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What Happens When You Die Without a Will? · The Legal Exchange

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  Speaker 1: This is the Legal Exchange with Todd Lutsky from the
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  Speaker 1: law firm of Cushing and Dolan and Susan Powers of
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  Speaker 1: the Armstrong Advisory Group. Each week, Todd and Susan will
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  Speaker 1: discuss many topics, including estate planning, how to avoid probate,
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  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: to make an appointment. That's eight sixty six eight four
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  Speaker 1: Here are your hosts, Todd Lutsky and Susan Powers.
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  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan
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  Speaker 2: Powers of Financial Advice with the Armstrong Advisory Group and
• 0:43
  Speaker 2: I'm joined by Todd Lutsky, a partner with the law
• 0:46
  Speaker 2: firm of Cushing and Dolan with a master's in taxation.
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  Speaker 2: Welcome Todd. How are you today?
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  Speaker 3: I'm never better in you.
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  Speaker 2: I am great. Thank you what you have for us today.
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  Speaker 3: A couple of things. We have a Illinois Appellate Corps
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  Speaker 3: case where we basically have a situation where it's an
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  Speaker 3: interstate transaction, but what's in I'm sorry, intestate transaction, but
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  Speaker 3: what's included in that estate? And what's not included? This
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  Speaker 3: is a case where there's actually Arizona property, but it's
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  Speaker 3: an Illinois case and is the Arizona proper? And no
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  Speaker 3: will interestate means no will, And of course what does
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  Speaker 3: the spouse do. Can the spouse claim a will because
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  Speaker 3: they discovered a will but the wife thinks there isn't
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  Speaker 3: a will, So now there's a contest about whether there's
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  Speaker 3: a will or there's not a will. And then if
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  Speaker 3: there is a will, can she take her fourth share
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  Speaker 3: under the will? And does the Arizona property get covered
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  Speaker 3: in the intestate succession statute in illinoisse This one is
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  Speaker 3: you'll enjoy this one. This one is really a little complicated.
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  Speaker 3: But again, what's it come from. It comes from lack
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  Speaker 3: of planning, right, That's why this case is even here, right,
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  Speaker 3: So they don't have much in place at all. Then
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  Speaker 3: we're going to head over to Nebraska and we've got
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  Speaker 3: a situation there where this is it's an arbitration case.
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  Speaker 3: We've done these before, but this one I really felt
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  Speaker 3: was important and because in this particular case, the arbitration
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  Speaker 3: clause when entering a nursing home was allowed. And I
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  Speaker 3: want to show why, right, And I want to show
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  Speaker 3: what happened and what you need to do to have
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  Speaker 3: this not happen to you when you're faced with someone
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  Speaker 3: going into the nursing home, right, when someone is being admitted.
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  Speaker 3: What's the procedure that you should follow when you do this?
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  Speaker 3: And before we do that? Though, like with the last
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  Speaker 3: case our guide Unlocking the power of Medicaid irrevocable trusts? Right,
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  Speaker 3: what could you do before you go to a nursing home?
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  Speaker 3: And again with this Illinois case, some planning would have
• 2:48
  Speaker 3: been very helpful. And folks, it is the end of
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  Speaker 3: It basically gives you a question and answer format on
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  Speaker 3: all how these irrevocable trust works from you know, is
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  Speaker 3: So call and get at end of the month eight
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  Speaker 3: Legal Exchange show dot com again eight six six eight
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  Speaker 3: dot com. You can always go to Cushing dolean pc
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  Speaker 3: instagram page for more information. All right, back to Illinois.
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  Speaker 2: To the juicy case.
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  Speaker 3: Yeah interesting, right, so watch this. March twenty twenty three,
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  Speaker 3: Deb dot deb files a petition for letters of administration,
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  Speaker 3: which is like the probate for her husband's estate, saying Kevin,
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  Speaker 3: her husband died without a will. That's what we said,
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  Speaker 3: no will. The trial court issued the letters of administration
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  Speaker 3: on April twenty twenty three. Well, Kevin's kids, so now
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  Speaker 3: I'm guessing second marriage. Kevin's kids, Ethan and Jordan, petitioned
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  Speaker 3: the court seeking supervised administration of the estate, alleging Kevin
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  Speaker 3: died with a will that did not name Deb as
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  Speaker 3: pr and Kevin and Deb were in the process of
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  Speaker 3: getting a divorce. Ooh, juicy. Trial court granted the kids petition.
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  Speaker 3: Kids then filed a counter petition for In other words,
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  Speaker 3: they said, yeah, you should be a part of this administration.
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  Speaker 3: Then the kids filed another petition for letters of administration
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  Speaker 3: to remove Deborah as the pr and to admit the will.
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  Speaker 3: The trial court admitted Kevin's will to probate and approve
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  Speaker 3: that will. Since then deb renounced the will, What does
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  Speaker 3: that mean? What does that mean when you announce the will?
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  Speaker 3: You're saying, listen, if the will exists, I want to
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  Speaker 3: bypass the will and claim my forced share. Meaning she
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  Speaker 3: doesn't want what the will gives her. In other words,
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  Speaker 3: the will might not be giving her much at all,
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  Speaker 3: so she wants to make sure she gets the fourth share.
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  Speaker 3: So because she announced the will, if it's a valid will,
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  Speaker 3: and it might very well become a valid will, she'll
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  Speaker 3: be entitled to in this case, one third of his estate. Okay, well,
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  Speaker 3: now question is what is his estate? You know, as
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  Speaker 3: a surviving spouse, she gets that. Well, the kids petitioned
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  Speaker 3: that the sale proceeds of the Arizona property are not
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  Speaker 3: part of the estate because it was purchased before the marriage.
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  Speaker 3: In most cases that doesn't matter.
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  Speaker 2: Yeah, unless they had a prenaperation.
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  Speaker 3: Right, Yeah, so I'm not sure that mattered. The trial
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  Speaker 3: court denied the kid's motion and said the Arizona probate
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  Speaker 3: Arizona property is probate asset and governed by Illinois.
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  Speaker 2: Law, which kind of makes sense. I think that part
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  Speaker 2: sounds right.
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  Speaker 3: You would think, until they appealed and the appellate court
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  Speaker 3: reversed really and said the Arizona property is not part
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  Speaker 3: of Kevin's estate forespousal share purposes, stating that it is
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  Speaker 3: out of state property and real estate that is out
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  Speaker 3: of state is governed by the laws of the state
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  Speaker 3: in which it's located, and therefore it's not part of
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  Speaker 3: the estate. Here, Deborah didn't fight that issue.
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  Speaker 2: Huh, so is that like you have to open up
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  Speaker 2: two separate probra different states. That's exactly what I'm done.
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  Speaker 2: That's what I've picked a thing or two up from you.
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  Speaker 2: In the past twenty one years.
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  Speaker 3: We always tell people right little nuggets, say, look, doing
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  Speaker 3: your trust planning not only avoids probate in mass but
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  Speaker 3: if you happen to have a piece of property in Florida,
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  Speaker 3: we'd have to file an ancillary probate in Florida to
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  Speaker 3: deal with that.
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  Speaker 2: Well, with real estate and other states. The snowbirds, you know,
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  Speaker 2: the they taste them in New Hampshire, are Maine or
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  Speaker 2: all over the place.
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  Speaker 3: And that's why we tell them to avoid probate in
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  Speaker 3: all states by putting things in trust, folks, And it
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  Speaker 3: does that, and it's not uncommon, right because like in Massachusetts,
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  Speaker 3: Massachusetts cannot tax out of state property again governed by
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  Speaker 3: the laws of that state. So I'm not upset at
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  Speaker 3: this case at all. I think it's I.
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  Speaker 2: Think that makes sense. Now I retract my earlier statements.
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  Speaker 3: It's actually okay, good for you kids, But let's learn
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  Speaker 3: from this, which we already just had a lesson right there.
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  Speaker 3: But remember intestate is important in this case because if
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  Speaker 3: she died without a will, she would be able to
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  Speaker 3: get the assets based on the intestate succession statute. And
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  Speaker 3: so her point was, look, there was no will, right now,
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  Speaker 3: generally this goes to the next closest next of kin.
