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The best way to leave real estate 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
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  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
• 0:24
  Speaker 1: to make an appointment. That's eight sixty six eight four
• 0:27
  Speaker 1: eight five six ninety nine. Operators are standing by. Now
• 0:31
  Speaker 1: Here are your hosts, Tod Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:40
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:43
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:46
  Speaker 2: of Cushing and Dolan with a master's in taxation. Welcome Todd,
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  Speaker 2: how are you today? Let me guess? Never better? You know,
• 0:53
  Speaker 2: never be better, never better? Excell, what do you have
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  Speaker 2: for Usism works every time?
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  Speaker 3: So couple shows are a couple of shows, A couple
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  Speaker 3: of cases Minneapolis. We're going to Minnesota for an appellate
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  Speaker 3: court decision where basically how trusts can really control real
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  Speaker 3: estate and can control the beneficial distributions of real estate.
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  Speaker 3: It's an interesting case that actually demonstrates this, and then
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  Speaker 3: we're going to expand on how to do it because
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  Speaker 3: I oftentimes find that real estate is one of the
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  Speaker 3: more common assets people have, but also one of the
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  Speaker 3: ones that are require a little more attention to how you,
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  Speaker 3: you know, leave it and how you deal with it.
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  Speaker 3: So we're going to talk about that, and then we
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  Speaker 3: head over to Indiana and there's an appellate court case
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  Speaker 3: there which basically says are there better ways to handle
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  Speaker 3: real estate in second marriage situations than in this case
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  Speaker 3: where she basically did a will and then made changes.
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  Speaker 3: And then you're going to see got remarried and how
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  Speaker 3: do we end up treating the property with the second spouse?
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  Speaker 3: And lots to learn from here. It seems to be
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  Speaker 3: like a real estate oriented show, but it is a
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  Speaker 3: very important YEA sure, I think asset of the estate
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  Speaker 3: planning world.
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  Speaker 2: For a lot of people, it's their largest assets, so
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  Speaker 2: it is important and.
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  Speaker 3: Folks for a lot of people that are faced with
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  Speaker 3: long term care planning and haven't done planning, or have
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  Speaker 3: done planning but still have assets outside the trust. This
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  Speaker 3: guide is for you. And one of the biggest assets
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  Speaker 3: is a house. So nice segue there the home, the
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  Speaker 3: vacation home, the rental properties, folks. This guide helps you
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  Speaker 3: understand how those are treated. Sometimes they are non countable,
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  Speaker 3: and they can show you how they are non countable
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  Speaker 3: even with no planning done. And they're treated differently for
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  Speaker 3: married people than single people. Also, it looks at you know,
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  Speaker 3: life insurance and iras and joint accounts versus bank accounts
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  Speaker 3: versus brokerage accounts. Again different treatment for married versus single people.
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  Speaker 3: But the message is don't write the check to the
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  Speaker 3: nursing home. If you're faced with going in and you
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  Speaker 3: need to save assets last minute. This guide actually shows
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  Speaker 3: you how to do that. Call and get the guide
• 3:14
  Speaker 3: eight sixty six eight four eight five six nine nine
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  Speaker 3: or Legal Exchange Show dot com. And yes, it is
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  Speaker 3: the end of the month, so this is the last
• 3:23
  Speaker 3: time we're going to get to that. Uh so give
• 3:26
  Speaker 3: it give it a call eight sixty six eight four
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  Speaker 3: eight five six nine nine or Legal Exchange Show dot com.
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  Speaker 3: Now where we had Minnesota. Now here we have Gene,
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  Speaker 3: who created a trust in two thousand and six five kids,
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  Speaker 3: all treated equally good. In two thousand and nine, they
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  Speaker 3: amended the trust to cut out Tom, Poor Tom. In
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  Speaker 3: twenty seventeen, they re amended the trust again, again showing
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  Speaker 3: you the flexibility of these trusts, this time to include Tom.
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  Speaker 3: But they provided that any distribution to Tom would be
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  Speaker 3: offset by any outstanding debt Tom owed to Jane, which
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  Speaker 3: included a four hundred thousand dollars note and a five
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  Speaker 3: hundred thousand dollars payment to a bank that was made
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  Speaker 3: after Tom defaulted on a contract for deed. Wow. So
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  Speaker 3: sounds like the parents have been helping out and it's
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  Speaker 3: not uncommon, folks. This happens sometimes, you know, some children
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  Speaker 3: need more help than than others. Well, then Jane died,
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  Speaker 3: and interestingly enough, Jean's friend Kleatus became the trustee, friend
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  Speaker 3: not child, which is okay, yep.
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  Speaker 2: Probably didn't want to put any of the kids individually
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  Speaker 2: in a position of yeah, being the bad guy.
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  Speaker 3: That's a very good point, I mean, but I just
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  Speaker 3: wanted to to make a point of that as we
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  Speaker 3: go through the facts. Then in twenty twenty two, Tom
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  Speaker 3: Shocker files to seek for an accounting and to have
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  Speaker 3: Kletis removed as trustee. I guess he wasn't being kept
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  Speaker 3: informed and didn't get an accounting.
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  Speaker 1: Well.
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  Speaker 3: The trial court denied Tom's petition. Tom appealed Shocker, alleging
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  Speaker 3: that the trial court abused its discretion in determining whether
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  Speaker 3: or not Kalidis did, in fact breach his fiduciary duty
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  Speaker 3: as a prudent administrator of the trust when he lowered
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  Speaker 3: the price on the farm so that it could be sold,
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  Speaker 3: and by not keeping Tom informed reasonably informed as a
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  Speaker 3: beneficiary of the trust. Well, the appellate court affirmed in
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  Speaker 3: part in part, so let's go through this. It affirmed
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  Speaker 3: the part about Tom lowering the price, that was okay.
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  Speaker 3: He was allowed to lower the price on the farm
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  Speaker 3: to get it to be sold, especially since he contacted
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  Speaker 3: a CPA familiar with the land values in the area,
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  Speaker 3: he had comparable sales prices done. So he did what
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  Speaker 3: he needed to do and basically, you know, was all
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  Speaker 3: right in lowering the sale. Yep. But the court did
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  Speaker 3: acknowledge that the trustee Cleatus did breach his fiduciary duty
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  Speaker 3: and not keeping Tom as informed as the other beneficiaries
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  Speaker 3: in terms of the property and what's going.
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  Speaker 2: On, So he was keeping the other ones but not Tim.
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  Speaker 3: However, it turned out that Tom did know the property
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  Speaker 3: was being sold and the breach wasn't bad enough according
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  Speaker 3: to the court to merit removed him to remove him, Yeah,
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  Speaker 3: so he stayed in anyway. So and I think that's
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  Speaker 3: probably the right result. Well, what do we learn from this?
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  Speaker 3: We learn about flexibility. First of all, you know, changing
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  Speaker 3: your mind on how you leave assets. That trust was
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  Speaker 3: a great example of how you could do that. The
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  Speaker 3: trust also shows us how we can, you know, ensure
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  Speaker 3: debts are paid back. And so many of you out
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  Speaker 3: there probably say, oh, you know, I've lent money to
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  Speaker 3: my kids, but I've just never acknowledged it or never
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  Speaker 3: thought about it, or but it might make a difference.
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  Speaker 3: So we'd use these words like advancements. Right, So if
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  Speaker 3: you advance money, say five hundred thousand dollars to a
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  Speaker 3: child to help buy a house, and then you know
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  Speaker 3: that needs to be paid back or removed from that
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  Speaker 3: child's share, or or if you have the balance of
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  Speaker 3: an outstanding note, you want that paid back or removed
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  Speaker 3: from the child's share, we.
