight six six eight four eight five six nine
• 19:00
  Speaker 4: nine or Legal Exchange show dot com and figure out
• 19:03
  Speaker 4: which one's right for you eight six six eight four
• 19:06
  Speaker 4: eight five six ninety nine or Legal Exchange show dot com.
• 19:11
  Speaker 4: And you can also go to Cushing, Dole and PC
• 19:13
  Speaker 4: our Instagram page for more information. So I when I
• 19:19
  Speaker 4: get to the tips and lessons of this, I thought
• 19:22
  Speaker 4: about it from a little different perspective. I think the
• 19:24
  Speaker 4: case is pretty pretty clear. You have an in home
• 19:27
  Speaker 4: care provider who used money to provide care for mom.
• 19:31
  Speaker 3: That's not really a.
• 19:32
  Speaker 4: Planning issue, so there's nothing really to tell me what
• 19:35
  Speaker 4: they should have done differently. They had the power of attorney,
• 19:37
  Speaker 4: they had the healthcare proxy. Those are all the right
• 19:40
  Speaker 4: documents that existed or should exist for her to provide
• 19:44
  Speaker 4: care for her mom, access her account with the power
• 19:47
  Speaker 4: of attorney pay bills. So I think they did things right. Here,
• 19:51
  Speaker 4: and so there's not a lot of lessons to learn.
• 19:54
  Speaker 4: But I think you even need to think about it
• 19:56
  Speaker 4: a little bit in more detail about medicare, because while
• 20:02
  Speaker 4: Laurie is doing the right thing, she might not be
• 20:06
  Speaker 4: thinking that doing the right thing might be hurting their
• 20:10
  Speaker 4: chances to protect assets since there's no way or of
• 20:12
  Speaker 4: vocable trust here to protect assets in the event mom's
• 20:16
  Speaker 4: health declined to a degree that she had to go
• 20:20
  Speaker 4: to a nursing home before she died.
• 20:22
  Speaker 2: Right, because that could certainly get to the point where
• 20:24
  Speaker 2: it's medically necessary to have her go into a nursing
• 20:27
  Speaker 2: home and not be able to stay at home with her.
• 20:29
  Speaker 3: That's exactly right.
• 20:30
  Speaker 4: Yeah, So so you know, and so I think those
• 20:33
  Speaker 4: are the kind of things you need to think about.
• 20:35
  Speaker 4: So let me talk about that. But before I do,
• 20:36
  Speaker 4: just remember, Yes, the power of attorney here, I like it.
• 20:39
  Speaker 4: You're a fiduciary. You're protected from things like claims as
• 20:44
  Speaker 4: long as you act, you know, in a fiduciary capacity.
• 20:48
  Speaker 4: So but it's always dangerous. You could have somebody you
• 20:51
  Speaker 4: know suing you. And if someone's going to sue you
• 20:53
  Speaker 4: and you're worried about being sued, you know, go get
• 20:55
  Speaker 4: a guardianship. If you knew your brother or your sibling
• 20:58
  Speaker 4: is one of these people that.
• 21:00
  Speaker 2: That are unhinged.
• 21:01
  Speaker 4: Yeah, you know, go get a conservatorship and dump the
• 21:04
  Speaker 4: guardianship or the dump the power of attorney and now
• 21:07
  Speaker 4: you have the court watching over you. But I do think,
• 21:10
  Speaker 4: as a matter of course, even when you're doing this,
• 21:13
  Speaker 4: just as a regular matter of course, keep an accounting,
• 21:16
  Speaker 4: keep a good record, have receipts. It will never hurt you.
• 21:21
  Speaker 4: And that way you don't have to maybe get the
• 21:22
  Speaker 4: guardianship or the conservatorship if you're going to really take
• 21:26
  Speaker 4: good records. So again, all that is fine, but remember
• 21:30
  Speaker 4: when you're doing this, what if what if mom said,
• 21:33
  Speaker 4: you know what, Laurie, I want to pay you, and
• 21:36
  Speaker 4: some of the money you were taking out of her
• 21:38
  Speaker 4: account was actually because you didn't spend it on somebody else.
• 21:43
  Speaker 4: It was for you, for the services you're providing.
• 21:46
  Speaker 2: And she was probably in a position to do just.
• 21:48
  Speaker 4: That, right, And so how this money moves from a
• 21:51
  Speaker 4: medicaid if she declines and needed nursing home care and
• 21:55
  Speaker 4: you couldn't take care of her anymore, and there's no
• 21:57
  Speaker 4: trust in place, and you want to protect assets, these
• 22:01
  Speaker 4: transactions could be considered disqualifying transactions, thereby really putting a
• 22:07
  Speaker 4: hard stop on your ability to.
• 22:09
  Speaker 2: Apply for medicaid.
