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How 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 the Armstrong Advisory Group, and I'm joined
• 0:43
  Speaker 2: by Todd Lutsky, a partner with the law firm of
• 0:46
  Speaker 2: Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today?
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  Speaker 3: I am never better in you?
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  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: Got a couple of things. We've got a Pennsylvania Uppellate
• 0:57
  Speaker 3: Court basically gonna show us how how poorly drafted Medicaid
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  Speaker 3: trusts that basically fail to protect the house from a
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  Speaker 3: nursing home because it's so poorly drafted. And then the
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  Speaker 3: family discovered it and they decided they would terminate to
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  Speaker 3: trust and start over. But the court didn't like that
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  Speaker 3: idea too much. So we're gonna have to take a
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  Speaker 3: look at this and show you, obviously how to fix
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  Speaker 3: it and how not to run into this problem. But
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  Speaker 3: I thought a whole lesson about drafting is so darn important.
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  Speaker 3: I think we'll learn that from that case. Then we
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  Speaker 3: have an Alabama Supreme Court case where, you know, we
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  Speaker 3: have a situation where basically a will is created in
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  Speaker 3: twenty eleven, then another will is created in twenty twenty,
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  Speaker 3: naming step step granddaughter and step granddaughter's husband as beneficiaries
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  Speaker 3: instead of I guess daughter Beatrice in the beginning. Well,
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  Speaker 3: she died three weeks later and that didn't go over
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  Speaker 3: so well. So we're going to see what happens here.
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  Speaker 3: This is really an undue influenced case and a lack
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  Speaker 3: of capacity case, and you're going to see how a
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  Speaker 3: will is really a won't but it still can do
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  Speaker 3: things for you. So it's better to have it than not.
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  Speaker 3: So lots to learn about here and again even this one, right,
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  Speaker 3: it comes down to who do you really want your
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  Speaker 3: assets to go to? And folks, that's what our guide
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  Speaker 3: this month is about. It really does offer I don't
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  Speaker 3: know countless numbers of ways to leave your assets. If
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  Speaker 3: you have a special needs child, if you've got children
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  Speaker 3: that are bad with money, if you're concerned about divorces,
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  Speaker 3: if you're concerned about generation skipping taxes, if you want
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  Speaker 3: to just leave your assets outright. I mean, there's so
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  Speaker 3: many things to think about when someone passes that the
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  Speaker 3: trust can live on and do more than just avoid
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  Speaker 3: probate and reduce taxes, which are certainly important, but the
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  Speaker 3: family behind the estate plan could really matter. And so
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  Speaker 3: if you've never done your planning, get the guide and
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  Speaker 3: learn how you might want to leave assets to children
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  Speaker 3: or family. And if you've already done it, get it
• 3:08
  Speaker 3: because I think you might figure out that there's other
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  Speaker 3: things you can do if your life events or family
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  Speaker 3: events have changed. Eight six six eight four eight five
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  Speaker 3: six ninety nine or legal exchange show dot com to
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  Speaker 3: get how to leave your assets to beneficiaries eight six
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  Speaker 3: six eight, four, eight, five, six, nine nine, or Legal
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  Speaker 3: Exchange show dot com. So here we go, Pennsylvania Appellate
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  Speaker 3: Cord case. So Don and Marjorie Patterson established an irrevocable
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  Speaker 3: trust in twenty eleven. They were the lifetime beneficiaries and
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  Speaker 3: their daughter was the trustee. So far sounds great, right,
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  Speaker 3: and the two grandkids were contingent beneficiaries. Still okay. The
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  Speaker 3: home was the only asset really transferred to the trust.
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  Speaker 3: Still okay, here's the problem. The trust provided that the
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  Speaker 3: trustee could pay could provide income and support for the
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  Speaker 3: Petersons and the grandkids, not the daughter, but and the grandkids,
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  Speaker 3: including for the Peterson's health care expenses.
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  Speaker 2: Oh not so good.
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  Speaker 3: Yeah, so that's a concern. Bad language, right, So the
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  Speaker 3: Petersons filed a petition to terminate the trust on January sixteenth,
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  Speaker 3: twenty twenty four. They did this in twenty eleven. All right,
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  Speaker 3: so because it violates the state guidelines right to protect
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  Speaker 3: the home. In essence, it will not protect the home,
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  Speaker 3: and that was the primary intent when they created the trust.
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  Speaker 3: The problem here is that the trust provides that distributions
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  Speaker 3: can be made for the Patterson's benefit, and specifically for
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  Speaker 3: health related expenses makes the asset clearly available for the
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  Speaker 3: nursing home. So I agree with their determination that this
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  Speaker 3: is not going to protect it from the nursing home.
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  Speaker 3: So they want to terminate it. I get it. Now.
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  Speaker 3: Most of these cases don't have termination clauses in it.
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  Speaker 3: Most of these trusts don't have that, and there's reasons
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  Speaker 3: for it, and we'll talk about it. Yeah, So the
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  Speaker 3: probate court and the appellate court. The probate court first
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  Speaker 3: believed that it was like a life estate for them
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  Speaker 3: and then the grandkids. I don't really see that, but okay.
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  Speaker 3: The appellate court agreed that the trust was clearly designed
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  Speaker 3: to provide them income and support for their health care,
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  Speaker 3: and therefore it was not an unanticipated circumstance that they
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  Speaker 3: would not get Medicaid. So the way the appellate court
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  Speaker 3: read it says, look, you draft it specifically to take
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  Speaker 3: care of your health care. So if you drafted it
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  Speaker 3: that way, then this is not an unanticipated event that
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  Speaker 3: it would not protect it from the nursing home. So
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  Speaker 3: therefore we're not going to let you terminate the trust.
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  Speaker 3: That's the court said. So this is a case of
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  Speaker 3: first impression by the way, for this court. So I'm like, wow, yeah,
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  Speaker 3: and I listened to this, and I'm a little taken aback. Now,
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  Speaker 3: let me give you an example. A CUPER to qualified
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  Speaker 3: personal residence trust you could set up years ago to
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  Speaker 3: try and get a house out of an estate. You
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  Speaker 3: put it in a trust, and if you live beyond
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  Speaker 3: a certain term of the trust, say five years or
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  Speaker 3: say ten years, then the house is out of the estate.