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  Speaker 2: Can advance on their inheritance exactly.
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  Speaker 3: And so we we in Cushing done. We have advancement
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  Speaker 3: language and every one of our trusts. However, it's not
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  Speaker 3: triggered unless the donor tells us, oh, please treat five
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  Speaker 3: hundred thousand dollars as an advancement to billy. If you
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  Speaker 3: don't tell us that you're allowed to make gifts and
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  Speaker 3: let it be a gift. Yep, so they do. If
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  Speaker 3: they do, they tell us.
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  Speaker 2: So if they had like a loan document between them
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  Speaker 2: and their child, and they didn't tell you, but that
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  Speaker 2: loan document exists and that's found after they die, would
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  Speaker 2: that still be treated as an advancement if it's okay?
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  Speaker 3: No, I mean, obviously what will happen is that probably
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  Speaker 3: just won't get paid back, or they'll be fighting, or
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  Speaker 3: they'll be you know, mom and dad are dead, I'm
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  Speaker 3: not paying it back. You know, this is the kind
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  Speaker 3: of stuff you want to avoid. And so what you
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  Speaker 3: do is you simply put language in that basically says
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  Speaker 3: that you know we are going to add Let's say
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  Speaker 3: you've got five million dollars and you've loaned five hundred
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  Speaker 3: thousand to one kid. Well, we need to take five
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  Speaker 3: hundred thousand for the other two kids if there's three kids,
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  Speaker 3: and bump up their share first and then split everything else.
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  Speaker 3: That way, the advancement was taken care of it, it's
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  Speaker 3: all equal, and then it's equal after you replace the advancement.
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  Speaker 3: So I think it's very important that you have that
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  Speaker 3: in there. Remember that doesn't always work. There's got to
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  Speaker 3: be enough money, enough assets to cover that, So be
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  Speaker 3: careful when you're doing this. It doesn't that's always.
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  Speaker 2: Big chunk for Tom is nine hundred thousand dollars. Yeah,
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  Speaker 2: he has to get that's a big everybody first.
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  Speaker 3: That's right. If you want to use advancement language, or
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  Speaker 3: maybe there's other ways to do it, just you know,
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  Speaker 3: you can enforce the payback right now. It's just important
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  Speaker 3: to keep that in mind. Now. Remember, you know, in
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  Speaker 3: this case, generally a child can serve as trustee. But
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  Speaker 3: I also wanted to note that the child didn't serve
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  Speaker 3: as trustee here, and that's okay. There was no fighting.
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  Speaker 3: You're allowed, you know, you're allowed to do that, you know,
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  Speaker 3: but generally, also I want to mention that it's also
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  Speaker 3: not very easy to remove a trustee. So that's good.
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  Speaker 3: You want the trustee to be able to, you know,
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  Speaker 3: do what it's supposed to be done, follow your wishes,
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  Speaker 3: and you put them on there for that reason, Folks,
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  Speaker 3: Trust planning works, real estate planning works. Sometimes you're in
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  Speaker 3: a nursing home and you've done your planning, or you
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  Speaker 3: haven't done your planning. Either way, there's going to be
• 10:10
  Speaker 3: assets outside of the trust that need protected. Call and
• 10:14
  Speaker 3: get the guide eight six six eight four eight five
• 10:18
  Speaker 3: six nine nine or Legal Exchange show dot com.
• 10:21
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 10:24
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 10:27
  Speaker 2: financial advisor with the Armstrong Advisory Group. We've got much
• 10:30
  Speaker 2: more to come when we return to the Legal Exchange
• 10:33
  Speaker 2: with Todd Lutsky.
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  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
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  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisor Group,
• 14:00
  Speaker 2: and I'm joined by Todd Letsky, a partner with a
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  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Where we headed now, Todd.
• 14:08
  Speaker 3: We are going to go to uh is it in
• 14:12
  Speaker 3: the Idaho? Idaho? A interesting case here? We have you
• 14:20
  Speaker 3: know better ways to handle real estate in a second marriage.
• 14:24
  Speaker 3: So here Glenna and Less are married twenty eight years.
• 14:30
  Speaker 3: Less died on nineteen In nineteen eighty two. During the marriage,
• 14:35
  Speaker 3: Less gifted Glenna the home. Don't understand that fact. I mean, what,
• 14:40
  Speaker 3: you're married, Why did you need to give her the home? Anyways?
• 14:43
  Speaker 3: He did. Five years later, Less died. Glenna later remarried
• 14:50
  Speaker 3: Shocker to Larry. Larry moved in. Well, that's usually what
• 14:55
  Speaker 3: happens when you get married. They live together until twenty
• 14:59
  Speaker 3: twenty two when Glenna died. During that time, Larry fixed
• 15:04
  Speaker 3: up the house, paid the taxes, you know, used community
• 15:07
  Speaker 3: funds to pay for things. Okay.
• 15:11
  Speaker 1: Uh.
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  Speaker 3: Glenna's will devised the home to her son Leslie prior marriage,
• 15:19
  Speaker 3: no doubt, but managed to reserve a life estate for Larry. Okay,
• 15:25
  Speaker 3: so Larry never had any legal title. This will sort
• 15:29
  Speaker 3: of granted him a life estate. He didn't give anything
• 15:32
  Speaker 3: away and retain the interest. The will did allow for
• 15:37
  Speaker 3: the house to be sold as long as both Larry
• 15:39
  Speaker 3: and Leslie agreed. Well, Larry wanted to sell the house,
• 15:44
  Speaker 3: but Leslie refused, claiming that Larry really had no interest
• 15:48
  Speaker 3: beyond a life estate, which is probably true. Okay, so that's.
• 15:54
  Speaker 2: What the wanted to but the child didn't. And that's
• 15:59
  Speaker 2: what the that's what it said, Lelie. And to get anything,
• 16:03
  Speaker 2: apparently he says he has this life of state interest.
• 16:05
  Speaker 2: So Larry filed a petition under the trust a State
• 16:08
  Speaker 2: Dispute Resolution Act, I guess whatever that is, and ida
• 16:12
  Speaker 2: hope to recover his community property portion of the home,
• 16:18
  Speaker 2: and then also to petition to partition to sell the property.
• 16:24
  Speaker 2: And then the balance of the decision went on to
• 16:26
  Speaker 2: say that this decision was more about whether or not
• 16:29
  Speaker 2: the district court had subject matter jurisdiction over the case.
• 16:33
  Speaker 2: And it turns out that they did have subject matter jurisdiction.
• 16:36
  Speaker 2: So in this case, they did send the case back
• 16:39
  Speaker 2: to have it have it learn nothing over the past
• 16:42
  Speaker 2: twenty years to have it remained believe in us these
• 16:45
  Speaker 2: hanging chad stories. No decision, no no.
• 16:49
  Speaker 3: So this is good though, because it leaves us with
• 16:51
  Speaker 3: exactly what not to do with real estate. And I
• 16:54
  Speaker 3: want to spend a little time on Obviously, folks, this
• 16:57
  Speaker 3: is packed with issues second marriage, real estate, kid from
• 17:01
  Speaker 3: a prior marriage, life estate, letting them live there. How
• 17:05
  Speaker 3: do you treat, you know, a spouse when when you're
• 17:08
  Speaker 3: in a second marriage situation? Again with what real estate
• 17:12
  Speaker 3: one of the most important assets that people have in
• 17:15
  Speaker 3: their estate. Folks, don't let this mess happen to you.
