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Gifting Assets · The Legal Exchange

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Speaker 2: This is the Legal Exchange with Todd Lutsky from the
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Speaker 2: Here are your hosts DoD Lutsky and Susan Powers.
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Speaker 3: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan
1:11
Speaker 3: Power as a financial advisor with the Armstrong Advisory Group,
1:15
Speaker 3: and I'm joined by Todd Lutsky, a partner with the
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Speaker 3: law firm of Cushing and Dolan with a master's in taxation.
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Speaker 3: Welcome Todd. How are you today?
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Speaker 4: I'm never better in you?
1:24
Speaker 3: I'm great? Thank you. What do you have for us today?
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Speaker 4: A couple of things. We're going to go first out
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Speaker 4: to California. We got a case they're dealing with an
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Speaker 4: IRA where you have an omitted spouse and should the
1:38
Speaker 4: omitted spouse meaning no estate plan was done and then
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Speaker 4: the person got married and they didn't change the estate
1:45
Speaker 4: plan and a forced share issue comes up, and does
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Speaker 4: the omitted spouse get to claim an IRA in which
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Speaker 4: she's not listed as the beneficiary as part of the
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Speaker 4: for share. Of course, we're going to learn a lot
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Speaker 4: more about this and what not to do. First of all,
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Speaker 4: you never want to be in this position.
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Speaker 3: To disinherit your spouse.
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Speaker 4: Well, maybe accidentally or was it deliberate, don't know. So
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Speaker 4: this is what happens when you don't plan. This is
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Speaker 4: why we plan. Okay, Now we're also going to go
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Speaker 4: to Montana. We have a Superior court, a Supreme Court
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Speaker 4: case out there where someone again didn't really plan, but
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Speaker 4: right before they died, not knowing they were going to
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Speaker 4: have an accident four days after they did their will,
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Speaker 4: so you couldn't say it was done with the anticipation
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Speaker 4: of death, but did die four days after. They did
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Speaker 4: a video will in which he spoke to his brother
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Speaker 4: saying I want everything to go to you. Okay, Well,
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Speaker 4: does that actually amount to a will with no writing
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Speaker 4: and no witnesses and no signature and no we'll see
2:57
Speaker 4: stay tuned.
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Speaker 3: We don't know if the brothers behind the camera.
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Speaker 4: So these are all situations, folks, that can be avoided
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Speaker 4: if we do some planning. Of course, make your wishes
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Speaker 4: known and they will be carried out. We've seen that
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Speaker 4: in many situations. And also when we talk about not
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Speaker 4: only dying wishes, there's gifting wishes. And that's what this
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Speaker 4: guide this month is all about. Making the most of
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Speaker 4: gifting your assets, folks. Don't just throw a joint name
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Speaker 4: on an account. Please, don't just add a person's name
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Speaker 4: to a deed. Like a piece of property, a home
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Speaker 4: or rental property. You're making a gift and you might
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Speaker 4: not know it. You're creating potential carryover basis problems that
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Speaker 4: might create larger capital gains tax liabilities than the estate
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Speaker 4: tax you're trying to save. Right, if you're going to
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Speaker 4: gift large amounts, which might make sense, maybe don't gift
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Speaker 4: it outright. Gift it to an irrevocable gifting trust. And finally,
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Speaker 4: what kind of assets should be gifted? Do we gift
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Speaker 4: high basis low basis assets? Are there ways to discount
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Speaker 4: what we gift? Folks? So much to think about when
4:02
Speaker 4: you gift, and maybe most importantly, do we gift at all?
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Speaker 4: Call and get the guide eight six six eight four
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Speaker 4: eight five six nine nine or Legal Exchange Show dot
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Speaker 4: com again, making the most of gifting your assets 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.
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Speaker 3: I've thought about you gifting me assets this Christmas, and
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Speaker 3: I'm willing to accept anything.
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Speaker 4: Anything good. I'll keep that on the on.
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Speaker 3: The list for sure, liquid is best.
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Speaker 4: It might not never come off the list. So let's
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Speaker 4: see California. What's going on here? We have on September
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Speaker 4: two thousand and three, Tom creates a revocable trust, leaving
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Speaker 4: everything to his daughter Shannon if living otherwise, to her
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Speaker 4: child the grandchild uh Leah, in separate shares in his trust. Okay.
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Speaker 4: On November twent six, Tom decides to designate the IRA
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Speaker 4: his beneficiary. Right. He designates beneficiaries on his IRA to
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Speaker 4: be his separate shares for Shannon and Leah in his trust.
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Speaker 4: Creates absolutely to the separate shares. Okay, equally fine. November
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Speaker 4: twenty twenty four years later, Tom gets married. Yeah. He
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Speaker 4: dies a year later in July of twenty twenty one.
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Speaker 4: Pam was the wife. Guess what Tom never did? He
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Speaker 4: never updated his trust or his IRA designated beneficiaries. Maybe
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Speaker 4: he didn't want to, Maybe didn't want to. Was it deliberate?
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Speaker 4: You're right, Susan, I don't know, deliberate or accidental. I
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Speaker 4: don't think Pam cares either way. Pam just wants her
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Speaker 4: for share. Pam doesn't want to be disinherited.
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Speaker 3: So her for share is what a spouse is entitled.
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Speaker 4: Yeah, it's a spousal forced share piece. And again we're
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Speaker 4: in California. We'll have to find out what that is.
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Speaker 4: But she also decided to file not only for her
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Speaker 4: four share, but she insists that the IRA should be
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Speaker 4: included in the fourth share because the IRA has to
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Speaker 4: go through Tom's trust to get to the separate shares,
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Speaker 4: which is an interesting argument. And so what does she do.
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Speaker 4: She makes those arguments, and of course the other side says, no,
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Speaker 4: that's not the case. And so in August of twenty
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Speaker 4: twenty two, they reach a settlement. No court, they didn't
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Speaker 4: actually go to court. Now they've settled, and in that
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Speaker 4: settlement they excluded the IRA money not part of the estate,
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Speaker 4: not part of the settlement. Guess what she did. She
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Speaker 4: decided to file the exact same arguments against the separate
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Speaker 4: shares in the trust, saying no, no, those iras should
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Speaker 4: be included in the estate. So now she refiles because
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Speaker 4: the other one never never decided. The trial court dismissed
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Speaker 4: Pam's motion, saying that the IRA is not a probate asset,
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Speaker 4: it's not part of.
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Speaker 3: The force probate assets, that it would have been included
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Speaker 3: in the fourth share.
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Speaker 4: Well, let's keep going. That's a great question, Susan, and
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Speaker 4: that's where we're headed. Well, we're headed there because of course,
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Speaker 4: Pam didn't like that result, so she appealed at the
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Speaker 4: appellate court level. They affirmed the trial court, stating that
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Speaker 4: an omitted share is drawn only from the probate estate
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Speaker 4: and any assets passing through a revocable trust that becomes
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Speaker 4: irrevocable on death. Therefore, since the IRA assets are not probate,
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Speaker 4: and because they went directly to the separate shares, remember
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Speaker 4: he designated the separate shares on the IRA designated beneficiary,
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Speaker 4: that it did not go through the trust, it went
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Speaker 4: directly to those shares, and therefore it is excluded from
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Speaker 4: the forced share. Have a good day for Pam, So Pam,
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Speaker 4: have a nice day, right?