• 22:10
  Speaker 4: For medicaid, right, So so from a medicaid perspective, be
• 22:14
  Speaker 4: careful when you're doing this. So what I would do
• 22:17
  Speaker 4: is is, you know, make sure you have the actual records,
• 22:21
  Speaker 4: so you could say I took ten dollars out, I
• 22:23
  Speaker 4: bought this for her, and you could tick and tie
• 22:27
  Speaker 4: each one of these expenses. But the ones that might
• 22:31
  Speaker 4: have come out that you don't have, you know, support for,
• 22:35
  Speaker 4: or maybe they were to pay you, make sure you
• 22:38
  Speaker 4: set up a personal care contract because any money that
• 22:42
  Speaker 4: comes out that you can't justify when you're applying for
• 22:46
  Speaker 4: medicaid is simply going to look like a gift from
• 22:48
  Speaker 4: mom to you, and it's going to be considered a
• 22:51
  Speaker 4: disqualifying transfer and you're going to be denied the ability
• 22:54
  Speaker 4: to apply for Medicaid for a period of time and
• 22:57
  Speaker 4: an eligibility period that is calculated based on the amount
• 23:02
  Speaker 4: of money that was transferred. To prevent that and to
• 23:07
  Speaker 4: get paid, which you probably should be if mom wants
• 23:10
  Speaker 4: to do it, put together a personal care contract, put
• 23:13
  Speaker 4: in there the hours that you're working, the rate of
• 23:16
  Speaker 4: pay that you're getting, how you're getting paid, and you
• 23:20
  Speaker 4: know most importantly report this on your income tax return.
• 23:25
  Speaker 4: All of those things, Oh, the type of duties that
• 23:28
  Speaker 4: you're doing. List all of this in your contract, and
• 23:31
  Speaker 4: that is going to cleanse it from being a gift.
• 23:35
  Speaker 4: It's now services rendered and you won't be creating disqualifying
• 23:40
  Speaker 4: transfers for MEDICAIDS. So personal care contract there would be needed. Folks,
• 23:45
  Speaker 4: back to the main idea, though no trust was done
• 23:48
  Speaker 4: here for them, I think they could have used one.
• 23:50
  Speaker 4: If you haven't done your planning and you want to
• 23:52
  Speaker 4: learn what trust is right for you, get this guide
• 23:55
  Speaker 4: Top eight Estate Planning Trust for You eight six six
• 23:59
  Speaker 4: eight four eight five six ninety nine or Legal Exchange
• 24:03
  Speaker 4: show dot Com again eight six six eight four eight
• 24:07
  Speaker 4: five six nine to nine.
• 24:08
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
• 24:11
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 24:14
  Speaker 2: financial advisor with the Armstrong Advisory Group. Todd will be
• 24:17
  Speaker 2: answering your listener questions when we return to the Legal
• 24:20
  Speaker 2: Exchange with Todd Lutsky.
• 24:23
  Speaker 1: The state planning isn't just about writing a will. The
• 24:26
  Speaker 1: right trust can help your family avoid probate, protect your home,
• 24:29
  Speaker 1: reduce the state taxes, and even help shield assets from
• 24:32
  Speaker 1: the cost of long term care. That's why Cushing and
• 24:35
  Speaker 1: Dolan created a new guide called Demistifying the Top eight
• 24:38
  Speaker 1: Estate Planning Trusts. Inside you'll learn the difference between revocable
• 24:42
  Speaker 1: and irrevocable trusts, why some trusts are designed to protect
• 24:45
  Speaker 1: assets from a nursing home, and how certain trusts can
• 24:47
  Speaker 1: keep your family's affairs private. The guide also explains some
• 24:51
  Speaker 1: of the biggest mistakes families make, including creating trusts but
• 24:54
  Speaker 1: never properly funding them. If you've been putting off of
• 24:57
  Speaker 1: state planning, this guide is a great place to start.
• 25:00
  Speaker 1: Call Cushing and Dolan today at eight sixty six eight
• 25:02
  Speaker 1: four eight five six ninety nine to get your free copy.
• 25:06
  Speaker 1: That's eight sixty six eight four eight five six nine nine,
• 25:09
  Speaker 1: or request it online at Legal exchange show dot com.
• 25:12
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• 25:14
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan in
• 25:16
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 25:19
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 25:22
  Speaker 1: other and are not affiliated.
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  Speaker 3: HI.
• 25:23
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. One
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• 25:39
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• 26:10
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 26:12
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 26:14
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• 26:17
  Speaker 1: your own financial tax into state planning advisors before making
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  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
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• 26:40
  Speaker 1: or request it online at legal exchange show dot com.
• 26:43
  Speaker 1: The proceeding was paid for in The views expressed are
• 26:45
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 26:47
  Speaker 1: or Armstrong Advisory may contact you offering legal investment services.
• 26:50
  Speaker 1: Cushing in Dolan and Armstrong Advisory do not endorse each
• 26:52
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• 27:24
  Speaker 1: You're listening to the Legal Exchange, and it's time for
• 27:27
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:31
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:35
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:39
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:42
  Speaker 2: for you. First question comes from Eric in Dover, mass
• 27:46
  Speaker 2: and Eric writs, before my mother passed in January, she
• 27:50
  Speaker 2: transferred the deed to her home to me, as I'm
• 27:52
  Speaker 2: her only beneficiary. I sold the house in May, and
• 27:56
  Speaker 2: in speaking with my real estate agent, I've learned that
• 27:59
  Speaker 2: it looks like have to use her cost basis when
• 28:01
  Speaker 2: I file my taxes. That would mean a capital gain
• 28:05
  Speaker 2: of around six hundred thousand because she lived in the
• 28:07
  Speaker 2: house and it was not my primary residence. Is there
• 28:10
  Speaker 2: anything I can do at this point to minimize the
• 28:13
  Speaker 2: taxes because I sold it in the same year she died.
• 28:17
  Speaker 3: Yeah, so.
• 28:19
  Speaker 4: There's going to be some silver lining here, only because
• 28:24
  Speaker 4: I'm going to give you a little trick.