• 17:19
  Speaker 3: And we're going to show you some tips and lessons
• 17:21
  Speaker 3: in a minute before we do. Though, Again, one thing
• 17:23
  Speaker 3: I didn't like about this was it was a will.
• 17:26
  Speaker 3: And of course, if you're faced with nursing home care,
• 17:29
  Speaker 3: that's not going to protect your house, among other things.
• 17:32
  Speaker 3: And so when you're faced with nursing home care. A
• 17:34
  Speaker 3: lot of times people you know have done planning and
• 17:38
  Speaker 3: there's assets outside the trust that need protected and have
• 17:41
  Speaker 3: not done planning, and more assets are unprotected. Please don't
• 17:46
  Speaker 3: write the check. Get the guide long term care planning
• 17:49
  Speaker 3: for procrastinators, it's the end of the month. It's the
• 17:51
  Speaker 3: last chance to get it. Learn how certain assets are
• 17:55
  Speaker 3: treated as countable and non countable last minute. They're treated
• 17:58
  Speaker 3: differently for married cup versus single people. It explains to
• 18:02
  Speaker 3: you the look back period, how the penalty period works,
• 18:05
  Speaker 3: talks about pooled trusts and other annuities in last minute
• 18:09
  Speaker 3: techniques to save excess money resources not just real estate resources.
• 18:15
  Speaker 3: So call and get it again. End of the month
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  Speaker 3: eight six six eight four eight five six nine nine
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  Speaker 3: or Legal Exchange Show dot com again eight six six
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  Speaker 3: learn from there. So go to Cushing Dolan PC and
• 18:44
  Speaker 3: you'll get that on our Instagram page. So back to
• 18:48
  Speaker 3: this case, what do we do? Tips and lessons? Second
• 18:53
  Speaker 3: marriage real estate home biggest asset. Folks. Generally, if you're married,
• 18:59
  Speaker 3: you're going to want to take care of your spouse.
• 19:01
  Speaker 3: I get it, but you also might want to ensure
• 19:03
  Speaker 3: that that particular home stays on your side of the family.
• 19:08
  Speaker 3: How do you do that? Well, a will is not
• 19:11
  Speaker 3: the best answer, as I said earlier. Yeah, I don't
• 19:14
  Speaker 3: love the fact that they did.
• 19:15
  Speaker 2: A will better than nothing, but not ideal.
• 19:18
  Speaker 3: To your point, it doesn't avoid probate it, you know,
• 19:22
  Speaker 3: and if and if you wanted your side of the
• 19:24
  Speaker 3: family to actually get it, it doesn't protect it from
• 19:26
  Speaker 3: the nursing home. And if you were you were married
• 19:29
  Speaker 3: here at one point, you know, by not having a
• 19:31
  Speaker 3: trust in place, you can't shelter assets from a state taxes,
• 19:36
  Speaker 3: which would have been important. Right. It doesn't allow for
• 19:39
  Speaker 3: a marital share and a remainder share on the first death,
• 19:42
  Speaker 3: so you lose out on all of those benefits by
• 19:46
  Speaker 3: just simply having a will, And of course it leads
• 19:49
  Speaker 3: to fighting, which isn't helpful either. So setting all that aside,
• 19:55
  Speaker 3: keep in mind what your objectives are when you're dealing
• 19:58
  Speaker 3: with your estate. Planet Again, the fact that they got
• 20:00
  Speaker 3: remarried or Glenna got remarried. You think she would have
• 20:05
  Speaker 3: you know, updated her will what she did, but I
• 20:08
  Speaker 3: guess she just did this life estate idea. Yeah, how
• 20:13
  Speaker 3: better can we do it? In this case? I would
• 20:16
  Speaker 3: say if you had a trust in place, that's what
• 20:18
  Speaker 3: I would do. You could have both the child and
• 20:21
  Speaker 3: the spouse serve as trustee if you want to check
• 20:23
  Speaker 3: in a balance, just to make sure. Remember, even though
• 20:28
  Speaker 3: you've got two people serving as trustees, you still can
• 20:33
  Speaker 3: only do what the trust says. So it's just makes
• 20:37
  Speaker 3: the spouse feel better that you know they're going to
• 20:40
  Speaker 3: make sure that that child, if the child was serving alone,
• 20:43
  Speaker 3: doesn't sort of become rogue. So it's nice to have
• 20:47
  Speaker 3: that double people serving as trustees. Now, you could put
• 20:51
  Speaker 3: language in there that says, you know, the house is
• 20:53
  Speaker 3: to be held in trust for life of the spouse,
• 20:57
  Speaker 3: provided again, she pays all the upkeep, maintenance, taxes, bills. Right,
• 21:04
  Speaker 3: you know you've got to make sure that the expenses
• 21:06
  Speaker 3: are covered. Usually you can't live somewhere for free. Right,
• 21:10
  Speaker 3: you don't have to put that language in, but.
• 21:13
  Speaker 2: You don't want to have your child be responsible to
• 21:15
  Speaker 2: pay for your right spouses who's not their parent bills
• 21:22
  Speaker 2: expenses right and not right.
• 21:23
  Speaker 3: And again, if there's no money in the trust, then
• 21:25
  Speaker 3: they're out of pocket personally. So you know, then you
• 21:27
  Speaker 3: have to make sure you have enough money in the
• 21:29
  Speaker 3: trust to cover these bills. Next, you also want to
• 21:32
  Speaker 3: put some teeth in there, right, so if a bill
• 21:35
  Speaker 3: is unpaid for ninety consecutive days, you're going to lose
• 21:38
  Speaker 3: your right to live there. So pay your bills again.
• 21:40
  Speaker 3: If you don't pay your water bill for ninety days,
• 21:42
  Speaker 3: then might turn it off, So there's motivation anyway. Also,
• 21:46
  Speaker 3: I would put language in that says, hey, if you're
• 21:48
  Speaker 3: not living there for six consecutive months, then you lose
• 21:52
  Speaker 3: the right to live there. Again. You can take a vacation,
• 21:55
  Speaker 3: go away for a few months, that's fine, but six
• 21:58
  Speaker 3: consecutive months you lose the right to live there. This way,
• 22:02
  Speaker 3: there's no fighting. Then if not the house gets sold
• 22:05
  Speaker 3: or gets added back to the family. Do you want
• 22:08
  Speaker 3: to put sale language in there? You know, if you're
• 22:10
  Speaker 3: living in there, you can't sell it probably, I mean,
• 22:14
  Speaker 3: I mean if the X if that's spouse or mother
• 22:17
  Speaker 3: in law is living there, right, no, let them let
• 22:20
  Speaker 3: them live there. Don't want to be getting into this
• 22:21
  Speaker 3: selling it but once they lose their right, then it
• 22:24
  Speaker 3: goes to the kids and the kids can either get
• 22:26
  Speaker 3: it or or hold it in trust for the kids,
• 22:28
  Speaker 3: or the kids can sell it or whatever the trust
• 22:31
  Speaker 3: says you can give them. You know, lots of options,
• 22:36
  Speaker 3: and so you know, this approach usually is a better
• 22:39
  Speaker 3: idea because it doesn't give the spouse legal ownership or
• 22:42
  Speaker 3: interest in the property. So you're not going to be
• 22:44
  Speaker 3: able to petition, to partition to sell the property or
• 22:47
  Speaker 3: any of those things. But if you do put sale
• 22:50
  Speaker 3: language in the trust, then you need to address what
• 22:53
  Speaker 3: happens to the proceeds if it's sold. Do we want
• 22:56
  Speaker 3: to hold the money in trust and allow income to
• 22:59
  Speaker 3: go to the spouse so she's taken care of, allow
• 23:01
  Speaker 3: principle to be paid out as needed to maintain their
• 23:04
  Speaker 3: standard of living. You need to address that right. So
• 23:07
  Speaker 3: if it is going to be sold, maybe we don't
• 23:09
  Speaker 3: want it to not take care of the spouse with
• 23:11
  Speaker 3: the money. So, folks lots to think about with a
• 23:14
  Speaker 3: second marriage and with real estate especially, but a trust
• 23:19
  Speaker 3: way better than a will in terms of doing that.
