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Best practices to leave assets to your beneficiaries · 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: 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
• 0:31
  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:36
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
• 0:50
  Speaker 2: How are you today?
• 0:51
  Speaker 3: I am never better in you?
• 0:53
  Speaker 2: I am great? Thank you. What do you have for
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  Speaker 2: us this week?
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  Speaker 3: Well? As we close in on the end of the month,
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  Speaker 3: we're going to go to Illinois where we have an
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  Speaker 3: appellate Tack Court case dealing with nieces and nephews that
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  Speaker 3: are not named as success or beneficiaries, but do they
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  Speaker 3: have standing to sue? Interesting enough when they are not
• 1:13
  Speaker 3: getting what they think they should be getting. So it's
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  Speaker 3: going to be interesting to see how we play out
• 1:19
  Speaker 3: that string. And then we go to Nebraska for a
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  Speaker 3: Supreme Court case dealing with again who's getting and who's
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  Speaker 3: not getting? Right? How we draft stuff a biological child
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  Speaker 3: that was in which the parents' parental rights were terminated
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  Speaker 3: by the court. Does that biological child have the right
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  Speaker 3: to inherit from the biological parent? Interesting? Lots of stuff
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  Speaker 3: to think about in terms of who gets what, how
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  Speaker 3: they get it, when they get it, why they get it,
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  Speaker 3: and guess what planning can help you control that? Well,
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  Speaker 3: folks along those lines, gifting, same idea, Who gets what,
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  Speaker 3: how they get it, when they get it? Folks, it's
• 2:05
  Speaker 3: the end of the month. Please learn how to gift.
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  Speaker 3: You'll be interested to see in hear that we can
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  Speaker 3: actually discount things. So for larger, higher net worth clients
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  Speaker 3: that want to give away assets, you can discount them
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  Speaker 3: by using LLCs and gifting trusts and non voting shares.
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  Speaker 2: In English, that means less taxes.
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  Speaker 3: Less taxes. Yes, here you get well you can leverage
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  Speaker 3: your your gifting. We talk about examples in here about
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  Speaker 3: what to gift in terms of high bases versus low basis.
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  Speaker 3: Little things you don't think about a life estate. Folks,
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  Speaker 3: you made a gift. You might not have realized it
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  Speaker 3: when you gave away a life estate or set up
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  Speaker 3: a life estate. Sometimes you might even learn in here
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  Speaker 3: there's examples of how to use maybe a medicaid trust
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  Speaker 3: instead of gifting altogether. Gifting might not be for everyone, Folks,
• 2:51
  Speaker 3: get the guide. It's the end of the month eight
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  Speaker 3: six six eight four eight five six nine to nine
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  Speaker 3: or Legal Exchange show dot com. Again, make it the
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  Speaker 3: most of gifting assets eight six six eight four eight
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  Speaker 3: five six nine to nine or Legal Exchange Show dot com.
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  Speaker 3: Let's head over to Illinois. So in this case, in
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  Speaker 3: June of twenty nineteen, Patrick's health starts to fail and decline,
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  Speaker 3: and so he signs a power of attorney giving his
• 3:20
  Speaker 3: sister in law, Dorothy the power of attorney. Well, Dorothy
• 3:25
  Speaker 3: did have another sibling named Larry, So these are the
• 3:28
  Speaker 3: two siblings of Patrick. The Gerbil power of Attorney did
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  Speaker 3: have full power over their Vanguard account and allowed the
• 3:35
  Speaker 3: daughter to change designated beneficiaries, not uncommon. Initially, these beneficiaries
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  Speaker 3: were set up to be equally Dorothy and Larry, but
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  Speaker 3: in twenty eighteen Larry had died already, so in December
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  Speaker 3: of twenty twenty, Dorothy decided to make herself the sole
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  Speaker 3: beneficiary on these Vanguard accounts. Well, in March of twenty
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  Speaker 3: twenty two, Patrick died. There was an IRA account, there
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  Speaker 3: was another regular investment account totaling one million and three
• 4:10
  Speaker 3: million respectively. Well, Larry's kids i e. The nieces and
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  Speaker 3: nephews of Dorothy, they didn't like this idea, so they
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  Speaker 3: filed a claim for a breach of fiduciary duty as
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  Speaker 3: to them from the power of attorney because they now
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  Speaker 3: are disinherited, and so there was a question. Now the
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  Speaker 3: court came back and decided that they denied the motion
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  Speaker 3: because these nieces and nephews they don't have standing, and folks,
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  Speaker 3: in English, that means you don't have the ability to sue.
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  Speaker 3: You just don't have standing.
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  Speaker 2: You're not entitled to an inherited.
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  Speaker 3: You're not entitled right just like I wouldn't be able
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  Speaker 3: to sue your estate if you didn't leave me anything,
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  Speaker 3: which I can't believe you would ever not do. But
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  Speaker 3: if you.
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  Speaker 2: Juary.
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  Speaker 3: Obviously, the kids appealed, or the nieces and nephews appealed,
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  Speaker 3: and they said that they are successors in interest and
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  Speaker 3: therefore they have standing. Well, let's explain what a successor
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  Speaker 3: in interest is. A successor in interest is an individual
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  Speaker 3: that follows another person's ownership interest in the property if
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  Speaker 3: they've died, so their dad died, their a successor in
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  Speaker 3: interest and they.
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  Speaker 2: Would get be next in line.
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  Speaker 3: Well, the appellate court ruled that since these accounts did
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  Speaker 3: not list nieces and nephews as alternate beneficiaries anywhere, they
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  Speaker 3: are in fact not successors in interest, which I totally
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  Speaker 3: agree with ye, and therefore they have no standing to sue,
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  Speaker 3: and the durable power of attorney did not owe them
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  Speaker 3: a fiduciary duty because they are not beneficiaries and they
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  Speaker 3: are out. Sounds harsh talking about four million dollars, but
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  Speaker 3: it's the right result.
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  Speaker 2: We have lots of clients that will specifically say, if
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  Speaker 2: one of my kids dies, want the I want it
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  Speaker 2: to be split by my remaining kids or I wanted
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  Speaker 2: to go to my to their children. Well, they have
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  Speaker 2: to be specific about it.
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  Speaker 3: And that's exactly what those are the tips and lessons. See, Susan,
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  Speaker 3: you're right on que as usual.
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  Speaker 2: Like I've done this for twenty mine.
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  Speaker 3: I know, I know, and so you you're right. Let's
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  Speaker 3: talk about it now. Remember a couple of things to
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  Speaker 3: take away from this is the power of attorney really
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  Speaker 3: has a lot of power. So you've got to be
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  Speaker 3: careful when you draft your powers of attorney. Who you
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  Speaker 3: put on first of all, and what powers you give them.
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  Speaker 3: Do you want to give them the power to change
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  Speaker 3: beneficiaries on your bank accounts and Vanguard accounts and you know,
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  Speaker 3: whatever investment accounts you have. Maybe not, because they can
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  Speaker 3: change your wishes. Sure, you know, maybe your wish what's
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  Speaker 3: to leave it down the line to Larry's kids? You know?
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  Speaker 2: Do you typically allow that power in the power attorneys
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  Speaker 2: that you create for your clients unless they say otherwise, Yeah,
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  Speaker 2: we can beneficiary.
