The Legal Exchange: Sunday Edition - Sunday, September 15, 2024

Episode Transcript

Speaker 1 (00:00):
This is the Legal Exchange with Tod Lutsky from the
law firm of Cushing and Dolan and Susan Powers of
the Armstrong Advisory Group. Each week, Todd and Susan will
discuss many topics, including estate planning, how to appoint probate,
and protecting your money from a nursing home. If you
need assistance in any of these areas, or have a
question about another issue that may affect your future, call

(00:21):
eight six six eight four eight five six ninety nine
to make an appointment. That's eight sixty six eight four
eight five six ninety nine. Operators are standing by. Now
Here are your hosts, Tod Lutsky and Susan Powers.

Speaker 2 (00:36):
Welcome into the Legal Exchange with Todd Lutsky. I'm Susan Powers,
a financial advisor with the Armstrong Advisory Group, and I'm
joined by Todd Lutsky, a partner with the law firm
of Cushing and Dolan with a master's in taxation. Welcome Todd.
How are you today?

Speaker 3 (00:50):
I'm never better in you.

Speaker 4 (00:52):
I'm great?

Speaker 5 (00:52):
Thank you.

Speaker 4 (00:52):
What do you have for us today?

Speaker 6 (00:53):
Got a couple of things. Actually, we've got a Wisconsin
Appellate cord case. Really just dealing a lot about ensuring
the donors intent is carried out. We talk about the trust,
we talk about the wills, but what's most important is
that your wishes are actually carried out. And planning will
do that for you. And I'll show you what happened

(01:15):
in this case and how important it is to get
that plan in place. But that's nothing compared to the
next thing, current events. We have brand new legislation here
in Massachusetts, but I will explain how it affects all states.
Brand new legislation here in Massachusetts about pooled trusts, the

(01:38):
ongoing saga since twenty sixteen about pooled trusts for last
minute medicaid planning. It is a great mass last minute
medicaid planning technique that was taken away and now is
coming back.

Speaker 4 (01:56):
Really right, Wow, that's excited.

Speaker 6 (01:58):
So we're going to spend a lot of time on
this new bill and not a bill. It's been signed
into law. Can't keep your hanging, folks. Stay tuned to
learn what it means to you about planning last minute.
Of course, that's not what I want you to do.
I want you to plan in advance because it's still
way better. But unfortunately a lot of people don't. And

(02:20):
if you haven't started your planning in advance and you
don't know where to begin, this guide this month is
for you. It demystifies the top seven trusts that are
used that I think are the most frequently used trusts,
from nominee realty trusts which are not really trusts, to
regular revocable trusts, to medicaid irrevocable trusts, and then what

(02:44):
about special needs trusts, our sole benefit trusts, what about
life insurance trusts and gifting trust folks, These are different
irrevocable trusts and the medicaid trusts. Learn how they're different,
learn how they work, and how all the taxes are
saved through using these trusts. So it's like one giant

(03:05):
operational guide to trusts. Please call Get the Guide eight
six six eight eight five six nine nine or Legal
Exchange Show dot com. Again demystifying the top seven estate
planning trust folks eight six y six eight four eight
five six nine nine or Legal Exchange Show dot com.

(03:28):
Let's go to Wisconsin. We'll keep your hanging on the
pool trust for a while, so stay tuned. That's good radio.

Speaker 3 (03:33):
I hear facts, folks.

Speaker 6 (03:37):
Emmil hired attorney Lance to prepare several estate planning documents.
The will was one of them. Of course, there's no
trust here, but that we'll get to that later. The
will nominated his daughter Jane to be the PR and
it directed that the residue of his estate.

Speaker 3 (03:57):
Is to go to her. Well, that seems fine.

Speaker 6 (04:00):
However, in the will it gave one half ownership interest
in a farm to a church. I'm not really sure
how you give half an interest to a farm in
a church. But we'll come back to that again. Bad planning, right,
You could already see the problems arising here. Well, it
gets worse because in September of twenty twenty one, Jane,

(04:21):
remember she's the nominated PR, she sent a directive signed
by emmil indicating that he wanted to change the will
where five hundred thousand dollars of the sale proceeds of
the farm go to Jane. So I guess the farm
is being sold somewhere. That must be I don't know

(04:41):
how she came up with that. Lance the attorney said, yeah, yeah,
I'll take care of it, no problem. He never did,
so they go to court. Jane said that she was
harmed by Lance's negligence in not creating the change that
was requested. Well, Lance filed a motion to dismiss for

(05:04):
failure to state acclaim, and that motion was granted. Case over,
What does that means? She didn't act, she didn't stay
to claim, she doesn't have the right to sue.

Speaker 3 (05:17):
The appellate court. Of course, she appealed.

Speaker 6 (05:20):
The appellate court said, well, look, there's a general rule
that a person cannot sue another person's attorney as a
beneficiary because of negligent drafting of the document. Now there's
an exception to that rule, which I'll come back to
in a minute. So the court agreed that this directive
made clear that Jane was to get more of a

(05:42):
benefit out of this will. However, the exception to the
rule meaning you can't generally sue Jane. So Jane, you
have no right to sue, so you can't state to claim.
The exception to that rule is if the person suing
right can sue the other attorney if you can show

(06:02):
the decedent's intent to benefit that particular person was clear
from a will or a trust. What did we have here?
We had some directive, some letter that apparently arguably Jane
wrote and Emill signed.

Speaker 3 (06:25):
That's not enough.

Speaker 4 (06:26):
That's not enough, not like he changed the will or
changed the trust right.

