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The Estate Planning Mistakes That Destroy Families · 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: Here are your hosts, Todd Lutsky and Susan Powers.
• 0:37
  Speaker 2: Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
• 0:41
  Speaker 2: a financial advisor with the Armstrong Advisory Group, and I'm
• 0:44
  Speaker 2: joined by Todd Lutsky, a partner with the law firm
• 0:47
  Speaker 2: of Cushing and Dolan with a master's in taxation.
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  Speaker 3: How are you today, Todd?
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  Speaker 4: Never better on you.
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  Speaker 3: I am excellent, Thank you. What do you have for us?
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  Speaker 4: This couple of things? We're gonna head over to Connecticut.
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  Speaker 4: We have an appellate court case there that really talks
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  Speaker 4: about it's more of a lack of testamentary capacity case.
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  Speaker 4: But there's a lot more to it really than that.
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  Speaker 4: It's like, you know, you'll see though that this is
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  Speaker 4: a very interesting case where a brother ends up getting
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  Speaker 4: everything when the brother had no relationship with the decensent
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  Speaker 4: for a long time.
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  Speaker 3: Oh sounds suspect.
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  Speaker 4: Yeah, and you'll see how that well, we'll see if
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  Speaker 4: he actually does get it too. But again, I think
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  Speaker 4: a lot of it comes from a lack of planning
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  Speaker 4: here that was not really done properly, because I think
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  Speaker 4: there was only a will executed, which is not always
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  Speaker 4: helpful in fact, reciprocal wills between husband and wife, and
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  Speaker 4: that was it. So we're going to talk about that,
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  Speaker 4: and then we're going to head over to Virginia and
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  Speaker 4: we're going to talk about the difference between a void marriage.
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  Speaker 3: I thought you were going to say void Benisio.
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  Speaker 4: Avoid Abinicio marriage favorite leg and a void able marriage
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  Speaker 4: and whether or not that makes a difference. And then
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  Speaker 4: again why being married when again there's no planning, no will,
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  Speaker 4: is so darn important. What would happen if you weren't married?
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  Speaker 4: Where would your standing lie? So very important? Here? But
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  Speaker 4: again folks, I think both of these cases sort of
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  Speaker 4: help us understand the guide we're given away for this month,
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  Speaker 4: which is, you know, potholes to avoid when you're doing
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  Speaker 4: estate planning. Obviously planning. If you don't plan, that's a
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  Speaker 4: major pothole. But now think about other things, right, and
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  Speaker 4: a lot of this is one of these is a
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  Speaker 4: second marriage. I mean, you get married again, you better
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  Speaker 4: check things and check a box that you need to
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  Speaker 4: do stuff. You know what, if you're changing residency. You know,
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  Speaker 4: we're older, now we're moving, that's a figure out what
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  Speaker 4: you need to do. It's a pothole. Right. Don't sit
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  Speaker 4: there and say, well, I got all my stuff in
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  Speaker 4: a nominee realty trust, I'm all set. Oh, don't rely
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  Speaker 4: on a whale saying I got my will done. I'm
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  Speaker 4: I got my state plan done. No, don't think you're
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  Speaker 4: not wealthy enough to do an estate plan and put
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  Speaker 4: together a trust. You know what, if you've got, you know,
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  Speaker 4: a situation where you want to leave assets to a
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  Speaker 4: disabled child, maybe that's important. How do you deal with
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  Speaker 4: a trust when one spouse dies? You know, folks, these
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  Speaker 4: are all things to think about when you're leaving assets
• 3:26
  Speaker 4: to or doing your estate plan, so call and get
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  Speaker 4: the guide. If you've never started, this is certainly going
• 3:32
  Speaker 4: to be things to have in your mind, so you
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  Speaker 4: don't do these problems when you're creating your plan eight
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  Speaker 4: six six eight four eight five six ninety nine or
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  Speaker 4: Legal Exchange Show dot com again eight six six eight
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  Speaker 4: four eight five six nine nine or Legal Exchange Show
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  Speaker 4: dot com and don't forget. You can go to our
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  Speaker 4: Instagram page Cushing Dolean PC for lots more information. Okay,
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  Speaker 4: you ready, absolutely, we're headed over. Tom and Anna. They
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  Speaker 4: had one son, David. Tom also was a farmer and
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  Speaker 4: had a brother that lived next to them. His brother's
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  Speaker 4: name was Rudolph, but they had no relationship really to
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  Speaker 4: speak of. Okay. So in twenty eleven then Tom and
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  Speaker 4: Anna married. They did reciprocal wills, okay.
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  Speaker 3: So basically mirror images of each other.
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  Speaker 4: Simple giving everything to each other. Why would we do that?
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  Speaker 4: And one half to the animal fund and one half
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  Speaker 4: to their son David and David's kids grandkids. That was
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  Speaker 4: their wish. Okay, so be it well. On twenty fifteen,
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  Speaker 4: on Christmas Day, Anna dies. Tom then had been experiencing
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  Speaker 4: a decline mentally before death of Anna, but the doctor
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  Speaker 4: actually noticed a market decline following and his death, you know, cognitively.
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  Speaker 4: David then began David's son, Remember, David then began managing
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  Speaker 4: Tom's affairs.
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  Speaker 1: Well.
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  Speaker 4: Tom then began questioning what David was doing and reached
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  Speaker 4: out to his brother Rudolphe that he was a strange
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  Speaker 4: from and daughter Michelle. Well. In twenty sixteen, Rudolph and
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  Speaker 4: Michelle took Tom to an attorney and they had a
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  Speaker 4: new healthcare proxy, a new power of attorney created. Tom then,
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  Speaker 4: on his own filed for a voluntary conservatorship, which is
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  Speaker 4: kind of strange. He filed for that because he wanted
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  Speaker 4: to prevent David, his son, from filing for that and
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  Speaker 4: taking control of him. Six days later, Tom then executed
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  Speaker 4: a new will, leaving all assets to brother.
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  Speaker 3: Rudolph through the conservatorship.
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  Speaker 4: No, they they however they did it. They fought maybe
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  Speaker 4: it was through the No conservatorship is for money. Doing
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  Speaker 4: a will, you can say on your own, oh okay again,
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  Speaker 4: you don't have to, you know you. Apparently he was
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  Speaker 4: still competent. Well, that's the whole question. He was declining
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  Speaker 4: after the wife died, And here we are in twenty sixteen,
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  Speaker 4: and he's doing a new will. Of course, after Michelle
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  Speaker 4: and Rudolph take him to the lawyer and then walk
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  Speaker 4: away with a new will giving them everything looks.
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  Speaker 3: Bad and the sun's completely out.
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  Speaker 4: H Yeah. So in November twenty eighteen, two years after
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  Speaker 4: they went to the attorney, David dies, I'm sorry, Tom dies,
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  Speaker 4: So Michelle and Rudolph file or David, then I'm sorry,
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  Speaker 4: files the twenty eleven will.
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  Speaker 3: Because he probably didn't know about the other one, right.
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  Speaker 4: That's the one he thought, right, So well, Michelle and
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  Speaker 4: Rudolph of course object, and they filed the twenty sixteen
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  Speaker 4: will the one they did. Yeah, okay, Well, David objected,
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  Speaker 4: arguing that Tom lacked capacity and was unduly influenced by Rudolph.
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  Speaker 4: Make sense. The Probate Court admitted the twenty sixteen will.
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  Speaker 4: Wow Wow. Appellate Superior Court overrode the probate court with
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  Speaker 4: the twenty eleven will, and the Appellate Court affirmed, saying
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  Speaker 4: that the twenty eleven will stands because there was plenty
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  Speaker 4: of evidence showing cognitive decline and undue influence. For both reasons,
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  Speaker 4: the later will didn't stand. But folks, I don't care
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  Speaker 4: as much about all of that as I I'm glad
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  Speaker 4: they got the right answer.
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  Speaker 3: Those are the juicy bets.