• 28:26
  Speaker 2: We love tricks. Get that magic wand going.
• 28:29
  Speaker 4: So what you're going to know, what many people probably
• 28:32
  Speaker 4: aren't aware of is the general Well, let me start.
• 28:36
  Speaker 4: Many people are aware of the general rule. Right, you
• 28:39
  Speaker 4: go to a regular accountant or somebody. Everybody knows the
• 28:43
  Speaker 4: general rule. The general rule is if a house is
• 28:47
  Speaker 4: gifted during life, which it was here, then you do
• 28:52
  Speaker 4: get exactly what he thought he was getting, which is
• 28:55
  Speaker 4: this carryover basis.
• 28:57
  Speaker 2: So if they gift the asset, they're also gifting their
• 29:01
  Speaker 2: own cost base.
• 29:02
  Speaker 3: Their own cost passes.
• 29:03
  Speaker 4: So let's just say the house is worth a million,
• 29:07
  Speaker 4: and she paid two hundred long long ago. The gain
• 29:11
  Speaker 4: is eight hundred thousand. The difference between the million and
• 29:15
  Speaker 4: the carryover basis that was given to the kid when
• 29:18
  Speaker 4: the house was given to him makes sense. That's the
• 29:23
  Speaker 4: general rule. He would have two options. Well, one option
• 29:27
  Speaker 4: is live there for two years and make it your
• 29:31
  Speaker 4: primary residence and at least get a two hundred and
• 29:33
  Speaker 4: fifty or five hundred thousand dollars exclusion if you're married,
• 29:36
  Speaker 4: to help reduce that eight hundred thousand dollars gain. That's
• 29:41
  Speaker 4: not really a good option, or it sounds like he's
• 29:46
  Speaker 4: ready to sell it right away because he just wants
• 29:48
  Speaker 4: to do if he's going to sell it now, the
• 29:53
  Speaker 4: argument you make, and you can just put this on
• 29:56
  Speaker 4: your income tax return, right, you're going to have to
• 29:58
  Speaker 4: file an income tax You're going to get a ten
• 30:01
  Speaker 4: ninety nine S.
• 30:02
  Speaker 3: You're just going to.
• 30:03
  Speaker 4: Report this as sale proceeds basis equal to sale proceeds
• 30:11
  Speaker 4: gain zero.
• 30:12
  Speaker 2: How can you do that?
• 30:13
  Speaker 3: So the way you do.
• 30:14
  Speaker 4: That, and the reason you do that is these facts
• 30:17
  Speaker 4: seem to indicate that mom continued to live there even
• 30:22
  Speaker 4: though she gave away the house. Yes, she lived there,
• 30:25
  Speaker 4: She paid the bills. It was like it was her
• 30:27
  Speaker 4: house even though she gave it away.
• 30:30
  Speaker 2: Yes.
• 30:31
  Speaker 4: So in nineteen seventy one there wasn't a case called
• 30:34
  Speaker 4: the Estate of Gwen, and that case said that if
• 30:39
  Speaker 4: you give away something, even though you don't own it
• 30:42
  Speaker 4: legally at all, if you continue to live there, pay
• 30:47
  Speaker 4: the bills, enjoy what you gave away, you did not
• 30:52
  Speaker 4: give it away. The Internal Revenue Code twenty thirty six says,
• 30:56
  Speaker 4: if you give something away and you retain what she
• 30:59
  Speaker 4: didn't legally retained, but if you retain the right to
• 31:03
  Speaker 4: live there, the right to income, the right to enjoy
• 31:06
  Speaker 4: or control what you gave away. Then the government pulls
• 31:10
  Speaker 4: it back into your estate because you didn't cut the string. Well,
• 31:14
  Speaker 4: the government in this case said, because you didn't legally
• 31:18
  Speaker 4: retain it, you had an implied life estate because you
• 31:22
  Speaker 4: did continue to live there as if you had retained
• 31:26
  Speaker 4: a life estate, and you did in fact enjoy the
• 31:29
  Speaker 4: use of that property. Therefore it's included in your estate
• 31:34
  Speaker 4: and you get a full step up in basis nice.
• 31:37
  Speaker 2: So Eric, a state of Gwen.
• 31:39
  Speaker 4: So a state of Gwen, and just put that down
• 31:41
  Speaker 4: and know that's in your back pocket if you have
• 31:43
  Speaker 4: to defend that when the time comes.
• 31:46
  Speaker 2: I can't imagine how many people have paid taxes not knowing.
• 31:50
  Speaker 3: About that all the time. So there you go.
• 31:54
  Speaker 4: That's a better But again, giving assets away not my
• 31:57
  Speaker 4: favorite thing to do, folks. It only creates problems. In
• 32:00
  Speaker 4: this case, Eric's just lucking out instead of doing things
• 32:04
  Speaker 4: like that. Get a trust, get your estate plan in place.
• 32:07
  Speaker 4: Learn what trust is right for you. Top eight Updated plan.
• 32:12
  Speaker 4: This is a new updated guide. We've added another trust.
• 32:15
  Speaker 4: Top eight estate planning trusts for you. Again googling and
• 32:19
  Speaker 4: you're going to get millions. These are the ones I
• 32:21
  Speaker 4: think are probably most likely used for people. If you've
• 32:25
  Speaker 4: not done your planning, get it. If you've done it,
• 32:27
  Speaker 4: need to switch. Might be something in here for you.