• 23:22
  Speaker 3: And Folks, if you're faced with last minute planning or
• 23:25
  Speaker 3: long term care planning and you're going into a nursing
• 23:27
  Speaker 3: home learn get the guides the end of the month
• 23:30
  Speaker 3: eight six six eight four eight five six nine nine
• 23:34
  Speaker 3: or Legal Exchange show dot com and protect your assets.
• 23:38
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:40
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:43
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:46
  Speaker 2: be answering your listener questions when we return to the
• 23:49
  Speaker 2: Legal Exchange with Todd Lutsky.
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  Speaker 1: From the other law attorneys at Cushing and Dolan. Here's
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  Speaker 1: mus expressed are solely those of Cushing and Dolan. Pushing
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• 27:24
  Speaker 1: You're listening to the Legal Exchange and it's time for
• 27:27
  Speaker 1: Ask Todd, the segment where Todd will answer your questions
• 27:31
  Speaker 1: about anything and everything that's included in the estate planning process.
• 27:35
  Speaker 1: Once again, here's Todd Lutsky and Susan Powers.
• 27:40
  Speaker 2: Welcome back, Todd. We have a few questions from listeners
• 27:42
  Speaker 2: for you. First question comes from Mary and Jackson, New Hampshire,
• 27:46
  Speaker 2: and Mary writes, I have an irrevocable trust and my
• 27:49
  Speaker 2: sister was my trustee but passed away recently. Unfortunately, my
• 27:54
  Speaker 2: alternate trustee has also passed. Who should I appoint as
• 27:57
  Speaker 2: trustee if I don't have any children and all of
• 28:00
  Speaker 2: my assets will be going to charity. There's a lot
• 28:04
  Speaker 2: of folks in this single folks in this situation, they're
• 28:07
  Speaker 2: not married, they don't have any children.
• 28:10
  Speaker 3: So a couple of things and there must and this
• 28:13
  Speaker 3: is a I obviously it's not my client, but when
• 28:17
  Speaker 3: I meet clients that are are single and and you know,
• 28:24
  Speaker 3: do we even do these irrevocable trusts. Right, Maybe she
• 28:28
  Speaker 3: did want to protect it for the sister, That's what
• 28:30
  Speaker 3: I'm thinking. It might have been a reason. But if
• 28:33
  Speaker 3: you do have when I meet with the first comment,
• 28:35
  Speaker 3: I have just so helps people with their planning, right
• 28:38
  Speaker 3: When I when I meet people who are single and
• 28:43
  Speaker 3: don't have kids, I say, okay, well do you have
• 28:47
  Speaker 3: loved ones? Well, yes, maybe a niece or nephew, maybe
• 28:50
  Speaker 3: a sibling. Okay fine. If they say yes, then I say, okay, well,
• 28:55
  Speaker 3: you know there's two ways to look at planning. I
• 28:58
  Speaker 3: must protect certain assets for these people, or you know,
• 29:03
  Speaker 3: whatever happens to be left over, I'm happy to leave
• 29:05
  Speaker 3: to them. Very different. If they picked the ladder, then
• 29:09
  Speaker 3: they wouldn't be doing an irrevocable trust. No need, use
• 29:13
  Speaker 3: the money for yourself, for your care, for your life,
• 29:15
  Speaker 3: for your well being. Whatever's left they can have. Yes
• 29:19
  Speaker 3: or revocable trust makes a lot of sense. Avoids probate
• 29:22
  Speaker 3: provides a nice bloodline plan. I like it.
• 29:25
  Speaker 2: Yep.
• 29:25
  Speaker 3: Fine If they say no, no, no, no, my sister
• 29:29
  Speaker 3: really needs this house, or my niece or nephew are
• 29:31
  Speaker 3: really struggling that, okay, irrevocable trust makes sense. I just
• 29:35
  Speaker 3: wanted to say that because when I heard the fact
• 29:37
  Speaker 3: pattern here Susan, it just that's what jumped off the
• 29:39
  Speaker 3: page at me.
• 29:40
  Speaker 2: So she did have a sister, she did have an
• 29:42
  Speaker 2: alternate trusting sem when she was close enough to be
• 29:44
  Speaker 2: the trustee for so maybe those are the people that
• 29:46
  Speaker 2: she wanted to and now they both passed.
• 29:48
  Speaker 3: So even if it's just a sister, it was enough.
• 29:50
  Speaker 2: Yeah, so now that's going to charity. So who would
• 29:53
  Speaker 2: be the ideal candidate to be a replacement trustee?
• 29:56
  Speaker 3: And of course I mentioned in here the fact that
• 29:58
  Speaker 3: the trust is flexible enough to allow her to change
• 30:01
  Speaker 3: the wishes from the sister to the charity, which is
• 30:04
  Speaker 3: very nice. That's something that also happened. People hear this
• 30:07
  Speaker 3: and they don't understand irrevocable trusts. You can change them,
• 30:11
  Speaker 3: some of them, you can. So good finally to your question,
• 30:15
  Speaker 3: but I just saw these other facts that just that
• 30:17
  Speaker 3: just sort of really made me think, So, you know,
• 30:22
  Speaker 3: this is really a tough part. I would you know,
• 30:25
  Speaker 3: I serve as trustee a lot, so I would say
• 30:27
  Speaker 3: go back to your lawyer and just say, you know,
• 30:30
  Speaker 3: maybe do you want to serve to make sure you
• 30:32
  Speaker 3: know this this happens. You know, maybe you have an
• 30:36
  Speaker 3: accountant that you're really close with. You know, maybe ask
• 30:40
  Speaker 3: the accountant. So I'm thinking some kind of a professional
• 30:43
  Speaker 3: like an accountant or an attorney might might work. You know,
• 30:47
  Speaker 3: by the same token. Your alternate trustee here who was
• 30:50
  Speaker 3: not a family member, was a close friend. Maybe you
• 30:54
  Speaker 3: have another close friend. I don't know, it didn't seem
• 30:56
  Speaker 3: to say that in the fact pattern, but maybe think
• 30:59
  Speaker 3: through that and see if there's another close friend.
• 31:01
  Speaker 2: So because they can get paid for that job.
• 31:03
  Speaker 3: Right yeah, yeah, yeah, they were having to get paid
• 31:06
  Speaker 3: right now because I don't know if she's allowed to
• 31:09
  Speaker 3: serve right now as trustee on her own trust. Probably not.
• 31:12
  Speaker 3: So if you hire one of these professionals, yes, there's
• 31:17
  Speaker 3: there is liability these days right under the Uniform Trust Code.
• 31:21
  Speaker 3: It's no longer you know, a wink and a handshake.
• 31:23
  Speaker 3: You've got to follow these rules and as trustee you're
• 31:27
  Speaker 3: going to get paid. So, so some liability, I'd be
• 31:33
  Speaker 3: thinking probably an accountant or a lawyer. I don't know
• 31:37
  Speaker 3: that you want to get like an institution.