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  Speaker 3: We allow changing of beneficiaries, We allow gifting. Sometimes we
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  Speaker 3: don't allow self dealing, like don't gift to yourself. But
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  Speaker 3: it's really up to the client. How much power does
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  Speaker 3: the client want this person to have. Again, we're all
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  Speaker 3: about flexibility. You just need to be careful, you know,
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  Speaker 3: talking about it. Tell the clients know who you're appointing,
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  Speaker 3: and do you think you know this person is responsible
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  Speaker 3: and will honor their if I dociary duties, you know,
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  Speaker 3: and just be careful. But that's important when you're drafting
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  Speaker 3: it right now. Remember powers of attorney cannot have powers
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  Speaker 3: over a trustee on a trust, So you have the
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  Speaker 3: power over the individual, not over the trustee. So even
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  Speaker 3: if the donor and the trustee are the same person,
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  Speaker 3: you can only do what the donor is allowed to
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  Speaker 3: do in the trust. You cannot act on behalf of
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  Speaker 3: the trustee.
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  Speaker 2: And only in their personal accounts, not in the trust accounts.
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  Speaker 3: And right well, even in terms of what's in the trust,
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  Speaker 3: you can only like if it was an irrevocable trust
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  Speaker 3: in the donor, then wouldn't be able to revoke the trust.
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  Speaker 3: So even though you're the trust you're the power of
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  Speaker 3: attorney over the donor, you wouldn't have that power right
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  Speaker 3: to do what the donor can't do in the trust.
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  Speaker 3: So there's some protection there when you understand that, and
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  Speaker 3: you're absolutely right Susan. Generally, the power of attorney only
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  Speaker 3: has asset only has the ability to access things that
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  Speaker 3: are not in the trust, right.
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  Speaker 2: Because the trustee can't change your mind of how you're
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  Speaker 2: leaving things right.
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  Speaker 3: That's exactly right. The trustee cannot change the dispositive provisions
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  Speaker 3: of a trust. So trusts are very important, and you
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  Speaker 3: could put everything into this trust and then you wouldn't
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  Speaker 3: have had all this problem right, right if it was
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  Speaker 3: in the trust. And as you said, you can actually
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  Speaker 3: draft the trust document in a way that would say
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  Speaker 3: something like, look equally to my siblings, because it sounds
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  Speaker 3: like it sounds like Patrick didn't have any children, so
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  Speaker 3: equally to my siblings. If living otherwise to their kids, right,
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  Speaker 3: then there would then they would be successors in interest,
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  Speaker 3: you see. So that meets the definition of a successor
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  Speaker 3: in interest. So if this document, if they did instead
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  Speaker 3: of this did planning, which I tell people to do
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  Speaker 3: all the time, you can really control your wishes and
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  Speaker 3: once that's set up, the trustee of the trust can't
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  Speaker 3: change that. And so if you're the power of attorney,
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  Speaker 3: you don't have power over the trustee of the trust.
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  Speaker 3: And it allows that bloodline planning to get in, they
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  Speaker 3: would have been successors in interest and they would have
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  Speaker 3: had standing to sue.
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  Speaker 2: And if you decline, no one's changing your wishes. That's right.
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  Speaker 3: So folks planning how you leave asid who gets them,
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  Speaker 3: when they get them, how they get them. Same goes
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  Speaker 3: for gifting. Think about setting up gifting trusts. Maybe rather
• 10:07
  Speaker 3: than gifting things outright to children or beneficiaries of any kind,
• 10:11
  Speaker 3: you can control it that way. Get the Guide eight
• 10:14
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• 10:19
  Speaker 3: Legal Exchange show dot com.
• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
• 10:23
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:30
  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Lutsky.
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  Speaker 2: Welcome back into the legal exchange with Todd Latsky. I'm
• 13:57
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:01
  Speaker 2: and I'm joined by Todd Latsky, a partner with a
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  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where we headed now, Todd.
• 14:09
  Speaker 3: We are headed to the Supreme Court of Nebraska. Wowcitle,
• 14:13
  Speaker 3: I know, super Bowl for me. We're going to deal
• 14:15
  Speaker 3: with Brent who died intestate again without.
• 14:19
  Speaker 2: A will, no planning yep.
• 14:21
  Speaker 3: On May of twenty twenty three, sister in law Tracy,
• 14:27
  Speaker 3: sister in law, which I find interesting, petitioned to appoint
• 14:31
  Speaker 3: herself as PR and listed Brent's dad, mom, and brother
• 14:40
  Speaker 3: as the only heirs. Now, first of all, why are
• 14:42
  Speaker 3: we doing that. We're doing that because when you have
• 14:45
  Speaker 3: no will, the next closest next of kin you have
• 14:49
  Speaker 3: to list all the heirs at law. Beth, however, objected
• 14:54
  Speaker 3: as she claims to be his daughter. Oh yeah. It
• 14:58
  Speaker 3: turns out that in August of nineteen nine, Beth's paternity
• 15:01
  Speaker 3: was established. She is the daughter, but the court terminated
• 15:07
  Speaker 3: Brett's parental rights in July of nineteen ninety two. Oh,
• 15:11
  Speaker 3: it's a soap opress, so something was going on there.
• 15:16
  Speaker 3: He's no longer has parental right. Doesn't sound like necessarily
• 15:19
  Speaker 3: there was a voluntary adopt a voluntary giving up for
• 15:22
  Speaker 3: adoption here, but the same thing, the same effect. Right,
• 15:26
  Speaker 3: when you give someone up for adoption, you terminate your
• 15:29
  Speaker 3: parental rights, So no parental rights. The probate court did
• 15:34
  Speaker 3: not address the parental right issue, but it noticed that
• 15:38
  Speaker 3: nothing in the sections appear to limit her rights to
• 15:42
  Speaker 3: inherit even though the parental rights were terminated because she
• 15:48
  Speaker 3: wants to inherit because Brent died. The law yeah, and
• 15:51
  Speaker 3: the law ye. Look in Nebraska's law. Nebraska's interest again
• 15:54
  Speaker 3: state specific folks, Please don't call and say in Massachusetts,
• 15:57
  Speaker 3: we don't do this, so states Pacific. Well, they went
• 16:03
  Speaker 3: to the appellate court, as you might imagine, and the
• 16:05
  Speaker 3: intestacy laws of Nebraska state that if there's no surviving spouse,
• 16:10
  Speaker 3: then the assets passed to the issue of the decendent. Well,
• 16:14
  Speaker 3: the issue of a male decendent exists if paternity is
• 16:18
  Speaker 3: established before death of the decedent paternity and certainly was
• 16:23
  Speaker 3: established here in nineteen ninety one in this case, and
• 16:27
  Speaker 3: although the statute is clear to limit or extinguish the
• 16:33
  Speaker 3: right of a parent to inherit from a child, when
• 16:37
  Speaker 3: parental rights are terminated, the parent cannot inherit from the child,
• 16:42
  Speaker 3: they do not reflect the ability to limit or extinguish
• 16:46
  Speaker 3: the right of a child to inherit from a parent
• 16:50
  Speaker 3: under the same situation. Therefore, we affirm the a trial
• 16:58
  Speaker 3: court and the daughter.
• 17:00
  Speaker 2: Is in which means she gets it all right.
• 17:04
  Speaker 3: No, she gets to be included in the group of dad, mom,
• 17:09
  Speaker 3: and brother. Before she wasn't listed at all. Okay, so
• 17:13
  Speaker 3: she's included in the group. And they'll have to go
• 17:15
  Speaker 3: through the intestate success and statue to see what percentage
• 17:19
  Speaker 3: goes to who based on.
• 17:21
  Speaker 2: Their statue says, if you have a dad, a mom,
• 17:23
  Speaker 2: a brother, and a.
• 17:24
  Speaker 3: Child, it's siblings might be out.
