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Removing third-party trustees after your death · 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
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  Speaker 1: need assistance in any of these areas, or have a
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  Speaker 1: question about another issue that may affect your future, call
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  Speaker 1: eight six six eight four eight five six ninety nine
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  Speaker 1: to make an appointment. That's eight sixty six eight four
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  Speaker 1: eight five six ninety nine. Operators are standing by. Now
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  Speaker 1: Here are your hosts, Todd Lutzky and Susan Powers.
• 0:38
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:42
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:45
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:48
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd.
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  Speaker 2: How are you today?
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  Speaker 3: I am never better in you?
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  Speaker 2: I'm great? Thank you? What he ever us? This week?
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  Speaker 3: Couple of things. I got a California Pellet court case
• 1:01
  Speaker 3: and then a nice real life feel good story. Oh nice, Yeah,
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  Speaker 3: so I think I think that's what I actually I
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  Speaker 3: am excited about that one. So California Pellet Court case,
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  Speaker 3: this is one where you got to learn about suspending
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  Speaker 3: trustees after someone's gone versus removing and replacing trustees after
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  Speaker 3: the person who created the trust has died. How much
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  Speaker 3: power do you want to give the beneficiaries to remove
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  Speaker 3: and replace trustees? And more importantly, who should serve as trustee?
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  Speaker 3: And are there any conflicts of interest? Like in this case,
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  Speaker 3: you're going to see how one of the trustees was
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  Speaker 3: the remainder beneficiary and decided not to issue discretionary distributions. Well,
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  Speaker 3: that seems like a conflict of interest. So, folks, very
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  Speaker 3: important when you draft these things to make sure that
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  Speaker 3: that you know they're drafted so that it works. And lastly,
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  Speaker 3: the feel good story of the of the day really
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  Speaker 3: is just a family who had I think it was
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  Speaker 3: just the mother at the time, came in in twenty nineteen,
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  Speaker 3: wanted to do some planning, and then we did the
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  Speaker 3: irrevocable trust planning and then later on she went to
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  Speaker 3: the nursing home and we applied for medicaid and she
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  Speaker 3: passed away and we were able to do planning for
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  Speaker 3: the kids, and everything worked out all the way down.
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  Speaker 3: The kids even learned to do planting. Folks, you're going
• 2:18
  Speaker 3: to just see how this whole thing works. It's a
• 2:20
  Speaker 3: complete summary of how an estate plan works, soup to nuts,
• 2:24
  Speaker 3: and the controls, the tax benefits, the distribution benefits, all
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  Speaker 3: just seemed to work well. So folks, that's that. But
• 2:34
  Speaker 3: since we are in a new month, welcome to the
• 2:38
  Speaker 3: month of April. I got a new guide. It's called
• 2:42
  Speaker 3: how to Leave Assets to Beneficiaries. So what I like
• 2:45
  Speaker 3: to tell people about this is that we spend so
• 2:47
  Speaker 3: much time talking about trusts and wills and how they
• 2:51
  Speaker 3: work when you're living, and what they accomplish when you're living,
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  Speaker 3: from probate avoidance to tax savings, et cetera. That's great,
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  Speaker 3: but you know what trust can actually do more for
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  Speaker 3: you after you're dead, from a control standpoint, a credit
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  Speaker 3: or protection standpoint for the kids, perhaps divorce standpoints, generation
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  Speaker 3: skipping benefits. Folks, how you leave assets to the children
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  Speaker 3: is maybe the more important part of the estate plan.
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  Speaker 3: This guide gives you a ton of different options to
• 3:26
  Speaker 3: do that. So if you're doing your estate plan, learn
• 3:28
  Speaker 3: how to do this. Get the guide learn how to
• 3:30
  Speaker 3: Leave your assets to your your family eight six six
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  Speaker 3: eight four eight five six nine nine or Legal Exchange
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  Speaker 3: Show dot com again eight sixty six eight four eight
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  Speaker 3: five six ninety nine or Legal Exchange Show dot com. Okay,
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  Speaker 3: let's head over to California. What do we got going on?
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  Speaker 3: Standindeb or trustees? I'm sorry, standindeb are trust protector and
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  Speaker 3: trustee of a trust, the Carolyn Patricia Young Family Trust.
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  Speaker 3: She obviously has died. Christa was a beneficiary of the trust,
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  Speaker 3: but Deborah was the remainder beneficiary. She's also a trustee.
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  Speaker 3: Christa then contended that Stanley and Debbie improperly withheld funds
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  Speaker 3: from Christa probably didn't make distributions to preserve the assets
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  Speaker 3: for Debbie, which I can see that conflict of interest there. Again,
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  Speaker 3: I don't know if the trust had sold discretionary distribution
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  Speaker 3: or if it actually required mandated distributions that she was ignoring.
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  Speaker 3: Either way, it's a problem. It's a problem for Christa.
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  Speaker 3: So Christa filed to suspend, suspend, not remove, not replace,
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  Speaker 3: suspend Stanley and Debbie's powers as trustee, and to appoint
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  Speaker 3: an interim professional trustee. All. The court granted the application
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  Speaker 3: and suspended them as trustees and trust protector professional Ucchary
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  Speaker 3: was appointed as an interim trustee. That sounds good, of course,
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  Speaker 3: Debian Stanley didn't appreciate that, so they appealed. The California
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  Speaker 3: Code seems to be pretty clear here when when making
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  Speaker 3: orders surcharging, removing, or discharging a fiduciary is an appealable order. However,
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  Speaker 3: there was no evidence or cases cited citing the ability
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  Speaker 3: to appeal a suspension of a fiduciary. They had one
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  Speaker 3: case that showed suspension of a trustee as a provisional remedy,
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  Speaker 3: not a final one, and thus not appealable. So since
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  Speaker 3: this was a provisional remedy appointing a temporary trustee, the
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  Speaker 3: court said, you know what, it's not appealable.
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  Speaker 2: Right, run along, So run along to tell you to
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  Speaker 2: come back.
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  Speaker 3: And Stanley come back. Yeah, when we tell.
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  Speaker 2: You, I have to say, we've been doing this show
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  Speaker 2: together for a while, and although I am a lay person,
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  Speaker 2: there are not too many terms that you use that
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  Speaker 2: I'm not familiar with. I don't think we've ever talked
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  Speaker 2: about a trust protected before.
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  Speaker 3: Yeah, so what is that?
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  Speaker 1: So?
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  Speaker 3: Yeah, trust protector is different. We use it in certain places.
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  Speaker 3: There's lots of case lot out there. Are they fiduciaries
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  Speaker 3: are they just non fiduciaries people that you put in
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  Speaker 3: charge of doing certain things in the trust. You give
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  Speaker 3: them certain powers to only do. They could be a
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  Speaker 3: trust protector, could just be maybe managing money, or a
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  Speaker 3: trust protector could be given certain distribution discretionary distributions to
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  Speaker 3: the beneficiary power. So trust protectors can do certain.
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  Speaker 2: Things, so they're not watching the trustee.
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  Speaker 3: Well they kind of sometimes they can work together. It's
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  Speaker 3: a very gray area, probably why we don't talk about
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  Speaker 3: it a lot. But yeah, so that's a trust protector.