• 32:31
  Speaker 4: From revocable to irrevocable to special needs trusts folks, nominee,
• 32:36
  Speaker 4: realty trusts, all kinds eight six six eight four eight
• 32:41
  Speaker 4: five six ninety nine or Legal Exchange Show dot com
• 32:45
  Speaker 4: again eight six six eight four eight five six nine
• 32:49
  Speaker 4: nine or Legal Exchange Show dot com. And you can
• 32:52
  Speaker 4: always go to Cushing, Dole and PC our Instagram page
• 32:55
  Speaker 4: for more information.
• 32:57
  Speaker 2: Our last question comes from Tracy and Attleborough. Man, my
• 33:00
  Speaker 2: assets are in a revocable trust and I'm considering now
• 33:04
  Speaker 2: creating an eerrevocable trust. What happens if the look back
• 33:07
  Speaker 2: period is ever extended or the estate tax exemptions are
• 33:11
  Speaker 2: changed in the future. Also, should I wait to do
• 33:15
  Speaker 2: my trust planning because I'm relocating to Florida next year?
• 33:18
  Speaker 2: Would my irrevocable trust be a waste if I do
• 33:21
  Speaker 2: it before I move?
• 33:23
  Speaker 3: Wow?
• 33:24
  Speaker 4: How many questions were only allowed one question?
• 33:27
  Speaker 2: No, the people want to know. There's a lot of
• 33:29
  Speaker 2: questions people want to know.
• 33:31
  Speaker 4: So let's try to run through these. So she's got
• 33:34
  Speaker 4: a revocable might want to switch to an irrevocable. You're
• 33:37
  Speaker 4: certainly allowed to do that. So you know, if that's
• 33:41
  Speaker 4: the right thing for you at this stage of your life,
• 33:45
  Speaker 4: and you want to now start a five year lookback
• 33:47
  Speaker 4: period running to protect assets from the nursing home, it
• 33:53
  Speaker 4: is not a huge complication at all to switch from
• 33:56
  Speaker 4: a revocable to an irrevocable. Trust the men the one
• 34:00
  Speaker 4: you have, get a brand new trust. Don't play that
• 34:05
  Speaker 4: amendment game.
• 34:06
  Speaker 3: You will screw it up. So get a new trust.
• 34:10
  Speaker 4: Well, what happens if the look back period's extended. The
• 34:14
  Speaker 4: first question would be that you know, if you do
• 34:16
  Speaker 4: it today, we know that the look back period is
• 34:19
  Speaker 4: five years. If they change it in the future, History
• 34:24
  Speaker 4: as our guide, you would be grandfathered in with your
• 34:27
  Speaker 4: five years because you already made the gift. Okay, they
• 34:31
  Speaker 4: can't go back and reset your clock because the gift
• 34:35
  Speaker 4: was already completed.
• 34:37
  Speaker 2: They already did that once where they switched from three
• 34:39
  Speaker 2: years to five years.
• 34:40
  Speaker 4: And they were grandfathered in. Okay, So that's a good point.
• 34:43
  Speaker 4: So again History as our guide, don't worry about that.
• 34:47
  Speaker 3: You know.
• 34:47
  Speaker 4: The next question is what about if the exemptions change well,
• 34:51
  Speaker 4: it doesn't matter, right. Exemptions do change all the time.
• 34:56
  Speaker 4: They've been changing six ways to Sunday, especially since like
• 34:59
  Speaker 4: two thousand one, and really from twenty ten on.
• 35:03
  Speaker 3: So the bottom line is that.
• 35:05
  Speaker 4: You get your you get your exemption whatever it is,
• 35:11
  Speaker 4: whenever you die.
• 35:12
  Speaker 2: So the trusts have formulas in there. It's not a
• 35:16
  Speaker 2: set amount when you actually create it is not okay.
• 35:19
  Speaker 4: It's going to fluctuate on the date of death. You
• 35:22
  Speaker 4: get whatever the state or whatever the federal exemption is.
• 35:25
  Speaker 4: So don't worry about that.
• 35:27
  Speaker 2: So she's moving to Florida next year, should she wait
• 35:30
  Speaker 2: to put her trust in place?
• 35:32
  Speaker 3: So? I would not. I would not wait. Again.
• 35:36
  Speaker 4: I don't know how old you are, but I'm thinking,
• 35:38
  Speaker 4: no matter what, why regardless of my age. If I
• 35:41
  Speaker 4: know I'm ready to now do nursing home planning and
• 35:44
  Speaker 4: I'm switching to this irrevocable trust and I want to
• 35:47
  Speaker 4: get my five year clock started, I would put my
• 35:51
  Speaker 4: house in and whatever money I want to put into
• 35:54
  Speaker 4: that irrevocable trust right now. And if I move in
• 35:58
  Speaker 4: a year, year and a half whatever, and not everybody
• 36:00
  Speaker 4: always does what they say. But if you moved in
• 36:03
  Speaker 4: like two years, you would sell the house from the trust,
• 36:08
  Speaker 4: money would go in, and then a new house would
• 36:11
  Speaker 4: come in. Money would go out, and a new house
• 36:12
  Speaker 4: would come in, and you could buy that house in
• 36:15
  Speaker 4: Florida in the same trust.
• 36:17
  Speaker 2: Does that restart the five year clock?
• 36:20
  Speaker 3: It does not.