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  Speaker 4: They did get the right answer. But you know, what
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  Speaker 4: do we learn from something like this, right, reciprocal wills? Really,
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  Speaker 4: why are we doing that? Pothole? Pothole? Get the guide will?
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  Speaker 1: Right?
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  Speaker 4: Well, you know, from a planning standpoint, these are not
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  Speaker 4: really great. Why first, they don't even avoid probate because
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  Speaker 4: the only assets a will addresses are assets you die
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  Speaker 4: owning in your own name with no beneficiary. Well, that's
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  Speaker 4: a probate asset. The will addresses it, all, right, so
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  Speaker 4: you have an avoided probate state taxes. Well, they don't
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  Speaker 4: help shelter anything from a state taxes either, right, because
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  Speaker 4: they have all the assets go to the survivor under
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  Speaker 4: the unlimited mayrital deduction, and then that pushes the survivor's
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  Speaker 4: estate up and hopefully to a point that is over
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  Speaker 4: the exemption amount that's available, So there will be a
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  Speaker 4: larger tax to on the second death. That's not helpful.
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  Speaker 4: So two reasons it doesn't work. And generally, when you
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  Speaker 4: have a will, the will usually just leaves assets out
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  Speaker 4: right to the family, which also can be less than optimal.
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  Speaker 4: So I'm not overly excited about these reciprocal wills, folks,
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  Speaker 4: and please don't rely on them. Next issue is we
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  Speaker 4: have this power of attorney versus a conservator that came
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  Speaker 4: up here. Why are we doing conservativeships. You have a
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  Speaker 4: power of attorney, you don't need to remember they both
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  Speaker 4: allow financial distributions and activities to occur by another person
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  Speaker 4: for you. However, if you have a conservatorship, at least
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  Speaker 4: you have the court overseeing the activities under the conservatorship,
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  Speaker 4: which is good when a family's fighting because it really
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  Speaker 4: protects the person acting because you got court supervision. So Tom,
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  Speaker 4: I guess, didn't want David to have power over him,
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  Speaker 4: so he tried to put that in place on his own. Interesting,
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  Speaker 4: an interesting play all the way around. So just understand
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  Speaker 4: that when you have a power of attorney, you don't
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  Speaker 4: always need the conservativeship. That's the whole point.
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  Speaker 3: So you won't need it.
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  Speaker 4: Yeah, you don't have to go to court. And lastly,
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  Speaker 4: of course we had undue influence and capacity here. Well, clearly, folks,
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  Speaker 4: this is the definition of undue influence. Somebody takes somebody
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  Speaker 4: to the lawyer. At the end of the day that
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  Speaker 4: somebody got more than they had before they went to
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  Speaker 4: the lawyer. Yep, that's probably undue influence, and that's what
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  Speaker 4: it is here. And I think he did have cognitive
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  Speaker 4: decline that was pretty much noted by the doctor. This
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  Speaker 4: is just actually one little example saying don't rely on
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  Speaker 4: a will. That's a pothole in the guide. But there's
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  Speaker 4: many other and many other potholes in this guide to
• 10:11
  Speaker 4: avoid when doing your estate plan. Call and get it
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  Speaker 2: You've been listening to Todd Lotski, a partner with a
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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, and we've got
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  Speaker 2: much more to come when we return to the Legal
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  Speaker 2: Welcome back into the legal exchange with Todd Lutsky. I'm
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  Speaker 2: Susan Power as a financial advisor with the Armstrong Advisory Group,
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  Speaker 2: and I'm joined by Todd Lutsky, a partner with the
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  Speaker 2: law firm of Cushing and Dolan with a master's in taxation.
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  Speaker 3: Where are we headed now, Todd, We're.
• 14:07
  Speaker 4: Gonna head over to Virginia excellent, and we're gonna talk
• 14:11
  Speaker 4: about void versus voidable trust? Uh, marriages, marriages.
• 14:18
  Speaker 3: We haven't chatted about this before.
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  Speaker 4: Yeah, it's an interesting one, so let's look at these facts.
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  Speaker 4: So Carol is diagnosed with dementia in twenty eighteen. In
• 14:28
  Speaker 4: twenty twenty one, she moves in with sister Virginia, who
• 14:34
  Speaker 4: becomes Carol's full time caregiver. Billy, Carol's friend, would drive
• 14:42
  Speaker 4: her places, run errands, et cetera for her. Okay, sounds
• 14:47
  Speaker 4: good so far. Until January twenty twenty three, while Billy
• 14:51
  Speaker 4: was out with Carol running an errands, they come back married. Wow,
• 14:57
  Speaker 4: that was neat.
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  Speaker 3: And a little drive through chapel MA.
• 15:00
  Speaker 4: I guess so. And then Billy then immediately tells Virginia
• 15:04
  Speaker 4: the next day.
• 15:05
  Speaker 3: I'm still stuck on that.
• 15:06
  Speaker 4: I know, I know so, But then Virginia Billy does
• 15:11
  Speaker 4: tell Virginia the very next day that we're now married.
• 15:14
  Speaker 4: Carol and I are married. She doesn't do anything. Keep
• 15:17
  Speaker 4: that in mind, okay. Carol continues to live with Virginia
• 15:21
  Speaker 4: till the death in twenty twenty four. It wasn't very
• 15:24
  Speaker 4: long after the marriage. I don't know the months, but
• 15:27
  Speaker 4: they got married in twenty twenty three. Not sure about that,
• 15:31
  Speaker 4: but any event, Virginia then gets appointed administrator of the estate.
• 15:37
  Speaker 4: Administrator means there's no will. Okay, so got married and
• 15:42
  Speaker 4: did no planning. Okay, well, pothole just saying okay.
• 15:47
  Speaker 3: So Billy was the pothole.
• 15:48
  Speaker 4: Yeah, Well, to avoid so, she gets appointed administrator of
• 15:51
  Speaker 4: the estate because there's no will done. Then she seeks
• 15:55
  Speaker 4: to have the marriage annulled because Carol lacked to consent
• 16:02
  Speaker 4: to the marriage. Remember, Carol was diagnosed with dementia in
• 16:05
  Speaker 4: twenty eighteen. She didn't get married till twenty twenty three.
• 16:09
  Speaker 4: Keep that in mind in the facts. Okay, Well, the
• 16:13
  Speaker 4: Circuit Court dismissed that annulment, finding that marriages involving parties
• 16:19
  Speaker 4: that are mentally incapable of consenting are voidable, but are
• 16:25
  Speaker 4: not void abinetio. Okay, So that's what the court said.
• 16:30
  Speaker 3: It's not as if they never existed, but you can
• 16:32
  Speaker 3: avoid them.
• 16:33
  Speaker 4: Avoidable marriage cannot be collaterally attacked by a third party
• 16:38
  Speaker 4: after the death of one spouse. Mmm.
• 16:41
  Speaker 3: Okay.
• 16:42
  Speaker 4: Sounds like Virginia when she was told the next day
• 16:44
  Speaker 4: that they got married, probably should have said something then, mm.
• 16:48
  Speaker 4: But she didn't. Apparently she sat on her rights, but
• 16:52
  Speaker 4: she appealed, and the appellate court said, probably shouldn't have
• 16:57
  Speaker 4: sat on your rights. I affirm the circuit court, and
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  Speaker 4: the marriage stands because it's voidable, not void. So and
• 17:09
  Speaker 4: probably that's the right decision. Although I think Billy was
• 17:14
  Speaker 4: up to no good, but it legally probably became the
• 17:20
  Speaker 4: right decision.
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  Speaker 2: So now Virginia is completely out in her spouse, Billy
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  Speaker 2: is likely all in.
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  Speaker 4: Right. Well, we're going to have to see that, so
• 17:28
  Speaker 4: you just stay tuned for that, and we're going to find.
• 17:31
  Speaker 3: Out how that plays out. I do and Okay, I
• 17:35
  Speaker 3: do have answer.