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  Speaker 3: So I don't know Illinois's intestate succession statute. But in
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  Speaker 3: mass right, if you're in mass and this was a
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  Speaker 3: first marriage, so all the kids were of the marriage,
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  Speaker 3: she could get all the assets. But if it's a
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  Speaker 3: second marriage and there's kids from his side. Well, then
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  Speaker 3: they would be entitled to some percentage of the estate.
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  Speaker 3: So she was saying, no will, there's no mention of children.
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  Speaker 3: She would get it all. Perhaps, if that's the Illinois
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  Speaker 3: state life might have been what she was heading for.
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  Speaker 3: Problem is, there was no planning here. So you didn't
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  Speaker 3: even avoid probate. You didn't reduce the state taxes. You
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  Speaker 3: don't even get to direct where your assets go if
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  Speaker 3: you don't have a will. So at least have a
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  Speaker 3: will and it'll allow you to direct where it goes.
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  Speaker 2: You don't avoid probate with a will, No, you don't.
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  Speaker 3: You don't even avoid probate. Yeah, none of that works.
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  Speaker 3: So that's a little bit about the intestates accession statute
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  Speaker 3: and why and how it would work here. She chose
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  Speaker 3: the forced share. Remember she said, look, this will that
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  Speaker 3: they produced might very well be valid. Right, So to
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  Speaker 3: prevent spouses from being disinherited, you have this forced share
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  Speaker 3: against the will, so regardless of what's in the will, right,
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  Speaker 3: So well, if unless you're getting it at least as
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  Speaker 3: much as they would give me in forced share. So
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  Speaker 3: in this case, since the will did exist, she must
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  Speaker 3: have not been listed in the will. So what not
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  Speaker 3: sure would she be left with? Therefore, she elected against
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  Speaker 3: the will when she renounced it, knowing she would get
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  Speaker 3: one third of the assets so for share. Yeah, so
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  Speaker 3: that's just a little bit about how that works. And
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  Speaker 3: again I think the out of state property with good
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  Speaker 3: lessons here avoiding probate in all states, not just this state.
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  Speaker 3: Of course, don't even just do a will. Do way
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  Speaker 3: more than a will, folks, But in any event, that's
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  Speaker 3: the lessons from this case. The big deal is learn
• 10:00
  Speaker 3: how to do your planning. And if you've not started,
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  Speaker 3: get this guide. It's the end of the month, folks,
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  Speaker 2: You've been listening to Todd Lutsky, 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
• 10:29
  Speaker 2: more to come when we return to the Legal Exchange
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  Speaker 2: with Todd Lutsky.
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  Speaker 2: Welcome back into the Legal Exchange with Todd Latsky. I'm
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  Speaker 2: Susan Powers, a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined, of course Todd Lutsky, a partner with
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  Speaker 2: a law firm of Cushing and Dolan with a master's
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  Speaker 2: in taxation. Where are we headed now, Todd.
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  Speaker 3: We're going to go over to Nebraska. Now, this is
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  Speaker 3: an arbitration case. And I know we talk about him
• 14:12
  Speaker 3: in the past, but sometimes when they sort of get
• 14:15
  Speaker 3: to me, I feel like I got to rebring it
• 14:17
  Speaker 3: up because it's so important and it's not much about
• 14:20
  Speaker 3: whether you did planning with the irrevocable trust or you
• 14:23
  Speaker 3: didn't do planning before you went to the nursing home.
• 14:25
  Speaker 3: When you're faced with going into the nursing home, you're
• 14:28
  Speaker 3: inevitably going to have to deal with this process. And
• 14:31
  Speaker 3: that's what this is more about. This is more about
• 14:33
  Speaker 3: the process of what you go through when you're signing
• 14:36
  Speaker 3: stuff and what not to do. So this case facts
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  Speaker 3: are such that Laura was diagnosed with dementia and anxiety
• 14:44
  Speaker 3: and depression and was admitted to a nursing home, the
• 14:47
  Speaker 3: Good Samaritan Nursing Home we'll call it, in November of
• 14:51
  Speaker 3: twenty twenty three. John was Laura's health care proxy and
• 14:55
  Speaker 3: power of attorney and signed all the admission forms for her,
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  Speaker 3: which included, as they said, a mandatory arbitration clause. I
• 15:05
  Speaker 3: say mandatory mandatory with a grain of salt. Right early
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  Speaker 3: twenty twenty four, Laura's medication regime changed and she started
• 15:17
  Speaker 3: showing increased confusion sort of like dementia, diminished appetite, and
• 15:24
  Speaker 3: progressive weight loss. And then you know, there was a
• 15:29
  Speaker 3: coordination of continued deterioration over time until she died in
• 15:34
  Speaker 3: February of twenty twenty four. John, as the pr of
• 15:40
  Speaker 3: the personal representative of the estate, filed a wrongful death
• 15:43
  Speaker 3: claim alleging that while the nursing home documented that she
• 15:48
  Speaker 3: needed closer attention closer monitoring, they really failed to implement
• 15:52
  Speaker 3: adequate checks and balances, and overall the neglect was the
• 15:58
  Speaker 3: proximate cause of her death. Well, the Good Samaritan Nursing
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  Speaker 3: Home moved to compel arbitration under that agreement that they
• 16:06
  Speaker 3: had signed, and John, for whatever reason, did not respond
• 16:12
  Speaker 3: to the motion to compel arbitration. So I'm a little wondering.
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  Speaker 2: What does that mean. He got a letter about it
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  Speaker 2: and then he didn't do anything.
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  Speaker 3: Well, right, whenever you're going through litigation, you are always notified.
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  Speaker 3: Here's a motion that was filed to compel arbitration. You
• 16:28
  Speaker 3: have to respond to that motion. You have so much
• 16:31
  Speaker 3: time to respond. He didn't really respond, So I'm wondering
• 16:35
  Speaker 3: if that was part of the reason. But in this
• 16:37
  Speaker 3: cris the court ended up saying, fine, the arbitration agreement
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  Speaker 3: seems like it should be valid and it covered all
• 16:44
  Speaker 3: the arguments and claims being brought against the estate, So
• 16:48
  Speaker 3: the court allowed the arbitration agreement.
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  Speaker 1: Was that right or wrong?
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  Speaker 3: Well, the biggest reason I don't know is because I
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  Speaker 3: John never really responded to the motion and said why
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  Speaker 3: it shouldn't apply. So I don't know exactly how he
• 17:03
  Speaker 3: signed it, but those are the kind of things we're
• 17:06
  Speaker 3: going to learn from this case because I'm going to
• 17:08
  Speaker 3: give you the answers as to what you need to
• 17:10
  Speaker 3: do to not have this happen and what not to
• 17:13
  Speaker 3: do for sure, right, we don't want arbitration clauses to apply,
• 17:17
  Speaker 3: which means you've waived your right to a jury, folks,
• 17:19
  Speaker 3: and when you go to if you're bringing this action,
• 17:22
  Speaker 3: you don't get to go to a jury. A judge
• 17:24
  Speaker 3: is going to decide. I probably want the jury to
• 17:28
  Speaker 3: decide these emotional cases. So we'll talk about the process
• 17:34
  Speaker 3: in a minute. But folks, since it's the end of
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  Speaker 3: the month, I want you to know about this Unlocking
• 17:39
  Speaker 3: the Power of Irrevocable Trust guide because while we all
• 17:42
  Speaker 3: might have to be faced with at some point maybe
• 17:45
  Speaker 3: going into a nursing home, and if we go through
• 17:47
  Speaker 3: the process, it would be nice to know that what's
• 17:49
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  Speaker 3: of you, you're not sure if they're right for you.
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  Speaker 3: trust works. What you can put in gift tax situations?
• 18:05
  Speaker 3: Is there an income tax problem? How do you file
• 18:08
  Speaker 3: income tax returns? Can I put rental property in? Can
• 18:11
  Speaker 3: I sell my house? Can I put my vacation home in?