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  Speaker 3: Usually it's ten years or longer. Then the house is
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  Speaker 3: out of the estate. Well over that ten year period,
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  Speaker 3: if estate tax exemptions shoot up like they have in
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  Speaker 3: the past, well then the need to get the house
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  Speaker 3: out of the estate to save a state tax is
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  Speaker 3: no longer exists. So you can petition the court to
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  Speaker 3: terminate the trust because the purpose of the trust to
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  Speaker 3: reduce the state taxes no longer exists. And that's not
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  Speaker 3: an unanticipated event. You could not have known that the
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  Speaker 3: tax laws would change the way they changed to benefit
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  Speaker 3: the tax payer, and therefore the court would likely undo
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  Speaker 3: the q PURT. In fact, we've undone q perts in
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  Speaker 3: the past, and we've helped clients, you know now get
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  Speaker 3: the house back in the estate. So when they pass
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  Speaker 3: it'll get a step up in basis and not cause
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  Speaker 3: a tax problem. In this case, that's not that's the problem.
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  Speaker 3: They said, you didn't this was not unanticipated. You drafted
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  Speaker 3: it poorly. So what do we learn, folks?
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  Speaker 1: Right?
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  Speaker 3: The simple solution is, please draft the language properly. Right,
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  Speaker 3: there must always be language in the trust that absolutely
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  Speaker 3: prohibits the distribution of principle to the owners, the creators
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  Speaker 3: of the trust. That is the language that protects the
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  Speaker 3: assets from the nursing home after five years. Note this
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  Speaker 3: trust existed way longer than five years, longer it could
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  Speaker 3: have been protected. Why they waited from twenty eleven to
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  Speaker 3: twenty twenty four to discover this problem, I don't know.
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  Speaker 3: But again that goes back to the court saying, probably
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  Speaker 3: because you know you drafted it the way you thought
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  Speaker 3: you wanted it drafted right to take care of you,
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  Speaker 3: and that's why they didn't terminate it. Now. Also, I
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  Speaker 3: can mention that there's not a lot of we don't
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  Speaker 3: usually put termination clauses in the medicaid trust. There was
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  Speaker 3: a Doherty case here in Massachusetts where they had a
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  Speaker 3: termination clause left in a trust that said, oh, even
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  Speaker 3: though there's no access to principle. The termination clause said
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  Speaker 3: that the trustee can terminate the trust and distribute the
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  Speaker 3: asset out to the beneficiaries. Well that's a problem, right
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  Speaker 3: if you don't.
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  Speaker 2: Define income beneficiary.
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  Speaker 3: Right, If you were just an income beneficiary and that
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  Speaker 3: and it could only go to the remainder beneficiaries, that's okay.
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  Speaker 3: But if you have a paragraph that says you can
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  Speaker 3: terminate it and give it to all beneficiaries, well that's
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  Speaker 3: a problem, right, because then it can go back to
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  Speaker 3: the person who's in the nursing home. Right, However, there
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  Speaker 3: should I'm a little confused as to why there wasn't
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  Speaker 3: any paragraphs in this trust. Well I'm confused with why
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  Speaker 3: there wasn't a lot of paragraphs in this trust. But
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  Speaker 3: you know, normally there's a paragraph that allows you to
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  Speaker 3: make transfers out to children and grandchildren. Like what if
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  Speaker 3: kids are going to college or grandkids are going to
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  Speaker 3: college and you want to make a gift to them
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  Speaker 3: out of the trust. You should be able to do that, right.
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  Speaker 2: Which would include a house, would.
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  Speaker 3: Include anything you want. And there's no obligation here for
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  Speaker 3: a child to once you give it to them. I
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  Speaker 3: get it all bets are off and that's why you
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  Speaker 3: can do this. But if you did this, maybe they
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  Speaker 3: could have just undone the trust and started over and
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  Speaker 3: not even gone to court. Folks, at the end of
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  Speaker 3: the day, this lesson is about making sure your trusts
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  Speaker 3: are drafted properly. But I'm sure this trust also had
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  Speaker 3: language going to the you know, wanted to take care
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  Speaker 3: of the grand kids. This one was designed to skip
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  Speaker 3: a generation. Remember it was to take care of the
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  Speaker 3: grandkids after mom, after the grandparents passed. Learn how best
• 10:09
  Speaker 3: to leave your assets to your kids. Get the guide
• 10:12
  Speaker 3: eight six six eight four eight five six nine nine
• 10:15
  Speaker 3: or Legal Exchange show dot com.
• 10:17
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:20
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Power as
• 10:23
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We've got
• 10:26
  Speaker 2: much more to come when we return to the Legal
• 10:29
  Speaker 2: Exchange with Todd Lutsky.
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  Speaker 1: children isn't as simple as it sounds, especially if they
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  Speaker 1: have problems of their own. If you're retired or nearing retirement,
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  Speaker 1: it's time to consider the best way to keep your
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  Speaker 2: Welcome back into the legal exchange with Todd Letsky. I'm
• 13:51
  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:01
  Speaker 2: Where are we headed now, Chod, We're.
• 14:02
  Speaker 3: Going to go to the Alabama Supreme Court. Listen to
• 14:07
  Speaker 3: this case. This is a combination of testamentary capacity and
• 14:11
  Speaker 3: undue influence. So Nancy did a will in twenty eleven
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  Speaker 3: naming her sister the PR and devised the home and
• 14:22
  Speaker 3: the remaining residue of the estate to Beatrice, which is
• 14:26
  Speaker 3: her sister, so she must have I'm guessing she didn't
• 14:29
  Speaker 3: have any children of her own, which we'll learn here
• 14:32
  Speaker 3: in a minute, because in twenty twenty, Nancy executed a
• 14:37
  Speaker 3: new will, naming step granddaughter Meghan and as PR and
• 14:44
  Speaker 3: devising the home and the residue to Megan. And her husband,
• 14:49
  Speaker 3: Joe C. Because there's a Joe em coming.
• 14:52
  Speaker 2: Up, so that's a little suspect.
• 14:54
  Speaker 3: Yeah, And the end, they went ahead and they actually
• 14:56
  Speaker 3: executed a deed conveying the home out right to Megan
• 15:01
  Speaker 3: and Joe C. Well, facts get better. Turns out that Megan,
• 15:09
  Speaker 3: Joe C and their kids had been living with Nancy
• 15:14
  Speaker 3: for about five months and three weeks after she did
• 15:19
  Speaker 3: executing the new will and the deed, she died five months.