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  Speaker 4: We decided the appellate court affirmed marriage is in place,
• 17:40
  Speaker 4: that that part is decided, so the marriage exists. Folks,
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  Speaker 4: this is a huge pothole, right, this is just one
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  Speaker 4: of many. Right, you get remarried, that's a pothole. You know,
• 17:52
  Speaker 4: get some planning done. Right, you decide to relocate, get
• 17:56
  Speaker 4: some planning done. You know what if one spouse dies,
• 17:59
  Speaker 4: that's a pot Think about what you need to do
• 18:01
  Speaker 4: after one spouse dies. Think about, you know, revisiting your
• 18:04
  Speaker 4: will every ten or fifteen years, right, any other life
• 18:08
  Speaker 4: events you can think of. Death of a spouse, that's
• 18:10
  Speaker 4: a huge one. Thinking when one spouse dies, don't just
• 18:13
  Speaker 4: empty the trust. Put it, you know, get some guidance,
• 18:17
  Speaker 4: learn what you're supposed to do. Don't rely on having
• 18:19
  Speaker 4: just a will, Folks. A lot of things to think about,
• 18:23
  Speaker 4: even before you have your estate plan done. But even
• 18:25
  Speaker 4: if you have it done, get it guide, look at
• 18:29
  Speaker 4: it and see if you need to tweak your plan. Folks,
• 18:32
  Speaker 4: avoiding estate planning potholes eight six six eight four eight
• 18:36
  Speaker 4: five six nine nine or legal Exchange show dot Com
• 18:41
  Speaker 4: again eight six six eight four eight five six nine
• 18:45
  Speaker 4: nine or legal Exchange show dot com and go to
• 18:48
  Speaker 4: our Instagram page Cushing Dolan PC for lots more information,
• 18:55
  Speaker 4: tips and lessons. All right, so let's figure out what's
• 18:59
  Speaker 4: going on here. So second marriage, this is clearly well
• 19:05
  Speaker 4: it could be a second marriage for Bill, it could
• 19:08
  Speaker 4: be a first a second marriage for either of them,
• 19:11
  Speaker 4: or it could be.
• 19:11
  Speaker 3: A first page in life marriage.
• 19:13
  Speaker 4: Yeah, we just don't know, but I'm going to address
• 19:16
  Speaker 4: this as one. I don't care if you If it's
• 19:19
  Speaker 4: your first marriage and you get married, that's also the
• 19:22
  Speaker 4: same red flag, right as if you're second marriage.
• 19:26
  Speaker 2: And especially later in life, you've likely accumulated assets along
• 19:29
  Speaker 2: the way at that point.
• 19:30
  Speaker 4: Right, and you might have you know, loved ones from
• 19:32
  Speaker 4: other side of the family that you do want to
• 19:34
  Speaker 4: take care of. Anyways, So whenever you get this marriage situation,
• 19:39
  Speaker 4: this would be a red flag to get your estate
• 19:42
  Speaker 4: plan in order and update it right now. Now that
• 19:47
  Speaker 4: they are married, you would seem you would think, or
• 19:49
  Speaker 4: would seem to think that you would want to take
• 19:52
  Speaker 4: care of each other, you know, try to avoid probate
• 19:56
  Speaker 4: on the first death, reduce the state taxes. Leaving every
• 20:00
  Speaker 4: thing to each other really doesn't accomplish all of these items.
• 20:05
  Speaker 4: But remember they didn't do anything right, they didn't even
• 20:08
  Speaker 4: have anything. They didn't have a will. I'm not Yeah,
• 20:11
  Speaker 4: I'm not even sure where Billy was living. You're right
• 20:13
  Speaker 4: that that was sort of a gray area in this uh,
• 20:16
  Speaker 4: in this fact pattern. Also, Folks, even if it's a
• 20:20
  Speaker 4: first marriage and you have kids, you're gonna want to
• 20:22
  Speaker 4: provide for them in a in a you know, a
• 20:25
  Speaker 4: detailed manner, how they get it, when they get it,
• 20:29
  Speaker 4: why they get it. So even if it's their first marriage,
• 20:32
  Speaker 4: I'm addressing the fact that that they should have done something.
• 20:37
  Speaker 4: Never mind. I mean, and again, as much as I
• 20:39
  Speaker 4: say a wills, it won't. It's better than doing nothing,
• 20:44
  Speaker 4: all right. Now, if it's a second marriage, then you
• 20:47
  Speaker 4: really need to do a trust. Right, you need to
• 20:50
  Speaker 4: provide for the spouse in a way that that perhaps
• 20:55
  Speaker 4: preserves assets for each side of the married. Preserves assets
• 20:59
  Speaker 4: first for the spouse, but then for each side of
• 21:03
  Speaker 4: the marriage.
• 21:03
  Speaker 3: Right, each of your bloodlines.
• 21:05
  Speaker 4: Yeah, you want to make sure that you know, you
• 21:07
  Speaker 4: that you have it so that the spouse can be
• 21:10
  Speaker 4: taken care of, but not necessarily you know, waste all
• 21:16
  Speaker 4: the assets that are in there. But by the same token,
• 21:19
  Speaker 4: also not do something to disinherit your side. So it's
• 21:24
  Speaker 4: kind of a balancing act of providing four while preserving
• 21:29
  Speaker 4: the assets. So in addition to that, whenever you get
• 21:34
  Speaker 4: married for the second time for sure, but I arguably
• 21:38
  Speaker 4: say even for the first time, but for the second
• 21:41
  Speaker 4: time for sure, change the designated beneficiaries. Folks, go look
• 21:46
  Speaker 4: at your power or your your IRA, your four oh
• 21:50
  Speaker 4: one K, your life insurance, your you know, any accounts
• 21:54
  Speaker 4: you have. Make sure you fix those beneficiaries to be
• 21:57
  Speaker 4: what you want them to be. In my eyes, with
• 22:01
  Speaker 4: a second marriage situation, anyway, you might be thinking about
• 22:06
  Speaker 4: naming the trust as the beneficiary. So the more you
• 22:09
  Speaker 4: get in there on your death, the more you can control.
• 22:13
  Speaker 4: Even an IRA. Right on the first death, you normally
• 22:16
  Speaker 4: name a spousep the IRA beneficiary. But remember if it's
• 22:21
  Speaker 4: a second marriage then you do that. It's it's going
• 22:25
  Speaker 4: to be completely available for that spouse to do whatever
• 22:27
  Speaker 4: they want.
• 22:27
  Speaker 2: It happens. I have a client where he passed away.
• 22:30
  Speaker 2: She was the primary beneficiary in the iras he had
• 22:33
  Speaker 2: four kids, she had none. His kids were horrible to her.
• 22:36
  Speaker 2: After he died, she changed the beneficiary. She had no
• 22:39
  Speaker 2: obligation put it in a trust.
• 22:41
  Speaker 4: Not always the case, folks, But here the bigger issue is,
• 22:44
  Speaker 4: as you said, Susan, there's no planning, right, So why
• 22:47
  Speaker 4: was that so important, right, Billy. If he's not married
• 22:49
  Speaker 4: to Carol at the time, he's not part of the
• 22:52
  Speaker 4: inheritance at all. He doesn't even have standing, he can't
• 22:55
  Speaker 4: bring an action to sue, he can't do anything. But
• 22:59
  Speaker 4: if he's married now, he's included in the intestate succession
• 23:02
  Speaker 4: statute line and assuming there's no kids, he's probably first. Yeah,
• 23:08
  Speaker 4: and we'll take it all in Virginia's out, So, folks,
• 23:11
  Speaker 4: his idea of being married was very important here, Folks,
• 23:16
  Speaker 4: that's just a pothole, not planning as a pothole. Get
• 23:19
  Speaker 4: the guide and learn what the other potholes all are
• 23:21
  Speaker 4: to help you get your estate plan in order correctly.
• 23:26
  Speaker 4: Eight six six eight four eight five six ninety nine
• 23:30
  Speaker 4: or Legal Exchange Show dot com again eight sixty six
• 23:33
  Speaker 4: eight four eight five six ninety nine or Legal Exchange
• 23:36
  Speaker 4: Show dot com.