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Speaker 3: So two years married? Four years? This is why you
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Speaker 3: have to do your planning.
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Speaker 4: Yeah? Were they married four years? And no? November twenty
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Speaker 4: twenty Tom got married. Tom died in July of twenty
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Speaker 4: twenty one.
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Speaker 3: Oh less than a year.
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Speaker 4: Come so, Pam, they weren't even married a year.
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Speaker 3: So I wouldn't take my kids off my iray if
8:24
Speaker 3: I'm remarried less than a year.
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Speaker 5: Well, I don't know.
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Speaker 4: You really got it. Well that's where we're at.
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Speaker 2: Now.
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Speaker 4: What are the lessons here? What do we learn from this, folks.
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Speaker 4: I mean, this is maybe a family issue, but at
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Speaker 4: this point, remember when you remarry, you need to update.
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Speaker 4: I'm of the opinion that you need to update your plan.
8:40
Speaker 4: I don't care if it's a week later. I don't
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Speaker 4: care if it's six months later. I would do it
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Speaker 4: right away for the following reasons. Right One, we want
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Speaker 4: to do it not only to take advantage of potentially
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Speaker 4: both spouse's exemption and eliminate federal and or state death tax.
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Speaker 4: So I would want to do it for that. I'd
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Speaker 4: want to do it to avoid probate. I get it. Now.
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Speaker 4: Coming to your question, I think, Susan, what else would
9:06
Speaker 4: I want to do it for? Well, I can now
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Speaker 4: provide for my spouse right the way I want to right.
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Speaker 4: Maybe you know, obviously I married her, so I was
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Speaker 4: already in love with her, so it doesn't matter that
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Speaker 4: I might die six months later. I want to provide
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Speaker 4: for her. But having a trust, you can now have
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Speaker 4: it set up, or maybe the trust one of the
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Speaker 4: trustees is the kids. If you want to have the
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Speaker 4: spouse and the trustee, and the spouse and the kids
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Speaker 4: be trustee. Right, it can provide income for the spouse.
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Speaker 4: It can provide principle as needed to maintain her standard
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Speaker 4: of living. It could allow her to live in a house,
9:45
Speaker 4: not sell it. Right, kids will be in charge of that.
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Speaker 4: So if there's something you want to go to somebody,
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Speaker 4: you can control it. In this way, you would have
9:53
Speaker 4: prevented the forced share issue, all this litigation, and you
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Speaker 4: would have provided for the spouse. Remember, whatever that spouse
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Speaker 4: gets under the fourth share, you can be assured it's
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Speaker 4: not going to go to those kids from the first marriage.
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Speaker 4: But if you do it this way, you can provide
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Speaker 4: for your your spouse through the will, and you can
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Speaker 4: ensure that what's left, which would be more than would
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Speaker 4: be the case otherwise, that is going to get to
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Speaker 4: your side of the family. So I think you really
10:21
Speaker 4: should think about doing your plan and getting it done upright,
10:24
Speaker 4: you know, upfront, as soon as you do change. And
10:27
Speaker 4: I had a recent call where this came up and
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Speaker 4: I explained to them how to do that. So, folks,
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Speaker 4: that's one thing that's important to plan for. Another thing
10:35
Speaker 4: that's important to plan for is how to gift or
10:39
Speaker 4: not to gift. Very important learn all the pros and
10:42
Speaker 4: cons of gifting by getting this guide eight six six
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Speaker 4: eight four, eight, five, six, nine nine, or Legal Exchange
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Speaker 4: show dot com.
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Speaker 3: You've been listening to Todd Lutsky, a partner with the
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Speaker 3: law firm of Cushing and Dolan. I'm Susan Power as
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Speaker 3: a financial advisor with the Armstrong Advisory Group. You've got
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Speaker 3: Welcome back into the Legal Exchange with Todd Latsky. I'm
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Speaker 3: Susan Powers, a financial advisor with the Armstrong Advisory Group,
15:17
Speaker 3: and I'm joined by Todd Latsky, a partner with a
15:19
Speaker 3: law firm of Cushing and Dolan with a master's in taxation.
15:24
Speaker 3: Where are we headed now, Todd? Colorado?
15:26
Speaker 4: No, Montana close.
15:28
Speaker 3: I just think of Yellowstone when you see that.
15:30
Speaker 4: So it's close. So there's a Montana Supreme Court case
15:33
Speaker 4: here where you know. We have Jesse who dies in
15:38
Speaker 4: a motor vehicle and a motor vehicle acts a motorcycle accident.
15:41
Speaker 4: Excuse me, on July of twenty twenty two, survived by
15:45
Speaker 4: his only child, Alexia. However, four days before his death.
15:51
Speaker 4: Now remember folks, he didn't know he was going to
15:53
Speaker 4: have an accident. Of course, four days before he died
15:57
Speaker 4: he just happened to do his will four days before
16:01
Speaker 4: his death. They put that fact pattern in there, but
16:02
Speaker 4: I don't want you to think that that's an issue.
16:05
Speaker 4: It's not really relevant. And he sent this video to
16:10
Speaker 4: his brother, so he didn't prepare will. He sent a
16:13
Speaker 4: video to his brother, Jason, stating that he bequeathed all
16:19
Speaker 4: his possessions to Jason, his brother, not his daughter. But
16:25
Speaker 4: there were no witnesses and there's no writing. There's no
16:29
Speaker 4: document and nothing signed by him. On July of twenty
16:34
Speaker 4: twenty two, same month, Alexia files a petition for an
16:39
Speaker 4: informal probate makes sense because there's no will, and gets
16:43
Speaker 4: appointed personal representative of her father's estate, which, again, if
16:48
Speaker 4: you're the judge, makes perfect sense. That's what we do.
16:52
Speaker 4: Fast forward to October of twenty twenty three. Jason decides
16:58
Speaker 4: to petition to the probate court this video will that
17:02
Speaker 4: he got and wants to get himself appointed pr and
17:08
Speaker 4: of course Alexia objects, stating that no, this is not
17:13
Speaker 4: a valid will, and so on we go to court. Well,
17:19
Speaker 4: the district court ruled that no, this is not a
17:22
Speaker 4: document or a writing. It does not qualify as a
17:26
Speaker 4: writing intended to be a will the statute. Now we
17:31
Speaker 4: got to look to Montana's will statute. The statute says
17:37
Speaker 4: it permits a document or a writing upon a document,
17:44
Speaker 4: even if it's not executed in compliance with the statute
17:48
Speaker 4: to be a will. Well, Jason decides to argue that
17:51
Speaker 4: that statute means to allow non written documents to qualify
17:57
Speaker 4: as wills, because if it's not following the that's what
18:02
Speaker 4: they mean that to apply to. And he makes that
18:05
Speaker 4: argument didn't matter for the district court, so he appealed.
18:11
Speaker 4: Supreme Court chimes in and affirms the district Court, saying, look,
18:18
Speaker 4: the clear meaning of document in the statute is a
18:24
Speaker 4: physical paper or possibly a digital file in which words
18:31
Speaker 4: can actually be produced, capable of being signed and witnessed.