• 36:20
  Speaker 4: And so as long as you're, like I say, you're
• 36:22
  Speaker 4: using the money from the sale proceeds of the first
• 36:26
  Speaker 4: sale to buy the house of the new one, it
• 36:29
  Speaker 4: is not going to reset. So I guess the point
• 36:31
  Speaker 4: that's being begged here is why waste your two years
• 36:36
  Speaker 4: when you could have that clock running and still move Folks.
• 36:41
  Speaker 4: This is just two trusts that were listed revocable and irrevocable.
• 36:45
  Speaker 4: Call and learn about the top eight estate planning trusts
• 36:49
  Speaker 4: eight six six eight four eight five six nine nine
• 36:53
  Speaker 4: or Legal Exchange Show dot com. Pick which trust is
• 36:57
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• 37:03
  Speaker 4: or Legal Exchange Show dot com and you can download
• 37:06
  Speaker 4: the guide right there.
• 37:08
  Speaker 2: If you have a question you would like to ask Todd,
• 37:11
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:14
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:17
  Speaker 2: read your question on the air, and hopefully his answer
• 37:19
  Speaker 2: will stop you from becoming one of his next real
• 37:22
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:26
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:30
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:33
  Speaker 2: back with more after this quick break on the legal
• 37:36
  Speaker 2: exchange with Todd Ludski.
• 37:38
  Speaker 1: The state planning isn't just about writing a will. The
• 37:41
  Speaker 1: right trust can help your family avoid probate, protect your home,
• 37:44
  Speaker 1: reduce the state taxes, and even help shield assets from
• 37:47
  Speaker 1: the cost of long term care. That's why cushingan Dolan
• 37:50
  Speaker 1: created a new guide called Demistifying the Top eight Estate
• 37:53
  Speaker 1: Planning Trusts. Inside you'll learn the difference between revocable and
• 37:57
  Speaker 1: irrevocable trusts, why some trusts are designed to protect assets
• 38:00
  Speaker 1: from a nursing home, and how certain trusts can keep
• 38:03
  Speaker 1: your family's affairs private. The guide also explains some of
• 38:06
  Speaker 1: the biggest mistakes families make, including creating trusts but never
• 38:10
  Speaker 1: properly funding them. If you've been putting off a state planning,
• 38:13
  Speaker 1: this guide is a great place to start. Call Cushing
• 38:16
  Speaker 1: and Dolan today at eight sixty six eight four eight
• 38:18
  Speaker 1: five six ninety nine to get your free copy. That's
• 38:21
  Speaker 1: eight sixty six eight four eight five six nine nine,
• 38:24
  Speaker 1: or request it online at legal exchange show dot com.
• 38:27
  Speaker 1: The proceeding was paid for in The views expressed are
• 38:29
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 38:31
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 38:34
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 38:37
  Speaker 1: other and are not affiliated.
• 38:38
  Speaker 2: This is Susan Powers from the Armstrong Advisory Group. When
• 38:41
  Speaker 2: it comes to social security and Medicare, the decisions you
• 38:43
  Speaker 2: make today can have a lasting impact on your retirement.
• 38:46
  Speaker 2: There are key choices to consider, like when to claim,
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• 39:03
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• 39:06
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• 39:08
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• 39:11
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• 39:14
  Speaker 2: by calling eight hundred three nine three for zero zero one.
• 39:18
  Speaker 2: That's eight hundred three nine three for zero zero one
• 39:21
  Speaker 2: or register online at Armstrong Advisory dot com.
• 39:24
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:27
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:29
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:32
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 39:35
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:37
  Speaker 1: advisory services. Without the right of state plan your family
• 39:41
  Speaker 1: could face unnecessary costs in the future. The right trust
• 39:43
  Speaker 1: may help your loved ones avoid probate and better protect
• 39:46
  Speaker 1: family assets. Get kushingin Dolan's new guide called be Mystifying
• 39:49
  Speaker 1: the Top eight of State Planning Trusts by calling eight
• 39:51
  Speaker 1: six six eight four eight five six nine nine that's
• 39:54
  Speaker 1: eight sixty six eight four eight five six nine nine,
• 39:56
  Speaker 1: or request it online at Legal exchange show dot com.
• 39:59
  Speaker 1: The proceeding was paid when the views expressed or solely
• 40:01
  Speaker 1: those of Cushing and Dolan. Cushingan Dolan, and or Armstrong
• 40:03
  Speaker 1: Advisory may contact you offering legal or investment services. Cushingon
• 40:06
  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
• 40:08
  Speaker 1: are not affiliated. Every mile can make a difference for
• 40:11
  Speaker 1: a Massachusetts veteran. The DAV five K Boston returns to
• 40:15
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• 40:18
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• 40:29
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• 40:33
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• 40:37
  Speaker 1: k dot Boston. Your tune to the Legal Exchange with
• 40:42
  Speaker 1: Todd Lutsky. If you are a loved one needs a
• 40:44
  Speaker 1: nursing homestay, call Todd right now at eight six six
• 40:47
  Speaker 1: eight four eight five six nine nine and let him
• 40:49
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• 40:52
  Speaker 1: eight for eight five six nine nine, or visit him
• 40:55
  Speaker 1: online at Legal Exchange show dot com.
• 40:59
  Speaker 2: Welcome back back into the Legal Exchange with Todd Lutsky.