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  Speaker 3: So but what are the lessons we learn, you know
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  Speaker 3: from this case? Now, remember the trouble here is if
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  Speaker 3: you leave assets to one kid and then the remainder
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  Speaker 3: to another beneficial and that person is also in control
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  Speaker 3: of making discretionary distributions, that seems like a conflict of
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  Speaker 3: interest right now, Note when you if the trust said
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  Speaker 3: sole discretionary distributions, it's tough to challenge that you have
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  Speaker 3: sold discretionary distributions. And if that's the case, they're tough
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  Speaker 3: to challenge versus whim right versus an ascertainable distribution like
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  Speaker 3: health education, maintenance support. These are the HEM standards that
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  Speaker 3: they call them, meaning that if a beneficiary is in
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  Speaker 3: the hospital, you gotta pay. You don't get the choice.
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  Speaker 3: Those are more enforceable, more easily enforceable. You know, kids
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  Speaker 3: go into college, gotta pay. Yeah, all right, So that's
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  Speaker 3: the difference between sole discretionary, sole discretionary distributions and HEM standards. Now,
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  Speaker 3: remember the problem though with the HEM standard is you
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  Speaker 3: get no creditor protection, no divorce protection because you have
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  Speaker 3: these standards that required distribution, right, So you need the
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  Speaker 3: sole discretionary language to get the divorce protection you're looking for.
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  Speaker 3: And we do that a lot of times. Right. So
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  Speaker 3: in this case, when we've put these together, we usually
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  Speaker 3: divide assets into equal shares for each child and that
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  Speaker 3: child's children. This way you avoid the problem of a
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  Speaker 3: trustee not distributing out of one trust to the other kid, right,
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  Speaker 3: because they're their own you know, the kids are their
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  Speaker 3: own buckets for their own kids. Now, remember, if we've
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  Speaker 3: got this the kids themselves, there there is nothing saying
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  Speaker 3: there's no problem worrying about saving assets in one share
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  Speaker 3: for the remainder men, because the remainder men is generally
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  Speaker 3: the kids kids, and so they're all taking care of
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  Speaker 3: each other. Right. Also, there's no ability in our situation
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  Speaker 3: to take from one bucket to rob Peter to pay Paul.
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  Speaker 3: So you could have multiple buckets. And even though your trustees,
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  Speaker 3: you don't ever have to worry. You can't take from
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  Speaker 3: one bucket and add to the other.
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  Speaker 2: It's already been carved out for that child.
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  Speaker 3: Carved out already, right. So, and also generally when we
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  Speaker 3: do this, the trustees are the kids over their share,
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  Speaker 3: so there's no issue about this. Now. Also remember that
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  Speaker 3: when I say they're the trustees over their shares, they're
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  Speaker 3: managing and investing all the assets, but they're not taking
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  Speaker 3: any right in order to take it. We don't even
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  Speaker 3: put them against each other. We allow them to appoint
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  Speaker 3: a disinterested trustee who makes the distribution.
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  Speaker 2: And who who is that typically.
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  Speaker 3: Anybody not related or subordinate, generally an accountant, a lawyer,
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  Speaker 3: someone who's licensed. It's just helpful that knows the stuff
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  Speaker 3: right to help them make good decisions. But we also
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  Speaker 3: give them great removal power. They can remove and replace
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  Speaker 3: the disinterested trustee anytime they want, just not with themselves
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  Speaker 3: god it so we kind of get the best of
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  Speaker 3: both worlds without having this conflict of interest. It all
• 9:57
  Speaker 3: comes down to how you want to leave your assets
• 10:01
  Speaker 3: to your family members and draft it accordingly so you
• 10:06
  Speaker 3: can have it operate and everybody can still go to
• 10:08
  Speaker 3: Thanksgiving dinner together without fighting. Get the new guide for
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  Speaker 3: the month eight six, six, eight four, eight, five six
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  Speaker 2: You've been listening to Todd Lutski, a partner with the
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  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
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  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
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  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: Welcome back, into the legal exchange with Todd Lotski. I'm
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  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
• 14:01
  Speaker 2: and I'm joined by Todd Lutsky, a partner with a
• 14:03
  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
• 14:08
  Speaker 2: Where we headed now, Todd.
• 14:09
  Speaker 3: We're going to go to a real life field. All
• 14:12
  Speaker 3: the good story we need some feel good stories we
• 14:15
  Speaker 3: don't get.
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  Speaker 2: Although this story does have nursing, home and death in it,
• 14:18
  Speaker 2: so I'm not sure how feely good it's going to be.
• 14:20
  Speaker 3: But all of those things are part of life. Okay, fine,
• 14:24
  Speaker 3: and that's why we do our planning.
• 14:25
  Speaker 2: At least You're not going to leave us hanging.
• 14:27
  Speaker 3: No, no, none at all. And I think what I
• 14:30
  Speaker 3: like about it is when I was just going through it,
• 14:32
  Speaker 3: I said, Wow, this is all the reasons, folks, that
• 14:35
  Speaker 3: we really do our planning, right, this is why we
• 14:38
  Speaker 3: do it. So this family came in and I think
• 14:41
  Speaker 3: it was just the wife at the time. I think
• 14:43
  Speaker 3: the husband had already died and we wanted to do
• 14:46
  Speaker 3: some estate planning. They came in about twenty nineteen. Dates
• 14:50
  Speaker 3: are important here to do asset protection planning. She had
• 14:55
  Speaker 3: four kids, a multi family home back then worth about
• 14:59
  Speaker 3: one p point two about four hundred and cash, so
• 15:03
  Speaker 3: not as much money. And you know, and really the
• 15:07
  Speaker 3: the irrevocable trust was suggested for the home and a
• 15:10
  Speaker 3: little bit of money, some money was left outside the trust.
• 15:14
  Speaker 3: So we set that up and the payout was to
• 15:17
  Speaker 3: have the two boys member four kids. Two boys were
• 15:21
  Speaker 3: to get the house and the non real estate assets
• 15:24
  Speaker 3: were allocated to the other two kids way less obviously
• 15:28
  Speaker 3: and not equally. So this is one where it's designed
• 15:31
  Speaker 3: to do what she wanted to for whatever her reasons.
• 15:36
  Speaker 3: You know her reasons were. So then she then continued
• 15:39
  Speaker 3: to live there, and you know, at this point collect
• 15:43
  Speaker 3: her rent. Remember this is a two family These are
• 15:45
  Speaker 3: all the pieces I want you to think about. She
• 15:48
  Speaker 3: lived there, no problem, irrevocable trust, yeah, collecting her rent
• 15:53
  Speaker 3: just like she was before. She paid all of her
• 15:55
  Speaker 3: bills and basically the irrevocable trust provided her no disruption
• 16:01
  Speaker 3: to her daily living. So many people think, oh my gosh,
• 16:05
  Speaker 3: I'm giving all this stuff up. I can't do things
• 16:08
  Speaker 3: where they were a vocable trust. She's got money in there,
• 16:11
  Speaker 3: she's got a house in there, she's living, she's paying
• 16:13
  Speaker 3: her bills, no problem, buying an income tax return once
• 16:16
  Speaker 3: a year, and ensured she could always live there and
• 16:22
  Speaker 3: even sell it if she desired to move. So even
• 16:26
  Speaker 3: though she's just living there, she could have still done
• 16:28
  Speaker 3: any of those things along the way, sell downsize, buy
• 16:33
  Speaker 3: another house. None of that would be with an adverse
• 16:36
  Speaker 3: income tax consequence, and none of that would have reset
• 16:39
  Speaker 3: the five year waiting period.
• 16:40
  Speaker 2: Life continued on, right, So at.
• 16:42
  Speaker 3: This point I'd be telling people when I'm explaining the trust,
• 16:44
  Speaker 3: I go, have you really given up anything?