• 31:39
  Speaker 2: Like a bank and trustee or something. Probably probably not,
• 31:43
  Speaker 2: but you could, yeah, you could. Look, so those are
• 31:45
  Speaker 2: your options Mary.
• 31:47
  Speaker 3: Folks, Sometimes when you're faced with entering a nursing home,
• 31:50
  Speaker 3: you think you don't have options, but you do. This
• 31:54
  Speaker 3: guide will present you those options. Long term care planning
• 31:58
  Speaker 3: for the procrastinator. End of the month, chance to get it.
• 32:01
  Speaker 3: It explains real estate, vacation homes, rentals, you know. It
• 32:06
  Speaker 3: talks about money, terms of excess resources over the two
• 32:10
  Speaker 3: thousand dollars and how to use annuities. Talks about pool
• 32:13
  Speaker 3: trusts as a technique last minute to save the assets.
• 32:17
  Speaker 3: Talks about you know four oh one k's iras life insurance.
• 32:21
  Speaker 3: How are those assets treated? Some of them are non
• 32:24
  Speaker 3: countable right away and treated differently for married couples versus
• 32:29
  Speaker 3: single people. Very important, something for everything for everyone in
• 32:33
  Speaker 3: this guide, Folks, call and get it. It's the end
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  Speaker 3: of the month eight six six eight four eight five
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  Speaker 3: eight six six eight four eight five six nine nine
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  Speaker 3: or Legal Exchange Show dot com. And also, folks, we
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• 33:07
  Speaker 2: Our last our last question comes from Ed and Jacksonville, Floridan.
• 33:11
  Speaker 2: This is your client, by the way, Okay, my son
• 33:13
  Speaker 2: is in the process of going through a divorce. I've
• 33:16
  Speaker 2: done my estate planning with a revocable trust. Her attorney
• 33:20
  Speaker 2: has now asked for details on his anticipated inheritance. How
• 33:24
  Speaker 2: do we handle this? He is a twenty five percent
• 33:26
  Speaker 2: beneficiary of a ten million dollar estate. Should I disinherit him?
• 33:31
  Speaker 3: So, my son's going through a divorce and.
• 33:34
  Speaker 2: Is soon to be ex wife's attorney wants to know
• 33:37
  Speaker 2: about inheritance, which.
• 33:39
  Speaker 3: They always do. Yeah, so that is nothing new, but
• 33:43
  Speaker 3: it says he is a twenty five percent beneficiary of
• 33:45
  Speaker 3: a ten million dollar state. So this is Ed's, Ed's
• 33:48
  Speaker 3: son who's going through a divorce, and Ed has the money.
• 33:51
  Speaker 2: Ed's got the money because it's still alive.
• 33:52
  Speaker 3: Right right. So so yeah, folks, whenever a child gets
• 34:00
  Speaker 3: divorced and the parents are alive and older especially, they're
• 34:05
  Speaker 3: going to look to the inheritance. Okay, now you can
• 34:08
  Speaker 3: do a Von Affidavid, you know, which basically, you know,
• 34:11
  Speaker 3: tells them what what you have? They just they show
• 34:15
  Speaker 3: us what you have?
• 34:17
  Speaker 4: You have?
• 34:18
  Speaker 3: Yeah, I mean they you know you can fight it,
• 34:21
  Speaker 3: but generally you have to. But the good news here
• 34:24
  Speaker 3: is Ed, who I know what we did for when
• 34:29
  Speaker 3: when the von Affidavid comes along you simply let me,
• 34:34
  Speaker 3: let me go back and just say, first, should I
• 34:35
  Speaker 3: disinherit him? No, in your case, Ed, you don't have to,
• 34:40
  Speaker 3: because I think we've already taken care of it. It
• 34:43
  Speaker 3: looks like he's disinherited from a divorce perspective. So when
• 34:50
  Speaker 3: they send you this von Affidavid request, in this case, D,
• 34:55
  Speaker 3: we can help you. You don't need to worry. We'll respond,
• 34:59
  Speaker 3: and we'll simply say, here are the assets. They are
• 35:04
  Speaker 3: listed as owned in this trust or LLSE is owned
• 35:08
  Speaker 3: by the trust ultimately in a trust, and here's the
• 35:12
  Speaker 3: share being held for your son. It says that your
• 35:19
  Speaker 3: son doesn't get it. It says that it's continuously held
• 35:22
  Speaker 3: in trust after Ed dies for this son's benefit. It
• 35:27
  Speaker 3: says that income and principle from this bucket can be
• 35:33
  Speaker 3: paid out to Ed in the disinterested trustees soul discretion.
• 35:40
  Speaker 3: So in English that means that Ed can't get this
• 35:45
  Speaker 3: unless let's say I'm the disinterested trustee. I don't recall
• 35:48
  Speaker 3: if I am or I'm not. But if I'm the
• 35:50
  Speaker 3: disinterested trustee and this divorce is happening, when you send
• 35:55
  Speaker 3: this over to them, you simply say, see, it's not
• 35:59
  Speaker 3: an are at all asset. If Ed were dead already
• 36:04
  Speaker 3: and this divorce was happening, or if Ed dies during
• 36:07
  Speaker 3: the divorce, right then they say, oh, he's this is
• 36:13
  Speaker 3: his inheritance. It is, but he doesn't own it and
• 36:17
  Speaker 3: he never owned it, and he can't get it unless I,
• 36:21
  Speaker 3: the disinterested trustee, say he can have it, and I
• 36:25
  Speaker 3: don't have to say why he can't have it, and
• 36:27
  Speaker 3: certainly he can't have it now. Yes, but I would
• 36:30
  Speaker 3: go further than that and tell the divorcing lawyer the
• 36:35
  Speaker 3: ex spouse is soon to be ex spouse's lawyer, Well,
• 36:39
  Speaker 3: I can say no to your question. You can't even
• 36:43
  Speaker 3: ask me why because it's not a marital asset to
• 36:47
  Speaker 3: begin with. The sun never owned it. If he never
• 36:51
  Speaker 3: owned it, it's not a marital asset. It's not subject
• 36:54
  Speaker 3: to the divorce. Folks. That's great planning, But last minute,
• 36:58
  Speaker 3: you might need to save your assets from the nursing home.
• 37:00
  Speaker 3: Call and get the guide. It's the end of the month.
• 37:03
  Speaker 3: Eight six six eight four, eight, five, six, nine nine,
• 37:07
  Speaker 3: or Legal Exchange Show dot com.
• 37:09
  Speaker 2: If you have a question you would like to ask Todd,
• 37:11
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:14
  Speaker 2: on the ass Tod tab. Maybe I'll be able to
• 37:17
  Speaker 2: read your question on the air, and hopefully his answer
• 37:19
  Speaker 2: will stop you from becoming one of his next real
• 37:22
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:26
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 37:30
  Speaker 2: a financial advisor with the Armstrong Advisory Group. We'll be
• 37:33
  Speaker 2: back with more after this quick break on the Legal
• 37:36
  Speaker 2: Exchange with Todd Lutsky.