• 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 Power as
• 23:43
  Speaker 2: a financial advisor with the Armstrong Advisory Group and Todd
• 23:47
  Speaker 2: will be answering your listener questions when we return to
• 23:50
  Speaker 2: the Legal Exchange with Todd Lutsky.
• 23:53
  Speaker 1: Long term care costs can reach thousands of dollars per
• 23:56
  Speaker 1: month and can put a serious strain on your savings.
• 23:58
  Speaker 1: The experts at Cushing Dolan often see families caught off
• 24:01
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• 24:40
  Speaker 1: at Legal Exchange show dot com. The proceeding with paid
• 24:43
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• 24:45
  Speaker 1: and Dolan. Cushing and Dolan Indoor Armstrong Advisory may contact
• 24:48
  Speaker 1: you offering legal or investment services. Cushing and Dolan and
• 24:50
  Speaker 1: Armstrong Advisory do not endorse each other and are not
• 24:52
  Speaker 1: affiliated HI.
• 24:53
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. One
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  Speaker 5: of the biggest challenges in financial planning is seeing the
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  Speaker 5: visiting Armstrong Advisory dot com.
• 25:38
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:41
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:43
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• 25:46
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• 25:52
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• 25:53
  Speaker 6: This is Michael Valila, adjued of the Disabled American Veterans
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• 26:23
  Speaker 1: Some of the biggest estate planning mistakes are the ones
• 26:26
  Speaker 1: you don't even know you're making. That Cushing and Dolan,
• 26:29
  Speaker 1: they've seen it all. Plans that aren't complete, that only
• 26:31
  Speaker 1: rely on a will, or lack of funding of a trust.
• 26:34
  Speaker 1: These are the kind of mistakes that can lead to probate,
• 26:37
  Speaker 1: unnecessary taxes, or even putting your assets at risk as
• 26:41
  Speaker 1: your life changes. So should your estate plan. Marriage, grandkids,
• 26:45
  Speaker 1: new assets, and even changes in tax law can impact
• 26:48
  Speaker 1: how your plan should be structured. That's why Cushing and
• 26:50
  Speaker 1: Dolan created a brand new guide called Detour a head
• 26:53
  Speaker 1: estate planning Potholes to avoid. It walks you through the
• 26:56
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• 26:59
  Speaker 1: your assets. It's your family and your future. Call eight
• 27:02
  Speaker 1: sixty six eight four eight five six nine nine to
• 27:04
  Speaker 1: get your free copy today. That's eight six six eight
• 27:07
  Speaker 1: four eight five six nine nine, or you can request
• 27:10
  Speaker 1: the guide online at Legal Exchange show dot com. The
• 27:13
  Speaker 1: proceeding was paid for in The views expressed are solely
• 27:15
  Speaker 1: those of Cushing and Dolan. Cushing and Dolan into Armstrong
• 27:17
  Speaker 1: Advisory may contact you offering legal or investment services. Cushing
• 27:20
  Speaker 1: and Dolan and Armstrong Advisory do not endorse each other
• 27:22
  Speaker 1: and are not affiliated. You're listening to the Legal Exchange
• 27:26
  Speaker 1: and it's time for Ask Todd, the segment where Todd
• 27:30
  Speaker 1: will answer your questions about anything and everything that's included
• 27:33
  Speaker 1: in the estate planning process. Once again, here's Todd Lutsky
• 27:37
  Speaker 1: and Susan Powers.
• 27:40
  Speaker 3: Welcome back, Tod.
• 27:41
  Speaker 2: We have a few questions from listeners for you. First
• 27:43
  Speaker 2: one comes from Deb in Middleborough, mass and Deb brights.
• 27:46
  Speaker 2: My mother is aging and has some health concerns and
• 27:49
  Speaker 2: I'm going to be moving her into my home. I
• 27:52
  Speaker 2: would like to build an in law addition onto my home,
• 27:55
  Speaker 2: and she wants to pay for it. What should we
• 27:57
  Speaker 2: consider in doing this? I don't want to make it
• 28:00
  Speaker 2: mistakes legally if she needs to ultimately go into a
• 28:03
  Speaker 2: nursing home.
• 28:04
  Speaker 4: So so one, we don't know how long we have,
• 28:07
  Speaker 4: So let's just assume we have no idea how long
• 28:10
  Speaker 4: we have. We may not have five years here, it's
• 28:12
  Speaker 4: my point. So what do you do? Obviously, if she
• 28:16
  Speaker 4: just gives the money to the daughter to build on
• 28:22
  Speaker 4: the home, that's a gift.
• 28:23
  Speaker 3: Yeah, it's not going to hurt her, even though she'd
• 28:26
  Speaker 3: be living there.
• 28:27
  Speaker 4: So let's just what that's the next fact? Pattern Susan
• 28:31
  Speaker 4: right on the money. But so if we just make
• 28:33
  Speaker 4: a gift and she moves in and lives there. From
• 28:37
  Speaker 4: a medicaid standpoint, from an estate planning standpoint, yeah, it's
• 28:41
  Speaker 4: a gift, but who cares. She's not gonna have any
• 28:43
  Speaker 4: gift tax it's not enough to matter. But for Medicaid
• 28:47
  Speaker 4: it's a five year waiting period.
• 28:48
  Speaker 3: Yeah, because they're going to say, you gave this money away, you.
• 28:50
  Speaker 4: Gave this money to your daughter. That's a five year
• 28:52
  Speaker 4: waiting period. Is there a way around that? That's really
• 28:55
  Speaker 4: what we're looking for.
• 28:56
  Speaker 3: Shove me some loopholes here, would you.
• 28:58
  Speaker 4: So in this case, the only way around that is
• 29:02
  Speaker 4: for mom to buy a life interest from the daughter,
• 29:08
  Speaker 4: from the daughter in the house. Okay, So now remember
• 29:12
  Speaker 4: in this case that buying it, first of all, is
• 29:15
  Speaker 4: not gifting, so that that's important. But remember if we
• 29:20
  Speaker 4: didn't and we just made a gift and we didn't
• 29:22
  Speaker 4: get this life estate, remember, not only is there a
• 29:24
  Speaker 4: five year waiting period, but but mother has no right
• 29:30
  Speaker 4: to live there.
• 29:31
  Speaker 3: So my daughter could move and kick her out, right, Yeah.
• 29:34
  Speaker 4: Mother has nothing. So that's really two big reasons why
• 29:40
  Speaker 4: I would never tell somebody, Yeah, just give your daughter
• 29:43
  Speaker 4: the money and go live there. You have no rights
• 29:46
  Speaker 4: and you have a five year waiting period, right, bad.
• 29:49
  Speaker 4: How do we fix it? Sell daughter a life estate
• 29:53
  Speaker 4: interest to mom for the money? Yeah, for the money.
• 29:58
  Speaker 4: Now again, it should be close to the value of
• 30:00
  Speaker 4: the life interest, which you can calculate. What do we
• 30:03
  Speaker 4: do here, Well, now, as long as mom lives in
• 30:09
  Speaker 4: that house for one year after she does this transaction. Yep,
• 30:16
  Speaker 4: that is not a disqualifying transfer. One year instead of
• 30:20
  Speaker 4: five four that's right, So now I only have a
• 30:23
  Speaker 4: one year weight instead of a five year weight. Good.
• 30:27
  Speaker 4: But what's the other thing Mom's got? Mom has a
• 30:30
  Speaker 4: right to live there. So Mom is now covered protected.
• 30:36
  Speaker 4: Right If daughter has to sell and move for job reasons,
• 30:40
  Speaker 4: Mom's going to get a percentage of that money because
• 30:42
  Speaker 4: she's a life tenant. At least she's got something.
• 30:45
  Speaker 3: And she can't be evicted each other can't.
• 30:47
  Speaker 4: She also has to agree to sell, So good protection
• 30:51
  Speaker 4: for mom. What's the downside here?
• 30:54
  Speaker 2: Right?