• 16:47
  Speaker 2: No?
• 16:48
  Speaker 3: Not really? Right? So really, so we move on. She's
• 16:55
  Speaker 3: got way more control than many people believe that they have,
• 16:58
  Speaker 3: that these trusts can ever offer.
• 17:00
  Speaker 2: It's a scary word. You are evocable for a lot
• 17:02
  Speaker 2: of people. They don't because they don't understand.
• 17:04
  Speaker 3: I know. And then twenty twenty three dates matter? Why
• 17:09
  Speaker 3: does twenty twenty three matter? That's five years from twenty nineteen,
• 17:13
  Speaker 3: just barely. She needed to go to a nursing home,
• 17:18
  Speaker 3: and we decided to help her apply for medicaid. So
• 17:21
  Speaker 3: she made it past the five years she did she did,
• 17:25
  Speaker 3: and guess what, she was approved? Nice, So now she
• 17:29
  Speaker 3: did her planning, not disrupted. Life got sick, unfortunately went
• 17:35
  Speaker 3: to the nursing home approved assets protected in the trust. Folks,
• 17:41
  Speaker 3: that's just the beginning of the feel good story. I
• 17:45
  Speaker 3: get it, she got sick, I mean, but this is
• 17:47
  Speaker 3: why we plan right. The family is going to be
• 17:50
  Speaker 3: taken care of, which is what she wanted in Folks.
• 17:52
  Speaker 3: That's what this brand new guide for the month of
• 17:55
  Speaker 3: April is. How to leave your assets to your beneficiaries. Remember,
• 17:59
  Speaker 3: we're going to get there because this is unequal treatment
• 18:02
  Speaker 3: here when she passes. But more importantly, how you leave it?
• 18:07
  Speaker 3: Do they get it outright? Do we, you know, provide
• 18:10
  Speaker 3: divorce proof protection? Do we stagger the distributions for twenty
• 18:14
  Speaker 3: five thirty thirty five years of age? Do we have
• 18:16
  Speaker 3: a special needs person? I mean, there's so many ways
• 18:19
  Speaker 3: to leave your assets and control your assets for your family.
• 18:24
  Speaker 3: Call and get the guide how to leave assets to
• 18:27
  Speaker 3: beneficiaries When you're thinking about doing your estate plan, this
• 18:30
  Speaker 3: is an important part of it. Eight six six eight
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  Speaker 3: four eight five six nine nine or Legal Exchange Show
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  Speaker 3: dot com again eight six six eight four eight five
• 18:41
  Speaker 3: six nine nine or Legal Exchange Show dot com.
• 18:45
  Speaker 2: And as a single person, she had a lot less
• 18:49
  Speaker 2: options for protecting last minute. If she hadn't gone down
• 18:52
  Speaker 2: the advanced planning.
• 18:53
  Speaker 3: Route, yeah, she would, You're right, a lot less options
• 18:56
  Speaker 3: there definitely would have been leans.
• 18:57
  Speaker 2: And then a married couple.
• 18:58
  Speaker 3: Yeah, yeah, you would have had problems with it. Okay,
• 19:02
  Speaker 3: So we get that far, we apply for medicaid and
• 19:04
  Speaker 3: like I said, we we actually you know, got approved
• 19:07
  Speaker 3: for medicaid. So now the home, which by the way,
• 19:10
  Speaker 3: has significantly increased in value right now, it's over two
• 19:15
  Speaker 3: million to two point one million, but was protected along
• 19:19
  Speaker 3: the way, and the money and the trust is protected. Well,
• 19:22
  Speaker 3: fast forward to twenty twenty five recent case. She passed away,
• 19:29
  Speaker 3: I can I part of life. I get it. So
• 19:31
  Speaker 3: the kids called that, they came in and we started
• 19:35
  Speaker 3: the estate administration process.
• 19:37
  Speaker 2: So she was in the nursing home for two years.
• 19:39
  Speaker 2: Two years which would.
• 19:40
  Speaker 3: Have been forty a year easy, you know. So yeah,
• 19:45
  Speaker 3: just over three hundred thousand. I mean that's a lot
• 19:47
  Speaker 3: of money. So you're right, bring that up more savings, right, Okay, Well,
• 19:52
  Speaker 3: now what Well, the real estate's over two million dollars
• 19:56
  Speaker 3: and there was money in the trust. So the estate,
• 19:58
  Speaker 3: you know, in the trust about two point two million
• 20:02
  Speaker 3: overall state. All right, so what.
• 20:05
  Speaker 2: Happens Massachusetts client.
• 20:07
  Speaker 3: Yeah. Yeah, so the plan avoided probate completely great, and
• 20:12
  Speaker 3: the two family that had been depreciated over time because
• 20:16
  Speaker 3: it was rented had a large built in gain prior
• 20:19
  Speaker 3: to death. But because of the planning we did, not
• 20:22
  Speaker 3: only was it protected, but we got a full step
• 20:24
  Speaker 3: up in basis. So now we're winning on the estate
• 20:27
  Speaker 3: tax front. We protected it from a nursing home, and
• 20:30
  Speaker 3: now we're going to win on the income tax front.
• 20:32
  Speaker 2: Yeah, big time.
• 20:33
  Speaker 3: So what does that mean? This would eliminate the gain
• 20:35
  Speaker 3: if the two boys who are getting the property decided
• 20:38
  Speaker 3: to sell it, but instead they decided that we would
• 20:41
  Speaker 3: set up an LLC for them put the property in
• 20:44
  Speaker 3: so they could what rent it? Yeah, because it's now
• 20:47
  Speaker 3: a nice cash cow that they got from their mom
• 20:51
  Speaker 3: and protect themselves from future creditors by using an LLC.
• 20:55
  Speaker 3: Another component of this overall planning. You see how the
• 20:58
  Speaker 3: planning pieces are all fitting together. Now why is the
• 21:02
  Speaker 3: step up in basis important? Well, for now they get
• 21:05
  Speaker 3: to even though they're not selling it, they get to
• 21:07
  Speaker 3: depreciate the rent for twenty seven and.
• 21:10
  Speaker 2: A half years.
• 21:11
  Speaker 3: Again, so now if you took the two million dollar
• 21:14
  Speaker 3: building and divided it by twenty seven and a half years.
• 21:17
  Speaker 3: That means in English that the first seventy two thousand,
• 21:21
  Speaker 3: seven hundred dollars of rent for the next twenty seven
• 21:25
  Speaker 3: and a half years is tax free because you get
• 21:29
  Speaker 3: that as a deduction. You're not spending any money, it's
• 21:33
  Speaker 3: just not taxable. You get that as a deduction. That's
• 21:37
  Speaker 3: called depreciation deduction, folks, And they get to do that
• 21:41
  Speaker 3: because of the step up in basis, So huge income
• 21:45
  Speaker 3: tax savings are going on here. Okay, Well, also they
• 21:50
  Speaker 3: decided that their wishes were honored. Right, so even though
• 21:54
  Speaker 3: there was significantly unequal treatment here, now we have to
• 21:59
  Speaker 3: deal with that out yep. Right, Well, guess what we did.
• 22:03
  Speaker 3: We did a no contest claus nice in the trust.
• 22:06
  Speaker 2: Get what you get, you don't get upset, That's right.
• 22:08
  Speaker 3: This is how we had to play it out, and
• 22:11
  Speaker 3: that helped to ensure that they're able to get this
• 22:15
  Speaker 3: this continued benefit of making sure that the unequal wishes
• 22:19
  Speaker 3: were satisfied.