• 15:24
  Speaker 3: They're living there three weeks before death. All this happens
• 15:29
  Speaker 3: to me, that's a problem. Yeah, Well, Joe M who
• 15:33
  Speaker 3: is Beatrice's son in law, so that would be Beatrice
• 15:37
  Speaker 3: who's the sister's kid's spouse. Just to play out that
• 15:41
  Speaker 3: string a little bit, brings this action to admit the
• 15:46
  Speaker 3: two thousand will and void the twenty twenty will and
• 15:50
  Speaker 3: the deed due to undue influence seems spot on to me. Well,
• 15:56
  Speaker 3: the parties apparently the case doesn't tell you this, but
• 15:59
  Speaker 3: the parties just worked it out and they agreed that
• 16:01
  Speaker 3: the twenty twenty will would be would be probated. I
• 16:06
  Speaker 3: don't know if they couldn't prove undue influence or whatever.
• 16:10
  Speaker 3: And they agreed that Megan would be the pr who's
• 16:13
  Speaker 3: the step granddaughter. Huh. Well, Joe M. Files decides to
• 16:19
  Speaker 3: file to have the twenty twenty will. This is later
• 16:23
  Speaker 3: Joe M files to have the twenty twenty will indeed
• 16:27
  Speaker 3: invalidated due to lack of testamentary capacity. Second second try,
• 16:32
  Speaker 3: try at the apple, and the twenty eleven will should
• 16:36
  Speaker 3: be probated in its place, which of course leaves everything
• 16:40
  Speaker 3: to Beatrice, which somehow finds its way to Beatrice Kids
• 16:43
  Speaker 3: or something. Joe C and Meghan and the step grandkids
• 16:49
  Speaker 3: file a motion to dismiss Well. The court found that
• 16:54
  Speaker 3: the twenty twenty deed and will not to be valid,
• 16:59
  Speaker 3: not surprised, and that the step kids decided to appeal.
• 17:04
  Speaker 3: There was no dispute that Nancy was cognitively impaired during
• 17:07
  Speaker 3: the final weeks of her life, diagnosed with dementia and
• 17:11
  Speaker 3: failure to thrive and things like that. Yep. But there
• 17:15
  Speaker 3: turned out to be conflicting evidence regarding the testamentary capacity.
• 17:20
  Speaker 3: So it's up to the jury really to decide and
• 17:22
  Speaker 3: judge the credibility of the witnesses, etc. And determining this,
• 17:26
  Speaker 3: and they concluded that she in fact did lack testamentary
• 17:30
  Speaker 3: capacity to make the will, and the Supreme Court agreed,
• 17:34
  Speaker 3: because they appealed again, of course, and the Supreme Court
• 17:37
  Speaker 3: agreed and affirm the case. So I think it's the
• 17:41
  Speaker 3: right decision, and we're going to learn a little bit
• 17:43
  Speaker 3: about what was done here. When I say what was
• 17:46
  Speaker 3: done here, there was only a will done here. Sometimes
• 17:48
  Speaker 3: a will is better than nothing, folks. But I can
• 17:52
  Speaker 3: tell you how you decide to leave your assets to
• 17:55
  Speaker 3: your beneficiaries, which is the name of our guide this
• 17:57
  Speaker 3: month is very important because the will in this case
• 18:01
  Speaker 3: saved their intent and if you want your intent honored,
• 18:06
  Speaker 3: get the guide. If you've never done your planning, this
• 18:08
  Speaker 3: will help you figure out how to leave your assets,
• 18:11
  Speaker 3: and if you've done it, it might give you some
• 18:13
  Speaker 3: ideas on how to change if your life events have changed.
• 18:16
  Speaker 3: And it gives numerous examples of how to do that,
• 18:20
  Speaker 3: from staggered distributions to special needs children to divorce proofing
• 18:25
  Speaker 3: it for creditors. Whatever's right for you, it's here. Get
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  Speaker 3: the Guide eight six six eight four eight five six
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  Speaker 3: nine nine or Legal Exchange Show dot com again eight
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  Speaker 3: six six eight four eight five six nine nine or
• 18:42
  Speaker 3: Legal Exchange Show dot Com well, what can we learn
• 18:46
  Speaker 3: from this again, let's start with the with the planning
• 18:50
  Speaker 3: that was done. It was a will, you know me,
• 18:54
  Speaker 3: a will's a won't and it's still a won't. It
• 18:56
  Speaker 3: won't avoid probated didn't hear. It's not going to reduce
• 19:00
  Speaker 3: to state taxes and again she was single, maybe there
• 19:03
  Speaker 3: was no way to do it with a trust anyway,
• 19:05
  Speaker 3: but it won't reduce the state taxes. And of course
• 19:07
  Speaker 3: it won't protect assets from the nursing home if that's
• 19:10
  Speaker 3: a concern of yours. But you know, at least the
• 19:14
  Speaker 3: will does direct where your assets go when you die,
• 19:16
  Speaker 3: and you're not stuck with the intestate succession stature and
• 19:20
  Speaker 3: if you go to the probate court and you have
• 19:21
  Speaker 3: to go through these headaches. At the end of the day,
• 19:24
  Speaker 3: as we learned here, your assets, your wishes can be
• 19:28
  Speaker 3: followed and your assets will go where you're really wanted
• 19:32
  Speaker 3: them to gop. So obviously one of the lessons from
• 19:36
  Speaker 3: this case is don't procrastinate, don't try to do things
• 19:39
  Speaker 3: last minute. And I don't think she did. I think
• 19:43
  Speaker 3: they she was deleted it for her. So in this
• 19:48
  Speaker 3: case also, drafting is important, right, This was step grandkids
• 19:55
  Speaker 3: and step kids that were involved here. So remember it's
• 19:59
  Speaker 3: very important when you draft a document. And maybe they
• 20:02
  Speaker 3: did this, maybe they informed you know, the attorney. But
• 20:06
  Speaker 3: you can't just draft documents that say I leave things
• 20:09
  Speaker 3: equally to children, issue descendants. Those are words that have
• 20:15
  Speaker 3: meaning terms of art, and they capture people like children, grandchildren,
• 20:21
  Speaker 3: great grandchildren, great great grandchild, adopted on and on on. Well,
• 20:25
  Speaker 3: adopted children have to be drafted to be included. But yes,
• 20:28
  Speaker 3: generally in a definition section, we adopted children are included
• 20:32
  Speaker 3: in that term of art. But you have to draft
• 20:35
  Speaker 3: that into your document. The term of art by itself
• 20:39
  Speaker 3: would not capture an adopted child, but if it's drafted in,
• 20:42
  Speaker 3: it would. But in this case, a lot of times
• 20:45
  Speaker 3: no step grandkids would not fit. That's the whole point here.