• 30:54
  Speaker 3: Because it sounds really good.
• 30:55
  Speaker 4: It is, It's still good. In the downside's minimal. The
• 30:58
  Speaker 4: downside is daughter is act making a sale, so there
• 31:02
  Speaker 4: will be a capital gains tax to be paid a percentage. Yeah,
• 31:07
  Speaker 4: whatever the value that she's selling of the house. Ye,
• 31:10
  Speaker 4: over the basis.
• 31:11
  Speaker 2: If her house is worth a million bucks and mom
• 31:14
  Speaker 2: gives her one hundred thousand.
• 31:16
  Speaker 4: So and let's say she paid two hundred thousand for it, yeah,
• 31:21
  Speaker 4: her basis then would be what you have to allocate?
• 31:24
  Speaker 4: What so it's one hundred thousand is the fair market value.
• 31:28
  Speaker 4: Then you have to calculate the percentage and allocate the
• 31:30
  Speaker 4: basis like she's down a little piece of it and
• 31:33
  Speaker 4: it'll be capital gain. Okay, now you might think, well, Todd,
• 31:36
  Speaker 4: isn't this her primary residence, doesn't she qualify for the
• 31:40
  Speaker 4: Section one twenty one capital gains exclusion. Normally it doesn't
• 31:45
  Speaker 4: matter that it's a related party, and it doesn't matter
• 31:47
  Speaker 4: that it's a partial interest, except that this rule only
• 31:52
  Speaker 4: applies to selling remainder interests in houses, not life estate interests.
• 31:58
  Speaker 2: So little bit of tax to be paid to lose
• 32:00
  Speaker 2: those four years seems worth it.
• 32:02
  Speaker 4: Little bit of tax to be paid for the daughter,
• 32:05
  Speaker 4: but you gain a lot of control protection and save
• 32:09
  Speaker 4: five year waiting period. Folks, potholes to avoid when doing
• 32:14
  Speaker 4: your estate planning. If you haven't done your plan, or
• 32:16
  Speaker 4: even if you have, this guide's for you. It's going
• 32:18
  Speaker 4: to show you things to think about. Right. You know
• 32:21
  Speaker 4: what if you're relocating, that's a pothole. Think about it.
• 32:24
  Speaker 4: I want to change my residency. What if you think
• 32:26
  Speaker 4: your estate's too small? All I don't need a trust.
• 32:29
  Speaker 4: Oh I got a will, that's all I need. I
• 32:31
  Speaker 4: got all my stuff set up as joint owners. Does
• 32:33
  Speaker 4: the starting to sound familiar? Folks? Are these things that
• 32:36
  Speaker 4: are popping up in your mind that you know, Oh,
• 32:38
  Speaker 4: I got all my stuff in a Nominee realty trust.
• 32:40
  Speaker 4: I don't have to worry about it. Folks, what happens
• 32:44
  Speaker 4: when one spouse dies? Think about it? Get the guide
• 32:48
  Speaker 4: before you start, or even after you've done it, to
• 32:51
  Speaker 4: think about what you might need to do now eight
• 32:54
  Speaker 4: six six eight four eight five six ninety nine or
• 32:58
  Speaker 4: Legal Exchange showed dot again eight six six eight four
• 33:02
  Speaker 4: eight five six nine nine or legal exchange show dot com.
• 33:07
  Speaker 4: And you can also go to our Instagram page Cushing
• 33:09
  Speaker 4: go ONPC dot com for more information.
• 33:12
  Speaker 2: Okay, Our last question comes from Robert and Danvers mass
• 33:15
  Speaker 2: and Robert writes, my father has been married to his
• 33:18
  Speaker 2: second wife for over twenty years. She is ill in
• 33:22
  Speaker 2: going into a nursing home. The home that they have
• 33:25
  Speaker 2: been living in is in her name alone. Her adult
• 33:28
  Speaker 2: children are trying to get my dad to agree to
• 33:30
  Speaker 2: move and vacate the house because it will be theirs
• 33:34
  Speaker 2: as soon as she enters the nursing home. They are
• 33:37
  Speaker 2: saying that the house is willed to them. Does he
• 33:39
  Speaker 2: have to vacate the house or is he entitled.
• 33:42
  Speaker 3: To stay there?
• 33:43
  Speaker 2: So her kids are trying to get their greedy little
• 33:45
  Speaker 2: pause and kick out their stepdad.
• 33:48
  Speaker 4: So let's go through this again a little slowly. I
• 33:50
  Speaker 4: think I get it. So it's a second marriage. But
• 33:52
  Speaker 4: the house is in her name alone name, and she's
• 33:54
  Speaker 4: going into the she's the one going into the nursing home.
• 33:56
  Speaker 4: I don't understand why the kids think that it's going
• 33:59
  Speaker 4: to be hers as soon as mom goes into the
• 34:01
  Speaker 4: nursing home. That is that what they're saying. They think
• 34:03
  Speaker 4: that as soon as mom goes in the nursing home,
• 34:05
  Speaker 4: this house is.
• 34:05
  Speaker 2: They said that because it's been willed to them. Once
• 34:08
  Speaker 2: she vacates the house and goes into the nursing home,
• 34:11
  Speaker 2: they're entitled too.
• 34:12
  Speaker 4: So they don't understand how wills work.
• 34:13
  Speaker 1: Right.
• 34:15
  Speaker 4: Wills have nothing to do with where you're living. Wills
• 34:19
  Speaker 4: only become effective when you're dead. They do not speak,
• 34:24
  Speaker 4: They do not have any power until you're dead. So
• 34:29
  Speaker 4: I think they're wrong there. That that's the part that
• 34:32
  Speaker 4: threw me. I'm like, really, why are they thinking this so?
• 34:35
  Speaker 4: First and foremost, they just need to be told that
• 34:38
  Speaker 4: that's not what's going to happen, right, And that has
• 34:41
  Speaker 4: nothing to do with the with the stepdad. It's not
• 34:44
  Speaker 4: like I'm the stepdad telling you that's not what's going
• 34:47
  Speaker 4: to happen. That's just not what's going to happen.
• 34:49
  Speaker 3: That's the law.
• 34:50
  Speaker 4: That's the law. That has nothing to do with stepdad. Okay,
• 34:55
  Speaker 4: So then stepdad could say, but if you don't want
• 34:58
  Speaker 4: to lose this house, and of course stepdad doesn't either
• 35:02
  Speaker 4: because he's living there. He's living there, we need to
• 35:04
  Speaker 4: do something to make sure that not only are you
• 35:07
  Speaker 4: not getting it when she goes to the nursing home.
• 35:11
  Speaker 4: We don't want the nursing home to take it when
• 35:14
  Speaker 4: she dies, so you don't get.
• 35:15
  Speaker 3: It then because it's only in her name.
• 35:17
  Speaker 4: It's only in her name, so they'll put a lean
• 35:20
  Speaker 4: on it. But beautiful thing about medicaid applications, we always
• 35:25
  Speaker 4: tell people don't go at it alone. In this case,
• 35:30
  Speaker 4: if you hired a lawyer saying we need to apply
• 35:33
  Speaker 4: for medicaid because she's going into a nursing home, first
• 35:38
  Speaker 4: thing I would tell this client we are going to
• 35:41
  Speaker 4: move the house to the spouse. Is that allowed? Yes?
• 35:46
  Speaker 3: Oh, the kids will love that.
• 35:47
  Speaker 4: It's a permissible transfer. But kids, by doing this, there
• 35:54
  Speaker 4: will now be a noncountable asset for Medicaid eligibility, unleanable
• 36:01
  Speaker 4: by the state. Completely dodges the bullet for the house.