• 22:20
  Speaker 2: Did they know how things were divided up before they
• 22:22
  Speaker 2: came to see You.
• 22:23
  Speaker 3: Can't recall, quite frankly, I actually don't know that. And
• 22:28
  Speaker 3: again that's a family decision, right, Oh, absolutely, You absolutely
• 22:31
  Speaker 3: don't have to tell anybody anything prior to this. All right,
• 22:35
  Speaker 3: so there's a no contest clause. Wow, we keep going.
• 22:37
  Speaker 3: Now what, Well, we got to file a seven oh
• 22:39
  Speaker 3: six from Massachusetts. Why because she's slightly over two million.
• 22:43
  Speaker 3: So seven oh six is that death tax return?
• 22:46
  Speaker 2: Okay, so the estate tax return.
• 22:48
  Speaker 3: Now we don't have to file one federally, but we
• 22:50
  Speaker 3: have to do it for mass Yeah, because she was
• 22:52
  Speaker 3: about two point two million, remember in total, so she's over.
• 22:55
  Speaker 3: So she's a little bit over. So we file an
• 22:57
  Speaker 3: M seven oh six and guess what, you got to
• 22:59
  Speaker 3: pay ten percent of the amount over. Wow, we're paying
• 23:04
  Speaker 3: almost nothing to taxes. We got to step up in basis,
• 23:09
  Speaker 3: we saved all the income tax, we protected the assets,
• 23:12
  Speaker 3: and ultimately these are going to and then the kids
• 23:14
  Speaker 3: are doing their own planning because they learned how important
• 23:16
  Speaker 3: the planning was for their mother.
• 23:18
  Speaker 2: Folks, I'll hand it to you, it's a feel good story.
• 23:21
  Speaker 2: It's a happy ending story for sure.
• 23:22
  Speaker 3: It's a feel good story all the way through. But
• 23:24
  Speaker 3: that only happens because you do your planning call and
• 23:27
  Speaker 3: get the new guide how to leave your assets to
• 23:30
  Speaker 3: your beneficiaries and get your plan in order eight six
• 23:33
  Speaker 3: six eight four eight five six nine nine or Legal
• 23:36
  Speaker 3: Exchange show dot com.
• 23:38
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:41
  Speaker 2: law firm of Cushing A. Dolan. I'm Susan Powers, a
• 23:44
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:47
  Speaker 2: be answering your questions when we return to the Legal
• 23:50
  Speaker 2: Exchange with Todd Lutsky.
• 23:53
  Speaker 1: Beneficiary planning and asset protection go hand in hand. Cushing
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  Speaker 1: number again is eight six six eight four eight five
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  Speaker 1: six nine nine, or you can request it online from
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  Speaker 1: our website Legal Exchange show dot com. That's a Legal
• 24:41
  Speaker 1: exchange show dot com. The proceeding was paid for and
• 24:43
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• 24:45
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• 24:48
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• 24:50
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• 24:53
  Speaker 4: Preparing for retirement can be agonizing and might actually feel
• 24:56
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  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:42
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• 26:56
  Speaker 1: time for Ask Todd, the segment where Todd will answer
• 27:00
  Speaker 1: your questions about anything and everything that's included in the
• 27:03
  Speaker 1: estate planning process. Once again, here's Tod Lutsky and Susan Powers.
• 27:10
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:13
  Speaker 2: for you. First question comes from Kathy in Holliston, Mass
• 27:16
  Speaker 2: and Kathy Wrights. My father recently passed away and he
• 27:20
  Speaker 2: left around one point six million in assets to my
• 27:23
  Speaker 2: sister and I. The assets were all in his revocable
• 27:26
  Speaker 2: trust brokerage account and a small amount in his trust
• 27:29
  Speaker 2: bank account. He didn't have any real estate or retirement accounts.
• 27:34
  Speaker 2: Is there anything we need to do from a legal
• 27:36
  Speaker 2: perspective to settle his estate? If it's under two million,
• 27:40
  Speaker 2: how long do we have to wait to distribute the assets?
• 27:43
  Speaker 1: We do?
• 27:45
  Speaker 2: They've done their plan and they've yeah.
• 27:48
  Speaker 3: Yeah, so let's break it down. Yeah right, we had
• 27:51
  Speaker 3: the one point six million dollar number, So that tells
• 27:54
  Speaker 3: us as you said, Susan, they're under the federal exemption
• 27:58
  Speaker 3: by farm, they're under the Massachusetts exemption. I see, they're
• 28:02
  Speaker 3: in a million of two million. So we don't have
• 28:06
  Speaker 3: to file the M seven oh six, which we just
• 28:08
  Speaker 3: learned about in our last.
• 28:09
  Speaker 2: Segment, which is the federal estate no.
• 28:11
  Speaker 3: Which is the state state state M seven oh six Massachusetts.
• 28:15
  Speaker 3: They piggyback on the federal trust protector and seven six,
• 28:23
  Speaker 3: so they don't have to file that. And then I
• 28:26
  Speaker 3: look over and I say, well, they got to revocable trust,
• 28:28
  Speaker 3: so what does that do? That avoids the probate process
• 28:31
  Speaker 3: everything that's in there anyway, And it said they had
• 28:34
  Speaker 3: a small account in his bank account. I don't know
• 28:36
  Speaker 3: if that was joint or.
• 28:38
  Speaker 2: His trust bank account.
• 28:39
  Speaker 3: So that's small trust trust. So it looks like they've
• 28:43
  Speaker 3: completely avoided probate and the real estate there wasn't any
• 28:47
  Speaker 3: and they had no retirement account. Yeah, although if they
• 28:49
  Speaker 3: had a retirement account, I would imagine it would have
• 28:51
  Speaker 3: a beneficiary, also avoiding probate. So now we've taken care
• 28:55
  Speaker 3: of checked the box. Right, probate is avoided, box checked.
• 29:00
  Speaker 3: Under two million dollars, No M seven oh six needs
• 29:03
  Speaker 3: to be filed, box checked. This is great planning. Now
• 29:07
  Speaker 3: what well, how long do they have to settle the estate? Well,
• 29:12
  Speaker 3: we don't have to list any of the assets in
• 29:15
  Speaker 3: the trust anywhere in probate or anything, so we can
• 29:19
  Speaker 3: just go pull out the document, read it and see
• 29:22
  Speaker 3: what it says. So if thee trust says and this
• 29:26
  Speaker 3: is the how long we wait to distribute asset part
• 29:30
  Speaker 3: is really based on how the trust was drafted, got it?
• 29:33
  Speaker 3: So if the trust says equally to my kids, and
• 29:38
  Speaker 3: the next sentence is pay it out free and clear
• 29:44
  Speaker 3: of all trusts, you really could distribute it pretty much
• 29:49
  Speaker 3: any time.
• 29:49
  Speaker 2: Because they know they don't have to file a tax return,
• 29:53
  Speaker 2: they're going to pay any taxes.
• 29:56
  Speaker 3: My only advice would be to just make sure all
• 29:58
  Speaker 3: expenses that are related to the estate are paid before
• 30:02
  Speaker 3: you make the distribution, So I don't know if there's
• 30:03
  Speaker 3: a final income tax return that needs to be paid,
• 30:06
  Speaker 3: or you know, funeral expenses or burial issues, or you know,
• 30:12
  Speaker 3: you might want to That way, you're not chasing everybody.