18:37
Speaker 4: It does not extend to a recording. Therefore, the recording
18:42
Speaker 4: is not a will.
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Speaker 4: Detail and Jason, you're out of luck here.
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Speaker 3: What a great uncle he is?
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Speaker 4: Yeah? Why he forced on? Mean? Can you imagine? Right?
19:53
Speaker 4: He's the uncle. Now he's got to deal with having
19:55
Speaker 4: a niece who really hates it.
19:57
Speaker 3: That he's trying to disinherit completely.
19:59
Speaker 4: And not only or you now have lost your niece
20:02
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Speaker 4: Why well, because now we're dealing with the intestate succession
20:10
Speaker 4: statute and we're going to talk about where that might
20:12
Speaker 4: end up. In this case. I think it's a good case.
20:16
Speaker 4: I think it works again another example of not planning, Folks.
20:20
Speaker 4: Planning for your estate is as important as planning on
20:23
Speaker 4: how to make lifetime gifts, which, by the way, lifetime
20:25
Speaker 4: gifts help you could help you reduce your estate tax.
20:29
Speaker 4: Gotta run some numbers, don't just gift. Don't run around
20:33
Speaker 4: naming joint people on accounts. Don't run around putting people's
20:36
Speaker 4: names on houses and rental properties. Folks, Things happen, bad
20:40
Speaker 4: things happen when you do that. Gifting can be helpful,
20:44
Speaker 4: might not be. Learn how to make a gift, what
20:48
Speaker 4: assets to gift? Compare estate tax savings with capital gains,
20:52
Speaker 4: tax step up in basis versus a loss of a
20:55
Speaker 4: step up in basis. Learn about irrevocable trust gifting versus
20:59
Speaker 4: outright gift. Folks. So much to think about, and most importantly,
21:04
Speaker 4: do we gift or not at all, call and get
21:07
Speaker 4: the guide eight six six eight four eight five six
21:10
Speaker 4: nine nine or Legal Exchange Show dot com. Making the
21:14
Speaker 4: most of Gifting your Assets eight sixty six eight four
21:18
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21:23
Speaker 4: Where we're gonna go? What are we gonna learn from this? Well,
21:26
Speaker 4: first and foremost, dying without a will is not a
21:29
Speaker 4: good idea. Put it in writing, just simply not a
21:33
Speaker 4: good idea. So now what's gonna happen in this case?
21:35
Speaker 4: The assets now are going to go to the intestate
21:37
Speaker 4: succession statute simply because there is no wish. You didn't
21:42
Speaker 4: tell anybody where you wanted your things to go, so
21:46
Speaker 4: the court will decide. Thankfully you look in there. I
21:49
Speaker 4: don't know what Montana's intestate succession statute says, but let's
21:54
Speaker 4: assume it's an orderly fashion. So the next closest next
21:59
Speaker 4: of K would likely be a spouse, which he doesn't have.
22:03
Speaker 4: It would then be kids if there were, oh there
22:07
Speaker 4: is alexia. Stop stop. I don't think you're going to
22:11
Speaker 4: get to siblings.
22:12
Speaker 3: He would have to have no kids.
22:14
Speaker 4: And then there'll be I think so again. Every statute
22:18
Speaker 4: is different state in general, state by state you have
22:20
Speaker 4: to go look.
22:21
Speaker 3: But yeah, and you know what, maybe he didn't want
22:25
Speaker 3: to give it to his daughter. But you have to
22:28
Speaker 3: put your plan in writing so those wishes will be known.
22:30
Speaker 4: And you know, that's exactly what I had wanted to
22:33
Speaker 4: talk about next, as folks, as much as the case
22:36
Speaker 4: we had beforehand was disinheriting a spouse. Remember that the
22:40
Speaker 4: first case on this program we talked about disinheriting a spouse,
22:44
Speaker 4: and there there is actually a stopgap measure to prevent
22:49
Speaker 4: complete disinheriting of a spouse, and that doesn't exist with kids.
22:56
Speaker 4: You are allowed in this country to disinherit child. Certain
23:01
Speaker 4: countries you can't. I happened to just know in Italy,
23:04
Speaker 4: for whatever reason, I was dealing with a client who
23:06
Speaker 4: was from Italy. You know you're not allowed to disinherit
23:09
Speaker 4: your children in Italy. Can't do it? Wow, guess what
23:13
Speaker 4: In America you can And there is no gap, stop
23:16
Speaker 4: gap measure, there's no forced share. They're just out. So
23:20
Speaker 4: if you really wanted your wish to happen in this case, Jesse, right,
23:27
Speaker 4: you would have done a will at a bare minimum
23:30
Speaker 4: and then your wish would have been carried out. But
23:33
Speaker 4: because you didn't. By default, it's going exactly where you
23:38
Speaker 4: don't want it to go, which is to Alexia your daughter.
23:42
Speaker 3: You have to make your wishes known legally, you really
23:46
Speaker 3: do so.
23:47
Speaker 4: And also remember when you do these things. Follow we
23:51
Speaker 4: talk about drafting is so important. Right. Not only is
23:55
Speaker 4: drafting important to make sure your assets go where they
23:59
Speaker 4: want when you want them to get there, how you
24:02
Speaker 4: want them to get there, even control the assets from
24:06
Speaker 4: the grave as to who gets them, how and when, right,
24:11
Speaker 4: But also when you're creating a will, there's certain statutory requirements,
24:17
Speaker 4: a writing, a witness, notary, you know, things like that
24:22
Speaker 4: have to be done for a reason and exactly. And
24:25
Speaker 4: then so trying to shortcut the system to save a
24:29
Speaker 4: buck isn't going to work out always so well for you.
24:33
Speaker 4: So just because somebody tells you something is an easier
24:37
Speaker 4: way to go, it may not nearly be the best
24:41
Speaker 4: and oftentimes results in not being the cheapest because it
24:45
Speaker 4: results in adverse tax count doesn't count.
24:48
Speaker 3: It just doesn't count.
24:50
Speaker 4: One other thing you can think about here is if
24:53
Speaker 4: I'm going to do a will like this, especially if
24:55
Speaker 4: I'm trying to disinherit a child or disinherit anybody, particularly
25:01
Speaker 4: in the estate. You would need to not only draft
25:04
Speaker 4: the will correctly, but add a no contest clause. Right.
25:09
Speaker 4: Remember we talk about these a lot. In this case,
25:12
Speaker 4: if I really wanted it to happen, I probably give
25:14
Speaker 4: my daughter like ten grand or twenty grand or something
25:17
Speaker 4: make her feel good, and then put the no contest
25:20
Speaker 4: clause in so there's at least some reason that this
25:22
Speaker 4: doesn't to make her not want to file.
25:24
Speaker 3: Or specifically name her as being disinherited.
25:27
Speaker 4: Yeah, you've got to do that. Folks, learn how to plan.
25:30
Speaker 4: These are all reasons for planning your estate when you die.
25:34
Speaker 4: The guide we're giving away Making the most of gifting
25:37
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25:41
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25:45
Speaker 4: Eight six six eight four eight five six ninety nine
25:50
Speaker 4: or Legal Exchange Show dot com.