• 18:14
  Speaker 3: Can I buy a new house? I mean, folks, everything
• 18:17
  Speaker 3: you need to know about how they operate is in here,
• 18:21
  Speaker 3: and I put new questions in all the time, so
• 18:24
  Speaker 3: please call and get it and for one, once and
• 18:26
  Speaker 3: for all you'll know whether these trusts are right for
• 18:29
  Speaker 3: you or not. Eight six six eight four eight five
• 18:33
  Speaker 3: six nine nine or Legal Exchange Show dot com. Again,
• 18:37
  Speaker 3: it's the end of the month, folks. Eight six six
• 18:40
  Speaker 3: eight four eight five six nine nine or Legal Exchange
• 18:44
  Speaker 3: Show dot com. And you can always go to Cushing
• 18:46
  Speaker 3: Dolean pc instagram page for more information. Ready share, I am.
• 18:53
  Speaker 3: It's the process when you're faced with a nursing home admission.
• 18:57
  Speaker 3: There's some rules we need to understand, and don't always
• 19:01
  Speaker 3: let the nursing home dictate to you what the rules are.
• 19:06
  Speaker 3: So first of all, you need to understand when you're
• 19:10
  Speaker 3: filling out nursing home admission forms. In this case, had
• 19:15
  Speaker 3: the fact in this case, you know there were bad
• 19:18
  Speaker 3: facts that make bad law. Right, they didn't say how
• 19:23
  Speaker 3: the arbitration agreement was signed. Was it by a healthcare
• 19:26
  Speaker 3: proxy or was it by the power of attorney, because
• 19:30
  Speaker 3: that basically makes all the difference.
• 19:33
  Speaker 2: How should you sign it?
• 19:35
  Speaker 3: Yeah, that's what I want to run through, is exactly
• 19:37
  Speaker 3: what these what these processes should should look like.
• 19:42
  Speaker 1: You know.
• 19:42
  Speaker 3: Plus you need to also understand not only how to
• 19:45
  Speaker 3: sign it, but understand the rules that an arbitration agreement
• 19:51
  Speaker 3: is never mandatory, okay, and cannot be a condition of admission.
• 20:00
  Speaker 2: I'm change that a decade ago, right over a decade ago.
• 20:04
  Speaker 3: So let's review these rules. And so that's very important
• 20:07
  Speaker 3: that you understand that that rule. Why because remember the
• 20:12
  Speaker 3: facts of this case said that oh had to sign
• 20:15
  Speaker 3: that mandatory arbitration agreement for him. Well, it's not mandatory.
• 20:20
  Speaker 3: Just because they tell you it is doesn't mean it is.
• 20:24
  Speaker 3: That's not what the law is. But people don't know that,
• 20:27
  Speaker 3: and they're emotional and they're putting someone in I get
• 20:30
  Speaker 3: that all right. First of all, rule number one best practiced,
• 20:35
  Speaker 3: don't ever sign an arbitration agreement when you're admitting someone
• 20:39
  Speaker 3: to the nursing home. Hard stop. They are not and
• 20:42
  Speaker 3: cannot be a condition of admission. Ever Yep, so easypsy
• 20:46
  Speaker 3: first rule, just skip over it and move on, right. However,
• 20:52
  Speaker 3: I get it. I know it's a tough time. I
• 20:54
  Speaker 3: know when you're admitting, you know, a person to a
• 20:56
  Speaker 3: nursing home that you're emotionally in your signing a bunch
• 21:01
  Speaker 3: of forms and all you want to make sure is
• 21:03
  Speaker 3: that there's a bed and that they're going to get in.
• 21:06
  Speaker 2: And you know what, frankly, Todd, you are relying on
• 21:08
  Speaker 2: that nursing home staff. You're trusting them because you're using
• 21:14
  Speaker 2: them for guidance.
• 21:15
  Speaker 3: You really are.
• 21:16
  Speaker 2: You know you're there, You're vulnerable, and you're you're just
• 21:19
  Speaker 2: doing what they're telling you to do. Basically.
• 21:21
  Speaker 3: Yeah, I think when you're in that position that you're
• 21:24
  Speaker 3: not really thinking about the law. You're not really thinking
• 21:27
  Speaker 3: about what you should sign or how you should sign it.
• 21:31
  Speaker 2: Or thinking about your loved one and.
• 21:33
  Speaker 3: Getting them admitted and making sure that bed is there. So,
• 21:36
  Speaker 3: I mean, I totally get that. But if there's a
• 21:39
  Speaker 3: way for you to sort of step back and slow down, say, look,
• 21:43
  Speaker 3: I don't need to sign everything in five minutes. Let
• 21:46
  Speaker 3: me go sit over here and go through the paperwork
• 21:49
  Speaker 3: right and pick up.
• 21:50
  Speaker 2: The phone and get some advice from your attorney.
• 21:52
  Speaker 3: Take a few hours if you need to, It doesn't matter.
• 21:56
  Speaker 3: And so I understand that. Now that said, if you're
• 22:01
  Speaker 3: going to then go ahead and sign, or maybe you
• 22:03
  Speaker 3: don't have time to get a hold of somebody, always
• 22:06
  Speaker 3: use this rule if you've done a healthcare proxy for somebody.
• 22:10
  Speaker 3: And again, by the time you get to the nursing home,
• 22:12
  Speaker 3: you might have had your basic estate plan in place,
• 22:14
  Speaker 3: so you might have that healthcare proxy if you do
• 22:17
  Speaker 3: sign every form with HCP after your name healthcare proxy
• 22:23
  Speaker 3: signing as healthcare agent.
• 22:26
  Speaker 2: So even if you're both, even if you're the power
• 22:28
  Speaker 2: attorney and the healthcare proxy.
• 22:30
  Speaker 3: Even if you're both choose to be signing as the
• 22:33
  Speaker 3: health care care agent. Okay, why, case after case after
• 22:37
  Speaker 3: case tells us that when you sign as a healthcare agent,
• 22:41
  Speaker 3: you can only do things that are for medical reasons.
• 22:46
  Speaker 3: While admitting somebody as a medical reason, binding somebody under
• 22:50
  Speaker 3: an arbitration contract is not a medical decision. And therefore,
• 22:55
  Speaker 3: even if you sign that arbitration agreement as healthcare proxy,
• 23:00
  Speaker 3: you wouldn't be able to effectively bind anybody under it.
• 23:03
  Speaker 2: You don't have the power to make that decision is
• 23:05
  Speaker 2: you don't have the.
• 23:05
  Speaker 3: Power God, so just sign it that way. If you're
• 23:07
  Speaker 3: gonna do it, of course, don't sign it. And lastly, folks,
• 23:11
  Speaker 3: don't sign it as power of attorney because I think
• 23:13
  Speaker 3: that's what was done here and the power of attorney
• 23:15
  Speaker 3: might allow you the power to bind under a contract,
• 23:19
  Speaker 3: So don't sign it that way. Ever, that said, folks,
• 23:23
  Speaker 3: get your plan in place. Unlocking the Power of Irrevocable
• 23:26
  Speaker 3: Medicaid Trusts eight six six eight four eight five six
• 23:31
  Speaker 3: ninety nine or Legal Exchange show dot com and protect
• 23:34
  Speaker 3: those assets.
• 23:36
  Speaker 2: You've been listening to Todd Lutsky, a partner with the
• 23:39
  Speaker 2: law firm of Cushing and Dolan. I'm Susan Powers, a
• 23:42
  Speaker 2: financial advisor with the Armstrong Advisory Group, and Todd will
• 23:45
  Speaker 2: be answering your listener questions when we return to the
• 23:48
  Speaker 2: Legal Exchange with Todd Lutsky.