• 17:27
  Speaker 2: It's going to the kids, right, No, No.
• 17:30
  Speaker 3: If the if there's no spouse right, which there is
• 17:33
  Speaker 3: no spouse here and parents are alive, parents would take
• 17:39
  Speaker 3: Actually no, it would go to the It would go
• 17:40
  Speaker 3: to the kids first, the kids first, and then to
• 17:43
  Speaker 3: parents and then down Yes, right, so every state is
• 17:47
  Speaker 3: a little different. Folks. You have to really really look
• 17:49
  Speaker 3: at it, but wow, it just just makes you go.
• 17:52
  Speaker 2: Yeah, you got to get your planning done, especially if
• 17:55
  Speaker 2: you have any kind of funky family dynamic going on
• 17:59
  Speaker 2: like this.
• 18:00
  Speaker 3: You really need to be clear as to who, how,
• 18:03
  Speaker 3: when and why. Everybody gets what same idea. What the
• 18:06
  Speaker 3: gifting folks. End of the month, last chance to figure
• 18:09
  Speaker 3: out how to gift if you're gonna gift, And again
• 18:11
  Speaker 3: that's a good reason you may or may not need
• 18:13
  Speaker 3: to gift, But be mindful. There's so many things going
• 18:16
  Speaker 3: on when you're gifting. You give away things that could
• 18:19
  Speaker 3: be exposed to those kids or those beneficiaries creditors, which
• 18:22
  Speaker 3: you might not want right. You don't realize about capital
• 18:26
  Speaker 3: gains tax versus gift tax, meaning you give away high
• 18:29
  Speaker 3: basis assets versus low basis assets. You don't realize when
• 18:33
  Speaker 3: you name somebody list somebody on there on an account
• 18:35
  Speaker 3: as a joint owner. Oops, that I make a gift,
• 18:38
  Speaker 3: that I expose it to creditors. What if I've done
• 18:41
  Speaker 3: a life estate? How is that impacted in terms of
• 18:43
  Speaker 3: gift tax and income tax? Folks, There's so many things
• 18:47
  Speaker 3: to think about. When you're gifting, and maybe whether you
• 18:50
  Speaker 3: should even gift at all. This guide is full of examples.
• 18:53
  Speaker 3: Please get it eight six six eight four eight five
• 18:57
  Speaker 3: six nine nine or legal Exchange showed It's the end
• 19:01
  Speaker 3: of the month eight six six eight four eight five
• 19:05
  Speaker 3: six nine nine or legal exchange show dot com. What
• 19:09
  Speaker 3: are we gonna learn from this?
• 19:11
  Speaker 2: Well, lots of lessons.
• 19:14
  Speaker 3: The biggest thing I take away from this and I
• 19:16
  Speaker 3: thought about it when I was preparing, trying to figure
• 19:19
  Speaker 3: out what to talk about, and I think it's really
• 19:22
  Speaker 3: about well, first of all, obviously planned, don't die intest eight.
• 19:26
  Speaker 3: You die intest eate. None of your wishes are going
• 19:28
  Speaker 3: to be accomplished. You're not going to have your assets
• 19:30
  Speaker 3: go anywhere close to where you want them to go.
• 19:35
  Speaker 3: But when you're planning, I thought, well, there might be
• 19:38
  Speaker 3: times in which you want to revisit your plan. Yep,
• 19:41
  Speaker 3: And that's kind of what came to mind when I
• 19:43
  Speaker 3: read this case. I'm like, well, what about if I
• 19:48
  Speaker 3: get divorced? Obviously this person died without a will, but
• 19:53
  Speaker 3: I'm not sure if this was a first marriage a
• 19:55
  Speaker 3: second marriage. What about when your spouse dies, Maybe you
• 19:59
  Speaker 3: should revisit your state plan. But clearly, if you get divorced,
• 20:03
  Speaker 3: you really need to make sure that your documents are adjusted. Right,
• 20:08
  Speaker 3: you might want to make sure that you change the
• 20:10
  Speaker 3: designated beneficiary from the spouse to the kids, right or
• 20:14
  Speaker 3: if that's where you want him to go, or to grandkids,
• 20:16
  Speaker 3: especially iras especially you know, investment accounts, et cetera. Think
• 20:22
  Speaker 3: about that.
• 20:23
  Speaker 2: And we don't know the story behind Brent's relationship with
• 20:26
  Speaker 2: his daughter, so there may have been a specific reason
• 20:29
  Speaker 2: why he didn't want her to inherit from him. He
• 20:33
  Speaker 2: could have specifically excluded her, like if he named her
• 20:37
  Speaker 2: in his documents, right.
• 20:39
  Speaker 3: Well, I think Susan, you bring up a good point here,
• 20:41
  Speaker 3: but we don't know the relationship. But there his parental
• 20:44
  Speaker 3: rights were terminated by the court with this daughter, so
• 20:47
  Speaker 3: I don't know that he had any relate I mean,
• 20:49
  Speaker 3: I don't even know what the relationship was or why
• 20:54
  Speaker 3: he was told to give up his parental rights. That
• 20:56
  Speaker 3: had to be pretty severe, oh sure, And so so
• 21:01
  Speaker 3: if that happens, then all the more reason to think
• 21:03
  Speaker 3: about when you're planning. Well, maybe I better put something
• 21:07
  Speaker 3: specifically like you said in here, to say this person
• 21:11
  Speaker 3: is a daughter, but is out right right, because you
• 21:14
  Speaker 3: can disinherit your children. Absolutely you can, and so he
• 21:17
  Speaker 3: should have been very careful to do that. Things to
• 21:22
  Speaker 3: think about when you're planning divorce is one of them. Adoption. Now,
• 21:26
  Speaker 3: our trusts say, if you adopt a child, we define
• 21:31
  Speaker 3: that child as a child. So when we use the
• 21:35
  Speaker 3: words child, children, issue, descendants, those are terms of art
• 21:40
  Speaker 3: that have meaning, and adopted kids would.
• 21:44
  Speaker 2: Be in And if you marry someone with children.
• 21:47
  Speaker 3: So let's think about that. If you go down and
• 21:49
  Speaker 3: you have now even kids, either either you marry someone
• 21:53
  Speaker 3: with children or your kids marry someone with children. So
• 21:57
  Speaker 3: if you marry someone in a second marriage situation and
• 22:01
  Speaker 3: they have kids, unless you adopt them, they are step
• 22:06
  Speaker 3: children and they are out.
• 22:09
  Speaker 2: Out unless you you could include them if you wanted to,
• 22:11
  Speaker 2: and you have to make the indication right.
• 22:14
  Speaker 3: You're absolutely right, Susan, it's in in our trust. We
• 22:17
  Speaker 3: oftentimes have a deaf definition section and we will say,
• 22:21
  Speaker 3: you know, when I talk to them at second marriage,
• 22:23
  Speaker 3: as I say, you know how long you've been married,
• 22:24
  Speaker 3: did you raise both kids? Do you feel like you
• 22:26
  Speaker 3: have you know, do you feel like all the kids
• 22:28
  Speaker 3: are your kids?
• 22:29
  Speaker 1: Yep?