25:52
Speaker 3: You've been listening to Todd Lutsky, a partner with the
25:55
Speaker 3: law firm of Cushing and Dolan. I'm Susan Power as
25:58
Speaker 3: a financial advisor with the Armstrong Advisory Group, and Todd
26:01
Speaker 3: will be answering your listener questions when we return to
26:04
Speaker 3: the Legal Exchange with Todd Lutsky.
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29:17
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29:21
Speaker 2: Lutsky and Susan Powers.
29:25
Speaker 3: Welcome back, Todd. We have a few questions from listeners
29:28
Speaker 3: for you. First question comes from Susan in Barnstable, mass
29:31
Speaker 3: and Susan writes, my husband and I have around three
29:35
Speaker 3: million in total assets. Our home is worth around one
29:38
Speaker 3: point four We have investments of five hundred thousand, and
29:41
Speaker 3: we each have an IRA worth around five hundred thousand.
29:44
Speaker 3: We are each other's beneficiaries and our only child is
29:48
Speaker 3: listed as the contingent beneficiary on the IRA. Is that
29:51
Speaker 3: what your IRA investment?
29:53
Speaker 4: So forth?
29:53
Speaker 2: Yeah?
29:54
Speaker 6: Oh?
29:54
Speaker 4: On everything?
29:54
Speaker 3: Okay, God, would there be any benefit for us to
29:57
Speaker 3: have a trust. It seems as if we have a
29:59
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30:04
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31:34
Speaker 3: Other and then to the child ultimately.
31:37
Speaker 4: Yeah, boy, people, I mean is this it's three million dollars?
31:40
Speaker 4: I mean, first of all.
31:42
Speaker 3: Three million in Massachusetts too.
31:45
Speaker 4: Yes, yeah, they're they're in Massachusetts. So we've got three
31:48
Speaker 4: million dollars of total assets. I mean, does it sound simple?
31:51
Speaker 4: I mean, folks, yeah, most people. Right, you have a
31:53
Speaker 4: couple kids, you have some assets. Seems you could say
31:57
Speaker 4: that about any standard simple first marriage situation. We're not
32:02
Speaker 4: adding any you know, bumps in the road here, right. Well, yeah,
32:07
Speaker 4: certainly that sounds simple, but that's not how it works,
32:09
Speaker 4: right right, So if you leave it the way it is,
32:14
Speaker 4: let's play that out and show you the simple facts.
32:18
Speaker 4: Everything's joint husband dies, everything goes to spouse. I get it. Absolutely,
32:24
Speaker 4: no state tax federal for the spouse to pay, no
32:27
Speaker 4: state tax in Massachusetts, no probate to pay. Oh you're right, Susan,
32:31
Speaker 4: Actually no probate because jointly owned assets avoid probate. So
32:35
Speaker 4: you wipe your brow and I tell the wife, Susan,
32:37
Speaker 4: in this case, wasn't that easy. You got everything, You're
32:42
Speaker 4: now worth three million dollars, and you've done no planning.
32:45
Speaker 3: And she's just gonna leave everything to your son.
32:48
Speaker 4: Yeah, you could simply say, now I'm going to go
32:50
Speaker 4: in and my assets already, you got the contingent beneficiary
32:53
Speaker 4: on there. I'll just make the kids the primary right
32:55
Speaker 4: and I'll be done with it. And when I die,
32:58
Speaker 4: they'll get everything outside of probate. And that's absolutely correct, Susan. Yep.
33:03
Speaker 4: But first they're going to have to write a check
33:05
Speaker 4: to Massachusetts because you're worth three million in growing, yes,
33:10
Speaker 4: and you only can shelter two million. You wipe your brow. Federally, yes,
33:15
Speaker 4: But now they're going to owe Massachusetts. I don't know
33:19
Speaker 4: about one hundred and twenty thousand dollars. I mean, it's
33:23
Speaker 4: just to me, it's a waste that I would want
33:25
Speaker 4: that money to go there. You may say, well, that's
33:27
Speaker 4: not a high number, but it is. But I think
33:30
Speaker 4: there's another problem. Right, what three million dollars? Right? The
33:33
Speaker 4: house is a big item. They don't really have a
33:35
Speaker 4: lot of you know, a lot of the cash so
33:37
Speaker 4: much what about nursing home protection. I would have thought
33:40
Speaker 4: about that for someone at this size assets. Right, again,
33:44
Speaker 4: it's not for everybody, but for certain size estates, it
33:47
Speaker 4: might make sense to at least think about it. And
33:50
Speaker 4: so that would have been brought up.
33:51
Speaker 3: So how would it have played out if they had
33:53
Speaker 3: to if they did do trust planning.
33:55
Speaker 4: So if they did trust planning, and let's just assume
33:57
Speaker 4: it's a revocable trust, since we really weren't thinking about
34:00
Speaker 4: nursing home planning, we would have put together one trust,
34:03
Speaker 4: a joint trust. Keep it very simple. She likes it simple.
34:07
Speaker 4: Throw all the assets in except the IRA and then
34:10
Speaker 4: on the first and then during life nothing changes.
34:13
Speaker 3: They don't.
34:14
Speaker 4: They just live their life assets a from the trust.
34:17
Speaker 4: But they have to do nothing different. Husband dies, assets
34:22
Speaker 4: now get tucked. If you got the full, you won't
34:24
Speaker 4: have the full three million in because you got where
34:26
Speaker 4: they have five hundred thousand in an IRA, So we
34:28
Speaker 4: have a million in iras, so two million would be
34:31
Speaker 4: in the trust. That would now all go to the
34:33
Speaker 4: remainder share, all be sheltered on the first death, avoiding
34:36
Speaker 4: probate and included in the husband's estate. Well that's okay.
34:41
Speaker 4: He's got a two million dollar exemption.
34:43
Speaker 3: Taxes, so no tax is paid, and it's like the
34:46
Speaker 3: first time, Just like the first.
34:47
Speaker 4: Time, and no probate. And wife continues to control and
34:50
Speaker 4: enjoy those assets in that trust that's now irrevocable. Yeah,
34:53
Speaker 4: because he died, but she's in charge. She dies the
34:58
Speaker 4: next day, that two million dollars is not owned by her,
35:02
Speaker 4: so it's not part of her estate. It's tax free.
35:06
Speaker 4: She's left with a million dollar iris, two of them,
35:09
Speaker 4: because she got that right. But she's got a two
35:11
Speaker 4: million dollar exemption, so that's no estate tax.
35:15
Speaker 3: She saved one hundred and twenty thousand, did you say
35:17
Speaker 3: from that first example.
35:18
Speaker 4: And continue to avoid probate and never provided a disruption
35:21
Speaker 4: in their life or a complication in their life at all.
35:24
Speaker 4: And then the better part is when they both die
35:27
Speaker 4: under her approach doing nothing, who knows how the kids
35:30
Speaker 4: would have got it. Under this approach, we can control it,
35:33
Speaker 4: protected from creditors.
35:34
Speaker 3: To future divorce, divorces.