• 41:02
  Speaker 2: I'm Susan Powers, a financial advisor the Armstrong Advisory Group,
• 41:06
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:09
  Speaker 2: with a law firm of Cushing and Dolan with a
• 41:12
  Speaker 2: master's in taxation. So Todd I was meeting with a
• 41:16
  Speaker 2: client this past week and we were viewing what they
• 41:20
  Speaker 2: had for insurance. They have some whole life insurance. And
• 41:27
  Speaker 2: in terms of insurance and how it fits in with
• 41:30
  Speaker 2: your estate plan, it's kind of a tricky asset, it is.
• 41:34
  Speaker 2: And your guide includes information on irrevocable life insurance trusts,
• 41:41
  Speaker 2: both first to die and second to die. When we
• 41:45
  Speaker 2: talk about irrevocable trusts, you mentioned in the beginning of
• 41:48
  Speaker 2: the show today, how many hits you get when you
• 41:51
  Speaker 2: type in the word airevocable trust.
• 41:54
  Speaker 3: Yeah.
• 41:55
  Speaker 2: So normally we talk about those Medicaid qualified income only
• 42:00
  Speaker 2: vocable trust for protecting from the nursing home. How are
• 42:03
  Speaker 2: these life insurance trust different from the Medicaid trust that
• 42:08
  Speaker 2: we talk about all the time.
• 42:09
  Speaker 3: Yeah.
• 42:09
  Speaker 4: I think you're right to mention that the number of
• 42:12
  Speaker 4: hits you get on the internet not just if you
• 42:16
  Speaker 4: and you want to clarify, I said, a state planning
• 42:19
  Speaker 4: and you get huge, right, and then if you you
• 42:21
  Speaker 4: get not only revocable trust, but irrevocable trust. And then
• 42:24
  Speaker 4: within the irrevocable trust category, there's many different kinds of
• 42:30
  Speaker 4: irrevocable trust. It's not just one irrevocable trust. And so
• 42:35
  Speaker 4: I think that's the confusion part people listen to it
• 42:37
  Speaker 4: that maybe lay people would say, well, I just hear
• 42:40
  Speaker 4: the word irrevocable, and I think that's that's that's the
• 42:43
  Speaker 4: one trust, that's the one kind of trust that there is.
• 42:47
  Speaker 4: So let's you're asking me about life insurance, so let's
• 42:50
  Speaker 4: specifically focus on that. So a life insurance trust is irrevocable.
• 42:56
  Speaker 4: It's designed to be a grand tour trust. So we've
• 43:00
  Speaker 4: heard that lots of times where even though it's irrevocable,
• 43:04
  Speaker 4: you still pay the income tax on any income if
• 43:07
  Speaker 4: there is any generated by that particular trust.
• 43:11
  Speaker 2: Just like your medicaid trust.
• 43:12
  Speaker 3: Just like my medicaid trust.
• 43:13
  Speaker 4: However, the assets that you put into this irrevocable life
• 43:19
  Speaker 4: insurance trust, and let's say it's life insurance. But I
• 43:21
  Speaker 4: don't want people to feel that that's the only item
• 43:26
  Speaker 4: that can go in these trusts. So let's say we
• 43:28
  Speaker 4: put in life insurance, and that's a completed gift. So
• 43:35
  Speaker 4: unlike the medicaid right, this is a completed gift. Yet
• 43:40
  Speaker 4: it's still a grant to our trust, which make people
• 43:42
  Speaker 4: say oh okay. And it's designed to keep the asset
• 43:47
  Speaker 4: out of the estate.
• 43:48
  Speaker 2: Out of your taxable estate correct.
• 43:51
  Speaker 4: Probate, taxable gross estate. It's designed completely to keep the
• 43:56
  Speaker 4: assets out of the estate, unlike the Medicaid trust, which
• 44:02
  Speaker 4: is included those assets in the estate. So I think
• 44:06
  Speaker 4: that's a big difference.
• 44:07
  Speaker 2: Huge difference. So with the Medicaid trust, we know, you know,
• 44:11
  Speaker 2: there's a clock that runs with that that takes five
• 44:14
  Speaker 2: years to get. Really the biggest benefit of those Medicaid
• 44:17
  Speaker 2: your evocable trust, which is to protect from nursing home.
• 44:20
  Speaker 2: Is there a clock on these life insurance trusts? Or
• 44:22
  Speaker 2: can you be on your deathbedd and say, hey, I'm
• 44:24
  Speaker 2: going to stick my million dollar insurance policy in this
• 44:27
  Speaker 2: so it's not included in my estate when I die.
• 44:29
  Speaker 3: Yeah.
• 44:30
  Speaker 4: You would think the government would be onto that kind
• 44:33
  Speaker 4: of thing, and they are, bang it.
• 44:37
  Speaker 3: They are.
• 44:38
  Speaker 4: So while it's a completed gift to the trust of
• 44:42
  Speaker 4: your existing policy, when you're transferring your existing policies to
• 44:47
  Speaker 4: these trusts, you do need to live three years, okay
• 44:52
  Speaker 4: in order for it, not five, but three in order
• 44:55
  Speaker 4: for the death benefit. And remember that's why you're doing this.
• 44:57
  Speaker 4: If you put like a five million dollar see into
• 45:00
  Speaker 4: this trust, you don't want that to.
• 45:02
  Speaker 3: Be subject to a state tax when you die.