• 23:52
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 23:54
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 23:58
  Speaker 1: Cushing and Dolan's new guide Unlocking the Power of a
• 24:01
  Speaker 1: Revocable Medicaid Trusts explains how these trusts can help protect
• 24:04
  Speaker 1: certain assets from the cost of long term care while
• 24:06
  Speaker 1: still allowing you to maintain important rights and flexibility. The
• 24:10
  Speaker 1: guide breaks down some of the common misunderstandings about irrevocable
• 24:13
  Speaker 1: trusts and how they actually work. It explains why many
• 24:16
  Speaker 1: families use these trusts as part of a broader plan
• 24:18
  Speaker 1: to help preserve assets for future generations. Inside you'll also
• 24:22
  Speaker 1: find information about how these trusts work, what types of
• 24:24
  Speaker 1: assets may be appropriate to transfer, and why the details
• 24:27
  Speaker 1: matter when it comes to protecting what you've built. Get
• 24:30
  Speaker 1: your free guide today call Cushing and Dolan at eight
• 24:32
  Speaker 1: six six eight four eight five six ninety nine. That's
• 24:35
  Speaker 1: eight six six eight four eight five six ninety nine,
• 24:38
  Speaker 1: or you can request it online at legal exchainshow dot com.
• 24:41
  Speaker 1: The proceeding was paid for in The views expressed are
• 24:43
  Speaker 1: solely those of Cushing and Dolan. Cushing and Dolan in
• 24:45
  Speaker 1: or Armstrong Advisory may contact you offering legal or investment services.
• 24:48
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 24:50
  Speaker 1: other and are not affiliated.
• 24:52
  Speaker 5: The most important part of an inheritance isn't always the money.
• 24:55
  Speaker 5: It's making sure your family is prepared for what comes next.
• 24:58
  Speaker 5: HI this is Chuck Zauta from the Armstrong Advisory Group.
• 25:01
  Speaker 5: Too often, important estate planning decisions are discovered only after
• 25:05
  Speaker 5: a loved one has passed. Your plan may be very specific,
• 25:08
  Speaker 5: but it can still fall short if your family doesn't
• 25:10
  Speaker 5: understand your wishes. Our new guide Talking to your Kids
• 25:13
  Speaker 5: about Inheritance explains how thoughtful conversations today can help create
• 25:17
  Speaker 5: greater understanding tomorrow. You'll learn when to have these discussions,
• 25:20
  Speaker 5: how much information to share, and why clear expectations can
• 25:23
  Speaker 5: help your family navigate the future with confidence. You can
• 25:26
  Speaker 5: get your free guide today by calling eight hundred thirty
• 25:29
  Speaker 5: nine three for zero zero one. That's eight hundred thirty
• 25:32
  Speaker 5: nine three four zero zero one, or requested online by
• 25:36
  Speaker 5: visiting Armstrong Advisory dot com.
• 25:38
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:40
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:43
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 25:46
  Speaker 1: your own financial, tax into state planning advisors before making
• 25:48
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 25:51
  Speaker 1: advisory services. Protecting your assets doesn't always mean giving up control.
• 25:55
  Speaker 1: Geed Kushnian Dolan's new guide Unlocking the Power of a
• 25:58
  Speaker 1: revocable Medicaid trusts. Learn how to protect your assets while
• 26:01
  Speaker 1: maintaining planning flexibility. Get your free guide today by calling
• 26:05
  Speaker 1: eight six six eight four eight five six nine nine,
• 26:08
  Speaker 1: or requested online a Legal Exchange show dot com. The
• 26:11
  Speaker 1: proceeding was paid for and the views expressed are solely
• 26:13
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan in or
• 26:15
  Speaker 1: Armstrong Advisory may contact you offering legal or investment services.
• 26:19
  Speaker 1: Cushing and Dolan and Armstrong Advisory do not endorse each
• 26:21
  Speaker 1: other and are not affiliated. Every mile can make a
• 26:24
  Speaker 1: difference for a Massachusetts veteran. The DAV five K Boston
• 26:28
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• 26:31
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• 26:46
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• 26:50
  Speaker 1: fivek dot Boston. You're listening to the Legal Exchange and
• 26:56
  Speaker 1: it's time for Ask Todd, the segment where Todd will
• 26:59
  Speaker 1: answer your questions about anything and everything. That's included in
• 27:02
  Speaker 1: the estate planning process. Once again, here's Todd Lutsky and
• 27:07
  Speaker 1: Susan Powers.
• 27:09
  Speaker 2: Welcome back, Todd, I have a few questions from listeners
• 27:12
  Speaker 2: for you. First question comes from Christine in Falmouth, Mass
• 27:15
  Speaker 2: and Christine writes, I am single, but I have a
• 27:18
  Speaker 2: long term boyfriend and we live together in a home
• 27:21
  Speaker 2: that I own. I'd like to have this home go
• 27:23
  Speaker 2: to my two kids ultimately, but I don't want my
• 27:26
  Speaker 2: kids to kick him out if I die first. They
• 27:29
  Speaker 2: all get along now, but I know that things can
• 27:31
  Speaker 2: change after someone dies. Is there a way I can
• 27:34
  Speaker 2: make sure that he can live in that home for
• 27:36
  Speaker 2: a few years until he gets himself settled somewhere else.
• 27:40
  Speaker 3: Well, there absolutely is a way to do that. And again, folks,
• 27:44
  Speaker 3: this is why planning is so important. Right by planning,
• 27:50
  Speaker 3: you're able to take and you really need a trust
• 27:53
  Speaker 3: to do this. And again, whether it's revocable or irrevocable,
• 27:56
  Speaker 3: it's kind of up to you, Christine. But I would
• 27:59
  Speaker 3: think that if this is a home again, it sounds
• 28:02
  Speaker 3: like in found it's probably nice you want to preserve
• 28:06
  Speaker 3: that home for your kids and then take care of him.
• 28:11
  Speaker 3: I would think the irrevocable trust would probably be the
• 28:15
  Speaker 3: right way to go. And so then we put the
• 28:18
  Speaker 3: house in the irrevocable trust so that we know.
• 28:20
  Speaker 2: That just to back up there, the arevocable trust, because
• 28:25
  Speaker 2: you want to make sure that house is there.
• 28:26
  Speaker 3: For him, him and the kids. Yeah, yeah, I would
• 28:29
  Speaker 3: say both. I mean you yeah again, but you're right,
• 28:32
  Speaker 3: we want to make sure he has a place to live,
• 28:33
  Speaker 3: which sounds like her primary goal. But she also has children.
• 28:36
  Speaker 3: So so by tucking it into the irrevocable trust, you're
• 28:40
  Speaker 3: going to say, at least I know the nursing home
• 28:43
  Speaker 3: won't take it if I get sick before I pass.
• 28:47
  Speaker 2: Because if she goes into a nursing home, she's a
• 28:49
  Speaker 2: single person.
• 28:51
  Speaker 3: That's right, they're going to take That's a good point.
• 28:52
  Speaker 3: They're going to take the house. It will be accountable
• 28:55
  Speaker 3: asset most likely, I mean non countable at least get
• 28:58
  Speaker 3: on Medicaid. But they'll be a lean lean be a
• 29:00
  Speaker 3: lean on it depending on the value and so forth,
• 29:02
  Speaker 3: so it could be completely countable. So yes, for her,
• 29:08
  Speaker 3: especially as a single person, protecting the house is the
• 29:11
  Speaker 3: way to go.
• 29:12
  Speaker 2: And then how does that work once the house is
• 29:15
  Speaker 2: in the trust, how does she ensure that her kids
• 29:16
  Speaker 2: can't kick him out.
• 29:17
  Speaker 3: So you're going to have language in the trust that says,
• 29:20
  Speaker 3: you know, the property located at x y Z Street
• 29:22
  Speaker 3: in Falmouth is to be allocated to a share for
• 29:26
  Speaker 3: the benefit of put the person's name, okay, and the
• 29:31
  Speaker 3: boyfriend's name, and say it will be held in trust
• 29:34
  Speaker 3: for this person for life, for life or in this
• 29:38
  Speaker 3: case maybe for two or three years or whatever that
• 29:41
  Speaker 3: whatever the time ferm is. They say, I want to
• 29:43
  Speaker 3: give him two years to sort of get his bearings.