35:36
Speaker 4: You name it. So lots of things could be done
35:40
Speaker 4: with that kind of planning. And folks, with that kind
35:43
Speaker 4: of planning, you can also think about gifting, which is
35:46
Speaker 4: what we do with this guide. If during your life,
35:49
Speaker 4: not only did you set it up a nice plan
35:51
Speaker 4: when you died, but before you die, you might want
35:53
Speaker 4: to think about gifting, and so how you gift is
35:56
Speaker 4: very important, and the type of assets you gift is
35:59
Speaker 4: very important. And of course if you do gift to
36:01
Speaker 4: one versus another, you might want to come back and
36:03
Speaker 4: adjust your estate plan to accommodate the gift. So folks
36:07
Speaker 4: think about how to gift, what the estate and income
36:10
Speaker 4: tax ramifications are on gifting, and most importantly, whether you
36:15
Speaker 4: gift at all or not. Get the guide learn the
36:18
Speaker 4: pros and cons of making the most of your gifting
36:20
Speaker 4: of assets eight six six eight four eight five six
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Speaker 4: nine nine or Legal Exchange Show dot com again eight
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Speaker 4: Legal Exchange Show dot Com.
36:35
Speaker 3: Our last question comes from Bill in Cohaset Mass and
36:38
Speaker 3: Bill Wrights. My sister and I live together in a
36:41
Speaker 3: two family home that we inherited from our parents years
36:43
Speaker 3: ago and now own jointly. She is in failing health
36:47
Speaker 3: and although I've kept her at home with me so far,
36:50
Speaker 3: I think she will need to go into a nursing
36:52
Speaker 3: home soon. Excuse me? Will my home be at risk
36:55
Speaker 3: for this expense? Is it too late to do something
36:58
Speaker 3: to protect it. Neither one of us have any children,
37:01
Speaker 3: but we do have a nephew we would like to
37:03
Speaker 3: leave it to after we both pass well.
37:05
Speaker 4: I'm assuming the nephew.
37:07
Speaker 3: Is different from a different sibling. A different sibling neither
37:10
Speaker 3: of these they don't have children, so neither of these okay,
37:14
Speaker 3: So yeah, So this is a situation where when you
37:18
Speaker 3: have two siblings living together, Unlike the one we just
37:20
Speaker 3: talked about with Susan, Right, that was the standard. Everybody's happy,
37:23
Speaker 3: it's a standard family situation, seems simple, And I mentioned
37:27
Speaker 3: there were no bumps in the road with that one.
37:29
Speaker 3: This one kind of has a bump in the road
37:30
Speaker 3: because they don't have kids, but they want to take
37:33
Speaker 3: care of each other kind of because they share a
37:35
Speaker 3: house yep. Right, And if they share a house, they
37:39
Speaker 3: need to do planning, not necessarily because they want to
37:42
Speaker 3: leave it to that nephew, which might be important. But
37:46
Speaker 3: what if one gets sick and the other doesn't goes
37:49
Speaker 3: into a nursing home?
37:50
Speaker 4: Are we going to lose the house? And that's really
37:52
Speaker 4: the question.
37:52
Speaker 3: It's not a married couple, their siblings.
37:54
Speaker 4: Their siblings, so there happens to be a sibling first
37:58
Speaker 4: of all, Yes, that's a reason to do the planning.
38:01
Speaker 4: So the answer is, yes, that's a problem. Yes, you
38:03
Speaker 4: should step up and probably put together earrev separate irrevocable trust.
38:10
Speaker 4: Please if your siblings and you're living together and you do.
38:13
Speaker 4: If sibling one does planning, sibling one should tell sibling two,
38:17
Speaker 4: I'm doing planning. You kind of need to do it too.
38:21
Speaker 4: So if I put my half of the house that
38:23
Speaker 4: they own jointly into an earrev trust, it will now
38:27
Speaker 4: be protected from the nursing home in five years. And
38:31
Speaker 4: guess what that's beneficial to you, sibling too, because now
38:34
Speaker 4: if I get sick, my house is off the table.
38:37
Speaker 4: They won't come after your half of the house, right,
38:40
Speaker 4: But that doesn't help me. So you need sibling two
38:44
Speaker 4: to set up the same kind of trust and put
38:46
Speaker 4: your half of the house into that trust.
38:49
Speaker 3: And in this case, Todd, if the sister goes into
38:52
Speaker 3: a nursing home and the brother happens to die while
38:55
Speaker 3: she's in the air, his half's going to her because
38:58
Speaker 3: they own it jointly. So it's a risk for the
39:00
Speaker 3: nursing home.
39:01
Speaker 4: Still, yeah, that's exactly right. You want to you got
39:05
Speaker 4: to make sure that you do. You both do the planning,
39:07
Speaker 4: and you protect it for each other. And by the way,
39:10
Speaker 4: for protecting it for each other, right, that means it's
39:14
Speaker 4: going to be there for that nephew that you indicated
39:18
Speaker 4: you wanted it to go to anyway.
39:19
Speaker 3: So is it too late for Bill to do anything
39:22
Speaker 3: at this point?
39:23
Speaker 4: I forgot his health is he's going in right away.
39:25
Speaker 3: She's going in, she'sn't feeling health and he thinks that
39:28
Speaker 3: she's going to need to go soon.
39:30
Speaker 4: So if we're not going to make the five years,
39:32
Speaker 4: and whether they if they pretty sure they're not going
39:34
Speaker 4: to make the five years, well then yeah, maybe you
39:36
Speaker 4: don't spend the money to set up the trust now
39:39
Speaker 4: and instead you say you got to call a lawyer though,
39:42
Speaker 4: as soon as you're ready to go to the nursing home.
39:44
Speaker 4: Because there is an exception uh to uh it's called
39:47
Speaker 4: a last minute sibling exception. If you will, I enjoy that.
39:52
Speaker 4: It does allow as long as you have an equity
39:56
Speaker 4: interest in a property with a sibling, which they do.
40:00
Speaker 3: They do they own it together.
40:02
Speaker 4: And that you've lived there for one year prior to
40:04
Speaker 4: one sibling going into the nursing home. Then you can
40:08
Speaker 4: transfer it with no five year waiting period to that
40:10
Speaker 4: other sibling and save the house. Nice, so very helpful, folks.
40:14
Speaker 4: Nice last minute planning. If you're gonna make gifts, learn
40:17
Speaker 4: how to Make Your Gifts eight six six eight four
40:21
Speaker 4: eight five six ninety nine or Legal Exchange Show dot
40:25
Speaker 4: com to get the guide.
40:26
Speaker 3: If you have a question you would like to ask Todd,
40:28
Speaker 3: visit his website Legal Exchange Show dot com and click
40:31
Speaker 3: on the ask Tod tab. Maybe I'll be able to
40:33
Speaker 3: read your question on the air, and hopefully his answer
40:36
Speaker 3: will stop you from becoming one of his next real
40:39
Speaker 3: life stories. You've been listening to Todd Lutsky, a partner
40:42
Speaker 3: with the law firm of Cushing and Dolan. I'm Susan Powers,
40:45
Speaker 3: a financial advisor with the Armstrong Advisory Group. We'll be
40:49
Speaker 3: back with more after this quick break on the Legal
40:51
Speaker 3: Exchange with Todd Lutsky.