• 20:50
  Speaker 3: They would not be captured by those definitional terms, So
• 20:55
  Speaker 3: you need to make sure you draft it to include
• 20:58
  Speaker 3: them as children or specific list them as beneficiaries, which
• 21:03
  Speaker 3: is what they did here, right.
• 21:04
  Speaker 2: I would think Todd that you have more or a
• 21:08
  Speaker 2: lesser chance of people contesting things if you do a
• 21:11
  Speaker 2: trust rather than a will. Would that be an accurate statement?
• 21:15
  Speaker 3: I don't know if it's less. I mean, anybody can
• 21:18
  Speaker 3: contest any time, right, So I don't know if it's less,
• 21:21
  Speaker 3: but I think it goes to it being harder to
• 21:25
  Speaker 3: perhaps win when you've taken these extra steps to do
• 21:29
  Speaker 3: the planning.
• 21:29
  Speaker 2: You could put it in a contest clause.
• 21:31
  Speaker 3: Put them everywhere, both in the will, in the trust.
• 21:34
  Speaker 3: That is the key to what you're saying to preventing
• 21:39
  Speaker 3: the litigation. Now, let's just explore undoe influence a minute. Right,
• 21:44
  Speaker 3: In this case, it certainly seemed like we had it.
• 21:46
  Speaker 3: They're living there, they probably took her to the lawyer.
• 21:50
  Speaker 3: They probably told the lawyer what they want. I mean,
• 21:53
  Speaker 3: I mean, you think the lawyer would have seen that this.
• 21:55
  Speaker 3: It certainly looked like it because they did everything, and
• 21:58
  Speaker 3: at the end of the day, the people who helped
• 22:00
  Speaker 3: her get that will drafted ended up being the only beneficiaries.
• 22:06
  Speaker 3: That's classic under influence. So I don't know why they
• 22:08
  Speaker 3: didn't win that case. But again, I think it's important
• 22:10
  Speaker 3: to understand the difference between testamentary capacity and contractual capacity,
• 22:16
  Speaker 3: because their second bite at the apple was okay, if
• 22:18
  Speaker 3: we don't win under undue influence. She lacked capacity, and
• 22:22
  Speaker 3: even though she was diagnosed with failure to thrive and
• 22:26
  Speaker 3: early dementias. I think what they called it, that doesn't
• 22:31
  Speaker 3: mean that you can't do a will. So for all
• 22:33
  Speaker 3: of you listening out there, if you have people that
• 22:35
  Speaker 3: are in that situation and you think that they can't plan,
• 22:40
  Speaker 3: it might still be okay, okay, And so in this case,
• 22:45
  Speaker 3: you know, get asked questions. The lawyer needs to ask questions,
• 22:49
  Speaker 3: simple questions like how many children do you have? You know,
• 22:52
  Speaker 3: do you know where they live? How many grandchildren do
• 22:55
  Speaker 3: you have, how many of your daughters. If they can
• 22:57
  Speaker 3: rattle these things off, then they kind of oh the
• 23:00
  Speaker 3: nature of their bounty and that would mean okay for
• 23:03
  Speaker 3: testamentary capacity, but perhaps not contractual capacity. So, folks, this
• 23:08
  Speaker 3: was a prime example a will at least directed where
• 23:11
  Speaker 3: their assets went when they died, and it was honored.
• 23:15
  Speaker 3: If you want your wishes to be honored, get the
• 23:18
  Speaker 3: guide and learn when you're doing your estate planning how
• 23:21
  Speaker 3: to leave your assets to your family. There's so many
• 23:23
  Speaker 3: ways to protect it even after you're gone. Eight six
• 23:27
  Speaker 3: six eight four eight five six nine nine or Legal
• 23:31
  Speaker 3: Exchange show dot com.
• 23:32
  Speaker 2: You've been listening to Todd Lutsky, a partner with a
• 23:35
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:38
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:41
  Speaker 2: be answering your listener questions when we return to the
• 23:45
  Speaker 2: legal exchange with Todd Lutsky.
• 23:48
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
• 23:51
  Speaker 1: and Dolan has a new guide out called How to
• 23:53
  Speaker 1: Leave Assets to Beneficiaries, and it can help make your
• 23:56
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  Speaker 1: isn't it as simple as it sounds, especially if they
• 24:02
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 24:05
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• 24:07
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• 24:16
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• 24:19
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• 24:21
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• 24:25
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• 24:28
  Speaker 1: number again is eight sixty six eight four eight five
• 24:30
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• 24:33
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• 24:36
  Speaker 1: Exchange show dot com. The proceeding was paid for and
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• 24:41
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• 24:45
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• 24:49
  Speaker 5: The breadth of the stock market sell off in recent
• 24:51
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• 24:54
  Speaker 5: And while it's easy to say don't panic if you're
• 24:56
  Speaker 5: concerned about your portfolio, given the impact of these TIFFs,
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  Speaker 5: now's the time to have that conversation. Hi, this is
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  Speaker 5: Mike Armstrong from the Armstrong Advisory Group. If the market
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  Speaker 1: slash promotions. You're listening to the Legal Exchange, and it's
• 26:54
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 26:57
  Speaker 1: your questions about anything and everything that's suited in the
• 27:00
  Speaker 1: estate planning process. Once again, here's Todd Lutsky and Susan Powers,
• 27:07
  Speaker 1: welcome back talk.
• 27:08
  Speaker 2: We have a few questions from listeners for you. First
• 27:11
  Speaker 2: question comes from Harry in Agawa, mass And Harry writes,
• 27:15
  Speaker 2: my wife and I have a total net worth of
• 27:17
  Speaker 2: about three and a half million. One million is in
• 27:20
  Speaker 2: our home, five hundred thousand in savings and two million
• 27:24
  Speaker 2: in our IRA investments. Can we qualify for an irrevocable
• 27:28
  Speaker 2: trust to shield our assets from a nursing home. I
• 27:31
  Speaker 2: would want to make sure we protected the two million
• 27:34
  Speaker 2: in IRA investments for our son and daughter. I am seventy,
• 27:38
  Speaker 2: my wife is sixty nine, and we are in good health.
• 27:42
  Speaker 3: Wow, this is not an easy one.
• 27:44
  Speaker 2: But he gave you all the details this time.