• 29:46
  Speaker 3: So for two years from the date of death, the
• 29:50
  Speaker 3: boyfriend can live in the property provided however, Remember you
• 29:55
  Speaker 3: can't just live there for free. So yeah, because who's
• 29:58
  Speaker 3: paying all the bills? If it's an trust, you really
• 30:01
  Speaker 3: got to make sure that you draft it so to say,
• 30:03
  Speaker 3: provided however, that he pays all of the bills, maintenance, upkeep, taxes,
• 30:09
  Speaker 3: et cetera. And then you got to put a little
• 30:11
  Speaker 3: more teeth in it than that, because you don't want
• 30:13
  Speaker 3: the property to go to waste, right, you want to
• 30:16
  Speaker 3: make sure it maintains its value, so you know, in
• 30:20
  Speaker 3: the event there is a bill outstanding for more than
• 30:24
  Speaker 3: ninety consecutive days. Water utility heat taxes and so forth.
• 30:30
  Speaker 3: That would be reason for him to lose his right
• 30:33
  Speaker 3: to live there. Yep, okay for those two years or
• 30:38
  Speaker 3: in the event he dies, or in the event he
• 30:43
  Speaker 3: is not in the house for six consecutive months, so
• 30:47
  Speaker 3: he can seal snowbird. And yeah, you can go on vacation,
• 30:50
  Speaker 3: you can come back, but you know, if you're not
• 30:52
  Speaker 3: there for six consecutive months, you've kind of abandoned it. Sure,
• 30:55
  Speaker 3: and and then you lose your right to live there, okay,
• 30:59
  Speaker 3: and then it would then go whatever you want you
• 31:00
  Speaker 3: could say at that time. It now reverts to my children,
• 31:03
  Speaker 3: divide it equally to my kids pay it out. So
• 31:07
  Speaker 3: you need that language in there. And you're not being
• 31:09
  Speaker 3: mean because if you don't pay your bills, they're going
• 31:11
  Speaker 3: to shut off the water, They're going to shut off
• 31:12
  Speaker 3: the heat.
• 31:12
  Speaker 2: Sorepair.
• 31:14
  Speaker 3: Yeah, you need to pay it anyway. If you don't
• 31:15
  Speaker 3: pay the real estate taxes, the town's going to take it.
• 31:17
  Speaker 3: So got to have the teeth in there for it
• 31:20
  Speaker 3: as well, folks. That can be done now, that's planning, right.
• 31:24
  Speaker 3: And whether the trust again is irrevocable or not, This
• 31:27
  Speaker 3: is an irrevocable medicaid trust. Guide we're giving away, but
• 31:30
  Speaker 3: either way that can be done when you pass. But
• 31:34
  Speaker 3: folks here, I think it was important to use the
• 31:37
  Speaker 3: irrevocable trust to protect these assets for specific purposes and
• 31:41
  Speaker 3: specific people. And if you ever wondered if these trusts
• 31:44
  Speaker 3: were right for you, this guide will make your answer
• 31:48
  Speaker 3: known because it in a question and answer format, tells
• 31:53
  Speaker 3: you what can go in, how the taxes work, what
• 31:56
  Speaker 3: you can do with the assets, how you invest them,
• 31:58
  Speaker 3: how you access them. You know there's a day to
• 32:02
  Speaker 3: day operation of how this trust works is in this
• 32:05
  Speaker 3: guide and new questions have been added to it eight
• 32:09
  Speaker 3: six six eight four eight five six ninety nine or
• 32:13
  Speaker 3: Legal Exchange Show dot com to get the guide. It's
• 32:16
  Speaker 3: the end of the month, folks, so call and get
• 32:18
  Speaker 3: it and learn once and for all whether these trusts
• 32:20
  Speaker 3: are right for you eight six six eight four eight
• 32:24
  Speaker 3: five six ninety nine or Legal Exchange Show dot com.
• 32:28
  Speaker 3: And you can always go to Cushing and Dolean PC's
• 32:30
  Speaker 3: Instagram page for more information.
• 32:32
  Speaker 2: Our last question comes from Dorothy in Newport, Rhode Island,
• 32:35
  Speaker 2: and Dorothy writes, my husband and I created our irrevocable
• 32:39
  Speaker 2: trust with you around nine years ago. We have our
• 32:41
  Speaker 2: home worth around two million dollars in it that I
• 32:44
  Speaker 2: will be putting on the market soon. My husband is
• 32:47
  Speaker 2: in failing health and I recently moved him into a
• 32:49
  Speaker 2: memory care unit at a assisted living. What happens to
• 32:53
  Speaker 2: the money when the home sells? How can that be used?
• 32:56
  Speaker 2: When he passes? His pension ends, so I'll need funds
• 33:00
  Speaker 2: to replace his income of around forty thousand a year.
• 33:03
  Speaker 2: How does the process work?
• 33:05
  Speaker 3: Yeah? Great question. So this is really it's spot on
• 33:10
  Speaker 3: in terms of these are the kinds of things that
• 33:13
  Speaker 3: are that are in the guide. These are what people
• 33:14
  Speaker 3: think about every day. Right, What can I do? So one, yes,
• 33:19
  Speaker 3: we can sell the house, right, because she might want
• 33:22
  Speaker 3: to sell the house. You can sell the home. And
• 33:25
  Speaker 3: when you sell the home, I'm going to answer some questions.
• 33:28
  Speaker 3: It may not be in here. The money would go
• 33:30
  Speaker 3: back into the trust. So the money would be protected. Yep,
• 33:35
  Speaker 3: just like the house was protected because it says nine
• 33:38
  Speaker 3: years ago. So I know that what's that that house
• 33:42
  Speaker 3: has been in there more than five years and therefore
• 33:45
  Speaker 3: protected from the cost of long term care. And so
• 33:49
  Speaker 3: when you sell it, folks don't feel like you reset
• 33:51
  Speaker 3: the clock. That the money is just as protected with
• 33:56
  Speaker 3: no new waiting period.
• 33:57
  Speaker 2: Because it's not ending up back in her pocket from
• 34:00
  Speaker 2: the trust owned house to the trust owned bank or
• 34:04
  Speaker 2: brokerage account.
• 34:05
  Speaker 3: That's exactly right, and meaning that nothing new when in
• 34:10
  Speaker 3: the trust, you just reinvested what was already in.
• 34:14
  Speaker 2: There, right from real estate to cash, just like buying
• 34:16
  Speaker 2: and selling a different stock, exactly like that.
• 34:19
  Speaker 3: So good, So we got past that. And because I
• 34:23
  Speaker 3: make it a grand tour trust, there's no adverse income
• 34:26
  Speaker 3: tax consequences. So that's good news. And so now we
• 34:32
  Speaker 3: know what's protected. Now she's saying, what, how can I
• 34:35
  Speaker 3: use it? Use the money? Well again, and a good
• 34:39
  Speaker 3: reason to protect assets is this very reason people's pensions
• 34:42
  Speaker 3: end and you may need to replace the lost money
• 34:47
  Speaker 3: with income from other assets. And that's another reason we
• 34:51
  Speaker 3: preserve assets for each other first to make sure the
• 34:56
  Speaker 3: healthy or surviving spouse can live comfortably. Okay, So now
• 35:00
  Speaker 3: we got two million bucks. And even if they bought
• 35:03
  Speaker 3: another home, maybe she downsized and buys a condo.
• 35:06
  Speaker 2: This is actually our mutual client, and she's moving into
• 35:08
  Speaker 2: a home owned by her daughter.
• 35:10
  Speaker 3: So she will not have any so she'll have the
• 35:12
  Speaker 3: whole Yeah, whatever taxes might have been due wonderful. So
• 35:19
  Speaker 3: in this case, that will be invested. So like she's
• 35:22
  Speaker 3: working with you, then Susan, she can continue to work
• 35:25
  Speaker 3: with you and and call and say I want to
• 35:28
  Speaker 3: help on how to invest my two million, and then
• 35:31
  Speaker 3: she will get that invested in a way that generates
• 35:34
  Speaker 3: some income for her. And then that income these trusts
• 35:39
  Speaker 3: are designed, as you might have heard them, called income
• 35:42
  Speaker 3: only trusts, so all the income that's being generated pays
• 35:46
  Speaker 3: out to her or them if they're both alive, and
• 35:50
  Speaker 3: that way they pick it up on their own income
• 35:52
  Speaker 3: tax return. There's no adverse taxes and they're living on it.