40:54
Speaker 2: Legacy planning is incredibly important, but if it isn't done properly,
40:57
Speaker 2: you can create significant problems for yours state. Cushing and
41:00
Speaker 2: Dolan are expert to know their law and their new
41:03
Speaker 2: guide out this month is called Making the Most of
41:05
Speaker 2: Gifting Assets. In it, you'll learn that while some gifts
41:08
Speaker 2: to your children can be beneficial, others may not be,
41:11
Speaker 2: especially if they're financial difficulties or a divorce proceeding. Learn
41:14
Speaker 2: how to protect yourself and your family by calling Cushing
41:17
Speaker 2: and Dolan right now at eight six six, eight four,
41:19
Speaker 2: eight five, six nine nine ask for their brand new
41:22
Speaker 2: guide called Making the Most of Gifting Assets. It contains
41:25
Speaker 2: a wealth of information about the gifting process, including important
41:28
Speaker 2: details about what tax issues may arise from a major
41:31
Speaker 2: gift like a home or a vacation property, and what
41:34
Speaker 2: happens to the asset up the child has creditor issues,
41:36
Speaker 2: call eight sixty six eight four eight five six ninety
41:39
Speaker 2: nine or request it online from their website Legal exchange
41:42
Speaker 2: show dot com. The proceeding was paid for in the
41:45
Speaker 2: US expressed or sole leaders of Cushing and Dolan. Cushing
41:47
Speaker 2: and Dolan and or Armstrong Advisory may contact you offering
41:49
Speaker 2: legal or investment services. Cushing and Dolan at Armstrong Advisory
41:52
Speaker 2: do not endorse each other and are not affiliated.
41:54
Speaker 5: My dad works in B to B marketing.
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41:59
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42:25
Speaker 2: Isn't it time for you to fall naturally in rhythm
42:27
Speaker 2: with America's Caribbean paradise. The US Virgin Islands are Saint Croix,
42:31
Speaker 2: Saint Thomas and Saint John, and they're the perfect spot
42:34
Speaker 2: for your next incredible vacation. Whether it's the rich history
42:38
Speaker 2: of Saint Croix, the pristine beaches of Saint Thomas, or
42:41
Speaker 2: the peace and tranquility of Saint John, the US Virgin
42:44
Speaker 2: Islands has everything you need to enjoy a spectacular holiday.
42:48
Speaker 2: Go to visit USVI dot com and check out the
42:50
Speaker 2: American Caribbean, where you'll find all the information you'll need
42:54
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42:57
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42:59
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43:10
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43:22
Speaker 2: That's visit USVI dot com.
43:25
Speaker 8: The end of the year is coming soon, which makes
43:27
Speaker 8: it a perfect time to address any year end financial needs. Hi,
43:30
Speaker 8: this is Chuck Zada from the Armstrong Advisory Group. We've
43:33
Speaker 8: written a new guide this month called the Top Year
43:35
Speaker 8: End Financial Tips, and in it we provide some insight
43:38
Speaker 8: into important topics such as ways to maximize your charitable donations,
43:42
Speaker 8: gifting assets to family members, harvesting losses, getting your beneficiary
43:46
Speaker 8: designations and estate plans in order, and lowering your taxable income.
43:50
Speaker 8: All these issues may have an effect on your overall planning,
43:53
Speaker 8: So give us a call at eight hundred thirty nine
43:55
Speaker 8: three four zero zero one and ask for our new
43:58
Speaker 8: free guide called the Top Your End Financial Tips. That
44:01
Speaker 8: number again is eight hundred three nine three for zero
44:05
Speaker 8: zero one. Again eight hundred three nine three for zero
44:09
Speaker 8: zero one.
44:10
Speaker 2: The proceeding was paid for by Armstrong Advisory Group, a
44:12
Speaker 2: registered investment advisor. Nothing in the ad or in any
44:15
Speaker 2: Armstrong guide is specific financial, legal, or tax advice. Consult
44:18
Speaker 2: your own financial, tax, and estate planning advisors before making
44:20
Speaker 2: any investment decisions. Armstrong may contact you to offer investment
44:24
Speaker 2: advisory services. Legacy planning is incredibly important. Cushing and Dolan's
44:27
Speaker 2: new guide is called making the Most of Gifting Assets.
44:30
Speaker 2: In it, you'll learn that some gifts to your children
44:32
Speaker 2: can be problematic, especially if they're financial difficulties or a
44:35
Speaker 2: divorce proceeding. Get your guide today by calling eight six
44:38
Speaker 2: six eight four eight five six nine nine. That's eight
44:40
Speaker 2: six six eight four eight five six nine nine, or
44:42
Speaker 2: request the guide online at Legal exchange show dot com.
44:45
Speaker 2: The proceeding was paid for in The views expressed are
44:47
Speaker 2: solely those of Cushing and Dolan. Cushing and Dolan and
44:49
Speaker 2: or Armstrong Advisory may contact you offering legal investment services.
44:52
Speaker 2: Cushing and Dolan at Armstrong Advisory do not endorse each
44:54
Speaker 2: other and are not affiliated your tune to the Legal
44:58
Speaker 2: Exchange with Todd Lutsky. If you our loved one needs
45:00
Speaker 2: a nursing homestay, call Todd right now at eight sixty
45:03
Speaker 2: six eight four eight five six ninet nine and let
45:06
Speaker 2: him make sure your assets are protected. That's eight six
45:09
Speaker 2: six eight four eight five six nine nine, Or visit
45:11
Speaker 2: him online at Legal Exchange show dot com.
45:15
Speaker 3: Welcome back into the Legal Exchange with Todd Lutsky. I'm
45:18
Speaker 3: Susan Paris, a financial advisor with the Armstrong Advisory Group,
45:21
Speaker 3: and I'm joined, of course by Todd Lutsky, a partner
45:24
Speaker 3: with the law firm of Cushing and Dolan with a
45:26
Speaker 3: master's in taxation. Todd, can you explain the differences between
45:32
Speaker 3: gifting assets away from an IRS perspective versus gifting assets
45:37
Speaker 3: away from a medicaid perspective, because even though they're all
45:41
Speaker 3: part of the same government, they have very different rules.
45:43
Speaker 4: Yeah, they do. In fact, I don't think they talk
45:45
Speaker 4: to each other. No, there are two separate aspects of
45:48
Speaker 4: government and they don't work well together. So let's first
45:53
Speaker 4: address the IRS perspective. So many of you folks are
45:57
Speaker 4: out there thinking, oh, I've always I can give away
46:01
Speaker 4: you know, I guess now it's eighteen thousand dollars per
46:05
Speaker 4: year per.
46:06
Speaker 3: Person, going up in January though, right.
46:08
Speaker 4: Going up in January to nineteen thousand per year per person.
46:13
Speaker 4: Those are what we call freebies. You're right. You can
46:16
Speaker 4: make a check out to somebody, anybody, every year, per year,
46:21
Speaker 4: you can give away eighteen thousand.
46:23
Speaker 3: And it doesn't have to be a family member.
46:25
Speaker 4: Right, No, it could be to you, Susan.
46:27
Speaker 3: Listen, if you want that idea for my holiday gift
46:30
Speaker 3: from you, I'm in.
46:31
Speaker 4: I'm in. And so the answer there is that you
46:35
Speaker 4: can do that. You do not need to file a
46:38
Speaker 4: seven h nine gift tax return, which the giver has
46:41
Speaker 4: to file if there's a taxable gift, because this does
46:44
Speaker 4: not amount to a taxable gift. So no filing, no reporting,
46:50
Speaker 4: no nothing, Just write the check and move on.