• 45:05
  Speaker 4: I mean, that's one item would put you way over
• 45:08
  Speaker 4: the Massachusetts number just by itself. So you want it
• 45:12
  Speaker 4: to be estate tax free, and it will be as
• 45:17
  Speaker 4: long as you die after you put it in and
• 45:20
  Speaker 4: lived three years. Okay, folks, that's just some of how
• 45:26
  Speaker 4: an irrevocable life insurance trust works. There's still a lot
• 45:29
  Speaker 4: more to learn about those. There's nominee realty trusts in
• 45:33
  Speaker 4: this guide. There's revocable trusts. There's the Medicaid income only
• 45:39
  Speaker 4: irrevocable trust very different than these. What about special needs
• 45:43
  Speaker 4: trust for folks? You know, folks, there's the updated guide
• 45:48
  Speaker 4: now has the top eight estate planning trusts. If you
• 45:53
  Speaker 4: need to get your plan done in order, this might
• 45:56
  Speaker 4: be the best guide to help you pick the trust
• 45:59
  Speaker 4: that's right for you. So call and get it eight
• 46:02
  Speaker 4: six six eight four eight five six ninety nine or
• 46:06
  Speaker 4: Legal Exchange Show dot com again eight six six eight
• 46:10
  Speaker 4: four eight five six ninety nine or Legal Exchange Show
• 46:14
  Speaker 4: dot com and you can download it right there. Also, folks,
• 46:18
  Speaker 4: you could go to Cushing dolean PC our Instagram page
• 46:21
  Speaker 4: for more information.
• 46:23
  Speaker 2: So, Todd is it anyone that owns life insurance? Should
• 46:27
  Speaker 2: consider getting this irrevocable Life insurance trust at any level,
• 46:32
  Speaker 2: Like who should consider using this?
• 46:35
  Speaker 4: So I think you should look at the death benefit
• 46:38
  Speaker 4: on the policy. You know, is it a million, is
• 46:40
  Speaker 4: it five hundred thousand, is it two million? I think
• 46:44
  Speaker 4: if if when you add the death benefit to the
• 46:49
  Speaker 4: rest of your assets, yep, and you find yourself in
• 46:53
  Speaker 4: a taxable estate situation, I know, federal versus state. Obviously
• 46:59
  Speaker 4: federal it's a lot bigger exemption.
• 47:01
  Speaker 2: Now your tax bill, you.
• 47:02
  Speaker 4: Know, certainly if it pushes you over the federal exemption,
• 47:06
  Speaker 4: you should get it out of your estate. Right But
• 47:08
  Speaker 4: you know what, if I've got a six or seven
• 47:12
  Speaker 4: million dollar estate in Massachusetts and I've got a two
• 47:15
  Speaker 4: or three million dollar policy that's making that six or
• 47:18
  Speaker 4: seven million, getting that out of the estate will save
• 47:21
  Speaker 4: a lot of mass estate tax. So there's also a
• 47:24
  Speaker 4: benefit to saving mass estate tax. Set up the irrevocable
• 47:29
  Speaker 4: Life Insurance trust, transfer your existing policy in there, live
• 47:33
  Speaker 4: your three years, and go on your way.
• 47:36
  Speaker 2: So is you made a mention that these aren't just
• 47:42
  Speaker 2: for life insurance, even though there's life insurance in the title,
• 47:47
  Speaker 2: what other assets would you put into them?
• 47:49
  Speaker 4: I mean from a gifting standpoint. Remember everything that goes
• 47:52
  Speaker 4: in these trusts are our items that we don't want
• 47:56
  Speaker 4: taxable in our estate, which means we first of all
• 48:00
  Speaker 4: have a taxable estate. So if we do and we
• 48:03
  Speaker 4: want to get assets out, you can put them in there.
• 48:06
  Speaker 4: So for example, let's say the life insurance premium is
• 48:10
  Speaker 4: say I have three kids, and the life insurance premium
• 48:13
  Speaker 4: is twenty grand.
• 48:16
  Speaker 3: Well, remember you.
• 48:17
  Speaker 4: Can gift to this trust nineteen thousand dollars per year
• 48:20
  Speaker 4: per beneficiary, so three kids without ever filing a gift
• 48:27
  Speaker 4: tax return or using up your gift tax exemption at all.
• 48:30
  Speaker 2: So instead of the folks out there that give their
• 48:33
  Speaker 2: kids a check for nineteen grand, they would give a
• 48:36
  Speaker 2: check kind of earmarked for them into this trust, or
• 48:38
  Speaker 2: you just.
• 48:39
  Speaker 3: Gift it to the trust.
• 48:39
  Speaker 4: The trust is designed to take care of perhaps mom
• 48:43
  Speaker 4: and the kids if it's a first to die policy,
• 48:45
  Speaker 4: but if it's a second to die insurance trust, then
• 48:49
  Speaker 4: it's really just designed for the kids. And so either way,
• 48:52
  Speaker 4: if you know you put nineteen times three, your spouse
• 48:56
  Speaker 4: can do nineteen times three.
• 48:57
  Speaker 2: See you get you know, one hundred and twenty grand almost.
• 49:00
  Speaker 4: I mean, that's not a bad deal of it's an
• 49:03
  Speaker 4: easy way to slowly move money out of the estate
• 49:06
  Speaker 4: without having to file or use up any of your
• 49:09
  Speaker 4: things at all. And if you have more money and
• 49:11
  Speaker 4: you want to make bigger gifts, you can So it
• 49:13
  Speaker 4: can be portfolios, it can be cash, it could be
• 49:15
  Speaker 4: real estate. There's really no limit to what you put in.
• 49:19
  Speaker 4: But don't just do this. Get some guidance on what
• 49:22
  Speaker 4: to put in and how and when.