• 27:45
  Speaker 3: Yeah, he did. But so folks, when we meet clients,
• 27:49
  Speaker 3: and this is exactly why we spend time with them
• 27:52
  Speaker 3: in the beginning, to learn about their assets, about their
• 27:55
  Speaker 3: family dynamics, to help them determine which ways the right
• 27:59
  Speaker 3: way to go. So when you look at three and
• 28:03
  Speaker 3: a half million, they have about one point five million
• 28:06
  Speaker 3: of assets between the home and money.
• 28:08
  Speaker 2: Yep.
• 28:09
  Speaker 3: That is what we like to call protectable from the
• 28:13
  Speaker 3: cost of long term care.
• 28:16
  Speaker 2: So they could essentially transfer those assets into an arevable.
• 28:20
  Speaker 3: Task and that's one of the things they're asking about, right.
• 28:23
  Speaker 3: But they went on to say that they really want
• 28:25
  Speaker 3: to protect the IRA. So the IRA is is an
• 28:29
  Speaker 3: asset that you can't you can't move into a trust
• 28:35
  Speaker 3: today without incurring a huge income tax hit.
• 28:39
  Speaker 2: Because you'd have to first withdraw it, pay the taxes
• 28:42
  Speaker 2: the net.
• 28:44
  Speaker 3: Yeah, into the trust. See, So that that to me,
• 28:46
  Speaker 3: I mean if I took two million dollars out of
• 28:48
  Speaker 3: an ir IRA I got to give. You know, at
• 28:51
  Speaker 3: least forty thirty five federal and state figure thirty five
• 28:56
  Speaker 3: to forty percent would go in taxes. So that's what
• 29:00
  Speaker 3: eight hundred thousand dollars.
• 29:02
  Speaker 2: Eight hundred thousand versus you know, if they end up
• 29:06
  Speaker 2: getting to the point where they need to go into
• 29:07
  Speaker 2: a nursing home, if they have two million, now I mean,
• 29:11
  Speaker 2: let's say it's three by the time they have to
• 29:13
  Speaker 2: go into a nursing home, they could essentially self ensure.
• 29:17
  Speaker 3: They could be self pay if it's grown, and if
• 29:19
  Speaker 3: they're you know, that's the thing. So you got to
• 29:20
  Speaker 3: run the numbers here, and you got to say, you
• 29:22
  Speaker 3: know what, though I don't think this is a negative answer,
• 29:26
  Speaker 3: I think for them, I would still go out of
• 29:28
  Speaker 3: my way to protect a one point five Why not
• 29:31
  Speaker 3: if I'm going to do a trust anyway, it's close
• 29:34
  Speaker 3: enough here that that if I'm going to do a
• 29:36
  Speaker 3: revocable trust that will avoid probate, reduce my death taxes
• 29:41
  Speaker 3: for the state, and provide a bloodline plan for my
• 29:46
  Speaker 3: family as to who gets at how and when, why
• 29:49
  Speaker 3: not just do the irrevocable and get all of that
• 29:53
  Speaker 3: and add nursing home protection for at least some of
• 29:56
  Speaker 3: my assets. I say that because of two reasons. One,
• 29:59
  Speaker 3: you're going to live off your era anyway. Two maybe
• 30:02
  Speaker 3: it'll grow, maybe it won't. I don't know, but either way,
• 30:06
  Speaker 3: there's things that can be done last minute to protect
• 30:10
  Speaker 3: assets when one gets sick and goes in a nursing home.
• 30:12
  Speaker 3: So we'll deal with that when the time comes. And
• 30:16
  Speaker 3: the other thing is, not only might it come down
• 30:18
  Speaker 3: if you're living off of it, but we would always
• 30:21
  Speaker 3: also add the testamentary trust to make the beneficiary the
• 30:26
  Speaker 3: estate once they're seventy three, they're not there yet. And
• 30:30
  Speaker 3: that way, if one just died and never went to
• 30:33
  Speaker 3: the nursing home, that person's that decedent's IRA could be
• 30:38
  Speaker 3: held in the testamentary trust, immediately protected from the nursing
• 30:43
  Speaker 3: home in the event the surviving spouse gets sick, yet
• 30:47
  Speaker 3: available to the surviving spouse if the surviving spouse doesn't
• 30:51
  Speaker 3: get sick right and needs it to live on. So
• 30:53
  Speaker 3: it's really a great It offers another opportunity to protect
• 30:59
  Speaker 3: something that you can can't in advance anyway. So this
• 31:03
  Speaker 3: is a tougher case, I think all the way around.
• 31:05
  Speaker 3: But I think if you walk through it combination of
• 31:08
  Speaker 3: potentially being self insured, as you said, Susan, these assets
• 31:12
  Speaker 3: could grow and you could generate enough income coupled with
• 31:15
  Speaker 3: social Security to pay. But if I've got the trust
• 31:19
  Speaker 3: in place, you know what, I'm happy because I've taken
• 31:22
  Speaker 3: some things off the table and I've provided myself with
• 31:25
  Speaker 3: some options to protect the rest later on with that
• 31:28
  Speaker 3: idea of the testamentary trust. So great case, but again
• 31:32
  Speaker 3: one that requires some attention, and folks, your overall estate
• 31:36
  Speaker 3: plan might require some attention. And again, to me, the
• 31:39
  Speaker 3: most important part here in this example was they wanted
• 31:42
  Speaker 3: to protect things for their family. Well, if you do,
• 31:45
  Speaker 3: you need to learn how best to do that. Sometimes
• 31:48
  Speaker 3: leaving assets outright to children is not the best bet
• 31:51
  Speaker 3: protecting them from future creditors, divorces, and perhaps generations. Skipping
• 31:57
  Speaker 3: taxes without causing any harm your children at all might
• 32:01
  Speaker 3: be a great way to do it. Or maybe you've
• 32:03
  Speaker 3: got a special needs kid. There's so many ways to
• 32:07
  Speaker 3: think about leaving assets to children. Call and get the
• 32:10
  Speaker 3: guide how to Leave Assets to Beneficiaries eight six six
• 32:14
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 32:18
  Speaker 3: Show dot Com again eight six six eight four eight,
• 32:22
  Speaker 3: five six nine nine or Legal Exchange show dot com.
• 32:26
  Speaker 2: Our last question comes from Ruth in North Kingstown, Rhode Island.
• 32:30
  Speaker 2: Ruth rights, My husband and I own our rental duplex jointly.