46:54
Speaker 3: However, what if you want to be a little more generous, If.
46:57
Speaker 4: You want to be more generous, good question. Then let's
47:00
Speaker 4: we want to give away one hundred thousand dollars. Well,
47:02
Speaker 4: now you would back out the eighteen you'd have to
47:05
Speaker 4: file a seven oh nine gift tax return report the
47:09
Speaker 4: taxable gift. But remember the taxable gift would be the
47:13
Speaker 4: one hundred minus the eighteen that's your taxable gift, and
47:18
Speaker 4: then that amount shows up on the seven oh nine
47:21
Speaker 4: gift tax return that you, the giver has to file.
47:26
Speaker 4: But you have a thirteen point six million dollars gift
47:29
Speaker 4: tax exemption that you're allowed to eat into over your
47:35
Speaker 4: entire life.
47:36
Speaker 3: So the eighteen grand is no paperwork you can do
47:39
Speaker 3: over that. You just have to file a little paperwork.
47:41
Speaker 3: You don't pay taxes on.
47:42
Speaker 4: It, no, because that that you will then back out
47:45
Speaker 4: of your exemption the taxable gift. Yeah, okay, so no
47:50
Speaker 4: taxes do but you have to file so that.
47:52
Speaker 3: The diors says it's okay to give. But what happens
47:55
Speaker 3: if you give away this hundred grand gift to a child?
47:58
Speaker 3: Can you go into a nursing home and thanks to That's.
48:01
Speaker 4: Really important because that's just another aspect of giving that
48:05
Speaker 4: you have to think about when you're making gifts. If
48:08
Speaker 4: you want to make gifts, that the amount you give away,
48:11
Speaker 4: I don't care if it's one dollar, right, There is
48:14
Speaker 4: no eighteen thousand dollars freebie like there is for the
48:19
Speaker 4: irs for medicaid planning. Basically, everything you give away is
48:26
Speaker 4: a disqualifying transfer every penny, and that creates a five
48:32
Speaker 4: year waiting period at a bare minimum for what it
48:35
Speaker 4: is that you've given away, meaning you've given something away
48:39
Speaker 4: and retained less than fair market value in return.
48:42
Speaker 3: Buying a car and getting a car.
48:44
Speaker 4: Back, that would not be a gift. Getting something back
48:48
Speaker 4: for fair market value for what you give away is
48:51
Speaker 4: not a disqualifying transfer.
48:53
Speaker 3: So their problem is if you give something away that
48:56
Speaker 3: otherwise could have been used to pay for your own care.
48:59
Speaker 4: Okay, taking an asset that was otherwise countable and making
49:04
Speaker 4: it not countable, that action is disqualifying transfer.
49:09
Speaker 3: So even though you don't own it anymore, it don't
49:11
Speaker 3: matter the fact that you gave it away.
49:13
Speaker 4: Yeah, they don't care where it went. I'll just say
49:14
Speaker 4: you're denied.
49:15
Speaker 3: Okay.
49:15
Speaker 4: So very important that you take into account Medicaid planning
49:19
Speaker 4: when you're getting this guide making the most of gifting assets.
49:23
Speaker 4: As you learned we got to understand the impacts on Medicaid,
49:26
Speaker 4: then we've understand the gift tax rules. So whether we're
49:30
Speaker 4: going to pay any or not, then you need to
49:32
Speaker 4: factor in the type of asset you give away. Is
49:34
Speaker 4: it capital, is it highly appreciated or not? Because there's
49:38
Speaker 4: capital gains tax ramifications when you give a carryover basis
49:42
Speaker 4: when you give away an asset, so that could result
49:45
Speaker 4: in that don't add names to accounts, and really understand
49:49
Speaker 4: using trusts when you give away assets for children rather
49:53
Speaker 4: than just throwing it in their names, might not be
49:56
Speaker 4: the most efficient way to go. There's even a whole
49:58
Speaker 4: example in here about how to do the gifting how
50:01
Speaker 4: to value gifts, very helpful guide folks, Pros and cons
50:05
Speaker 4: of giving away these assets eight sixty six eight four
50:09
Speaker 4: eight five six nine nine or Legal Exchange Show dot
50:13
Speaker 4: com again eight sixty six eight four eight five six
50:18
Speaker 4: nine nine or Legal Exchange Show dot com.
50:22
Speaker 3: So, Todd, you told us last week that if you
50:25
Speaker 3: create an irrevocable trust, you can still do some gifting.
50:29
Speaker 3: So we're getting into the holiday season. So let's say
50:32
Speaker 3: you've got someone who has a house and some money
50:36
Speaker 3: in their trust, and then they've got money in their
50:38
Speaker 3: irais and their bank accounts, and they want to give
50:41
Speaker 3: holiday gifts because that's what they do. You give your
50:43
Speaker 3: family Christmas gifts or whatever you're celebrating. Where should they
50:48
Speaker 3: be gifting from?
50:50
Speaker 4: So in this example season, I might just need to clarify. Sure, Oh,
50:53
Speaker 4: it's an irrevocable trust.
50:55
Speaker 3: They have an irrevocable trust they've created because they are
50:57
Speaker 3: concerned about nurse nursing home spenses, but they don't want
51:00
Speaker 3: a gift to their family.
51:01
Speaker 4: I see. So if you've already done your estate planning,
51:06
Speaker 4: and in this regard, the estate planning consists of irrevocable
51:11
Speaker 4: medicaid trust very important the type we're talking about. So,
51:14
Speaker 4: these irrevocable medicaid trusts very different than the irrevocable gifting
51:19
Speaker 4: trusts that we also create and exist. From an irrevocable
51:24
Speaker 4: medicaid trust standpoint, I probably have put an investment portfolio
51:29
Speaker 4: in there, and houses. Yes, let's assume that. Yes, outside
51:33
Speaker 4: I have iras and some money.
51:36
Speaker 3: Yes.
51:36
Speaker 4: So if you want to make a gift for Christmas
51:41
Speaker 4: and you want to keep it below one thousand dollars
51:45
Speaker 4: per person, technically in Massachusetts, they probably would say that's
51:51
Speaker 4: okay and not look at it from a medicaid perspective.
51:55
Speaker 3: So if you go into a nursing home within five
51:57
Speaker 3: years of making that less than one thousand dollars, get yeah,
52:00
Speaker 3: you're probably five.
52:01
Speaker 4: Yeah, They'll probably say, as long as and you can't
52:03
Speaker 4: do it every Tuesday. That's not what they're going to say.
52:06
Speaker 4: That's not a special day. But if there's a special day, right, So,
52:09
Speaker 4: as long as it's a holiday, a birthday, you know,
52:12
Speaker 4: a religious event, a graduation, you know, some special event,
52:17
Speaker 4: you'll be you probably will be. Okay, I'm not telling
52:20
Speaker 4: you that's the way. But a lot of times you
52:22
Speaker 4: could be moving more money than that. If you're moving
52:25
Speaker 4: more money than that, or big giving assets, bigger gifts
52:28
Speaker 4: than that, depending on your age. Right, you don't want
52:32
Speaker 4: to create a new five year waiting period for medicaid.