• 37:38
  Speaker 1: From the other law attorneys at Cushing and Dolan. Here's
• 37:41
  Speaker 1: something you need to hear. Most people think long term
• 37:44
  Speaker 1: care planning is something they'll get to someday, Until suddenly
• 37:47
  Speaker 1: someday is today. When a spouse or parent needs nursing
• 37:50
  Speaker 1: home care and no planning was done, the costs can
• 37:52
  Speaker 1: be overwhelming. Cushing and Dolan our elder law and estate
• 37:55
  Speaker 1: planning attorneys who help New England families protect their homes,
• 37:58
  Speaker 1: savings and retirement and when a health crisis comes out
• 38:01
  Speaker 1: of nowhere. They've just released a new guide called long
• 38:03
  Speaker 1: Term Care Planning for procrastinators. It explains what options may
• 38:07
  Speaker 1: still be available and what steps you should take before
• 38:09
  Speaker 1: writing that first check to a nursing home. If you've
• 38:11
  Speaker 1: been putting this off, or a loved one needs care
• 38:13
  Speaker 1: right now, time matters. Call Cushing and Dolin today at
• 38:16
  Speaker 1: eight six six eight four eight five six ninet nine
• 38:19
  Speaker 1: to get your free guide. That's eight six six eight
• 38:21
  Speaker 1: four eight five six ninety nine, or you can request
• 38:24
  Speaker 1: it online by visiting Legal Exchange Show dot com. That's
• 38:26
  Speaker 1: Legal exchange Show dot com. The proceeding was paid for
• 38:29
  Speaker 1: in the music expressed tore solely those of Cushing and Dolan.
• 38:31
  Speaker 1: Pushing In, doolin In or Armstrong advisorymay contact you're offering
• 38:34
  Speaker 1: legal or investment services. Cushing In, doolin In Armstrong Advisory
• 38:36
  Speaker 1: do not endorse each other and are not affiliated.
• 38:39
  Speaker 4: Social Security and medicare are oftentimes lumped together, but may
• 38:42
  Speaker 4: be handled separately, and depending on your strategy, they could
• 38:45
  Speaker 4: shape your entire retirement plan.
• 38:47
  Speaker 1: HI.
• 38:47
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. Choosing
• 38:50
  Speaker 4: when to start social security has many effects, including determining
• 38:54
  Speaker 4: the amount of guaranteed income you receive each month. Medicare
• 38:57
  Speaker 4: decisions go beyond coverage as they can impact premiums, out
• 38:59
  Speaker 4: of locket costs and access to providers throughout retirement. Our
• 39:02
  Speaker 4: new guide is called How to Apply for Social Security
• 39:05
  Speaker 4: and Medicare. It will help you learn how these decisions
• 39:08
  Speaker 4: may fit together and how to take the right steps
• 39:10
  Speaker 4: at the right time to build a secure retirement plan.
• 39:13
  Speaker 4: Call us at eight hundred three nine three for zero
• 39:16
  Speaker 4: zero one to get your copy of how to Apply
• 39:18
  Speaker 4: for Social Security and Medicare. That's eight hundred three nine
• 39:21
  Speaker 4: three for zero zero one, where you can request it
• 39:24
  Speaker 4: online from our website Armstrong Advisory dot com.
• 39:26
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:29
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:31
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:33
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:36
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 39:38
  Speaker 1: advisory services. If you've been dreaming about a getaway that
• 39:41
  Speaker 1: feels far away but easy to get to, it's time
• 39:44
  Speaker 1: to think about the US Virgin Islands, America's Caribbean. This
• 39:47
  Speaker 1: is a place where you can fall naturally in rhythm
• 39:49
  Speaker 1: with the heartbeat of the islands. Enjoy crystal clear water
• 39:52
  Speaker 1: and Pounder soft beaches, world class dining, sailing and unforgettable sunsets.
• 39:57
  Speaker 1: And here's the best part. Travel from New England is easy.
• 40:00
  Speaker 1: The US Virgin Islands are part of the United States,
• 40:03
  Speaker 1: which means no passport required and no money to exchange.
• 40:06
  Speaker 1: Just pack your bags and go. Spend your day snorkeling, sailing, hiking,
• 40:11
  Speaker 1: or simply relaxing by the water, and your evenings enjoying
• 40:13
  Speaker 1: local cuisine, live music and warm island breezes. Explore Saint Thomas,
• 40:18
  Speaker 1: Saint John and Saint Croix, three distinct islands, each with
• 40:21
  Speaker 1: its own vibe, its own flavor, and its own way
• 40:23
  Speaker 1: of helping you unplug and reset. Start planning your Caribbean
• 40:27
  Speaker 1: escape today and visit USVII dot com discover why the
• 40:30
  Speaker 1: US Virgin Islands are America's Caribbean paradise. For more information
• 40:34
  Speaker 1: and to book your trip, head to visit USVII dot com.
• 40:37
  Speaker 1: That's visit USVII dot com. Your tune to the legal
• 40:41
  Speaker 1: exchange with Todd Lutsky. If you are a loved one
• 40:44
  Speaker 1: needs a nursing homestay, call Todd right now at eight
• 40:47
  Speaker 1: sixty six eight four eight five six ninet nine and
• 40:49
  Speaker 1: let him make sure your assets are protected. That's eight
• 40:52
  Speaker 1: six six eight four eight five six nine nine. Or
• 40:55
  Speaker 1: visit him online at Legal Exchange show dot com.
• 40:59
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:02
  Speaker 2: Susan Powers, a financial advice with the Armstrong Advisory Group,
• 41:05
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:08
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:11
  Speaker 2: master's in taxation. Todd, I had a phone call with
• 41:15
  Speaker 2: a client.
• 41:16
  Speaker 3: Oh sounds like a real life story.
• 41:18
  Speaker 2: It is a real life story. And the wife is
• 41:20
  Speaker 2: around seventy five, husbands around seventy. He's not in great health,
• 41:25
  Speaker 2: but she's in worse health. They've not done any planning.
• 41:30
  Speaker 2: They have a million in assets plus their home. So
• 41:34
  Speaker 2: there's around six hundred thousand that's in I rays split
• 41:37
  Speaker 2: pretty much equally a million. Of the million, six hundred
• 41:41
  Speaker 2: is in I rays. They each have about three hundred
• 41:43
  Speaker 2: in THEIRS, and then four hundred is in you know,
• 41:47
  Speaker 2: investment accounts and probably some bank accounts. The total is
• 41:51
  Speaker 2: about a million in liquid assets plus their home. Home
• 41:54
  Speaker 2: is worth. I don't know, maybe like six or seven
• 41:58
  Speaker 2: hundred I'm guessing there, but it's it's definitely us than
• 42:00
  Speaker 2: a million. They want to know what can be done
• 42:04
  Speaker 2: if the wife ends up going into a nursing home
• 42:07
  Speaker 2: because she's failing much quicker, she's having mobility issues. Cognitively
• 42:14
  Speaker 2: she's good, but she's she's definitely failing. So if you
• 42:19
  Speaker 2: have a million dollars in assets, what can be done
• 42:22
  Speaker 2: with that?
• 42:23
  Speaker 3: So she's failing, But if she goes to a nursing home,
• 42:28
  Speaker 3: will he be able to stay at home?
• 42:29
  Speaker 2: Though he can stay at home on his own yet?
• 42:31
  Speaker 3: Good? Good, So it doesn't sound like we're asking a
• 42:36
  Speaker 3: question here about advanced planning. No, we don't have five years.
• 42:43
  Speaker 3: So when we say failing, let's let's increase the failing
• 42:47
  Speaker 3: fact in this case too. Yes, within the next sixty days,
• 42:50
  Speaker 3: she's going to be in the nursing home. Let's just
• 42:53
  Speaker 3: make it sure.
• 42:54
  Speaker 2: Yeah, I mean it's probably a little short, but it's yes,
• 42:57
  Speaker 2: definitely with it definitely within six months. But I would
• 43:00
  Speaker 2: say definitely, you.