• 22:30
  Speaker 3: If they do, then I'll put language in there that
• 22:32
  Speaker 3: defines children regardless of parentage. So that means his are
• 22:37
  Speaker 3: his and hers or hers and vice versa. And so
• 22:40
  Speaker 3: now when I use the word issue child, children, descendants,
• 22:44
  Speaker 3: they're all in. Okay, grandkids. A kid marries someone who
• 22:51
  Speaker 3: has kids and didn't adopt them, then they are your
• 22:54
  Speaker 3: step grandkids. They're out right. You don't have to say
• 22:58
  Speaker 3: a word, you don't have to be mean, you don't
• 22:59
  Speaker 3: have to name. They're out unless, as you said, you
• 23:03
  Speaker 3: put them in. So, folks, very important to think about
• 23:08
  Speaker 3: drafting your documents as to who gets what, how they
• 23:11
  Speaker 3: get it, when they get it. But you can control that,
• 23:15
  Speaker 3: do your planning and don't run into the problem that
• 23:17
  Speaker 3: Brent ran into here. Also with gifting, same idea, it's
• 23:22
  Speaker 3: the end of the month, get the guide, figure out
• 23:24
  Speaker 3: who gets what, how, they get it, when they get it,
• 23:26
  Speaker 3: if they get it, and all the ramifications that go
• 23:29
  Speaker 3: along with gifting eight six six eight four eight five
• 23:34
  Speaker 3: six nine nine or Legal Exchange show dot com.
• 23:38
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:40
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:44
  Speaker 2: financial advisor with the Armstrong Advisory Group. Todd will be
• 23:47
  Speaker 2: answering your listener questions when we return to the Legal
• 23:51
  Speaker 2: Exchange with Todd Lutsky.
• 23:53
  Speaker 1: Legacy planning is incredibly important, but if it isn't done properly,
• 23:57
  Speaker 1: you can create significant problems for your Estateushing and Dolan
• 24:00
  Speaker 1: are expert to know their law, and their new guide
• 24:02
  Speaker 1: out this month is called Making the Most of Gifting Assets.
• 24:05
  Speaker 1: In it, you'll learn that while some gifts to your
• 24:07
  Speaker 1: children can be beneficial, others may not be, especially if
• 24:11
  Speaker 1: they're financial difficulties or a divorce proceeding. Learn how to
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• 24:31
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• 24:34
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• 24:36
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• 24:43
  Speaker 1: The proceeding was paid for in the music expressed to
• 24:45
  Speaker 1: sole Lea, those of Cushing and Dolan. Cushing and Dolan
• 24:46
  Speaker 1: and or Armstrong Advisory may contact you offering legal or
• 24:49
  Speaker 1: investment services. Cushing and Dolan at Armstrong Advisory do not
• 24:51
  Speaker 1: endorse each other and are not affiliated.
• 24:54
  Speaker 5: The end of the year is coming soon, which makes
• 24:56
  Speaker 5: it a perfect time to address any year end financial needs.
• 24:59
  Speaker 3: Hi.
• 24:59
  Speaker 5: This this is Chuck Zada from the Armstrong Advisory Group.
• 25:02
  Speaker 5: We've written a new guide this month called the Top
• 25:04
  Speaker 5: Year End Financial Tips, and in it we provide some
• 25:07
  Speaker 5: insight into important topics such as ways to maximize your
• 25:10
  Speaker 5: charitable donations, gifting assets to family members, harvesting losses, getting
• 25:15
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• 25:18
  Speaker 5: your taxable income. All these issues may have an effect
• 25:21
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• 25:39
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:44
  Speaker 1: Armstrong Guide a specific financial, legal or tax advice. Consult
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  Speaker 1: your own financial, tax, and estate planning advisors before making
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• 26:55
  Speaker 1: to the Legal Exchange, and it's time for Ask Todd,
• 26:59
  Speaker 1: the segment where Todd will answer your questions about anything
• 27:02
  Speaker 1: and everything that's included in the estate planning process. Once again,
• 27:06
  Speaker 1: here's Todd Lutsky and Susan Powers.
• 27:11
  Speaker 2: Welcome back, Todd. I've a few questions from listeners. First
• 27:15
  Speaker 2: question comes from Marie and Boston Mass and Marie writes,
• 27:18
  Speaker 2: I recently created a trust and I've already transferred my
• 27:21
  Speaker 2: home to it. I am now trying to decide how
• 27:25
  Speaker 2: much of my investment accounts to transfer into the trust.
• 27:28
  Speaker 2: I have around five hundred thousand in iras and four
• 27:31
  Speaker 2: hundred thousand in the bank, and in a small investment account.
• 27:35
  Speaker 2: Is there a guideline as to what percentage I should
• 27:38
  Speaker 2: put in? I really only use my iras from our
• 27:41
  Speaker 2: required distributions and typically end up saving most of that
• 27:44
  Speaker 2: each year because I have a good pensant in Social
• 27:47
  Speaker 2: Security each month, so.
• 27:49
  Speaker 3: I'm looking at this. It says I created a trust.
• 27:52
  Speaker 3: Did we decide what kind of trust that is?
• 27:55
  Speaker 2: I inferred that it was a very vocable trust, right
• 27:59
  Speaker 2: because there's no restons on moving in and moving out,
• 28:01
  Speaker 2: and she's really questioning what she should put into her trust.
• 28:04
  Speaker 3: Okay, well I can tell people both ways. It's just
• 28:07
  Speaker 3: to make them, you know, so we don't have to
• 28:09
  Speaker 3: guess so for folks. And again, the reason I agree
• 28:13
  Speaker 3: with you on this fact pattern Susan, is that it's
• 28:15
  Speaker 3: probably an irrevocable trust. Is is it looks like she's
• 28:19
  Speaker 3: single at the moment right, yes, sounds like it, and
• 28:23
  Speaker 3: again could be widowed what have you. But the size
• 28:26
  Speaker 3: of the estate looks like, you know, nine hundred thousand
• 28:30
  Speaker 3: between iras and money plus a house and then a house.
• 28:33
  Speaker 3: So even if the house is a million, and you
• 28:35
  Speaker 3: know it's a million nine, you're under the two million dollar.
• 28:38
  Speaker 3: So to me, that would be a perfect case to do,
• 28:43
  Speaker 3: you know, medicaid planning, and I would think the irrevocable
• 28:46
  Speaker 3: trust would be what it is. Does it mean that
• 28:50
  Speaker 3: someone with this size net worth, you know, again depending
• 28:53
  Speaker 3: on their pension sociecurity, which seems to be good here
• 28:55
  Speaker 3: yep that you know, they say, no, I don't. I
• 28:59
  Speaker 3: don't care about nursing home planning. I just want a
• 29:01
  Speaker 3: revocable trust. So if it was a revocable trust, yeah,
• 29:05
  Speaker 3: I would tell her throw the entire four hundred thousand
• 29:07
  Speaker 3: dollars in. Put it in. There's no downside, there's no
• 29:11
  Speaker 3: not put it in. If it's an irrevocable trust, I
• 29:16
  Speaker 3: would say, yes, please leave the IRA money right where
• 29:19
  Speaker 3: it is no reason to incur a tax bill on that.