• 32:33
  Speaker 2: Should we get an LLC for it? What are the benefits?
• 32:37
  Speaker 2: Will this make it more difficult for our daughter to
• 32:39
  Speaker 2: inherit when we when we pass away.
• 32:43
  Speaker 3: Yeah, So this is a great question, really completely different
• 32:46
  Speaker 3: than the one we just talked about. I mean, this
• 32:48
  Speaker 3: is what makes what I think my job so fun
• 32:51
  Speaker 3: is that that every day is always different situation. So
• 32:56
  Speaker 3: when you have an LLC, I'm going to just say
• 32:58
  Speaker 3: a general rule. Yeah, I'd consider an LLC as a
• 33:03
  Speaker 3: general rule. At least start there. Yeah for a rental,
• 33:06
  Speaker 3: I'm sorry, for a rental, at least start there, right.
• 33:10
  Speaker 3: And so the reason you I don't know what the
• 33:13
  Speaker 3: rest of their assets are, but when you have a rental,
• 33:15
  Speaker 3: you might have a home, you might have a vacation home,
• 33:18
  Speaker 3: you might have other investment portfolios. So there could be
• 33:22
  Speaker 3: a lot of other assets here. And if you have
• 33:26
  Speaker 3: a rental and you're worried about getting sued because tenants
• 33:30
  Speaker 3: that's what they do. They do that and so if
• 33:36
  Speaker 3: you have it in your own name, then it is
• 33:39
  Speaker 3: going to be sued personally. They're going to sue you personally,
• 33:44
  Speaker 3: So that means all your other assets could be at
• 33:46
  Speaker 3: risk for that lawsuit exactly. That that vacation home, that
• 33:50
  Speaker 3: that investment portfolio, it's all going to be available. Whereas
• 33:55
  Speaker 3: if you put it in an LLC, then the tenant
• 33:58
  Speaker 3: can only sue the company, not you personally, and can
• 34:03
  Speaker 3: really only get the item in that LLC. And most
• 34:07
  Speaker 3: of the time they don't want the building, they just
• 34:11
  Speaker 3: want the money. So that said, even if you're going
• 34:14
  Speaker 3: to have an LLC, I am not suggesting that you
• 34:16
  Speaker 3: get rid of your umbrella or homeowner's insurance policies. In fact,
• 34:21
  Speaker 3: I'm stressing that you keep it because it's that insurance
• 34:24
  Speaker 3: company that's likely to hire the lawyer to help litigate
• 34:29
  Speaker 3: and mitigate the amount of money that the tenant wants.
• 34:34
  Speaker 3: And you don't care because you got to keep your
• 34:37
  Speaker 3: building and you weren't sued.
• 34:39
  Speaker 2: And they don't want the building, they want the money.
• 34:41
  Speaker 2: Exact's why they're going to go out to the deep
• 34:43
  Speaker 2: pockets of the insurance company to keep that. For sure.
• 34:46
  Speaker 3: Now I want to make a comment because that's a
• 34:48
  Speaker 3: general generalization. Really, you mentioned that it's a duplex here,
• 34:54
  Speaker 3: so I'm wondering if they live in half and rent half. Sure,
• 34:59
  Speaker 3: so let's comment on that either way. So if in
• 35:03
  Speaker 3: fact it's a general rental property, I love this whole
• 35:07
  Speaker 3: discussion we just had about LLCs. If it's a duplex
• 35:11
  Speaker 3: and you rent one unit and you live in the
• 35:15
  Speaker 3: other unit, then it's not so easy. Then then I
• 35:20
  Speaker 3: probably would not opt for putting it into the LLC
• 35:26
  Speaker 3: because I think when you put it into the LLC,
• 35:29
  Speaker 3: it becomes commercial property. And if it's commercial property, how
• 35:34
  Speaker 3: can it be your primary residence? And if it's if
• 35:37
  Speaker 3: you lose the fact that it's your primary residence and
• 35:41
  Speaker 3: you go to sell it, even if you were renting half,
• 35:46
  Speaker 3: you lose the capital gains exclusion on the other half,
• 35:50
  Speaker 3: which would be huge. Right, So if you're married and
• 35:53
  Speaker 3: there's a five hundred thousand dollars capital gains exclusion available
• 35:57
  Speaker 3: to you when you sell your primary residence, which of
• 36:01
  Speaker 3: course you have had to own and use as your
• 36:03
  Speaker 3: primary residence for two of the last five years. Yeah,
• 36:08
  Speaker 3: I don't know that I want to give that up. So,
• 36:10
  Speaker 3: if it's a rental and I'm living there. Even if
• 36:14
  Speaker 3: I sell it, half of the gain would be available
• 36:18
  Speaker 3: for my capital gains exclusion. The half that I'm renting
• 36:21
  Speaker 3: wouldn't be But you know I still want that half.
• 36:24
  Speaker 3: M So think about that. So lots to think about
• 36:27
  Speaker 3: when you're dealing with LLCs. At the end of the day, folks,
• 36:30
  Speaker 3: call get the guide eight six six eight four eight
• 36:34
  Speaker 3: five six nine nine or Legal Exchange Show dot com
• 36:37
  Speaker 3: and learn how to leave your assets to your family.
• 36:40
  Speaker 2: If you have a question you would like to ask Todd,
• 36:43
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:46
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:48
  Speaker 2: read your question on the air, and hopefully his answer
• 36:51
  Speaker 2: will stop you from becoming one of his next real
• 36:54
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 36:57
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:01
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:04
  Speaker 2: right back with more on the legal exchange with Todd Letsky.
• 37:08
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
• 37:12
  Speaker 1: and Dolan has a new guide out called how to
• 37:14
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  Speaker 1: our website Legal exchange show dot com. That's a Legal
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
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  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:03
  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
• 41:09
  Speaker 2: with a law firm of Cushing and Dolan with a
• 41:12
  Speaker 2: Master's in Taxation Todd. I was meeting with a couple
• 41:15
  Speaker 2: recently and we were doing some financial planning and figuring out,
• 41:21
  Speaker 2: you know, how much money they're going to have left
• 41:23
  Speaker 2: on the table when they both pass away, and they
• 41:25
  Speaker 2: were surprised by how large the amount was, and they
• 41:28
  Speaker 2: immediately started displaying concern for potential future divorces for one
• 41:36
  Speaker 2: of their children. And I'd ask the question if they
• 41:40
  Speaker 2: had done, you know, had the divorce proofing, if you will,
• 41:44
  Speaker 2: in with their estate plan, because they do have a
• 41:46
  Speaker 2: trust in place, and they didn't realize that that was
• 41:50
  Speaker 2: even a possibility to divorce proof their kid's future inheritance.