• 30:15
  Speaker 2: Yeah, you don't want to ask people for money back, right,
• 30:17
  Speaker 2: You'll never get it back and you'll end up holding
• 30:20
  Speaker 2: the bag yourself.
• 30:21
  Speaker 3: Simply take the pot of money, pay the bills, and
• 30:24
  Speaker 3: then whatever is left gets divided equally. That way, everybody
• 30:27
  Speaker 3: shared equally.
• 30:29
  Speaker 2: And they've got the revocable trust so if there are
• 30:32
  Speaker 2: gains in that revocable trust brokerage account.
• 30:38
  Speaker 3: All the gains should be wiped out full step up
• 30:40
  Speaker 3: in basis. So when they make the distribution, if they
• 30:43
  Speaker 3: decide to liquidate before they distribute, which they don't have to,
• 30:46
  Speaker 3: they can distribute in kind as I understand it. But
• 30:49
  Speaker 3: if they just choose that they don't like these investments
• 30:52
  Speaker 3: and they want it to liquidate, all the built in
• 30:54
  Speaker 3: gain would be eliminated. So we won on the income
• 30:56
  Speaker 3: tax front here yep, and on the estate tax right
• 31:00
  Speaker 3: simply because they were under two million. So this is
• 31:03
  Speaker 3: a big win. Probate taxes, income estate.
• 31:07
  Speaker 2: Nothing that needs to be all a big.
• 31:09
  Speaker 3: Big win. Now, remember there's other ways you could leave
• 31:12
  Speaker 3: the assets. So if they were held in trust for
• 31:15
  Speaker 3: some reason, then the trust wouldn't end right away. So
• 31:19
  Speaker 3: you just got to read the document.
• 31:21
  Speaker 2: To see wanted to control beyond the grave, which is possible.
• 31:25
  Speaker 3: In fact, folks, that's exactly what our guide is about
• 31:27
  Speaker 3: this month. It's brand new for the month of April.
• 31:30
  Speaker 3: Please call and get it. If you're doing your estate
• 31:32
  Speaker 3: planning and you're thinking about doing it, this will give
• 31:35
  Speaker 3: you ideas on how to leave things so that you're
• 31:38
  Speaker 3: prepared when you go meet with the lawyer. If you've
• 31:40
  Speaker 3: already done your estate plan, get the guide and say
• 31:44
  Speaker 3: what have I done and are there new ideas that
• 31:47
  Speaker 3: I can add to my estate plan in terms of
• 31:50
  Speaker 3: changing how my family gets these assets? Right, this guide
• 31:55
  Speaker 3: gives you probably nine pages of options to figure out
• 31:59
  Speaker 3: what the best way is to leave the assets to
• 32:03
  Speaker 3: your family eight six six eight four eight five six
• 32:07
  Speaker 3: nine nine or Legal Exchange Show dot com again eight
• 32:11
  Speaker 3: six six eight four eight five six nine nine or
• 32:15
  Speaker 3: Legal Exchange Show dot com todd.
• 32:17
  Speaker 2: Our last question comes from Kelly and woostermass and Kelly
• 32:21
  Speaker 2: writes I've lived with my parents for the past four years,
• 32:26
  Speaker 2: and my mom is currently an assisted living for dementia
• 32:29
  Speaker 2: and she'll soon be transferring to their skilled nursing facility.
• 32:32
  Speaker 2: They have a home, two commercial properties, and around five
• 32:36
  Speaker 2: hundred thousand in cash in their revocable trusts. Is there
• 32:40
  Speaker 2: anything that can be done to protect the assets for
• 32:43
  Speaker 2: my dad now if my mom is in the nursing
• 32:45
  Speaker 2: home for a long time?
• 32:47
  Speaker 3: All right, So let's again, we got to break this down.
• 32:49
  Speaker 3: This is kind of a lot going on here, right,
• 32:51
  Speaker 3: So we have the parents that are living, they've lived,
• 32:55
  Speaker 3: she's lived with her parents for four years. Yeah, and
• 32:59
  Speaker 3: mom is in the nursing home but going she's.
• 33:02
  Speaker 2: In assisted living, but she's going into a skilled skilled
• 33:06
  Speaker 2: nursing facility. Why that piece of information is important is
• 33:10
  Speaker 2: the five year rule. Right, we don't have five years
• 33:13
  Speaker 2: to transfer it to protect that house from the nursing home.
• 33:16
  Speaker 2: So they have two commercial properties and a home. The
• 33:20
  Speaker 2: five hundred in cash I'm not as worried about right now.
• 33:22
  Speaker 2: I would leave that out, let them live there now.
• 33:26
  Speaker 2: They want to know if there's anything they can do
• 33:28
  Speaker 2: to protect because dad's a healthy spouse. So Dad's at
• 33:31
  Speaker 2: home well, the house would be automatically protected because Dad's
• 33:35
  Speaker 2: allowed to live in the house and regardless of the value,
• 33:39
  Speaker 2: the home is off the table, so that won't be
• 33:42
  Speaker 2: at risk no matter what.
• 33:44
  Speaker 3: The five hundred thousand dollars, Dad can keep one hundred
• 33:47
  Speaker 3: and fifty and so the balance we would have to
• 33:52
  Speaker 3: deal with the balance from a last minute perspective, Again,
• 33:55
  Speaker 3: doesn't seem like they've done a lot of planning.
• 33:57
  Speaker 2: No, just revocable no, no nursing.
• 34:00
  Speaker 3: Nursing home planning. So the five hundred thous the balance
• 34:04
  Speaker 3: after we back out one hundred and fifty thousand, the
• 34:07
  Speaker 3: three point fifty would be probably transferred to Dad and
• 34:11
  Speaker 3: we were depending on his age, we would probably buy
• 34:14
  Speaker 3: a medicaid annuity okay, converting that money from an asset
• 34:19
  Speaker 3: which would disqualify Mom from being eligible for Medicaid, to
• 34:24
  Speaker 3: an income stream allowing her allowing him to collect a
• 34:28
  Speaker 3: monthly check over as short a period of time as
• 34:32
  Speaker 3: we can get away.
• 34:33
  Speaker 2: With, okay, which is usually five years as the minimum
• 34:36
  Speaker 2: mill is.
• 34:37
  Speaker 3: If you can get a little smaller, great.
• 34:38
  Speaker 2: Yeah yeah, great, But what they have two commercial properties?
• 34:41
  Speaker 2: What do you do with those?
• 34:42
  Speaker 3: Yeah? So now we're left with so we've taken the
• 34:44
  Speaker 3: home off the table, we've taken the money off the table.
• 34:48
  Speaker 3: But you're right. Ultimately the two commercial properties, which I
• 34:51
  Speaker 3: assume are rented, generally would be considered a countable asset. Right.
• 34:57
  Speaker 3: So what we would need to do then is let
• 34:59
  Speaker 3: the st know that these are rental properties, not just
• 35:04
  Speaker 3: any old piece of real estate. They're like if it
• 35:07
  Speaker 3: was a vacation home, that would be a different story.
• 35:09
  Speaker 3: So since these are rental properties, we will be able
• 35:13
  Speaker 3: to use the rent to maintain the properties. So pay
• 35:19
  Speaker 3: the bills, the taxes, the upkeep, the utilities, et cetera.
• 35:23
  Speaker 3: And then the net rent after we maintain the properties.
• 35:28
  Speaker 3: The net rent would be accountable income. Again, the healthy
• 35:34
  Speaker 3: spouse is allowed to have a certain amount of income.