• 29:23
  Speaker 3: And again, when I say a tax bill, I mean
• 29:25
  Speaker 3: that you can't take that money and move it into
• 29:29
  Speaker 3: you know, either a rev trust or an irrevocable trust,
• 29:33
  Speaker 3: and without a income tax hit, meaning when you pull
• 29:38
  Speaker 3: it out to retitle it, it's ordinary income. So be careful,
• 29:44
  Speaker 3: leave it there, spend it, live on it. In fact,
• 29:46
  Speaker 3: she said that while Todd I can live off my
• 29:50
  Speaker 3: rmds coming off of that coupled with my social security
• 29:54
  Speaker 3: and pension, and I'm not really even taking I'm not
• 29:59
  Speaker 3: even spending all of that money. So who cares? So yes,
• 30:05
  Speaker 3: leave that out. Secondarily, then that turns our attention to
• 30:09
  Speaker 3: the four hundred thousand in the bank. Well, you know,
• 30:14
  Speaker 3: if I want to protect a little more money from
• 30:16
  Speaker 3: my family. And I'm doing an irrevocable trust, I certainly
• 30:21
  Speaker 3: would put that into the trust. Yeah, right, because that's
• 30:26
  Speaker 3: money that I can protect, I can avoid probate, and
• 30:29
  Speaker 3: I can provide a designated beneficiary, you know, through the
• 30:32
  Speaker 3: trust for my for my family, nice bloodline plan to
• 30:35
  Speaker 3: the family and get it a five year clock running.
• 30:38
  Speaker 3: How much of that I would put in, even though
• 30:41
  Speaker 3: you're living comfortably off of all the money you have
• 30:45
  Speaker 3: flowing in? Would I would at least leave fifty grand
• 30:50
  Speaker 3: outside the trust at a bare minimum.
• 30:51
  Speaker 2: Sure, just in your regular bank account.
• 30:53
  Speaker 3: Yeah, in your regular bank account. Now, if you needed
• 30:56
  Speaker 3: more money to live, fine, but i'd leave about fifty out.
• 30:58
  Speaker 3: I'd put three hundred and fifty thousand in and get
• 31:01
  Speaker 3: that protected and know that I've got more than enough.
• 31:04
  Speaker 3: And even if I needed more money for some reason
• 31:07
  Speaker 3: in home care or take a trip or buy a car,
• 31:11
  Speaker 3: please spend the five hundred thousand dollars first, folks. It's
• 31:14
  Speaker 3: at risk and leaving it for the kids is only
• 31:18
  Speaker 3: going to create more income tax over a ten year payout.
• 31:21
  Speaker 3: So there you go. Now, that kind of analysis needs
• 31:25
  Speaker 3: to exist when you're doing gifting. Folks, it is the
• 31:28
  Speaker 3: end of the month. It's the last chance to get
• 31:30
  Speaker 3: this guide. There are so many things that happen and
• 31:33
  Speaker 3: so many things that you think about when you make
• 31:35
  Speaker 3: a gift. I like to tell people. So you think
• 31:37
  Speaker 3: you made a gift, maybe maybe you didn't or maybe
• 31:40
  Speaker 3: you shouldn't. I mean life estates have gift tax ramifications.
• 31:43
  Speaker 3: Setting up joint accounts could cause creditor problems and gift
• 31:47
  Speaker 3: tax ramifications. Putting a name on a house, wow, I
• 31:51
  Speaker 3: don't want to do that. And then for larger estates,
• 31:53
  Speaker 3: you can make gifts and take discounts and leverage how
• 31:57
  Speaker 3: much you give away and most importantly never just give
• 32:00
  Speaker 3: it to them to directly stick it in an irrevocable
• 32:03
  Speaker 3: gifting trust. There's so many examples in this guide about
• 32:06
  Speaker 3: how this how gifting works. See what type of gifting
• 32:11
  Speaker 3: is right for you. It's the end of the month
• 32:13
  Speaker 3: eight six six eight four eight five six ninety nine
• 32:17
  Speaker 3: or Legal Exchange Show dot com again eight six six
• 32:20
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:24
  Speaker 3: Show dot com.
• 32:26
  Speaker 2: Our last question comes from Fran in Canton, mass and
• 32:30
  Speaker 2: Fran rites. I have three children and one that is
• 32:33
  Speaker 2: highly functioning but disabled. My sister would like to gift
• 32:37
  Speaker 2: each of them money when she dies, but I'm worried
• 32:39
  Speaker 2: that any gift to my son will put his disability
• 32:42
  Speaker 2: benefits at risk. Is there a way she can make
• 32:46
  Speaker 2: a gift to him without risking his benefits?
• 32:50
  Speaker 3: Yes, and it's very important. How about that for an answer? Huh? Right?
• 32:54
  Speaker 2: It wasn't? It depends?
• 32:56
  Speaker 1: Yes? Right?
• 32:57
  Speaker 3: Perfect, So the answer is it's very important for anybody. Right.
• 33:01
  Speaker 3: In this case, it's a third party making a gift
• 33:07
  Speaker 3: versus the mom and dad creating an estate plan to
• 33:11
  Speaker 3: provide for the disabled child. Right, And it's very different.
• 33:14
  Speaker 3: So if it's a third party, don't make the gift
• 33:18
  Speaker 3: when you die in your will. Don't you say I
• 33:20
  Speaker 3: leave it directly too, because then you're right. If you
• 33:23
  Speaker 3: leave assets directly to a disabled person, then that could
• 33:29
  Speaker 3: cause them to lose their governmental benefits, be subject to
• 33:32
  Speaker 3: payback provisions, et cetera. So since it's a third party situation,
• 33:37
  Speaker 3: you probably would be best to set up a trust.
• 33:42
  Speaker 3: Third party could be a niece, could be a nephew,
• 33:45
  Speaker 3: it could be someone that's not your child. Right, you
• 33:48
  Speaker 3: should have your own estate plan in place in this case.
• 33:52
  Speaker 3: Fran and in your estate plan, you might say, I
• 33:57
  Speaker 3: divide my assets equally to my nieces and nephews, and
• 34:01
  Speaker 3: accept equally to my nieces and nephews, pay it out,
• 34:06
  Speaker 3: give it to them, except for say Billy.
• 34:10
  Speaker 1: Right.
• 34:10
  Speaker 3: Then you go on and you say, in the case
• 34:12
  Speaker 3: of a share allocated to Billy, this is the special
• 34:16
  Speaker 3: needs person that I'm making up. That property would be
• 34:19
  Speaker 3: held in trust for the benefit of And you do
• 34:22
  Speaker 3: it with a sole benefit trust, a sole discretionary trust,
• 34:27
  Speaker 3: if you will, so that perhaps one of his siblings
• 34:32
  Speaker 3: could be trustee, got it and monitor the money, invest
• 34:37
  Speaker 3: the money for Billy, and then in the trustee sole
• 34:42
  Speaker 3: discretion reach into the bucket and make distributions out to
• 34:47
  Speaker 3: Billy as needed to better his life, make him, you know,
• 34:52
  Speaker 3: more comfortable, whatever the case may be. But don't limit it.
• 34:56
  Speaker 3: I don't like saying for specific items because then if
• 34:59
  Speaker 3: it's not there right and he needs it, then your
• 35:03
  Speaker 3: your hands could be tied. Yeah, and that will avoid
• 35:07
  Speaker 3: him becoming the owner of the asset. And because he's
• 35:11
  Speaker 3: not the owner of the asset, it will not kick
• 35:14
  Speaker 3: him off governmental benefits.
• 35:16
  Speaker 2: So in the case of Fran, who's the parent here,
• 35:20
  Speaker 2: Fran would create their trust that would have that same
• 35:25
  Speaker 2: kind of language for Billy the son, the disabled son. Oh, okay,
• 35:28
  Speaker 2: and what happens is no, you you were correct. The
• 35:32
  Speaker 2: question was about Fran's sister, who was okay, Yeah, but
• 35:37
  Speaker 2: what happens if Fran passes away first and Fran has
• 35:40
  Speaker 2: that same kind of language and has a trust that's established,
• 35:43
  Speaker 2: could the sister then leave money into that same special
• 35:47
  Speaker 2: needs trust that the parent created or do they have
• 35:50
  Speaker 2: to do separate?