• 36:07
  Speaker 4: And then you would hope that stepdad, who's not a
• 36:09
  Speaker 4: mean person they're making them out to be right, says, Look,
• 36:13
  Speaker 4: we're going to do an estate plan and we're going
• 36:15
  Speaker 4: to put stuff together so that when I die it's
• 36:18
  Speaker 4: protected from the or when I get sick, it's protected
• 36:20
  Speaker 4: from the nursing home for potentially you kids, folks. That's
• 36:24
  Speaker 4: what needs to be done here. So there's definitely going
• 36:27
  Speaker 4: to be some planning that needs to be done, but
• 36:29
  Speaker 4: it's last minute. Yeah, get in the nursing home first,
• 36:32
  Speaker 4: then do planning to take care of again, both sides
• 36:35
  Speaker 4: of the family, provided you have a cooperative spouse.
• 36:38
  Speaker 2: That's why you don't want to go at home because
• 36:41
  Speaker 2: essentially they could end up with a lean on that home, yeah,
• 36:44
  Speaker 2: and lose it if they can't pay it.
• 36:45
  Speaker 4: That's right. Don't do it alone, folks, Call and get
• 36:48
  Speaker 4: the guide last minute planning potholes to avoid. Whether you've
• 36:52
  Speaker 4: done your planning or not, this is going to help
• 36:55
  Speaker 4: you understand how to fix your plan and or what
• 36:58
  Speaker 4: to do what to avoid when you're getting into the
• 37:00
  Speaker 4: planning process eight six six eight four eight five six
• 37:05
  Speaker 4: ninety nine or Legal Exchange Show dot com.
• 37:09
  Speaker 2: If you have a question you would like to ask Todd,
• 37:12
  Speaker 2: visit his website Legal Exchange Show dot com and click
• 37:15
  Speaker 2: on the ask Tod tab. Maybe I'll be able to
• 37:18
  Speaker 2: read your question on the air, and hopefully his answer
• 37:20
  Speaker 2: will stop you from becoming one of his next real
• 37:23
  Speaker 2: life stories. You've been listening to Todd Lutsky, a partner
• 37:27
  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
• 37:34
  Speaker 2: back with more after this quick break on the Legal
• 37:37
  Speaker 2: Exchange with Todd Lutsky.
• 37:39
  Speaker 1: Long term care costs can reach thousands of dollars per
• 37:42
  Speaker 1: month and can put a serious strain on your savings.
• 37:45
  Speaker 1: The experts at Cushing and Dolan often see families caught
• 37:48
  Speaker 1: off guard by that reality. Without the right plan in place,
• 37:51
  Speaker 1: those costs can quickly eat through a lifetime of your
• 37:53
  Speaker 1: hard work. But here's the shocker. Many estate plans don't
• 37:56
  Speaker 1: protect your assets from those expenses. The right strategy may
• 38:00
  Speaker 1: involves specific types of trusts designed to help protect your
• 38:02
  Speaker 1: assets but timing matters. Cushing and Dolan has a brand
• 38:06
  Speaker 1: new guide called Detour Ahead Estate Planning Potholes to Avoid.
• 38:10
  Speaker 1: It breaks down some of the most common and costly
• 38:12
  Speaker 1: mistakes people make and explains how to help protect your assets,
• 38:16
  Speaker 1: your family and your future. Call eight sixty six eight
• 38:19
  Speaker 1: four eight five six ninety nine to get your free
• 38:21
  Speaker 1: copy today. That's eight sixty six eight four eight five
• 38:24
  Speaker 1: six ninety nine, or you can request the guide online
• 38:27
  Speaker 1: at Legal exchange show dot com. The proceeding with paid
• 38:30
  Speaker 1: for in the views expressed are solely those of Cushing
• 38:32
  Speaker 1: and Dolan. Cushing and Dolan into Armstrong Advisory may contact
• 38:34
  Speaker 1: you offering legal or investment services. Cushing and Dolan and
• 38:37
  Speaker 1: Armstrong Advisory do not endorse each other and are not
• 38:39
  Speaker 1: affiliated HI.
• 38:40
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. Over
• 38:43
  Speaker 5: the years, it's easy to collect investment accounts, including old
• 38:46
  Speaker 5: four oh one k's in multiple rays, but at some
• 38:48
  Speaker 5: point it can get hard to keep track of what
• 38:51
  Speaker 5: you actually have. Too many accounts can lead to confusion,
• 38:54
  Speaker 5: overlapping investments and sometimes missed opportunities. Our new guide is
• 38:57
  Speaker 5: called Consolidating Investment Accounts and in it you'll learn how
• 39:00
  Speaker 5: to simplify your financial life, giving you a clearer picture
• 39:03
  Speaker 5: of your strategy, your risk and your progress. The guide
• 39:06
  Speaker 5: will also walk through how to avoid common mistakes and
• 39:08
  Speaker 5: build a more organized, intentional plan. Call us today at
• 39:12
  Speaker 5: eight hundred three nine three for zero zero one and
• 39:15
  Speaker 5: get your free copy of our new guide called Consolidating
• 39:17
  Speaker 5: Investment Accounts. That's eight hundred three nine three four zero
• 39:21
  Speaker 5: zero one, or you can request the guide online at
• 39:23
  Speaker 5: Armstrong Advisory dot com.
• 39:25
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 39:28
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 39:30
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 39:33
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 39:36
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 39:39
  Speaker 1: advisory services. It's important to update your estate plan as
• 39:42
  Speaker 1: changes occur in your life, or you can wind up
• 39:44
  Speaker 1: with significant issues that may affect your future. Get Kushnian
• 39:47
  Speaker 1: Dolan's new guide called Detour a head estate planning Potholes
• 39:51
  Speaker 1: to avoid. Call eight six six eight four eight five
• 39:53
  Speaker 1: six nine nine and get your copy today or request
• 39:56
  Speaker 1: it online at Legal Exchange show dot com. The proceeding
• 39:59
  Speaker 1: with paid in the views exprest are solely those of
• 40:01
  Speaker 1: Cushing and Dolan. Cushing and Dolan into Armstrong Advisory may
• 40:04
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• 40:07
  Speaker 1: and Armstrong Advisory do not endorse each other and are
• 40:09
  Speaker 1: not affiliated. Hi.
• 40:10
  Speaker 6: I'm Michael Valila, adjuedent of the Disabled American Veterans Department
• 40:13
  Speaker 6: in Massachusetts. The DAV of Massachusetts provides thousands of hours
• 40:17
  Speaker 6: of voluntary services at our VA medical centers and soldiers homes,
• 40:21
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• 40:23
  Speaker 6: lead a veterans housing initiative for both single veterans and
• 40:27
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• 40:30
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• 40:32
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• 40:35
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• 40:41
  Speaker 1: Your tune to the Legal Exchange with Todd Lutsky. If
• 40:44
  Speaker 1: you are a loved one needs a nursing homestay, call
• 40:46
  Speaker 1: Todd right now at eight sixty six eight four eight
• 40:49
  Speaker 1: five six ninet nine and let him make sure your
• 40:51
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• 40:54
  Speaker 1: five six nine nine, or visit him online at Legal
• 40:57
  Speaker 1: Exchange show dot com.
• 41:00
  Speaker 2: Welcome back into the Legal Exchange with Todd Lutsky. I'm
• 41:03
  Speaker 2: Susan Power as a financial advisor with the Armstrong Advisory
• 41:06
  Speaker 2: Group and joined, of course by Todd Lutsky, a partner
• 41:10
  Speaker 2: with the law firm of Cushing and Dolan with a
• 41:12
  Speaker 2: master's in taxation. So, Todd, your guide this month is
• 41:18
  Speaker 2: all about those potholes, the mistakes you want to avoid happening.
• 41:23
  Speaker 2: One of these potholes is actually going through the process
• 41:27
  Speaker 2: of creating your estate plan but never funding it. Oh,
• 41:33
  Speaker 2: so let's talk about that. What happens if you've gone
• 41:37
  Speaker 2: through and you've created your trust but you don't fund it.
• 41:40
  Speaker 2: And I want to talk about both revocable. Let's start
• 41:43
  Speaker 2: with revocable trust as well as irrevocable.