• 35:55
  Speaker 3: I mean, you could easily be kicking out one hundred thousand,
• 35:59
  Speaker 3: one hundred grandy a year on that without without any
• 36:01
  Speaker 3: trouble at all. And that's good, Yeah, good money, way
• 36:06
  Speaker 3: more than the forty that she yes she was giving up. So, folks,
• 36:11
  Speaker 3: it can be done and it does work. So get
• 36:15
  Speaker 3: these trusts, understand how they work, unlocking the powers of
• 36:18
  Speaker 3: medicaid irrevocable trusts question and answer format you'll know whether
• 36:23
  Speaker 3: they're right for you or not.
• 36:24
  Speaker 2: Includes that whole process we just talked about selling the
• 36:27
  Speaker 2: house and getting the proteins in all one of.
• 36:29
  Speaker 3: The questions in there for sure eight six six eight
• 36:32
  Speaker 3: four eight five six nine nine, or Legal Exchange Show
• 36:36
  Speaker 3: dot com. You can download it right there.
• 36:38
  Speaker 2: If you have a question you'd like to ask Todd,
• 36:41
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 36:44
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 36:46
  Speaker 2: read your question on the air, and hopefully his answer
• 36:49
  Speaker 2: will stop you from becoming one of his next real
• 36:52
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 36:55
  Speaker 2: with the law firm of Cushing and Dolan. I'm Susan Powers,
• 36:59
  Speaker 2: a Finian'll advise it with the Armstrong Advisory Group. We'll
• 37:02
  Speaker 2: be back with more after this quick break on the
• 37:05
  Speaker 2: Legal Exchange with Todd Lutsky.
• 37:09
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 37:11
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 37:15
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of a
• 37:18
  Speaker 1: revocable Medicaid Trusts explains how these trusts can help protect
• 37:21
  Speaker 1: certain assets from the cost of long term care while
• 37:23
  Speaker 1: still allowing you to maintain important rights and flexibility. The
• 37:26
  Speaker 1: guide breaks down some of the common misunderstandings about irrevocable
• 37:29
  Speaker 1: trusts and how they actually work. It explains why many
• 37:32
  Speaker 1: families use these trusts as part of a broader plan
• 37:35
  Speaker 1: to help preserve assets for future generations. Inside you'll also
• 37:38
  Speaker 1: find information about how these trusts work, what types of
• 37:41
  Speaker 1: assets may be appropriate to transfer, and why the details
• 37:44
  Speaker 1: matter when it comes to protecting what you've built. Get
• 37:46
  Speaker 1: your free guide today call Cushing and Dolan at eight
• 37:49
  Speaker 1: six six eight four eight five six nine nine. That's
• 37:52
  Speaker 1: eight six six eight four eight five six nine nine,
• 37:55
  Speaker 1: or you can request it online at legal exchange show
• 37:58
  Speaker 1: dot com. The proceeding was paid for in the music
• 38:00
  Speaker 1: expressed are solely those of Cushing and Dolan. Cushing and
• 38:02
  Speaker 1: Dolan in or Armstrong Advisory may contact you offering legal
• 38:04
  Speaker 1: or investment services. Cushing and Dolan and Armstrong Advisory do
• 38:07
  Speaker 1: not endorse each other and are not affiliated.
• 38:09
  Speaker 4: The most important part of an inheritance isn't always the money,
• 38:12
  Speaker 4: it's the legacy you leave behind.
• 38:13
  Speaker 3: HI.
• 38:14
  Speaker 4: This is Mike Armstrong from the Armstrong Advisory Group. For
• 38:16
  Speaker 4: many families and inheritance represents more than assets. It reflects
• 38:20
  Speaker 4: a lifetime of hard work, values and the hope of
• 38:22
  Speaker 4: helping future generations our new guide Talking to your kids
• 38:26
  Speaker 4: about inheritance explains why sharing your intentions can be just
• 38:29
  Speaker 4: as important as the estate plan itself. The documents may
• 38:32
  Speaker 4: determine where your assets go, but a conversation can help
• 38:35
  Speaker 4: your family understand why. You'll discover ways to talk with
• 38:38
  Speaker 4: your children about your wishes and help them learn what
• 38:41
  Speaker 4: matters most to you while working to create a stronger
• 38:44
  Speaker 4: foundation for their future. You can get your free guide
• 38:46
  Speaker 4: today by calling eight hundred three nine three four zero
• 38:49
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• 38:52
  Speaker 4: zero one. Are requested at Armstrong Advisory dot com. That's
• 38:55
  Speaker 4: Armstrong Advisory dot com.
• 38:56
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 38:58
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:01
  Speaker 1: Armstrong guide is specific financial, legal, or tax advice. Consult
• 39:03
  Speaker 1: your own financial, tax into state planning advisors before making
• 39:06
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• 39:39
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 39:42
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 39:46
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of a
• 39:48
  Speaker 1: revocable Medicaid Trusts explains how these trusts can help protect
• 39:51
  Speaker 1: certain assets from the cost of long term care while
• 39:54
  Speaker 1: still allowing you to maintain important rights and flexibility. The
• 39:57
  Speaker 1: guide breaks down some of the common misunderstandings about aar
• 40:00
  Speaker 1: viable trusts and how they actually work. It explains why
• 40:03
  Speaker 1: many families use these trusts as part of a broader
• 40:05
  Speaker 1: plan to help preserve assets for future generations. Inside you'll
• 40:09
  Speaker 1: also find information about how these trust work, what types
• 40:11
  Speaker 1: of assets may be appropriate to transfer, and why the
• 40:14
  Speaker 1: details matter when it comes to protecting what you've built.
• 40:17
  Speaker 1: Get your free guide today. Call Cushing and Dolan at
• 40:19
  Speaker 1: eight six six eight four eight five six ninety nine.
• 40:22
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 40:25
  Speaker 1: or you can request it online at Legal exchange show
• 40:28
  Speaker 1: dot com. The proceeding was paid for in The views
• 40:30
  Speaker 1: expressed are solely those of Cushing and Dolan. Cushing and
• 40:32
  Speaker 1: Dolan int or Armstrong Advisory may contact you offering legal
• 40:34
  Speaker 1: or investment services. Cushing and Dolan and Armstrong Advisory do
• 40:37
  Speaker 1: not endorse each other and are not affiliated your tune
• 40:41
  Speaker 1: to the Legal Exchange with Todd Lutsky. If you are
• 40:43
  Speaker 1: a loved one needs a nursing homestay, call Todd right
• 40:46
  Speaker 1: now at eight six six eight four eight five six
• 40:49
  Speaker 1: ninet nine and let him make sure your assets are protected.
• 40:52
  Speaker 1: That's eight six six eight four eight five six nine nine,
• 40:55
  Speaker 1: or visit him online at Legal exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:04
  Speaker 2: Susan powers of financial advisor with the Armstrong Advisory Group,
• 41:07
  Speaker 2: and I'm joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:13
  Speaker 2: master's in taxation. Todd, keeping on the theme of the
• 41:20
  Speaker 2: areevocable trusts, I want to expand a little bit about
• 41:23
  Speaker 2: Dorothy's question and you know, buying and selling the house.
• 41:27
  Speaker 2: They've transferred this property half was in her trust, half
• 41:31
  Speaker 2: was in her husband trust. When they sell it, we
• 41:34
  Speaker 2: understand she can reinvest the proceeds in get income and
• 41:37
  Speaker 2: all that. We're groop with that. What kind of tax
• 41:40
  Speaker 2: implications are there from selling the home, because if they
• 41:44
  Speaker 2: own it themselves, they get the primary residence the five
• 41:47
  Speaker 2: hundred thousand dollars exclusion. What changes are they seeing as
• 41:54
  Speaker 2: a result of putting it in their arevocable trust versus
• 41:57
  Speaker 2: if they sold their home if they owned it.
• 42:00
  Speaker 3: So again, and this is so important when other people
• 42:04
  Speaker 3: we're talking about the trust we do at cushing and doling.