• 35:51
  Speaker 3: Yeah? Great, great question. So what you just said, just
• 35:54
  Speaker 3: just to repeat it, Fran for her own child will
• 35:57
  Speaker 3: do her own estate plan and have that exact same
• 35:59
  Speaker 3: trust her inside her estate plan. Yes, totally get it.
• 36:04
  Speaker 3: And then whatever she leaves to Billy in our case
• 36:07
  Speaker 3: will be protected the same way Fran could have. No,
• 36:13
  Speaker 3: So the answer to your question is no, she can.
• 36:17
  Speaker 3: Fran can. The sister cannot leave assets to friends trust
• 36:23
  Speaker 3: that she's doing from an estate planning unless there's some
• 36:26
  Speaker 3: kind of third party trust set up. Got it, But
• 36:28
  Speaker 3: this would not be okay, So folks, last chance. Get
• 36:32
  Speaker 3: the guide learn How to Gift Your Assets the Right
• 36:35
  Speaker 3: Way eight six six eight four eight five six nine
• 36:39
  Speaker 3: nine or Legal Exchange show dot.
• 36:41
  Speaker 2: Com if you have a question you would like to
• 36:43
  Speaker 2: ask Todd. Visit his website Legal Exchange Show dot com
• 36:47
  Speaker 2: and click on the ask Tod dab. Maybe I'll be
• 36:49
  Speaker 2: able to read your question on the air, and hopefully
• 36:52
  Speaker 2: his answer will stop you from being one of his
• 36:54
  Speaker 2: next real life stories. You've been listening to Todd Lutsky
• 36:58
  Speaker 2: a part and with the law firm of Cushing and Dolan.
• 37:01
  Speaker 2: I'm Susan Powers of Financial Advice with the Armstrong Advisory Group.
• 37:05
  Speaker 2: We'll be right back with more on the Legal Exchange
• 37:08
  Speaker 2: with Todd Ludsky.
• 37:10
  Speaker 1: Legacy planning is incredibly important, but if it isn't done properly,
• 37:14
  Speaker 1: you can create significant problems for your estate. Cushing and
• 37:17
  Speaker 1: Dolan are expert to know their law, and their new
• 37:19
  Speaker 1: guide out this month is called Making the Most of
• 37:21
  Speaker 1: Gifting Assets. In it, you'll learn that while some gifts
• 37:24
  Speaker 1: to your children can be beneficial, others may not be,
• 37:27
  Speaker 1: especially if their financial difficulties or a divorce proceeding. Learn
• 37:30
  Speaker 1: how to protect yourself and your family by calling Cushing
• 37:33
  Speaker 1: and Dolan right now at eight sixty six, eight four, eight, five, six,
• 37:36
  Speaker 1: nine nine ask for their brand new guide called Making
• 37:39
  Speaker 1: the Most of Gifting Assets. It contains a wealth of
• 37:42
  Speaker 1: information about the gifting process, including important details about what
• 37:46
  Speaker 1: tax issues may arise from a major gift like a
• 37:48
  Speaker 1: home or a vacation property, and what happens to the
• 37:50
  Speaker 1: asset of the child has creditor issues. Call eight sixty
• 37:53
  Speaker 1: six eight four eight five six nine nine or request
• 37:56
  Speaker 1: it online from their website Legal exchange show dot com.
• 38:00
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• 38:01
  Speaker 1: sole lya those of Cushing and Dolan. Cushiingan, Doolan and
• 38:03
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• 38:06
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• 39:11
  Speaker 4: Hi, this is Mike Armstrong from the Armstrong Advisory Group.
• 39:13
  Speaker 4: Fine Tuning your financial strategy as the year comes to
• 39:16
  Speaker 4: a close is very important, so this month we're sharing
• 39:19
  Speaker 4: what we believe are the most critical year end financial tips.
• 39:23
  Speaker 4: As twenty twenty four winds down, there are several opportunities
• 39:26
  Speaker 4: for you to consider that may help you end this
• 39:29
  Speaker 4: year without worrying about your overall planning strategy, such as
• 39:32
  Speaker 4: contributing the maximum amount of money to your IRA or
• 39:34
  Speaker 4: four oh one K plan, offsetting your capital gains and
• 39:37
  Speaker 4: maximizing your charitable giving. We'll walk you through these issues
• 39:40
  Speaker 4: and more in our new free guide called the Top
• 39:43
  Speaker 4: Year End Financial Tips. Get yours today by calling eight
• 39:46
  Speaker 4: hundred three nine three four zero zero one. Again, it's
• 39:50
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• 39:52
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• 39:55
  Speaker 4: three nine three four zero zero one.
• 39:57
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group Right
• 40:00
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• 40:02
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• 40:05
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• 40:07
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• 40:11
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• 40:42
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:45
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• 40:47
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• 40:49
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• 40:52
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• 40:55
  Speaker 1: five six nine nine, Or visit him online at Legal
• 40:58
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. So, Todd, I think that there are
• 41:17
  Speaker 2: a lot of people out there, unfortunately, that have thrown
• 41:22
  Speaker 2: their kid's name on their house with the intention that
• 41:26
  Speaker 2: they want to avoid probate. I want to talk about
• 41:30
  Speaker 2: the pros and cons of doing something like that, because
• 41:35
  Speaker 2: there are things that you can accomplish by doing that,
• 41:37
  Speaker 2: but let's let's really talk them through, because I think
• 41:40
  Speaker 2: that people need to understand the good, the bad, and
• 41:44
  Speaker 2: the ugly of doing something.
• 41:46
  Speaker 3: I think this is going to be easy because I
• 41:48
  Speaker 3: can't see one pro.
• 41:51
  Speaker 2: Going to be avoiding probate. That's true, at what cost
• 41:57
  Speaker 2: is a different story.
• 41:58
  Speaker 3: I guess you're right. It would avoid probates, So you
• 42:01
  Speaker 3: would obviously if you're single. You wouldn't do this if
• 42:03
  Speaker 3: you're married, because you have your spousehun right, So this
• 42:06
  Speaker 3: would almost never happen for a married couple. So let's
• 42:10
  Speaker 3: put that out there right now.
• 42:11
  Speaker 2: You've seen it happen.
• 42:12
  Speaker 3: Yeah, I mean I don't know why that. Yeah, it
• 42:15
  Speaker 3: could happen, but generally speaking, this is for you're single,
• 42:19
  Speaker 3: you're widowed, you're divorced, you're somehow single, and with kids.
• 42:26
  Speaker 3: You might name put a child on You're right, So
• 42:30
  Speaker 3: does any that I see all the time? Right, So
• 42:32
  Speaker 3: oh yeah, I'll just add my kid. Now, remember if
• 42:34
  Speaker 3: you have a couple of so the only pro and
• 42:37
  Speaker 3: let's just be clear, I don't think there's any other
• 42:38
  Speaker 3: pro other than perhaps it would avoid probate. So one right,
• 42:43
  Speaker 3: one item now, cons uh huh, there's so many are
• 42:49
  Speaker 3: so first and foremost, if you have more than one child,
• 42:54
  Speaker 3: you've effectively disinherited the other children, so.
• 42:57
  Speaker 2: You might have put, you know, sell his name on it, thinking, oh, well,
• 43:02
  Speaker 2: she lives close, we'll avoid probate. But Billy and Jane
• 43:07
  Speaker 2: are just they're out.
• 43:08
  Speaker 3: They're out. It's not even going to go through the proba.