• 41:46
  Speaker 4: You're gonna love this, Susan, because this is going to
• 41:48
  Speaker 4: actually be a real life story. Just the other day,
• 41:50
  Speaker 4: I got a phone call from another lawyer, Todd. I
• 41:53
  Speaker 4: was referred to you. I need you to be an
• 41:55
  Speaker 4: expert witness, like, oh, there's a lawyer who together a
• 42:00
  Speaker 4: Medicaid income only trust never put the house in the trust,
• 42:06
  Speaker 4: but wrote a letter saying, now your trust now owns it,
• 42:10
  Speaker 4: but didn't say she did it. Her understanding was that
• 42:13
  Speaker 4: the client was going to do it, and she's just
• 42:15
  Speaker 4: explaining in the letter that it would be owned by
• 42:18
  Speaker 4: the trust and it never went in. And I'm like, Okay, well, one,
• 42:23
  Speaker 4: I probably I'm not taking this case, just so you know,
• 42:27
  Speaker 4: I'm not going to be the expert witness. I don't
• 42:29
  Speaker 4: do I mean, this is kind of a malpractice case
• 42:31
  Speaker 4: and I don't do that, So I'm not taking it.
• 42:35
  Speaker 4: But I was listening to him when he was talking.
• 42:37
  Speaker 4: He was saying, I need I go So, what do
• 42:39
  Speaker 4: you need me to testify for? He goes, I need
• 42:41
  Speaker 4: you to testify that it's the standard practice in the
• 42:44
  Speaker 4: industry to fund trusts the attorneys. Yeah, for the attorneys
• 42:49
  Speaker 4: to fund trust I said, at Cushing and Dolan, you
• 42:51
  Speaker 4: better believe in it. We actually make sure that it's funded.
• 42:55
  Speaker 4: And to answer your question here, Susan, yes, it's a
• 42:58
  Speaker 4: total waste here if you don't fund the trust. And
• 43:00
  Speaker 4: I'm getting to the answer, yeah, if you don't fund
• 43:02
  Speaker 4: this trust with this house, which she didn't do. This
• 43:05
  Speaker 4: attorney didn't do, then the five year clock never started running.
• 43:10
  Speaker 4: So that's one problem. Number two, it's not avoiding probate,
• 43:13
  Speaker 4: it's not sheltering assets for a state tax, is not
• 43:15
  Speaker 4: doing anything.
• 43:16
  Speaker 3: No bloodline planning, none of that.
• 43:17
  Speaker 4: So, whether it is a revocable trust or an irrevocable trust,
• 43:23
  Speaker 4: by not putting anything in it, you said, is it
• 43:26
  Speaker 4: a waste? Yes, yeah, it's a waste. But with the
• 43:29
  Speaker 4: irrevocable trust, it's a double waste because no probate sheltering,
• 43:34
  Speaker 4: no estate tax sheltering, and no nursing home protection.
• 43:37
  Speaker 3: Ever started that five year clock.
• 43:40
  Speaker 4: At least with a revocable trust. There's only two things
• 43:43
  Speaker 4: that didn't do It didn't help you avoid probing and
• 43:45
  Speaker 4: didn't help you rise shelter to start. Yeah, but it's
• 43:48
  Speaker 4: it's still bad. And so then I asked the attorney.
• 43:52
  Speaker 4: I said, so, I just want you to be clear.
• 43:55
  Speaker 4: And obviously all you listeners know that this is what
• 43:57
  Speaker 4: Cushing and Dolan does. So is it standard practice in
• 44:01
  Speaker 4: Cushing and Dolan? Yes, but is it standard practice in
• 44:05
  Speaker 4: the industry? And I tell him, look, I have seen
• 44:09
  Speaker 4: over and over you have seen, Susan you meet clients
• 44:12
  Speaker 4: that bring their trust to you and we find out
• 44:15
  Speaker 4: that there's nothing in them. How are your assets owned?
• 44:19
  Speaker 4: I ask, I start the meeting, Oh, in my name,
• 44:22
  Speaker 4: But you just told me you have a trust. How
• 44:23
  Speaker 4: come you're it's empty empty? So I told him that
• 44:27
  Speaker 4: I can't really testify that it's standard practice in the
• 44:32
  Speaker 4: industry for lawyers to do it, so right off the bat,
• 44:37
  Speaker 4: I'm not doing this. Then he says, okay, let me rephrase.
• 44:44
  Speaker 4: Could you testify that it is prudent for the lawyer
• 44:48
  Speaker 4: to put these assets in the trust? Well that's different. Certainly, yes,
• 44:53
  Speaker 4: it's prudent to do that. But either way, folks, I'm
• 44:56
  Speaker 4: not taking the case. But it's just funny how that plays.
• 45:00
  Speaker 2: But it's amazing to me, Todd, because, like you said,
• 45:03
  Speaker 2: you always always do the deep. If you are an
• 45:06
  Speaker 2: attorney and you are creating a trust for someone, why
• 45:10
  Speaker 2: do you think that your client would be able to
• 45:14
  Speaker 2: draft a deed?
• 45:17
  Speaker 4: Like that's true?
• 45:18
  Speaker 3: You know what I mean, Like I couldn't draft a deed.
• 45:21
  Speaker 4: Very true. That part I can't understand. But I guess
• 45:25
  Speaker 4: they think with the moving of the money and the helping,
• 45:27
  Speaker 4: well they don't even do that, but they should. They should,
• 45:29
  Speaker 4: They should get the form. Fill it out here it is.
• 45:31
  Speaker 4: I can tell you the verbiage. I can tell you
• 45:33
  Speaker 4: how to do it. I can bring you right to
• 45:34
  Speaker 4: the water and you just need to give it to
• 45:36
  Speaker 4: your planner or if you have a planner, it's even easier.
• 45:38
  Speaker 4: We talk.
• 45:39
  Speaker 2: You communicate directly with us, and I'm sure with other advisors.
• 45:42
  Speaker 2: If there are other advisors aside from me.
• 45:45
  Speaker 4: It would never happen.
• 45:46
  Speaker 3: We will visit that late.
• 45:47
  Speaker 4: Yes, but you're right. That's how you do it. Talk
• 45:51
  Speaker 4: to the planner and get it moved. Folks, state planning
• 45:56
  Speaker 4: potholes to avoid. This is one of them. If you
• 45:59
  Speaker 4: have a trus. This is why I say this guide
• 46:01
  Speaker 4: is so good for you if you've done your planning.
• 46:03
  Speaker 4: Even if you haven't done your planning, this is very important.
• 46:06
  Speaker 4: Why check all your assets, see if you actually have
• 46:10
  Speaker 4: them titled to the trust. Does the real estate tax
• 46:12
  Speaker 4: bill come in the name of the trust? Does your
• 46:14
  Speaker 4: investment brokerage count come in the name of the trust?
• 46:17
  Speaker 4: Then you'll know whether it's funded or not. Right, So
• 46:20
  Speaker 4: funding very important. Other things that come up right life events.
• 46:25
  Speaker 4: I lost a spouse. How do I deal with a
• 46:27
  Speaker 4: trust when one spouse dies? I want to change residency.
• 46:31
  Speaker 4: Check it out. I've gotten divorced, big flag, big red flag,
• 46:35
  Speaker 4: big pothole. Get your estate plan in order right? Maybe
• 46:39
  Speaker 4: I should even just update my plan after ten or
• 46:42
  Speaker 4: fifteen years. Take a look at it, folks. This guide
• 46:44
  Speaker 4: really is helpful for both sides of the fence. I've
• 46:48
  Speaker 4: either done my planning already or I haven't. Call and
• 46:52
  Speaker 4: get the guide eight six six eight four eight five
• 46:56
  Speaker 4: six ninety nine or Legal Exchange Show dot com. Plan
• 47:00
  Speaker 4: Potholes to avoid eight six six eight four eight five
• 47:04
  Speaker 4: six ninety nine or Legal Exchange Show dot com and
• 47:08
  Speaker 4: always go to our Instagram page. Cushing Dolan PC.
• 47:12
  Speaker 3: So let me ask you this, Todd.