• 42:07
  Speaker 3: Other people's trusts I don't know all the time. So
• 42:11
  Speaker 3: these irrevocable trusts we do, we call them grand tour trusts.
• 42:16
  Speaker 3: And the term grant tour trust is a term of
• 42:20
  Speaker 3: art in the Internal Revenue Code, which means you, mom
• 42:25
  Speaker 3: and dads of the world are considered the owners of
• 42:29
  Speaker 3: the trust assets for income tax purposes, not for medicaid purposes.
• 42:36
  Speaker 3: For income tax purposes, So what that means is the
• 42:41
  Speaker 3: trust would need to file a tax return just like
• 42:46
  Speaker 3: you do, but it's a trust tax return. So if
• 42:49
  Speaker 3: the trust has no other assets in it, so it's
• 42:52
  Speaker 3: never filed a tax return except the house. But now
• 42:55
  Speaker 3: you sell the house and the house has money in it,
• 43:00
  Speaker 3: it gets the proceeds. A couple of things will happen. One,
• 43:03
  Speaker 3: when you transferred the house into the trust. Remember that
• 43:07
  Speaker 3: was an incomplete gift, so you whatever your basis was
• 43:14
  Speaker 3: in your hands is the same basis the trust has, so.
• 43:19
  Speaker 2: No additional taxes as a result of it being in
• 43:21
  Speaker 2: that trust.
• 43:22
  Speaker 3: No more or no less.
• 43:24
  Speaker 2: So neutral.
• 43:25
  Speaker 3: So let's say we've got a million dollar home that
• 43:28
  Speaker 3: we paid half a million dollars four years ago when
• 43:32
  Speaker 3: we put it in the trust. The basis is half
• 43:34
  Speaker 3: a million, yep, and the trust sells it for a million.
• 43:38
  Speaker 3: Now there's a million dollars. You got to get an
• 43:40
  Speaker 3: ID number, open up the bank account in the name
• 43:42
  Speaker 3: of the trust to receive the money. Yep, it's got
• 43:45
  Speaker 3: a million dollars. But it also has gain of five
• 43:49
  Speaker 3: hundred thousand in the trust. Now the trust has to
• 43:53
  Speaker 3: file an income tax return to report that gain because
• 43:56
  Speaker 3: the trust sold the house. Trust sold the house got
• 43:58
  Speaker 3: an ID number like a Social Security number for the trust,
• 44:02
  Speaker 3: so now it has to report that gain. So it
• 44:05
  Speaker 3: will file a form ten forty one, different than what
• 44:09
  Speaker 3: we as humans file. We file ten forties. Trusts file
• 44:15
  Speaker 3: ten forty one, and in the upper left hand corner
• 44:18
  Speaker 3: there's a little box telling you what kind of trust
• 44:21
  Speaker 3: it is. As I said earlier, this trust is known
• 44:24
  Speaker 3: as a Grand Tour trust. Well, there's a little box
• 44:28
  Speaker 3: that says Grand tor Trust. You check that box so
• 44:31
  Speaker 3: we know it's a Grand Tour trust. And ultimately zeros
• 44:35
  Speaker 3: will be put on the return, but the gain will
• 44:38
  Speaker 3: show up in a Grand Tour letter.
• 44:40
  Speaker 2: Like a ten ninety nine issued for mom and dad
• 44:42
  Speaker 2: from the trust.
• 44:43
  Speaker 3: Yeah, and that Grand Tour letter goes to mom and
• 44:46
  Speaker 3: dad as Grand Tours saying your trust earned five hundred
• 44:50
  Speaker 3: thousand dollars of capital gain. Yep, put it on your
• 44:54
  Speaker 3: tax return. So the trust doesn't pay any tax. You
• 44:58
  Speaker 3: get the gain.
• 44:58
  Speaker 2: It pushes it over.
• 45:00
  Speaker 3: Yeah, so now I have to report the gain. But
• 45:03
  Speaker 3: that's okay because since it's on my tax return or
• 45:06
  Speaker 3: the person's tax return, you get a Section one twenty
• 45:09
  Speaker 3: one capital gains exclusion for selling your primary residence, and
• 45:13
  Speaker 3: if you're married, that exclusion is five hundred thousand dollars.
• 45:17
  Speaker 3: That's why I made the numbers work, so I would
• 45:19
  Speaker 3: have five hundred of gain, but I would have five
• 45:22
  Speaker 3: hundred thousand dollars capital gains exclusion for selling my primary residence,
• 45:27
  Speaker 3: no tax, same as if it was in my name,
• 45:32
  Speaker 3: So no more, no less. And folks, that is a
• 45:35
  Speaker 3: question in this guide that when I talk about the taxes,
• 45:39
  Speaker 3: that's what I mean. Can I sell my house? Can
• 45:41
  Speaker 3: I buy a new one? Does it affect my five
• 45:43
  Speaker 3: year waiting period? Can I manage my money? Can I
• 45:46
  Speaker 3: collect the income?
• 45:47
  Speaker 1: You know?
• 45:47
  Speaker 3: What can I do? How do these work?
• 45:49
  Speaker 1: Day to day?
• 45:51
  Speaker 3: You're going to know once and for all whether you
• 45:53
  Speaker 3: like these trusts or not. It's the end of the month. Folks.
• 45:56
  Speaker 3: Get the guide Unlocking the Power of Irrevocable Trusts eight
• 46:00
  Speaker 3: six six eight four eight five six nine nine or
• 46:05
  Speaker 3: Legal Exchange Show dot com again eight six six eight
• 46:09
  Speaker 3: four eight five six nine nine or Legal Exchange Show
• 46:13
  Speaker 3: dot com. You can download it there and always go
• 46:16
  Speaker 3: to Cushion Dolan PC Instagram page for more.
• 46:20
  Speaker 2: So, tod when you were talking, you made me think
• 46:22
  Speaker 2: of another mutual client that we have. Shocker, right, there's
• 46:26
  Speaker 2: a few out there. So this other client I have,
• 46:30
  Speaker 2: her daughter's the trustee in Mom is declining in health.
• 46:36
  Speaker 2: House is worth bud a million bucks, but she had
• 46:38
  Speaker 2: a small mortgage on it when she initially funded her
• 46:41
  Speaker 2: irrevocable trust. So you reserved a life estate for her.
• 46:45
  Speaker 3: Good.
• 46:46
  Speaker 2: What happens, smart lawyer, right, he has his moments. What
• 46:52
  Speaker 2: happens now when she sells that house because they're planning
• 46:55
  Speaker 2: to put it on the market. Yeah, what happens would
• 46:58
  Speaker 2: that life estate be? Because she owns that nugget? Mom
• 47:01
  Speaker 2: is still alive? How does that stale get handled?
• 47:05
  Speaker 3: And that's a really good question. Now, remember folks, we
• 47:08
  Speaker 3: don't do life estates often. But if you happen to
• 47:11
  Speaker 3: have a mortgage on your home, when we put it
• 47:14
  Speaker 3: into the irrevocable trust, we reserve the life estate to
• 47:19
  Speaker 3: preserve the mortgage. It prevents the bank from calling the
• 47:24
  Speaker 3: note right do on sale clause they're in every mortgage.
• 47:29
  Speaker 3: This prevents it because you kept, as you said, Susan,
• 47:32
  Speaker 3: a little nugget of ownership. Now, how old is this
• 47:36
  Speaker 3: person without seventy So at seventy five you have to
• 47:40
  Speaker 3: go to an IRS table table s and you also
• 47:45
  Speaker 3: have to go to the regulations. The seventy five twenty
• 47:49
  Speaker 3: rigs kick out every month and interest rate it's called
• 47:54
  Speaker 3: the applicable federal rate, and that changes monthly. And you
• 47:58
  Speaker 3: look at the long term application federal rate, and let's
• 48:01
  Speaker 3: say today it's four percent.
• 48:03
  Speaker 2: Yep.
• 48:04
  Speaker 3: You then go to the IRS table s for four percent.