• 43:10
  Speaker 3: It's not going to go through the will, it's not
• 43:11
  Speaker 3: going to be addressed anywhere. It's just going to pass
• 43:13
  Speaker 3: to the surviving joint owner. So be careful about that.
• 43:17
  Speaker 3: Another time it might happen. Is you know what if
• 43:19
  Speaker 3: if you really wanted that to happen. I guess, and
• 43:21
  Speaker 3: that child, Let's say, in your case, the daughter moved
• 43:24
  Speaker 3: in and is taking care of you and you want
• 43:25
  Speaker 3: her to have the house. I guess that would work. Again,
• 43:28
  Speaker 3: I wouldn't do that right, but it would work. So
• 43:31
  Speaker 3: one disinheritance, two creditors say, I'm okay with this one
• 43:38
  Speaker 3: child getting it. I'm okay avoiding probate. But while I'm living,
• 43:42
  Speaker 3: if something happens to that child, maybe that child's married
• 43:45
  Speaker 3: with kids, mm hmm, well there could be a divorce.
• 43:48
  Speaker 3: That child's now going to have to deal with that
• 43:49
  Speaker 3: half of the house. You could lose your half of
• 43:51
  Speaker 3: I mean, you have to buy out that half of
• 43:54
  Speaker 3: the house from the divorce.
• 43:55
  Speaker 2: Perhaps, and that happens because I remember years ago I
• 43:59
  Speaker 2: met with a couple and they had one daughter. They
• 44:03
  Speaker 2: transferred their home to her because they didn't want to
• 44:06
  Speaker 2: have to deal with an attorney, and they transferred the
• 44:09
  Speaker 2: home fully to her because she was going to get
• 44:11
  Speaker 2: it anyway. And she ended up getting a divorce and
• 44:13
  Speaker 2: they had to write a check for one hundred and
• 44:15
  Speaker 2: twenty five thousand to their future ex son in law.
• 44:19
  Speaker 2: Great so that because the daughter didn't have any other assets.
• 44:23
  Speaker 3: I'll give you another one. I had a client that
• 44:25
  Speaker 3: came in. They were in their mid eighties. We're doing
• 44:28
  Speaker 3: the state planning for them now, and they reminded me
• 44:31
  Speaker 3: that they had given a two pieces of property to
• 44:33
  Speaker 3: one son. I said, well, we're not going to change
• 44:36
  Speaker 3: it now. I hate that idea. That's I'm not happy
• 44:38
  Speaker 3: you did it, but you did it, you know, just
• 44:40
  Speaker 3: carry over basis problems. There's all kind of those properties
• 44:44
  Speaker 3: when I met her were worth somewhere around on one
• 44:47
  Speaker 3: and a half million to two million dollars combined. They said, no,
• 44:51
  Speaker 3: we're telling you that only because he died last couple
• 44:55
  Speaker 3: months ago. I said, oh, what happened. Well, he died
• 44:58
  Speaker 3: in there, no kids married. I go, did he do
• 45:02
  Speaker 3: an estate plant?
• 45:03
  Speaker 2: No?
• 45:03
  Speaker 3: Where are the assets going?
• 45:04
  Speaker 4: Oh?
• 45:04
  Speaker 3: Let me guess you had to pay a gift tax
• 45:08
  Speaker 3: when you gave them those properties. Number one, yep, number two.
• 45:13
  Speaker 3: He died now and they're all coming back to you
• 45:16
  Speaker 3: because he doesn't have a will and no kids.
• 45:18
  Speaker 2: After their tax for his estate.
• 45:20
  Speaker 3: So they had to pay gift tax to get it
• 45:22
  Speaker 3: to them. Now his estate is well over the estate
• 45:26
  Speaker 3: tax exemption then when it was only a million dollars
• 45:28
  Speaker 3: in Massachusetts. So now they're going to have to pay
• 45:32
  Speaker 3: estate tax on the money on those assets that are
• 45:36
  Speaker 3: in his estate that are now coming back up a
• 45:39
  Speaker 3: generation to them. They're in their eighties. When they die,
• 45:42
  Speaker 3: it's going to be estate taxed again, getting down to
• 45:45
  Speaker 3: the next generation. Holy smokes, folks. There's so many things
• 45:50
  Speaker 3: that can go wrong. Not only that, but there's control issues.
• 45:53
  Speaker 3: I mean, there's all kinds of things, folks. This tells
• 45:58
  Speaker 3: you enough to not just give away assets directly. Think
• 46:02
  Speaker 3: about all the ramifications, whether it's a gift tax, a
• 46:06
  Speaker 3: capital gains tax, ramification with a carryover basis, a creditor
• 46:10
  Speaker 3: protection issue, a loss of control issue, set up irrevocable
• 46:14
  Speaker 3: gifting trust. This guide gives you many different examples as
• 46:19
  Speaker 3: to how to gift and what the ramifications are. End
• 46:22
  Speaker 3: of the month, please get it eight six six eight
• 46:25
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 46:29
  Speaker 3: dot com Learn how to gift or Not to gift
• 46:33
  Speaker 3: eight six six eight four eight five six nine nine
• 46:37
  Speaker 3: or Legal Exchange Show dot com.
• 46:39
  Speaker 2: So let's say you dodge a couple of bullets todd.
• 46:42
  Speaker 2: You've put your kid, your house, and your kid's name.
• 46:45
  Speaker 2: They don't get divorced, they don't die before you, they
• 46:48
  Speaker 2: don't kick you out. All these people possible, but you've
• 46:51
  Speaker 2: dodged all possible.
• 46:52
  Speaker 3: No creditor problems.
• 46:53
  Speaker 2: Get along, well, no problem. They're single, so they don't
• 46:56
  Speaker 2: have a spouse to influence them and say keep the house.
• 47:00
  Speaker 2: What happens if you want to then sell that house
• 47:03
  Speaker 2: because maybe it's too big for you. You want to downsize, yeah, well,
• 47:08
  Speaker 2: or just the lateral move. Maybe you want to sell
• 47:10
  Speaker 2: it because you want to go into assisted living or
• 47:12
  Speaker 2: whatever reason. But you want to sell that, How do
• 47:14
  Speaker 2: you do that?
• 47:15
  Speaker 3: Well? I don't. Maybe you just pick up the phone
• 47:16
  Speaker 3: and ask the children if it's Okay, I guess. Maybe
• 47:19
  Speaker 3: send them a letter say can we sell the house?
• 47:22
  Speaker 2: Ask for permission? No, thank you.
• 47:25
  Speaker 3: Yeah, you don't own it, so if you don't own it,
• 47:27
  Speaker 3: you don't have any rights. So at least you know,
• 47:29
  Speaker 3: keep some semblance of ownership. If you're going to do this,
• 47:32
  Speaker 3: don't give it all away. Right, If you give it
• 47:34
  Speaker 3: all away, you've lost all that ability. You can't sell
• 47:37
  Speaker 3: it unless they want to. But again they sound like
• 47:40
  Speaker 3: nice kids. Say kids, so let's play out the string
• 47:42
  Speaker 3: that it's not a hard.
• 47:43
  Speaker 2: Whay they say, okay, mom.
• 47:44
  Speaker 3: Yeah, they say we'll sell. Fine, well, we'll sell it.
• 47:48
  Speaker 3: We get it. Well, you gave them your cost basis.
• 47:54
  Speaker 3: So if you bought this house thirty years ago for
• 47:58
  Speaker 3: very little, and you know what the market's like, at
• 48:01
  Speaker 3: least here in New England, right, it's way up, so
• 48:06
  Speaker 3: there could be a very large gain. Maybe you bought
• 48:09
  Speaker 3: the house for one hundred grand and today it's worth
• 48:11
  Speaker 3: eight hundred very easy. Yep, Well I've got you know,
• 48:15
  Speaker 3: seven hundred thousand dollars of built in gain on that property.