• 35:37
  Speaker 3: I think it's somewhere around twenty six hundred a month
• 35:40
  Speaker 3: or something. It keeps going up, and then the amount
• 35:44
  Speaker 3: of rent income over that would be allocated to the
• 35:48
  Speaker 3: nursing home. That's okay, it's somebody else's money. Yeah, for
• 35:51
  Speaker 3: the health for the healthy spouse. And then the extra
• 35:54
  Speaker 3: rent would you know, go to the nursing home as
• 35:56
  Speaker 3: a patient pay amount. That's okay, it's somebody else's money. Yeah,
• 35:59
  Speaker 3: and you, but did we get on medicaid? How do
• 36:02
  Speaker 3: we get on medicaid? Because these two buildings are going
• 36:04
  Speaker 3: to put mom way over two thousand dollars well as
• 36:07
  Speaker 3: long as they're rented and they're generating what we call
• 36:10
  Speaker 3: money essential to self support, it's clearly they are. Then
• 36:15
  Speaker 3: the state will not count them as a countable asset
• 36:19
  Speaker 3: for Medicaid, but will lean them to recover whatever they pay.
• 36:25
  Speaker 3: But meanwhile, you're on the Medicaid rate, which might be
• 36:29
  Speaker 3: sixty five hundred versus fifteen thousand a month private pay. Folks,
• 36:33
  Speaker 3: things can be done last minute. I don't love last
• 36:36
  Speaker 3: minute planning, but it's available. Get the guide and learn
• 36:39
  Speaker 3: how to do non last minute planning. And the guide
• 36:42
  Speaker 3: is how to leave your assets to your family. That'll
• 36:44
  Speaker 3: be what you put in your trusts. Figure out what's
• 36:47
  Speaker 3: right for you eight six six eight four eight five
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  Speaker 3: six nine to nine or Legal Exchange show dot com.
• 36:54
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 36:57
  Speaker 2: law firm of Cushing and Dolan in power as a
• 37:00
  Speaker 2: financial advisor with the Armstrong Advisory Group. We'll be back
• 37:04
  Speaker 2: with more when we return to the Legal Exchange with
• 37:07
  Speaker 2: Todd Lutsky.
• 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
  Speaker 1: Leave Assets to Beneficiaries, and it can help make your
• 37:16
  Speaker 1: planning process smooth and easy. Leaving your assets to your
• 37:19
  Speaker 1: children isn't as simple as it sounds, especially if they
• 37:22
  Speaker 1: have problems of their own. If you're retired or nearing retirement,
• 37:26
  Speaker 1: it's time to consider the best way to keep your
• 37:28
  Speaker 1: assets in your family while avoiding significant financial consequences down
• 37:31
  Speaker 1: the road. Call Cushing and Dolan right now at eight
• 37:34
  Speaker 1: six six eight four eight five six nine nine and
• 37:37
  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
• 37:40
  Speaker 1: You'll learn which paths are the safest when it comes
• 37:42
  Speaker 1: to protecting yourself and your children while avoiding unnecessary risks
• 37:46
  Speaker 1: that can create substantial problems in the long run. That
• 37:48
  Speaker 1: number again is eight six six eight four eight five
• 37:51
  Speaker 1: six nine nine, or you can request it online from
• 37:53
  Speaker 1: our website Legal exchange show dot com. That's legal exchange
• 37:57
  Speaker 1: show dot com. The proceeding was paid for in The
• 37:59
  Speaker 1: views expressed are solely those of Krishmian Dolan, KRISHINGA Dolan
• 38:02
  Speaker 1: in or Armstrong Advisory may contact you're offering legal or
• 38:04
  Speaker 1: investment services. Chushingan Dolan and Armstrong Advisory do not endorse
• 38:07
  Speaker 1: each other and are not affiliated. Consistently voted one of
• 38:11
  Speaker 1: the top Caribbean destinations, The United States Virgin Islands is
• 38:15
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• 38:25
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• 38:28
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• 38:45
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• 38:48
  Speaker 1: of the islands. There's no money to exchange, and travel
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• 38:53
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  Speaker 1: Head to visit USVII dot com slash promotions from more
• 39:01
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• 39:09
  Speaker 4: Retirement planning is complicated enough without having a formal budget
• 39:13
  Speaker 4: to help you maintain your lifestyle during your later years.
• 39:16
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. Our
• 39:19
  Speaker 4: new guide, called how to Build a Retirement Budget, was
• 39:22
  Speaker 4: written specifically for this purpose. Our goal is to help
• 39:25
  Speaker 4: take your financial concerns out of your retirement years. There
• 39:28
  Speaker 4: are numerous issues to deal with when creating a retirement budget,
• 39:31
  Speaker 4: everything from understanding where your income will come from, to
• 39:33
  Speaker 4: setting up a proper withdrawal strategy, to being able to
• 39:36
  Speaker 4: remain flexible as market conditions change. This new guide offers
• 39:39
  Speaker 4: structural guidance that may alleviate the pressures of creating your budget.
• 39:43
  Speaker 4: You can request your copy right now by calling eight
• 39:45
  Speaker 4: hundred three nine three for zero zero one and ask
• 39:48
  Speaker 4: for our new guide today once again that number eight
• 39:51
  Speaker 4: hundred three nine three for zero zero one.
• 39:54
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:57
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:59
  Speaker 1: Armstrong and guide to specific financial, legal or tax advice.
• 40:02
  Speaker 1: Consult your own financial, tax into state planning advisors before
• 40:05
  Speaker 1: making any investment decisions. Armstrong may contact you to offer
• 40:08
  Speaker 1: investment advisory services.
• 40:10
  Speaker 5: This is Michael Valila, adjudant of the Disabled American Veterans
• 40:13
  Speaker 5: Department of Massachusetts. The DAV of Massachusetts has helped me
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  Speaker 5: That's DAV five k dot Boston.
• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:46
  Speaker 1: Todd right now at eight sixty six eight four eight
• 40:49
  Speaker 1: five six ninety nine and let him make sure your
• 40:51
  Speaker 1: assets are protected. That's eight six six eight for eight
• 40:54
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:57
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Letsky. I'm
• 41:03
  Speaker 2: Susan Powers of Finiancial Advice with the Armstrong Advisory group,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Leutsky, a partner
• 41:09
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:12
  Speaker 2: master's in taxation. So, Todd, a couple of times today,
• 41:16
  Speaker 2: you've alluded to different options that are available for folks
• 41:20
  Speaker 2: when it comes to how they actually leave their assets
• 41:24
  Speaker 2: for their beneficiaries. And some people do choose to just
• 41:27
  Speaker 2: leave it outright. But I know my boys are twenty,
• 41:31
  Speaker 2: you have kids in their early twenties as well. I
• 41:35
  Speaker 2: don't want to put all that money if something were
• 41:37
  Speaker 2: to happen to me and my husband today, I don't
• 41:39
  Speaker 2: want to put that in their hands. So what are
• 41:41
  Speaker 2: some of the options that are available? And maybe they're
• 41:44
  Speaker 2: not even just because they're young kids, but maybe they're
• 41:46
  Speaker 2: spend drifts, maybe they have dependency issues. What are some
• 41:51
  Speaker 2: of the creative options that you can use to leave
• 41:55
  Speaker 2: assets to your beneficiaries?