• 41:54
  Speaker 2: And I think there may be a lot of people
• 41:55
  Speaker 2: out there that don't realize. So how do you actually
• 41:58
  Speaker 2: accomplish divorce proofing?
• 42:02
  Speaker 3: Soance Again, I can't stress enough the importance is what
• 42:08
  Speaker 3: you're saying here as well of not only doing your
• 42:11
  Speaker 3: trust planning, but but learning how the trust can live on.
• 42:17
  Speaker 3: Like I don't think they realized that the trust could
• 42:19
  Speaker 3: actually live on after you die. And I oftentimes explain
• 42:24
  Speaker 3: to a lot of my clients that that you know,
• 42:27
  Speaker 3: you're going to find that the trust does more for
• 42:29
  Speaker 3: you after you're gone sometimes than it does when you're living,
• 42:33
  Speaker 3: especially with a revocable trust. I mean, I might spend
• 42:36
  Speaker 3: an hour at the whiteboard with a client explaining all
• 42:39
  Speaker 3: the intricacies of the revocable trust and how it works,
• 42:42
  Speaker 3: and I'm like, guess what, Your life didn't change it all.
• 42:46
  Speaker 3: It's revocable, it's yours. Do what you want to do,
• 42:48
  Speaker 3: and at the end of the day you realize in
• 42:50
  Speaker 3: summary that, oh, this is pretty good. But most of
• 42:53
  Speaker 3: the explanation was what happens when one spouse dies, what
• 42:56
  Speaker 3: happens when the other spouse dies, and how does it
• 42:59
  Speaker 3: go and live on? So in this case, you would
• 43:04
  Speaker 3: still treat the kids equally, no problem, if that's their wish.
• 43:07
  Speaker 3: You're just divide it into equal buckets, and then you
• 43:11
  Speaker 3: can name a child as trustee. You know, I'm not
• 43:14
  Speaker 3: a fan of all kids serving as trustees, but you
• 43:17
  Speaker 3: could and they serve though as a general trustee, which
• 43:23
  Speaker 3: means what so they would be in charge. So let's
• 43:25
  Speaker 3: say in this case, I don't.
• 43:27
  Speaker 2: Got two buckets.
• 43:28
  Speaker 3: Let's say we've got two buckets and each bucket has
• 43:31
  Speaker 3: three million bucks in it. I don't know if they're
• 43:33
  Speaker 3: worth six million dollars. That would be three million in
• 43:35
  Speaker 3: each bucket. Whatever the number is, the concept is the same.
• 43:39
  Speaker 2: Yeah.
• 43:40
  Speaker 3: And so you know, even now, if there's only two kids,
• 43:43
  Speaker 3: you could put both kids on as trustees. What does
• 43:46
  Speaker 3: that mean general trustees, Well, they get to do ninety
• 43:51
  Speaker 3: nine percent of what they would do with those assets
• 43:53
  Speaker 3: as if they own them personally.
• 43:56
  Speaker 2: So for example, making decisions about how to wind vass
• 44:00
  Speaker 2: things like that, would to buy in them.
• 44:01
  Speaker 3: Yep, they could call you up and say, let's talk
• 44:04
  Speaker 3: about my investment portfolio. Yeah. Not only that, they could
• 44:07
  Speaker 3: call you and say liquidate. I'm buying a beach house
• 44:10
  Speaker 3: in Florida. Sure where inside the trust? Okay?
• 44:14
  Speaker 2: So the trust would continue to be the owner.
• 44:16
  Speaker 3: Right, And that's the key the ownership, Susan, Just like
• 44:19
  Speaker 3: you said it right, it's it's the trust owns these
• 44:22
  Speaker 3: two buckets, not the kids.
• 44:26
  Speaker 2: So you could have both kids, or you would have
• 44:28
  Speaker 2: two trustees on each trust bucket.
• 44:30
  Speaker 3: So there, Yeah, they could work together and they can't
• 44:33
  Speaker 3: rob Peter to pay Paul, So that's another piece that's
• 44:35
  Speaker 3: in there. They don't ever have to worry about one
• 44:37
  Speaker 3: kid reaching into the other kid's bucket and taking assets.
• 44:40
  Speaker 2: So you create two separate buckets when the.
• 44:43
  Speaker 3: Parents pass right inside the trust got it and so,
• 44:46
  Speaker 3: and they could be trustees over their own buckets if
• 44:49
  Speaker 3: you really wanted to draft it that way. Doesn't really matter.
• 44:53
  Speaker 3: But again I said, they're doing ninety nine percent of
• 44:56
  Speaker 3: the things right there.
• 44:57
  Speaker 2: So there's one percent they're not doing.
• 45:00
  Speaker 3: Yeah, they're investing, they're buying and selling properties, rental properties.
• 45:04
  Speaker 3: They just can't reach in and make a withdrawal from
• 45:09
  Speaker 3: their account and give it to themself or their kids. Okay,
• 45:15
  Speaker 3: but I'm going to explain how they can do that
• 45:17
  Speaker 3: in a minute. But folks, this idea that we're talking
• 45:21
  Speaker 3: about right here, how to leave your assets to your beneficiaries,
• 45:24
  Speaker 3: is exactly what's in the guide. There's an example like
• 45:27
  Speaker 3: this one in the guide for divorce proofing that also
• 45:30
  Speaker 3: leads to generations skipping tax planning. It's a tremendous way
• 45:35
  Speaker 3: of getting the assets to your kids controlling it without
• 45:39
  Speaker 3: really causing them any grief. They can still enjoy use
• 45:45
  Speaker 3: and have it protected from creditors and get to a
• 45:47
  Speaker 3: generation below tax free. Many other examples of how to
• 45:53
  Speaker 3: leave assets are in this guide to your children, Learn
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  Speaker 3: ninety nine or legal Exchange show dot com again eight
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• 46:14
  Speaker 3: your assets to your beneficiaries so.
• 46:16
  Speaker 2: They can't reach into their own buckets and pull principle out.
• 46:20
  Speaker 2: Then who actually decides whether a distribution is okay for them?