• 43:01
  Speaker 3: Know, yeah, so within six months. There's just there's really
• 43:04
  Speaker 3: nothing you can do from an advanced planning standpoint, because
• 43:07
  Speaker 3: everything from an advanced planning standpoint does take five years.
• 43:12
  Speaker 3: They definitely don't have that. Yeah, if you try to
• 43:14
  Speaker 3: move money, or move real estate or move assets to
• 43:18
  Speaker 3: you know, a place where it can be protected from
• 43:21
  Speaker 3: the nursing home. In this case, I'd always be thinking about,
• 43:24
  Speaker 3: you know, an irrevocable trust. You got five years to wait,
• 43:28
  Speaker 3: so I'm not going to do that. I mean, you
• 43:30
  Speaker 3: could do like personal care contracts if it's six months,
• 43:33
  Speaker 3: and try to pay a family member to provide care.
• 43:36
  Speaker 2: He's really providing care for the party that he's got
• 43:40
  Speaker 2: daughters that come in and help out, but they're not
• 43:43
  Speaker 2: they're not at the point where they need to hire
• 43:44
  Speaker 2: someone because he can physically do it for.
• 43:47
  Speaker 3: Now or it's a lot. So if he's doing it,
• 43:49
  Speaker 3: then yeah, you can't. Personal care contracts don't work for
• 43:52
  Speaker 3: him because they're a married couple and the assets would
• 43:55
  Speaker 3: remain you know, intact, So you know, likely I would
• 43:59
  Speaker 3: tell this person now if I you know, I was
• 44:01
  Speaker 3: trying to address it as your six month question, and
• 44:04
  Speaker 3: I would say, there's really not a lot you can do,
• 44:07
  Speaker 3: you know at that time. However, let's move it up
• 44:11
  Speaker 3: to say, geez, Todd, we're really you know, actively looking.
• 44:14
  Speaker 2: We're down the path now for they're looking.
• 44:16
  Speaker 3: For a home for a home, and probably in the
• 44:18
  Speaker 3: next sixty days we hope to find one, get her
• 44:21
  Speaker 3: moved in, get her situated. And you know, we're discovering
• 44:27
  Speaker 3: already that these homes run, you know, about sixteen grand
• 44:32
  Speaker 3: a month, you know, for private pay care. And of
• 44:37
  Speaker 3: course we don't have a lot of money. And I'm
• 44:39
  Speaker 3: I'm home, and so I don't want to lose my
• 44:41
  Speaker 3: million dollars if I'm the healthy spouse or my house
• 44:46
  Speaker 3: because my spouse is going in the nursing home. Well, folks,
• 44:50
  Speaker 3: I'm going to tell you in a minute how they
• 44:53
  Speaker 3: can apply for Medicaid right away and successfully get approved
• 45:00
  Speaker 3: for Medicaid right away even though no planning, advanced planning
• 45:06
  Speaker 3: has been done. And folks, that's exactly what you get
• 45:10
  Speaker 3: with this guide, long term care planning for the procrastinators.
• 45:13
  Speaker 3: Will tell you how to treat the IRA assets the
• 45:16
  Speaker 3: home it's a married couple, how to treat the excess
• 45:19
  Speaker 3: dollars over the amount that the spouse is allowed to
• 45:22
  Speaker 3: keep everything. Last minute techniques just like that are in
• 45:27
  Speaker 3: this guide. Please it's the end of the month. If
• 45:29
  Speaker 3: you're faced with nursing home care married or single, the
• 45:32
  Speaker 3: rules are a little different. The guide explains both call
• 45:36
  Speaker 3: and get it eight sixty six eight four eight five
• 45:39
  Speaker 3: six nine nine or Legal Exchange Show dot com. Don't
• 45:43
  Speaker 3: just write the check again end of the month get
• 45:46
  Speaker 3: the guide eight six six eight four eight five six
• 45:50
  Speaker 3: nine nine or Legal Exchange show dot com. And I
• 45:53
  Speaker 3: also want to mention our Instagram page which is sort
• 45:56
  Speaker 3: of up and running. Cushing Dolan PC is how you
• 45:59
  Speaker 3: find it. Lots of additional information on there, from asset
• 46:04
  Speaker 3: protection to a state planning to nursing homes. A lot
• 46:07
  Speaker 3: more information than we can give you at just our
• 46:10
  Speaker 3: other website. So please go Cushing Dolan PC. Oh, I
• 46:15
  Speaker 3: got to give you the answer.
• 46:16
  Speaker 2: Yes, no more hang in Chad stories give us an
• 46:19
  Speaker 2: answer here, what do you do?
• 46:21
  Speaker 3: Let me give you the answer. So okay, let's take it. Look,
• 46:25
  Speaker 3: we've got a house six hundred thousand dollars. First thing
• 46:28
  Speaker 3: that's going to happen is we're going to use the
• 46:30
  Speaker 3: power of attorney if they have one, and we're going
• 46:32
  Speaker 3: to transfer the home from joint ownership to the healthy spouse. Yep,
• 46:38
  Speaker 3: the home special asset. The home is allowed to be
• 46:41
  Speaker 3: non countable as long as it's located in the state
• 46:45
  Speaker 3: and the spouse is living there. Yep, the value does
• 46:48
  Speaker 3: not matter, and no lean will be placed on this property.
• 46:53
  Speaker 3: And so now and the movement from one spouse to
• 46:58
  Speaker 3: another is a permission transfer, so it will not create
• 47:03
  Speaker 3: a five year waiting period. So now we've protected the
• 47:06
  Speaker 3: house completely by moving it. Remember, if you don't move it,
• 47:11
  Speaker 3: it still would be non countable. But if the healthy
• 47:14
  Speaker 3: spouse died first, right then yeah, then it's going to
• 47:18
  Speaker 3: go to the six spouse. And that's not helpful for anybody.
• 47:22
  Speaker 3: So we got to fix that. Next, we got to
• 47:27
  Speaker 3: look at the money. There's a million dollars okay, three
• 47:30
  Speaker 3: hundred thousand in each IRA and four hundred thousand of
• 47:35
  Speaker 3: money just banks, investments, tax bill accounts. This number changes
• 47:41
  Speaker 3: every year. I have to look to see what it's
• 47:43
  Speaker 3: going up to. Right now, it's somewhere around one hundred
• 47:46
  Speaker 3: and fifty five thousand dollars that the community spouse is allowed.
• 47:52
  Speaker 2: To keep, so the healthy spouse, the husband husband.
• 47:55
  Speaker 3: So in this pot of money, we're going to reach
• 47:57
  Speaker 3: into that four hundred thousand dollars pot of money.
• 48:00
  Speaker 2: I would say it's one fifty just for easy.
• 48:01
  Speaker 3: Math, freezy math. And we're going to pull out one
• 48:03
  Speaker 3: fifty Yeah. Technically the six spouse is allowed to keep two,
• 48:07
  Speaker 3: so be one fifty two Yeah, And that money gets
• 48:12
  Speaker 3: moved over to the community spouses or in this case
• 48:15
  Speaker 3: the husband's name also permissible transfers between spouses. No five
• 48:21
  Speaker 3: year waiting period. That money is now protected and the
• 48:25
  Speaker 3: house is protected. So we're whittling through the assets. We've
• 48:29
  Speaker 3: now got six hundred and one hundred and fifty. We've
• 48:33
  Speaker 3: got seven hundred and fifty thousand dollars of this million
• 48:37
  Speaker 3: six protected.
• 48:39
  Speaker 2: Yep.