• 41:57
  Speaker 3: So I think maybe we need to not go through
• 42:02
  Speaker 3: them all at once. I think maybe the idea would be,
• 42:04
  Speaker 3: because you alluded initially to having young children, young unmarried children,
• 42:11
  Speaker 3: and if we stick with that, you know that fact pattern,
• 42:14
  Speaker 3: you might want to start at a bare minimum of
• 42:18
  Speaker 3: not equally to the kids outright. Okay, I shouldn't say
• 42:23
  Speaker 3: equally to the kids. Of course, when you have young kids,
• 42:25
  Speaker 3: your state plan changes hourly. I know it's.
• 42:28
  Speaker 2: Crazy, but you're a punk. You're out of the will.
• 42:31
  Speaker 3: But let's assume equally to the kids. But instead of outright,
• 42:35
  Speaker 3: we would say, well, let's just put some kind of
• 42:37
  Speaker 3: a maturation process in there. Like you know, they can
• 42:42
  Speaker 3: get one third at twenty five yep, half the balance
• 42:47
  Speaker 3: at thirty and then the final piece at thirty five.
• 42:52
  Speaker 2: So they get it twenty five, they blow through it.
• 42:54
  Speaker 2: They have five years to think about what they've done.
• 42:57
  Speaker 3: Exactly mature maturation, right, Same thing with that. Now, having
• 43:02
  Speaker 3: said that, I don't want you to think that if
• 43:03
  Speaker 3: you pass away in their way under twenty five that
• 43:08
  Speaker 3: nothing comes out. That's not what we're saying. We're saying
• 43:12
  Speaker 3: that the trustee or whoever you appoint it as trustee,
• 43:15
  Speaker 3: is able to make payments out but in the trustees'
• 43:19
  Speaker 3: discretion for things like health, education, welfare support. Right, So
• 43:27
  Speaker 3: as the kid might be in prep school, you gotta pay.
• 43:30
  Speaker 3: You know, there might be a medical issue you got
• 43:32
  Speaker 3: to help out. You got to pay. So kid might
• 43:35
  Speaker 3: be needing to buy a down payment on a house
• 43:38
  Speaker 3: or something that would be discretionary, but it'd be okay, right,
• 43:42
  Speaker 3: and so that way things can come out before those ages.
• 43:47
  Speaker 3: But the point of having those ages there is not
• 43:49
  Speaker 3: only maturation, but when they reach that age, they can
• 43:52
  Speaker 3: sort of pound the table and say give me my
• 43:54
  Speaker 3: third right, and at that point the trustee would not
• 43:57
  Speaker 3: be able to say no to that. So I kind
• 44:01
  Speaker 3: of like that. It doesn't do everything that you would
• 44:03
  Speaker 3: do from a planning perspective. But there are no grandkids,
• 44:08
  Speaker 3: there's no wedding, there's no marriages, there's nothing else to
• 44:10
  Speaker 3: think about that might be okay.
• 44:12
  Speaker 2: So you think about putting a big bucket of money
• 44:15
  Speaker 2: in the hands of your kids, and maybe you don't
• 44:18
  Speaker 2: want them, you know, to be a silverspoon kid. So
• 44:22
  Speaker 2: is there anything you can do to make sure that
• 44:24
  Speaker 2: they are contributing members of society when it comes to
• 44:29
  Speaker 2: giving them distributions? Uh?
• 44:32
  Speaker 3: Well, yeah, I mean you could. You could certainly tie it,
• 44:36
  Speaker 3: tie the distribution to some effort that needs to be
• 44:41
  Speaker 3: done by the child, Like you say, listen, I want
• 44:43
  Speaker 3: you to have it. I mean, you can even have
• 44:45
  Speaker 3: stagger distributions. But even within the stagger distributions, you could say, well,
• 44:49
  Speaker 3: if during the year you're able to come back to
• 44:52
  Speaker 3: the trustee and produce a W two form or something
• 44:55
  Speaker 3: that shows how much you made, you might be able
• 44:58
  Speaker 3: to say that the trust can then pay you either
• 45:00
  Speaker 3: MATCHKA to W two payout or give you fifty percent
• 45:05
  Speaker 3: of what you produce in a W two. So that's
• 45:07
  Speaker 3: still a.
• 45:08
  Speaker 2: Bonus and incentive to work.
• 45:10
  Speaker 3: Yeah, still do something, get out there and not just be,
• 45:13
  Speaker 3: you know, a trust fund child. We want you to
• 45:16
  Speaker 3: be productive in society, so that those are options. And
• 45:20
  Speaker 3: again I just gave you two. You could tie it
• 45:23
  Speaker 3: to any kind of a thing you want to tie
• 45:25
  Speaker 3: it to. Yes, it's great to be as creative as
• 45:28
  Speaker 3: you want to be.
• 45:29
  Speaker 2: So hopefully we'll be older, our kids will be older
• 45:32
  Speaker 2: by the time they inherit. So let's give away the
• 45:36
  Speaker 2: guide information again. But I do want to talk about
• 45:40
  Speaker 2: how to really protect from creditors and so forth as well.
• 45:43
  Speaker 3: Yeah, yeah, and I think that's critical when we do that,
• 45:47
  Speaker 3: and again in the guide to that point, those are
• 45:50
  Speaker 3: the kinds of things that are in here. Right. Some
• 45:53
  Speaker 3: people own assets jointly, thinking that solves the problem. Some
• 45:56
  Speaker 3: people use designated beneficiaries. They think that's the way to
• 45:59
  Speaker 3: leave assets, folks, not always the best way to do it.
• 46:03
  Speaker 3: What if I've got, you know, step children. What if
• 46:05
  Speaker 3: I've got adopted kids? How do I treat them? What
• 46:08
  Speaker 3: if I need a special needs trust for a child
• 46:11
  Speaker 3: or a grandchild? Right, there's so many ways divorce proof.
• 46:15
  Speaker 3: As you said, Susan, Folks, if you've not done your planning,
• 46:19
  Speaker 3: get the guide. It'll help you get started. If you've
• 46:22
  Speaker 3: done it, pull it out and find out how you
• 46:25
  Speaker 3: might be able to change your wishes and leave things
• 46:29
  Speaker 3: more constructively to your children. Eight six six eight four
• 46:33
  Speaker 3: eight five six nine nine or Legal Exchange Show dot
• 46:37
  Speaker 3: com again eight six six eight four eight five six
• 46:41
  Speaker 3: nine nine to get how to leave your assets to
• 46:44
  Speaker 3: your beneficiaries or Legal Exchange Show dot com.
• 46:48
  Speaker 2: There you go. So, let's say I do want to
• 46:51
  Speaker 2: touch base. I want to back up for a second.
• 46:52
  Speaker 2: Let's say you do have a child that has some
• 46:55
  Speaker 2: type of a dependency issue, and you know that putting
• 46:59
  Speaker 2: this money in their hands will do nothing good for that.
• 47:02
  Speaker 3: So like a drug issue, yeah, something like alcohol or something.
• 47:05
  Speaker 2: Yeah, can you actually keep the funds in the trust
• 47:09
  Speaker 2: and structure it so that kind of their basic needs
• 47:15
  Speaker 2: are taken care of without being like exorbitant, you know,
• 47:19
  Speaker 2: distributions things like that.