• 47:13
  Speaker 2: Let's say you've done your planning and maybe you dodged
• 47:16
  Speaker 2: a bullet. Your spouse passed away without going into the
• 47:20
  Speaker 2: nursing home. You hadn't funded your trust, but you dodged
• 47:24
  Speaker 2: a bullet with that. Is there anything you can do
• 47:27
  Speaker 2: after the fact, after one's spouse dies, if you have
• 47:32
  Speaker 2: a trust in place, an unfunded trusted place, whether it's
• 47:35
  Speaker 2: iryvocable or revocable, is there anything that can those documents
• 47:39
  Speaker 2: can be used for after your spouse dies?
• 47:42
  Speaker 4: There is so one of the things that you need
• 47:46
  Speaker 4: to think about when someone dies. And again that was
• 47:49
  Speaker 4: a pothole. I said, right, when someone dies, what do
• 47:52
  Speaker 4: you do?
• 47:52
  Speaker 3: Pick up the phone?
• 47:53
  Speaker 4: You got to call a lawyer because you either a
• 47:56
  Speaker 4: have to deal with the trust that you have, which
• 47:59
  Speaker 4: is what you're saying, Susan. Or if there's a problem
• 48:04
  Speaker 4: with the trust you have, is there some kind of
• 48:07
  Speaker 4: post mortem planning that can be done.
• 48:10
  Speaker 3: Yes, that's what you're talking about.
• 48:11
  Speaker 4: So the answer is likely. I can't say for sure. Likely.
• 48:15
  Speaker 4: Here's why. If the assets are now all jointly owned.
• 48:19
  Speaker 3: Because they just landed in the surviving spouses, well.
• 48:22
  Speaker 4: They didn't move yet, jointly owned. If someone dies, you
• 48:25
  Speaker 4: didn't do anything yet, right, But on the date of
• 48:27
  Speaker 4: death they were jointly owned. Well, can you do something? Likely?
• 48:34
  Speaker 4: You can file a disclaimer?
• 48:35
  Speaker 3: And what does that mean in English?
• 48:37
  Speaker 4: So a disclaimer means as a surviving spouse, you have
• 48:40
  Speaker 4: a qualified disclaimer. Right under I think it's twenty five
• 48:45
  Speaker 4: eighteen of the code, you are allowed to say, Hey, world,
• 48:52
  Speaker 4: treat me as if I'm dead. Okay, So if I
• 48:57
  Speaker 4: predeceased my spouse who is in fact dead, then that
• 49:04
  Speaker 4: joint account doesn't really exist. At least as to your
• 49:07
  Speaker 4: half that when you do the disclaimer, you can't disclaim
• 49:09
  Speaker 4: something you actually own, right, You can only disclaim what
• 49:11
  Speaker 4: you're supposed to get. So like, for example, no, because
• 49:14
  Speaker 4: the other half of the joint account you're supposed to get.
• 49:17
  Speaker 4: But you're saying, I'm disclaiming that, Okay, So it's the
• 49:20
  Speaker 4: part that I was supposed to get. I'm saying is
• 49:24
  Speaker 4: as if I'm dead. Well, then that means that that
• 49:26
  Speaker 4: account would end up in the probate, which is okay,
• 49:31
  Speaker 4: because if you've done your estate planning, you now have
• 49:34
  Speaker 4: a will for the decedent, and the will says I
• 49:39
  Speaker 4: leave everything to my spouse if living. Oh wait, spouse
• 49:42
  Speaker 4: filed a disclaimer, So treat me as if I'm already dead,
• 49:45
  Speaker 4: spouse surviving spouse, So if living otherwise to my family trust.
• 49:53
  Speaker 3: Okay, so pours it in there.
• 49:54
  Speaker 4: Ah. So now there might be a way through this
• 49:57
  Speaker 4: disclaimer to get assets through reprobate, but in the safety
• 50:02
  Speaker 4: net of the poor over will into the trust to
• 50:04
  Speaker 4: be sheltered for the surviving spouse. When you disclaim, you
• 50:08
  Speaker 4: cannot direct where it goes. Okay, You are only allowed
• 50:13
  Speaker 4: to disclaim. There's a bunch of rules under twenty five eighteen.
• 50:16
  Speaker 4: So folks, excellent question there, Susan. That's just the way
• 50:20
  Speaker 4: these things work. Get your guide. Get this guide estate
• 50:24
  Speaker 4: planning potholes to avoid, whether you've done your planning or not,
• 50:28
  Speaker 4: this is really good information. Eight six six eight four
• 50:33
  Speaker 4: eight five six ninety nine or Legal Exchange Show dot
• 50:37
  Speaker 4: com again eight six six eight four eight five six
• 50:41
  Speaker 4: nine nine or Legal Exchange Show dot Com.
• 50:45
  Speaker 2: Todd Lutsky from the law firm of Cushing and Dolan,
• 50:47
  Speaker 2: thank you so much.
• 50:48
  Speaker 4: 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 Ludskey.
• 51:00
  Speaker 1: Long term care costs can reach thousands of dollars per
• 51:03
  Speaker 1: month and can put a serious strain on your savings.
• 51:05
  Speaker 1: The experts at Cushing and Dolan often see families caught
• 51:08
  Speaker 1: off guard by that reality. Without the right plan in place,
• 51:11
  Speaker 1: those costs can quickly eat through a lifetime of your
• 51:14
  Speaker 1: hard work. But here's the shocker. Many estate plans don't
• 51:17
  Speaker 1: protect your assets from those expenses. The right strategy may
• 51:20
  Speaker 1: involve specific types of trusts designed to help protect your assets,
• 51:23
  Speaker 1: but timing matters. Cushing and Dolan has a brand new
• 51:26
  Speaker 1: guide called Detour a Head estate planning Potholes to avoid.
• 51:30
  Speaker 1: It breaks down some of the most common and costly
• 51:33
  Speaker 1: mistakes people make and explains how to help protect your assets,
• 51:36
  Speaker 1: your family and your future. Call eight sixty six eight
• 51:39
  Speaker 1: four eight five six ninet nine to get your free
• 51:41
  Speaker 1: coffee today. That's eight sixty six eight four eight five
• 51:45
  Speaker 1: six ninety nine, or you can request the guide online
• 51:47
  Speaker 1: at Legal exchange show dot com. The proceeding with paid
• 51:50
  Speaker 1: for in the views expressed are solely those of Cushing
• 51:52
  Speaker 1: and Dolan. Cushing and Dolan Indoor Armstrong Advisory may contact
• 51:55
  Speaker 1: you offering legal or investment services. Cushing and Dolan and
• 51:57
  Speaker 1: Armstrong Advisory do not endorse each other and are not
• 51:59
  Speaker 1: affiliated HI.
• 52:00
  Speaker 5: This is Mike Armstrong from the Armstrong Advisory Group. One
• 52:03
  Speaker 5: of the biggest challenges in financial planning is seeing the
• 52:06
  Speaker 5: full picture. When your investments are spread across multiple accounts,
• 52:09
  Speaker 5: it can be difficult to know how much you actually
• 52:11
  Speaker 5: have and whether your strategy is really working. You might
• 52:14
  Speaker 5: be taking on more risk than you realize or missing
• 52:16
  Speaker 5: opportunities to better align your portfolio. Bringing your accounts together
• 52:20
  Speaker 5: can help create clarity so you can see your total assets,
• 52:23
  Speaker 5: your true allocation, and make more informed decisions about your
• 52:26
  Speaker 5: financial future. Our new guide is called Consolidating Investment Accounts.
• 52:29
  Speaker 5: It walks you through how to get organized, simplify your strategy,
• 52:32
  Speaker 5: and build a more complete financial plan. Call eight hundred
• 52:35
  Speaker 5: three nine three for zero zero one to get your
• 52:38
  Speaker 5: free copy today. That's eight hundred three nine three for
• 52:41
  Speaker 5: zero zero one, or you can request the guide by
• 52:43
  Speaker 5: visiting Armstrong Advisory dot com.
• 52:45
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