• 48:41
  Speaker 3: What do we do with the rest? Well, the rest
• 48:44
  Speaker 3: we have two things. His IRA we will likely leave
• 48:49
  Speaker 3: as an IRA and not touch it, okay, and buy
• 48:52
  Speaker 3: an annuity inside the IRA that will pay out to
• 48:56
  Speaker 3: him a monthly payment over a peerood of years, not
• 49:00
  Speaker 3: to exceed his life expectancy.
• 49:02
  Speaker 2: So Medicaid qualified a very specific type of annuity.
• 49:05
  Speaker 3: Medicaid qualified annuity inside the IRA, so we don't have
• 49:09
  Speaker 3: to have a huge income tax problem. We then will
• 49:12
  Speaker 3: buy We then will have to empty her IRA. Yep.
• 49:16
  Speaker 3: Again it's three hundred thousand dollars. There'll be a tax
• 49:18
  Speaker 3: hit and we'll move it to him along with the
• 49:22
  Speaker 3: rest of the excess money. Yep, and we'll have all
• 49:25
  Speaker 3: that in one bucket. Now, again, the tax hit is
• 49:27
  Speaker 3: what it's going to be. So if it's thirty forty percent,
• 49:30
  Speaker 3: probably thirty three hundred thousands, probably thirty percent, yeah, thirty
• 49:33
  Speaker 3: five percent, So you know, maybe ninety grand, but hey,
• 49:37
  Speaker 3: ninety grand is you know, three months in the nursing
• 49:39
  Speaker 3: home price to protect. Yeah, So in this case, we
• 49:42
  Speaker 3: would move that over to the healthy spouse and then
• 49:45
  Speaker 3: buy a second medicaid annuity, one that is not inside
• 49:50
  Speaker 3: an IRA, and this annuity would also convert those assets
• 49:54
  Speaker 3: into an income stream, paying out a monthly check to
• 49:58
  Speaker 3: him to the husband. So the husband now has saved
• 50:02
  Speaker 3: every single asset dollar wise, has a nice stream of
• 50:06
  Speaker 3: income coming in, has one hundred and fifty thousand of
• 50:09
  Speaker 3: fun money that is not tied up in any kind
• 50:12
  Speaker 3: of annuity, and a house to live in, folks. We
• 50:16
  Speaker 3: then apply for Medicaid and we get approved. And that
• 50:19
  Speaker 3: is how you do things last minute. Folks. If you're
• 50:23
  Speaker 3: faced with going into a nursing home last minute, you
• 50:26
  Speaker 3: now can see how not just to write the check.
• 50:30
  Speaker 3: This article will give you this guide will give you
• 50:34
  Speaker 3: all that information and more. Call and get it. It's
• 50:37
  Speaker 3: the end of the month eight six six eight four
• 50:40
  Speaker 3: eight five six nine nine or Legal Exchange show dot com.
• 50:45
  Speaker 2: Todd Lusky 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.
• 50:50
  Speaker 2: I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
• 50:53
  Speaker 2: We thank you for joining us and we'll be back
• 50:55
  Speaker 2: again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: The old law attorneys at Cushing and Dolan. Here's something
• 51:02
  Speaker 1: you need to hear. Most people think long term care
• 51:05
  Speaker 1: planning is something they'll get to someday, until suddenly someday
• 51:08
  Speaker 1: is today. When a spouse or parent needs nursing home
• 51:11
  Speaker 1: care and no planning was done, the costs can be overwhelming.
• 51:14
  Speaker 1: Cushing and Dolan are elder law and estate planning attorneys
• 51:17
  Speaker 1: who help New England families protect their homes, savings and
• 51:20
  Speaker 1: retirement even when a health crisis comes out of nowhere.
• 51:23
  Speaker 1: They've just released a new guide called long Term Care
• 51:25
  Speaker 1: Planning for Procrastinators. It explains what options may still be
• 51:28
  Speaker 1: available and what steps you should take before writing that
• 51:30
  Speaker 1: first check to a nursing home. If you've been putting
• 51:33
  Speaker 1: this off or a loved one needs care right now,
• 51:35
  Speaker 1: time matters. Call Cushing and Dolan today at eight six
• 51:38
  Speaker 1: six eight four eight five six ninet nine to get
• 51:40
  Speaker 1: your free guide. That's eight six six eight four eight
• 51:43
  Speaker 1: five six ninety nine, or you can request it online
• 51:45
  Speaker 1: by visiting Legal Exchange Show dot com. That's Legal exchange
• 51:48
  Speaker 1: show dot com. The proceeding was paid for in the
• 51:50
  Speaker 1: music expressed are solely those of Cushing and Dolan. Pushing
• 51:53
  Speaker 1: and Dolin in or Armstrong advisorymay contact you're offering legal
• 51:55
  Speaker 1: or investment services. Cushing and Dolan in Armstrong Advisory do
• 51:58
  Speaker 1: not endorse each other and are not affiliated HI.
• 52:00
  Speaker 5: If this is Chuck Zada from the Armstrong Advisory Group.
• 52:02
  Speaker 5: One of the biggest mistakes you can make is you
• 52:04
  Speaker 5: prepare for retirement is missing important deadlines. For Social Security
• 52:08
  Speaker 5: and Medicare. You can apply for Solid Security up to
• 52:10
  Speaker 5: four months before you want benefits to begin. Medicare has
• 52:13
  Speaker 5: a seven month enrollment window around your sixty fifth birthday.
• 52:16
  Speaker 5: Missing that window may cause coverage delays. Something else to
• 52:20
  Speaker 5: consider is that you don't have to start them at
• 52:22
  Speaker 5: the same time. You can enroll in Medicare at sixty five,
• 52:25
  Speaker 5: but delay social Security to increase your monthly benefit. Learn
• 52:28
  Speaker 5: more in our new guide called how to Apply for
• 52:30
  Speaker 5: Social Security and Medicare. To get your free copy, call
• 52:33
  Speaker 5: say at eight hundred three nine three for zero zero one.
• 52:37
  Speaker 5: That's eight hundred three nine three for zero zero one,
• 52:41
  Speaker 5: or request the guide online from our website Armstrong Advisory
• 52:44
  Speaker 5: dot com.
• 52:45
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:47
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:50
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 52:53
  Speaker 1: your own financial, tax into state planning advisors before making
• 52:55
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 52:58
  Speaker 1: advisory services. If you've been dreaming about a getaway that
• 53:01
  Speaker 1: feels far away but easy to get to, it's time
• 53:04
  Speaker 1: to think about the US Virgin Islands, America's Caribbean. This
• 53:07
  Speaker 1: is a place where you can fall naturally in rhythm
• 53:09
  Speaker 1: with the heartbeat of the islands, enjoy crystal clear water
• 53:12
  Speaker 1: and powder soft beaches, world class dining, sailing and unforgettable sunsets.
• 53:17
  Speaker 1: And here's the best part. Travel from New England is easy.
• 53:20
  Speaker 1: The US Virgin islands are part of the United States,
• 53:23
  Speaker 1: which means no passport required and no money to exchange.
• 53:26
  Speaker 1: Just pack your bags and go. Spend your day snorkeling, sailing, hiking,
• 53:31
  Speaker 1: or simply relaxing by the water, and your evenings enjoying
• 53:33
  Speaker 1: local cuisine, live music, and warm island breezes. Explore Saint Thomas,
• 53:38
  Speaker 1: Saint John and Saint Croix, three distinct islands, each with
• 53:41
  Speaker 1: its own vibe, its own flavor, and its own way
• 53:44
  Speaker 1: of helping you unplug and reset. Start planning your Caribbean
• 53:47
  Speaker 1: escape today and visit USVII dot com. Discover why the
• 53:50
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