• 48:08
  Speaker 3: They have one for every percent, and then you find
• 48:11
  Speaker 3: your You go down this column and you find your
• 48:13
  Speaker 3: age seventy five. Then you go across and there's going
• 48:17
  Speaker 3: to be a percent there based on a seventy five
• 48:20
  Speaker 3: year old for what value is that life estate as
• 48:25
  Speaker 3: to the whole property?
• 48:26
  Speaker 2: Do you know what a ballpark would be?
• 48:27
  Speaker 3: I do for seventy five year old is still pretty
• 48:30
  Speaker 3: young in the in the estate planning world, it's probably
• 48:35
  Speaker 3: going to be thirty five percent, so you know, it's
• 48:40
  Speaker 3: pretty high. You know, maybe a little more. I'd say
• 48:44
  Speaker 3: short of about thirty five thirty eight percent perhaps, Okay,
• 48:47
  Speaker 3: So that means a good chunk of money still might
• 48:49
  Speaker 3: come to you sure life tenant, whereas the remainder will
• 48:54
  Speaker 3: go to the trust.
• 48:56
  Speaker 2: Which actually probably works out pretty well for them because
• 49:00
  Speaker 2: Mom's going to be moving into an assisted living that
• 49:03
  Speaker 2: can step up to higher care, so she's definitely going
• 49:07
  Speaker 2: to need a chunk of change so she'll probably use
• 49:11
  Speaker 2: every bit of that to pay for her care. And meanwhile,
• 49:14
  Speaker 2: the remaining let's call it six hundred and fifty thousand,
• 49:17
  Speaker 2: that stays in the trust and then she got to
• 49:21
  Speaker 2: invest it just like we did for doroth.
• 49:23
  Speaker 3: Age, generate income, live on it. And remember, folks, well
• 49:26
  Speaker 3: this was one example, but as you get older, it
• 49:29
  Speaker 3: pretty quickly drops. So the older you are, that table
• 49:34
  Speaker 3: shows the smaller the value of the percentage interest. So
• 49:38
  Speaker 3: you know, you get to eighty five, it might only
• 49:40
  Speaker 3: be you know, fifteen percent, yep, you know, so a
• 49:43
  Speaker 3: smaller piece would go the older you are, which is
• 49:45
  Speaker 3: also important because you might be going into a nursing
• 49:48
  Speaker 3: home at that point and you want less coming to you.
• 49:51
  Speaker 3: So that's how that works, the older you get. And
• 49:54
  Speaker 3: then from a capital gains tax standpoint, since she's just.
• 49:56
  Speaker 2: To ask that, how is that impacted by the life.
• 49:59
  Speaker 3: Estate, not going to change anything. So remember the total gain.
• 50:03
  Speaker 3: If we were use our five hundred thousand dollars gain,
• 50:05
  Speaker 3: the total gain is going to still be reported on
• 50:07
  Speaker 3: the ten forty. Some will come from the trust and
• 50:11
  Speaker 3: some will come from the life tenant. Okay, but either way,
• 50:14
  Speaker 3: the life ten have the whole. The whole gain still
• 50:17
  Speaker 3: ends up on the personal tax return. So folks, you're starting,
• 50:21
  Speaker 3: I hope you're starting to understand the flexibility, the control,
• 50:26
  Speaker 3: the non adverse tax consequences that go along with irrevocable trusts.
• 50:32
  Speaker 3: If you're still not convinced, get the guide. It's the
• 50:34
  Speaker 3: end of the month eight sixty six eight four eight
• 50:38
  Speaker 3: five six nine nine or Legal Exchange show dot com
• 50:42
  Speaker 3: and you can download the guide right there.
• 50:44
  Speaker 2: Todd Lutsky from the law firm of Cushing in 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 today and we'll be
• 50:55
  Speaker 2: back again next week on the Legal Exchange with Todd Lutsky.
• 51:00
  Speaker 1: Many people assume that if an asset is irrevocable, it's
• 51:03
  Speaker 1: completely out of their hands. That's not necessarily the case.
• 51:07
  Speaker 1: Cushing and Dolan's new guide, Unlocking the Power of but
• 51:09
  Speaker 1: Revocable Medicaid Trusts explains how these trusts can help protect
• 51:12
  Speaker 1: certain assets from the cost of long term care while
• 51:15
  Speaker 1: still allowing you to maintain important rights and flexibility. The
• 51:18
  Speaker 1: guide breaks down some of the common misunderstandings about irrevocable
• 51:21
  Speaker 1: trusts and how they actually work. It explains why many
• 51:24
  Speaker 1: families use these trusts as part of a broader plan
• 51:26
  Speaker 1: to help preserve assets for future generations. Inside you'll also
• 51:30
  Speaker 1: find information about how these trusts work, what types of
• 51:33
  Speaker 1: assets may be appropriate to transfer, and why the details
• 51:36
  Speaker 1: matter when it comes to protecting what you've built. Get
• 51:38
  Speaker 1: your free guide today call Cushing and Dolan at eight
• 51:41
  Speaker 1: sixty six eight four eight five six ninety nine. That's
• 51:43
  Speaker 1: eight six six eight four eight five six ninety nine,
• 51:46
  Speaker 1: or you can request it online at Legal exchange show
• 51:49
  Speaker 1: dot com. The proceeding was paid for in The views
• 51:51
  Speaker 1: expressed are solely those of Cushing and Dolan. Cushing and
• 51:53
  Speaker 1: Dolan int or Armstrong Advisory may contact you offering legal
• 51:56
  Speaker 1: or investment services. Cushing and Dolan and Armstrong Advisory do
• 51:58
  Speaker 1: not endorse each other and are not a fiffiliated.
• 52:00
  Speaker 5: The most important part of an inheritance isn't always the money.
• 52:03
  Speaker 5: It's making sure your family is prepared for what comes next.
• 52:06
  Speaker 3: HI.
• 52:07
  Speaker 5: This is Chuck Zada from the Armstrong Advisory Group. Too often,
• 52:10
  Speaker 5: important estate planning decisions are discovered only after a loved
• 52:13
  Speaker 5: one has passed. Your plan may be very specific, but
• 52:16
  Speaker 5: it can still fall short if your family doesn't understand
• 52:19
  Speaker 5: your wishes. Our new guide Talking to your kids about
• 52:21
  Speaker 5: Inheritance explains how thoughtful conversations today can help create greater
• 52:25
  Speaker 5: understanding tomorrow. You'll learn when to have these discussions, how
• 52:29
  Speaker 5: much information to share, and why clear expectations can help
• 52:32
  Speaker 5: your family navigate the future with confidence. You can get
• 52:34
  Speaker 5: your free guide today by calling eight hundred thirty nine
• 52:37
  Speaker 5: three for zero zero one. That's eight hundred thirty nine
• 52:40
  Speaker 5: three four zero zero one, or requested online by visiting
• 52:44
  Speaker 5: Armstrong Advisory dot com.
• 52:46
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 52:48
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 52:51
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 52:54
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 52:56
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 52:59
  Speaker 1: advisory services. Protecting your assets doesn't always mean giving up control.
• 53:03
  Speaker 1: Get Cushion Dolan's new guide Unlocking the power of irrevocable
• 53:06
  Speaker 1: Medicaid trusts. Learn how to protect your assets while maintaining
• 53:09
  Speaker 1: planning flexibility. Get your free guide today. By calling eight
• 53:13
  Speaker 1: six six eight four eight five six nine nine, or
• 53:16
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  Speaker 1: Dolan and Armstrong Advisory do not endorse each other and
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  Speaker 1: are not affiliated. Every mile can make a difference for
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  Speaker 1: a Massachusetts veteran. The DAV five K Boston returns to
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  Speaker 1: Castle Island on Saturday, November seventh for a family friendly
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  Speaker 1: day of community remembrance and support. Whether you run the
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  Speaker 1: five k, join the one mile walk, or make a donation,
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  Speaker 1: your participation helps further the mission of the Disabled American
• 53:50
  Speaker 1: Veterans Department of Massachusetts honor those who served. Sign up
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  Speaker 1: today at DAV fivek dot Boston. That's DAV five k
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  Speaker 1: dot Boston and