• 49:23
  Speaker 2: Do you have access to any of that money afterwards?
• 49:26
  Speaker 2: Or it's gone, it's out of your hands. You can
• 49:28
  Speaker 2: never get back to it again.
• 49:30
  Speaker 4: So let's say it's a first to die, it's on
• 49:34
  Speaker 4: my life. Well, my wife's going to be trustee and
• 49:37
  Speaker 4: that's okay. And my wife's going to be a beneficiary
• 49:40
  Speaker 4: along with the kids, and.
• 49:42
  Speaker 3: That's also okay.
• 49:44
  Speaker 4: So during my life, if all I'm putting in there
• 49:46
  Speaker 4: is life insurance, I don't really need access to it,
• 49:49
  Speaker 4: there's nothing to get. But when I pay out when
• 49:52
  Speaker 4: I die and there's money in there, well now it's
• 49:54
  Speaker 4: available to the beneficiaries, who could be the spouse and
• 49:59
  Speaker 4: the kids. So that's a great way to provide income
• 50:04
  Speaker 4: and estate tax free money to them, and you've kept
• 50:08
  Speaker 4: control over it during your life if you want to
• 50:11
  Speaker 4: no taxes completed gift by you, though, folks call and
• 50:15
  Speaker 4: get the guide. There's eight new top eight estate planning
• 50:19
  Speaker 4: trusts for you from Nominee Realty Trusts all the way
• 50:21
  Speaker 4: to these irrevocable life insurance trusts. They also explain how
• 50:25
  Speaker 4: all the taxes are handled, the estate planning pieces, how
• 50:28
  Speaker 4: they work day to day.
• 50:30
  Speaker 3: Get started on your plan.
• 50:31
  Speaker 4: Pick the trust that's right for you eight six six
• 50:35
  Speaker 4: eight four eight five six ninety nine or Legal Exchange
• 50:39
  Speaker 4: show dot Com again eight six six eight four eight
• 50:42
  Speaker 4: five six nine to nine.
• 50:44
  Speaker 2: Todd Letsky from the law firm of Cushing in Dolan,
• 50:46
  Speaker 2: thank you so much.
• 50:47
  Speaker 4: Thank you, Susan. Always a pleasure.
• 50:49
  Speaker 2: I'm Susan Power as a financial advisor with the Armstrong
• 50:52
  Speaker 2: Advisory Group. We thank you for joining us today and
• 50:55
  Speaker 2: we'll be back again next week on the Legal Exchange
• 50:58
  Speaker 2: with Todd Lutske.
• 51:00
  Speaker 1: Estate planning isn't just about writing a will. The right
• 51:03
  Speaker 1: trust can help your family avoid probate, protect your home,
• 51:06
  Speaker 1: reduce estate taxes, and even help shield assets from the
• 51:09
  Speaker 1: cost of long term care. That's why Cushing and Dolan
• 51:12
  Speaker 1: created a new guide called Dmistifying the top eight estate
• 51:15
  Speaker 1: planning trusts. Inside you'll learn the difference between revocable and
• 51:19
  Speaker 1: irrevocable trusts, why some trusts are designed to protect assets
• 51:22
  Speaker 1: from a nursing home, and how certain trusts can keep
• 51:24
  Speaker 1: your family's affairs private. The guide also explains some of
• 51:28
  Speaker 1: the biggest mistakes families make, including creating trusts but never
• 51:31
  Speaker 1: properly funding them. If you've been putting off of state planning,
• 51:34
  Speaker 1: this guide is a great place to start. Call Cushing
• 51:37
  Speaker 1: and Dolan today at eight sixty six eight four eight
• 51:40
  Speaker 1: five six ninety nine to get your free copy. That's
• 51:43
  Speaker 1: eight sixty six eight four eight five six nine nine,
• 51:46
  Speaker 1: or request it online at Legal exchange show dot com.
• 51:49
  Speaker 1: The proceeding was paid for in The views expressed are
• 51:51
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 51:53
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 51:56
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  Speaker 1: Armstrong Guide a specific financial, legal, or tax advice. Consult
• 52:54
  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 services. Without the right of state plan your family
• 53:01
  Speaker 1: could face unnecessary costs in the future. The right trust
• 53:04
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• 53:07
  Speaker 1: family assets. Get Cushing and Dolan's new guide called Demystifying
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  Speaker 1: six six eight four eight five six nine nine. That's
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  Speaker 1: eight six six eight four eight five six nine nine,
• 53:17
  Speaker 1: or request it online at Legal exchange show dot com.
• 53:20
  Speaker 1: The proceeding was paid for in The views expressed are
• 53:21
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan and
• 53:23
  Speaker 1: or Armstrong Advisory may contact you offering legal investment services.
• 53:26
  Speaker 1: Cushing in Dolin and Armstrong Advisory do not endorse each
• 53:28
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• 53:31
  Speaker 1: a commitment to service. This Veterans Day weekend, be part
• 53:35
  Speaker 1: of something meaningful at the DAV five K Boston join
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  Speaker 1: the thousands of runners and walkers at Fort Independence on
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  Speaker 1: Castle Island for a day of community remembrance and gratitude.
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  Speaker 1: Proceeds help fund the programs and services provided by the
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  Speaker 1: Disabled American Veterans Department of Massachusetts. To register or make
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  Speaker 1: a donation, please visit DAV five K dot Boston. That's
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  Speaker 1: DAV five K dot Boston.