• 48:21
  Speaker 3: Why because when you make the gift, the kid doesn't
• 48:23
  Speaker 3: pay any tax. You might pay a gift tax, but
• 48:26
  Speaker 3: probably not because you have an exemption of thirteen point
• 48:30
  Speaker 3: six million at least today to shelter that much money
• 48:34
  Speaker 3: for gift taxes. So you didn't pay any, but your
• 48:38
  Speaker 3: kid didn't pay any. He didn't have any income tax.
• 48:40
  Speaker 3: He had no problem. He just took it.
• 48:42
  Speaker 1: Yep.
• 48:42
  Speaker 3: But he also got your gain, your basis. Yeah, he
• 48:46
  Speaker 3: got that built in gain that you gave him. And
• 48:49
  Speaker 3: so the government doesn't let that go away. When the
• 48:52
  Speaker 3: kids sell it, even directed by you, they get all
• 48:57
  Speaker 3: the proceeds. You get none, And they are going to
• 49:00
  Speaker 3: have a seven hundred thousand dollars gain in my example,
• 49:03
  Speaker 3: hit that at probably you know, thirty percent give or
• 49:06
  Speaker 3: take federal and state twenty eight point eight percent, so
• 49:10
  Speaker 3: two hundred and ten call it two hundred thousand dollars
• 49:13
  Speaker 3: in tax.
• 49:14
  Speaker 2: Whereas if they kept it, inherited it instead of getting
• 49:19
  Speaker 2: it gifted to them.
• 49:21
  Speaker 3: Or we'll do both, Susan, that's a great point. Even
• 49:24
  Speaker 3: if they kept it, they would have the power to
• 49:26
  Speaker 3: sell there in control, they get all the proceeds because
• 49:28
  Speaker 3: remember all the proceeds went to the kid. Kid's gonna
• 49:31
  Speaker 3: have to give it back to mom to buy a
• 49:32
  Speaker 3: new house. Right, And there's a gift tax. But if they
• 49:35
  Speaker 3: kept it, at least if it's their home, they get
• 49:37
  Speaker 3: a married five hundred thousand dollars exclusion, single two hundred
• 49:40
  Speaker 3: and fifty thousand dollars exclusion, So at least the primary
• 49:44
  Speaker 3: residence exclusion would be helpful. But you're absolutely right. If
• 49:49
  Speaker 3: they decided never to sell and let the child inherit
• 49:53
  Speaker 3: that property, then there would be something called a step
• 49:56
  Speaker 3: up in basis. So that way, on the date of day,
• 50:00
  Speaker 3: if it's worth eight hundred thousand dollars, the kid's basis
• 50:05
  Speaker 3: would be eight hundred thousand. Then they could sell it
• 50:08
  Speaker 3: in pocket the whole eight right cause there be no gain.
• 50:11
  Speaker 3: You wipe that out, you wipe it out. Very important,
• 50:14
  Speaker 3: and that's what this guide is all about, folks. It's
• 50:17
  Speaker 3: all about figuring out what to gift high basis assets
• 50:21
  Speaker 3: versus low basis assets, which is what we just talked about.
• 50:24
  Speaker 3: Cash is always king figure out creditor issues, control issues, folks.
• 50:29
  Speaker 3: It's the end of the month, last chance to figure
• 50:32
  Speaker 3: out making the most of gifting assets, which is what
• 50:35
  Speaker 3: the guide is eight sixty six eight four eight five
• 50:39
  Speaker 3: six nine nine or Legal Exchange Show dot Com.
• 50:43
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan.
• 50:46
  Speaker 2: Thank you so much.
• 50:47
  Speaker 3: Thank you, Susan, always a pleasure.
• 50:49
  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
• 50:54
  Speaker 2: we'll see you again next week on the Legal Exchange
• 50:57
  Speaker 2: with Todd lutske Ze.
• 51:00
  Speaker 1: Planning is incredibly important, but if it isn't done properly,
• 51:03
  Speaker 1: you can create significant problems for your estate. Cushing and
• 51:06
  Speaker 1: Dolan are expert to know their law, and their new
• 51:08
  Speaker 1: guide out this month is called Making the Most of
• 51:10
  Speaker 1: Gifting Assets. In it, you'll learn that while some gifts
• 51:13
  Speaker 1: to your children can be beneficial, others may not be,
• 51:16
  Speaker 1: especially if their financial difficulties or a divorce proceeding. Learn
• 51:20
  Speaker 1: how to protect yourself and your family by calling Cushing
• 51:22
  Speaker 1: and Dolan right now at eight sixty six, eight four,
• 51:25
  Speaker 1: eight five, six nine nine ask for their brand new
• 51:28
  Speaker 1: guide called Making the Most of Gifting Assets. It contains
• 51:31
  Speaker 1: a wealth of information about the gifting process, including important
• 51:34
  Speaker 1: details about what tax issues may arise from a major
• 51:37
  Speaker 1: gift like a home or a vacation property, and what
• 51:39
  Speaker 1: happens to the asset of the child has creditor issues
• 51:42
  Speaker 1: call eight sixty six eight four eight five six nine nine,
• 51:45
  Speaker 1: or request it online from their website Legal exchange show
• 51:48
  Speaker 1: dot com. The proceeding was paid for in the music
• 51:50
  Speaker 1: Express are solely those of Cushing and Dolan. Cushing and
• 51:52
  Speaker 1: Dolan and or Armstrong Advisory may contact you offering legal
• 51:55
  Speaker 1: or investment services. Cushing and Dolan and Armstrong Advisory do
• 51:57
  Speaker 1: not endorse each other and are not affiliated.
• 52:00
  Speaker 5: The end of the year is coming soon, which makes
• 52:02
  Speaker 5: it a perfect time to address any year end financial needs.
• 52:05
  Speaker 3: HI.
• 52:05
  Speaker 5: This is Chuck Zada from the Armstrong Advisory Group. We've
• 52:08
  Speaker 5: written a new guide this month called the Top Year
• 52:10
  Speaker 5: End Financial Tips, and in it we provide some insight
• 52:13
  Speaker 5: into important topics such as ways to maximize your charitable donations,
• 52:17
  Speaker 5: gifting assets to family members, harvesting losses, getting your beneficiary
• 52:21
  Speaker 5: designations and estate plans in order, and lowering your taxable income.
• 52:25
  Speaker 5: All these issues may have an effect on your overall planning,
• 52:28
  Speaker 5: So give us a call at eight hundred three nine
• 52:30
  Speaker 5: three for zero zero one and ask for our new
• 52:33
  Speaker 5: free guide called the Top Year End Financial Tips. That
• 52:36
  Speaker 5: number again is eight hundred three nine three for zero
• 52:40
  Speaker 5: zero one. Again eight hundred three nine three for zero
• 52:44
  Speaker 5: zero one.
• 52:44
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:47
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:49
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial tax into state planning advisors before making
• 52:55
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:58
  Speaker 1: advisory services. Isn't it time for you to fall naturally
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  Speaker 1: the rich history of Saint Croix, the pristine beaches of
• 53:15
  Speaker 1: Saint Thomas, or the peace and tranquility of Saint John,
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  Speaker 1: a spectacular holiday. Go to visit USVII dot com and
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  Speaker 1: check out the American Caribbean, where you'll find all the
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