• 46:24
  Speaker 3: Yeah, and so that's where you start to again delve
• 46:27
  Speaker 3: into the drafting of the document. How much ConTroll do
• 46:30
  Speaker 3: we want to give the kids? So let's lean on
• 46:34
  Speaker 3: the idea of lots of power, lots of control. And
• 46:38
  Speaker 3: I like that until a client reels me in and says, no,
• 46:42
  Speaker 3: I want to make it less. Yeah, that's up to
• 46:45
  Speaker 3: the client. So let's start with great power. Now what
• 46:49
  Speaker 3: is that great power? They have the ability to pick
• 46:53
  Speaker 3: an independent trustee.
• 46:56
  Speaker 2: And who is that?
• 46:56
  Speaker 3: Typically, so, an independent trustee is defined as some not
• 47:00
  Speaker 3: related or subordinate tokay, the family, an accountant, a lawyer.
• 47:08
  Speaker 3: I mean, you could do a trust company. I mean,
• 47:11
  Speaker 3: but I like to stay with the licensed people because
• 47:13
  Speaker 3: they understand the dynamics of the trust right. And so
• 47:19
  Speaker 3: let's say for fun that they picked me, you be
• 47:23
  Speaker 3: the independent trustee. Well, it's the great power piece that
• 47:28
  Speaker 3: we want to remind you of here. Not only are
• 47:31
  Speaker 3: the kids given the power to appoint me, they also
• 47:37
  Speaker 3: should be given the power to remove me any time
• 47:42
  Speaker 3: for any reason. In that way, there's what no risk
• 47:47
  Speaker 3: to them? When I say no risk to them? What
• 47:50
  Speaker 3: no risk of them not being able to get the
• 47:53
  Speaker 3: assets because I'm a curmudgeon trustee and never give it
• 47:55
  Speaker 3: to them?
• 47:56
  Speaker 2: What do they do if they can't you? If you
• 47:58
  Speaker 2: say don't say it's.
• 47:59
  Speaker 3: Okay, they remove me, Absolutely, you're out. Remember, no reason needed. Okay. So,
• 48:05
  Speaker 3: now now that we know what their great power is,
• 48:09
  Speaker 3: what are they what are they doing? Well, they're going
• 48:11
  Speaker 3: to say, Todd, we need an independent trustee because the
• 48:14
  Speaker 3: one percent, the one thing that they can't do would
• 48:19
  Speaker 3: be the one thing that I can do. And the
• 48:22
  Speaker 3: one thing that the independent trustee does is say yes
• 48:26
  Speaker 3: or no to distribution requests by the beneficiaries.
• 48:31
  Speaker 2: For the future ex or the grandchildren.
• 48:35
  Speaker 3: So let's play out that strength.
• 48:38
  Speaker 2: Yeah.
• 48:38
  Speaker 3: So now life goes on, and you know, let's say
• 48:43
  Speaker 3: Billy says, you know, I'd like to take some money
• 48:47
  Speaker 3: out because we're buying a family car and he's happily married,
• 48:51
  Speaker 3: or we're taking a family vacation that's fine, or the
• 48:55
  Speaker 3: kids going to prep school or college or whatever the
• 48:58
  Speaker 3: case might be. They ask, yeah, I get to say
• 49:02
  Speaker 3: yes or no. That's my job. I get one job
• 49:06
  Speaker 3: and so and I don't have to give a reason
• 49:09
  Speaker 3: to say yes or no. So I go along and
• 49:12
  Speaker 3: I say yes lots. And then life goes on, and
• 49:16
  Speaker 3: let's say ten years after you're dead, the three million
• 49:19
  Speaker 3: has doubled to six, even though they've been taking money
• 49:24
  Speaker 3: out and enjoying it and the grandkids have enjoying it.
• 49:27
  Speaker 3: And then the divorce comes, and then the other side says,
• 49:31
  Speaker 3: I want three million of the six because half, you know,
• 49:35
  Speaker 3: we get half. That's how it works. And that's when
• 49:39
  Speaker 3: Billy says, great idea. But ask Todd, Oh right right,
• 49:43
  Speaker 3: that's the problem. Right, But I think we go it's
• 49:46
  Speaker 3: even better, Susan. We go back to your point, which
• 49:49
  Speaker 3: was ownership. Forget the fact that I have discretion to
• 49:55
  Speaker 3: say yes or no, which of course is very important
• 49:58
  Speaker 3: in protection. The other side of the coin would be
• 50:02
  Speaker 3: he doesn't own it, right, If he's never owned it,
• 50:05
  Speaker 3: it's not a marital asset to begin with, I simply
• 50:08
  Speaker 3: tell the other lawyer it's not even subject to the divorce.
• 50:12
  Speaker 3: Only marital assets are subject to the divorce. Oh good folks.
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  Speaker 3: six ninety nine or Legal Exchange show dot com.
• 50:44
  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 Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
• 51:04
  Speaker 1: and Dolan has a new guide out called How to
• 51:05
  Speaker 1: Leave Assets to Beneficiaries and it can help make your
• 51:08
  Speaker 1: planning process smooth and easy. Leaving your assets to your
• 51:11
  Speaker 1: children isn't as simple as it sounds, especially if they
• 51:14
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 51:17
  Speaker 1: it's time to consider the best way to keep your
• 51:19
  Speaker 1: assets in your family while avoiding significant financial consequences down
• 51:23
  Speaker 1: the road. Call Cushing and Dolan right now at eight
• 51:26
  Speaker 1: sixty six eight four eight five six ninety nine and
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  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
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  Speaker 1: You'll learn which paths are the safest when it comes
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• 51:37
  Speaker 1: that can create substantial problems in the long run. That
• 51:40
  Speaker 1: number again is eight sixty six eight four eight five
• 51:42
  Speaker 1: six nine nine, or you can request it online from
• 51:45
  Speaker 1: our website Legal exchange show dot com. That's legal exchange
• 51:49
  Speaker 1: show dot com. The proceeding was paid for and the
• 51:51
  Speaker 1: views expressed are solely those of Cushing and Dolan. Cushing
• 51:53
  Speaker 1: and Dolan int or Armstrong Advisory may contact your offering
• 51:55
  Speaker 1: legal or investment services. Cushing and Dolan and Armstrong Advisory
• 51:58
  Speaker 1: do not endorse each other and are not a fit.
• 52:00
  Speaker 5: The breadth of the stock market sell off in recent
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• 52:46
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:48
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
• 52:54
  Speaker 1: your own financial tax into state planning advisors before making
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  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
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