52:36
Speaker 4: So if I've got a lot of stuff tucked away
52:38
Speaker 4: in my irrevocable trust already, and maybe I'm beyond the
52:41
Speaker 4: five year waiting period, i might want to gift from
52:46
Speaker 4: the trust. Because remember, these trusts, at least the way
52:49
Speaker 4: we prepare them, are designed for the trustee to make
52:53
Speaker 4: discretionary distributions out to children or nieces and nephews or
52:59
Speaker 4: whatever the class is that you define in there, so
53:03
Speaker 4: children and grandchildren. So you could cut checks out of
53:06
Speaker 4: the trust the trust e could directly to these people. Well,
53:11
Speaker 4: there you go. There's a gift if you do it
53:13
Speaker 4: from there, it's still a gift considered made by you
53:17
Speaker 4: mom and dads of the world, But it doesn't create
53:21
Speaker 4: a five year waiting period for mom and dads because
53:24
Speaker 4: they don't own it.
53:25
Speaker 3: They're five years started when they put the money into
53:28
Speaker 3: the trust initially, right.
53:30
Speaker 4: That's already gone by the boards yep. So taking it
53:34
Speaker 4: out of the trust doesn't start a new clock because
53:38
Speaker 4: they're giving away something that technically they don't own.
53:40
Speaker 3: Okay. And how about if you're using one of these
53:43
Speaker 3: gifting trusts that you described, which are used to typically
53:46
Speaker 3: lower your estate gases, can you make gifts out of
53:50
Speaker 3: that gifting trust to your family?
53:52
Speaker 4: So again you need to look at how that trust
53:54
Speaker 4: is particularly designed, but I would suggest yes, likely they'll
53:59
Speaker 4: be disc rectionary distribution language from the gifting trust to
54:04
Speaker 4: the kids, maybe even to spouses, meaning the spouse of
54:07
Speaker 4: each other husband and wife can depending on the type
54:10
Speaker 4: of like if you did espousal lifetime Access trust or something,
54:14
Speaker 4: they might even be able to get it to themselves
54:17
Speaker 4: and kids. But that begs the question as to whether
54:21
Speaker 4: we should gift from there. So in your case the
54:26
Speaker 4: answer is yes you can. But with gifting trusts, I
54:29
Speaker 4: wouldn't do it. I would now go to the assets
54:32
Speaker 4: I have in my own estate still right.
54:35
Speaker 3: Because you're not your nursing home protection.
54:37
Speaker 4: If you're doing you're not doing nursing complaining. I just
54:40
Speaker 4: give it from there because i want to reduce my
54:42
Speaker 4: estate further, which I'm not doing if I gift from
54:45
Speaker 4: the irrevocable gifting trust that's already out of the estate.
54:48
Speaker 4: Some guidance right and get guidance on gifting folks eight
54:51
Speaker 4: six six eight four eight five six nine nine or
54:55
Speaker 4: Legal Exchange show dot com Making the Most of Gifting Assets.
54:59
Speaker 3: Todd Letsky from the law firm of Cushing and Dolan,
55:01
Speaker 3: thank you so much.
55:02
Speaker 4: Thank you, Susan, always a pleasure.
55:04
Speaker 3: I'm Susan Power as a financial advisor with the Armstrong
55:07
Speaker 3: Advisory Group. We thank you for joining us today and
55:10
Speaker 3: we'll be back again next week on the Legal Exchange
55:12
Speaker 3: with Todd Lutsky.
55:15
Speaker 2: Legacy planning is incredibly important, but if it isn't done properly,
55:19
Speaker 2: you can create significant problems for your estate. Cushing and
55:22
Speaker 2: Dolan are expert to know their law, and their new
55:24
Speaker 2: guide out this month is called Making the Most of
55:26
Speaker 2: Gifting Assets. In it, you'll learn that while Some gifts
55:29
Speaker 2: to your children can be beneficial. Others may not be,
55:32
Speaker 2: especially if they're financial difficulties or a divorce proceeding. Learn
55:36
Speaker 2: how to protect yourself and your family by calling Cushing
55:38
Speaker 2: and Dolan right now at eight sixty six, eight four,
55:41
Speaker 2: eight five six ninet nine ask for their brand new
55:43
Speaker 2: guide called Making the Most of Gifting Assets. It contains
55:47
Speaker 2: a wealth of information about the gifting process, including important
55:50
Speaker 2: details about what tax issues may arise from a major
55:53
Speaker 2: gift like a home or a vacation property, and what
55:55
Speaker 2: happens to the asset up the child has creditor issues.
55:58
Speaker 2: Call eight sixty six eight four eight five six ninety
56:01
Speaker 2: nine or request it online from their website Legal exchange
56:04
Speaker 2: show dot com. The proceeding was paid for in the
56:06
Speaker 2: US expressedo sole. Leaders of Chushian Dolan, Cushian Dolan and
56:09
Speaker 2: or Armstrong Advisory may contact you offering legal or investment services.
56:12
Speaker 2: Cushiingan Dolan at Armstrong Advisory do not endorse each other
56:14
Speaker 2: and are not affiliated. Isn't it time for you to
56:17
Speaker 2: fall naturally in rhythm with America's Caribbean paradise. The US
56:21
Speaker 2: Virgin Islands are Saint Croix Saint Thomas and Saint John,
56:24
Speaker 2: and they're the perfect spot for your next incredible vacation.
56:28
Speaker 2: Whether it's the rich history of Saint Croix, the pristine
56:31
Speaker 2: beaches of Saint Thomas, or the peace and tranquility of
56:34
Speaker 2: Saint John, the US Virgin Islands has everything you need
56:37
Speaker 2: to enjoy a spectacular holiday. Go to visit USVII dot
56:41
Speaker 2: com and check out the American Caribbean, where you'll find
56:43
Speaker 2: all the information you'll need to book a trip that
56:46
Speaker 2: you will never forget. Travel to and from New England
56:49
Speaker 2: is simple, and your stay will be hassle free. Because
56:52
Speaker 2: this is the American Caribbean. There's no passport required and
56:55
Speaker 2: no money to exchange. Make it a romantic getaway or
56:59
Speaker 2: a week long family vacation. The friendly folks of the
57:02
Speaker 2: USVII are waiting to welcome you with open arms. So
57:05
Speaker 2: get out of the cold and heading to America's Caribbean paradise.
57:08
Speaker 2: Go to visit USVI dot com and book your trip
57:11
Speaker 2: of a lifetime today. That's visit USVI dot com.
57:15
Speaker 6: Hi, this is Mike Armstrong from the Armstrong Advisory Group.
57:18
Speaker 6: Fine Tuning your financial strategy as the year comes to
57:21
Speaker 6: a close is very important, so this month we're sharing
57:24
Speaker 6: what we believe are the most critical year end financial tips.
57:28
Speaker 6: As twenty twenty four winds down, there are several opportunities
57:31
Speaker 6: for you to consider that may help you end this
57:33
Speaker 6: year without worrying about your overall planning strategy, such as
57:37
Speaker 6: contributing the maximum amount of money to your IRA or
57:39
Speaker 6: four oh one K plan, offsetting your capital gains, and
57:42
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