• 47:21
  Speaker 3: So I think what you run into is drafting concerns. Okay,
• 47:26
  Speaker 3: how can I write what you just said and have
• 47:30
  Speaker 3: that actually work. So one of the things we do
• 47:34
  Speaker 3: is we try for flexibility, meaning you don't want to
• 47:37
  Speaker 3: just start saying, well, pay it out for food and
• 47:40
  Speaker 3: clothing and try to itemize you know, what a drug
• 47:45
  Speaker 3: dependent person might need housing, food, I don't know, you
• 47:50
  Speaker 3: really don't know. But if you start listing things and
• 47:55
  Speaker 3: then something happens that's not on the list, feel like
• 48:00
  Speaker 3: you've foreclosed some of your options. So when I say
• 48:05
  Speaker 3: from a flexible standpoint, especially with something like a drug
• 48:09
  Speaker 3: related situation or someone who's just bad with money, you
• 48:13
  Speaker 3: don't know what they're gonna need. So use the words
• 48:15
  Speaker 3: like sole discretionary distributions. I know it seems it seems like, well,
• 48:21
  Speaker 3: that person doesn't have to give any distributions. Then that's
• 48:24
  Speaker 3: true on the one hand, but it also frees up
• 48:26
  Speaker 3: to say, no matter what happens, we can help out.
• 48:31
  Speaker 3: If you're the trustee, and then you just have to
• 48:33
  Speaker 3: decide how much power you give the beneficiary in terms
• 48:37
  Speaker 3: of removing and replacing the disinterested trustee or whoever that
• 48:42
  Speaker 3: trustee is that's making those sole discretionary distributions, and that's
• 48:47
  Speaker 3: a family matter. We don't know your kids, we don't
• 48:50
  Speaker 3: know their skill set, we don't know what they're good
• 48:53
  Speaker 3: at and what they're not good at. So you have
• 48:55
  Speaker 3: to sort of guide the attorney with that level of control.
• 48:59
  Speaker 2: And if you do that type of trust that has
• 49:01
  Speaker 2: that sole discretion, you can get a lot of benefits
• 49:05
  Speaker 2: from that right. So that would not only protect someone
• 49:08
  Speaker 2: who may have dependency issues from themselves or spend thrift kids.
• 49:13
  Speaker 2: That's the same type of trust you would use if
• 49:15
  Speaker 2: you wanted to divorce proof your kid's inheritance, isn't it.
• 49:19
  Speaker 3: It really is. So when you get to that level,
• 49:23
  Speaker 3: and again with the time left, we really don't can't
• 49:26
  Speaker 3: explain that drafting technique.
• 49:29
  Speaker 2: So well, thing it's in the guide.
• 49:31
  Speaker 3: It is in the guide. But I think the idea
• 49:34
  Speaker 3: of using sole discretionary distributions can work for the disabled person,
• 49:41
  Speaker 3: for the drug related person, for their dependency or spend
• 49:46
  Speaker 3: thrift kids. It works. It's really works for divorce proofing
• 49:51
  Speaker 3: as well. And so we will spend some time on
• 49:55
  Speaker 3: how you draft that language throughout the course of this month,
• 49:59
  Speaker 3: and what powers you give to the kid as a
• 50:03
  Speaker 3: beneficiary over the disinterested trustee and removing in replacement powers
• 50:10
  Speaker 3: and whatnot. So we want to go through all of
• 50:13
  Speaker 3: that as we expand on how to leave assets to children. So, folks,
• 50:19
  Speaker 3: one of the things that the guy does do though,
• 50:21
  Speaker 3: is get into much more detail about these items in
• 50:26
  Speaker 3: terms of how you want to leave assets to kids.
• 50:28
  Speaker 3: Also a big one we didn't talk about generation skipping
• 50:32
  Speaker 3: tax planning. Also explore that as we go through learn
• 50:36
  Speaker 3: how to leave your assets to your kids eight six
• 50:39
  Speaker 3: six eight four eight five six nine to nine or
• 50:42
  Speaker 3: Legal Exchange show dot com.
• 50:44
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:47
  Speaker 2: thank you so much.
• 50:48
  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
• 51:03
  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
• 51:25
  Speaker 1: sixty six eight four eight, five, six nine nine and
• 51:28
  Speaker 1: get their new guide called how to Leave Assets to Beneficiaries.
• 51:31
  Speaker 1: You'll learn which paths are the safest when it comes
• 51:33
  Speaker 1: to protecting yourself and your children while avoiding unnecessary risks
• 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
• 51:48
  Speaker 1: show dot com. The proceeding was paid for and the
• 51:51
  Speaker 1: views expressed are solely of those of Cushing and Dolan.
• 51:53
  Speaker 1: Cushing and Dolan and or Armstrong Advisory may contact your
• 51:55
  Speaker 1: offering legal or investment services. Cushing and Dolan and Armstrong
• 51:58
  Speaker 1: Advisory do not endorse each other and are not affiliated.
• 52:01
  Speaker 1: Consistently voted one of the top Caribbean destinations. The United
• 52:04
  Speaker 1: States Virgin Islands is the perfect place for your next vacation.
• 52:08
  Speaker 1: Whether you're looking for romantic getaway, a long weekend with friends,
• 52:11
  Speaker 1: or a family vacation, Saint Croix, Saint Thomas, and Saint
• 52:15
  Speaker 1: John have everything you need to enjoy that special time
• 52:18
  Speaker 1: away from home. Take advantage of a variety of incredible
• 52:21
  Speaker 1: promotions that are available right now. Go to visit USVII
• 52:25
  Speaker 1: dot com slash promotions, where you'll find the details about
• 52:28
  Speaker 1: all of these amazing experiences, including a stay at the
• 52:31
  Speaker 1: Divvy Karina Bay all inclusive beach resort and casino on
• 52:34
  Speaker 1: Saint Croix. From the moment you arrive, you'll fall naturally
• 52:37
  Speaker 1: in rhythm with the heartbeat of the islands. There's no
• 52:39
  Speaker 1: money to exchange, and travel from New England could not
• 52:42
  Speaker 1: be easier. Don't miss your chance to enjoy America's Caribbean
• 52:46
  Speaker 1: paradise the United States Virgin Islands. Head to visit USVII
• 52:50
  Speaker 1: dot com slash promotions from more information and to book
• 52:53
  Speaker 1: your trip today. That's visit USVII dot com slash promotions.
• 53:00
  Speaker 4: Preparing for retirement can be agonizing and might actually feel
• 53:03
  Speaker 4: like a full time job. This is Mike Armstrong from
• 53:05
  Speaker 4: the Armstrong Advisory Group. Creating a budget that fits your
• 53:08
  Speaker 4: goals and needs in retirement is one way to alleviate
• 53:11
  Speaker 4: some of that stress. Our new guide is called how
• 53:13
  Speaker 4: to Build a Retirement Budget, and it contains several strategies
• 53:16
  Speaker 4: that may help you coordinate your assets in a way
• 53:19
  Speaker 4: that allows you to enjoy financial peace in your retirement years.
• 53:22
  Speaker 4: From understanding your income sources to setting up the proper
• 53:25
  Speaker 4: withdrawal schedule, this guide can help you build a complete
• 53:28
  Speaker 4: budget that covers all of your retirement needs. If you're
• 53:31
  Speaker 4: at or near retirement age, give the Armstrong Advisory Group
• 53:34
  Speaker 4: a call at eight hundred three nine three four zero
• 53:37
  Speaker 4: zero one and ask for our new guide today. That
• 53:40
  Speaker 4: number again is eight hundred three nine three four zero
• 53:43
  Speaker 4: zero one, or you can request the guide online at
• 53:45
  Speaker 4: Armstrong Advisory dot com.
• 53:47
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 53:49
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 53:51
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 53:54
  Speaker 1: your own financial, tax into state planning advisors before making
• 53:56
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 53:59
  Speaker 1: advisory services.