Speaker 6 (06:31):
And so, folks, Jane, you're out, but you're really not out.
You still get the residue of the estate. So let's
figure out what that is and how this really isn't
hurting you, probably at all, Jane, based on what we've said. Right,
remember go back up there and it said something about
half a farm is to go to a church. Well,
how do you deal with that? And let's talk about

(06:52):
real estate in general from man. When you've got real estate, folks,
the first thing you want to do is have a trust.
You don't want to me in probate with real estate.

Speaker 7 (07:00):
Right.

Speaker 6 (07:00):
Second, the trust can really control the disposition of real estate.
It can provide for a forced sale, you know, it
can provide for the valuation of the sale. You can
give one child to one property to one kid, and
you can really direct things in a trust. Also, you
can make sure kids don't fight over You can put

(07:20):
you know, the right to buy out other children. Or
you could say it goes equally unless they all want it,
and if they all want it, they all get it,
and whoever doesn't want it can buy out the ones
who do want it, which is what we do. So
that way everybody and you do it at fair market value,
so we do it in a way where there's no

(07:41):
fighting and everybody still treated equally. So, I mean, you
can really control things with a trust. So that's my
first issue. Secondly, the donors intent. Right, here's where you
really got to be careful.

Speaker 1 (07:55):
Right.

Speaker 6 (07:55):
When kids call and start saying, you know, we want
to take a look at my parents' documents, my parents
estate plan, we tell them, well, go ask your parents
for the documents, because they have it and if they
want to share it with you, they'll share it with you.
And you know, and if a kid says he wants
to make a change, well we really say, look, you

(08:17):
need to bring the client in.

Speaker 4 (08:18):
It's not right documents change, not your.

Speaker 6 (08:21):
Document to change. This is great that you're telling me
what the parents want, but I want to hear what
the parents want, right, so you know, if if a
kid's coming in, we don't want them coaching or influencing
the parent. And Folks, when I tell kids this and
I tell them that, I say, look, I'm not telling
you this because I'm mad at you. If in fact,

(08:43):
your parents want to make this change, and if in
fact it's actually benefiting you, you want to make sure
it works when your parents die and can survive. Something
called an undue influence claim. So whenever we tell people this,
we're telling them to do it for their own good.

Speaker 4 (09:02):
Right to save them trouble later on.

Speaker 6 (09:05):
Right, I mean, if you're this is classic, right, Jane.
You're the one bringing this directive to the attorney, telling
the attorney this is what your dad wants to make
a change and that change benefits you. That's right, that's
classic undue influence. So you want to make sure you
come in in person, sit down alone, and we'll discuss

(09:26):
because the attorney we can ask a lot of questions
to know that we're getting the right intent you know
out here. So again, it's all just to make sure
that later on, when when the person dies, this this
actually you know, works for everybody. So, folks, I think

(09:47):
this was the right decision. The attorney didn't have to
make a change based on some letter that got produced
for him. He should bring the client in, sit down
and discuss it. So, folks, you're intent will be honored.
Do your estate plan, and you make sure that your
wishes are honored. It worked here or will work for you.
If you're not sure how to begin your estate planning,

(10:09):
get this guide Top seven estate planning trusts Demystifying them
learn how to get started eight six six eight four
eight five six ninety nine or Legal Exchange show dot com.

Speaker 2 (10:21):
You've been listening to Todd Lutski, a partner with a
law firm of Cushing and Dolan. I'm Susan Powers, a
financial advisor with the Armstrong Advisory Group. We've got much
more to come when we return to the Legal Exchange
with Todd Lutsky.

Speaker 1 (10:35):
Cushing and Dolan are experts in elder life planning and taxation.
They know that every family is unique and that every
estate plan must be different. Early planning is crucial if
you want to stress free. Your retirement and trust are
oftentimes the document of choice to help protect your assets,
but with so many kinds of trusts, you need to
learn about which one is right for your plan. Revocable
and irrevocable trusts are most common, but there are several differences,

(10:58):
as well as numerous tax implications with each. If you
are ready to start your planning for need are a
fresh and existing plan Call Cushing and Dolan and ask
for their new guide called Demystifying the Top seven Estate
Planning Trusts. Learn how to protect your assets and potentially
eliminate your estate taxes. Call eight six six eight four
eight five six ninety nine right now and ask for
your guide today. That's eight six six eight four eight

(11:21):
five six ninety nine, or request it online at legal
exchainshow dot com. The proceeding was paid for and the
views expressed are solely those of Cushing and Dolan. Cushing
and Dolan and or Armstrong Advisory may contact you offering
legal or investment services. Cushing and Dolan and Armstrong Advisory
do not endorse each other and are not affiliated.

Speaker 5 (11:36):
Hi amleson. Use this Veterans Day weekend, help honor all
who've served our country and join WBZ for the annual
DAV five k, a run or walk to support disabled
that's here in Massachusetts with housing, transportation and other critical support, Saturday,
November ninth at DCR's Castle Island in South Boston. Let's
thank all who have sacrificed for our freedom and help

(11:57):
our heroes on their road to recovery. Visit DAV five
p dot Boston to register or donate today.

Speaker 8 (12:03):
The DAV five K Boston is presented by Veterans Development Corporation.

Speaker 1 (12:07):
Trusts are essential documents that can help protect your assets
from the nursing home. Call Cushing and Dolan right now
at eight six six eight four, eight, five, six nine
nine and get their free guide called Demistifying the Top
seven estate Planning Trusts. Let them help determine which is
right for you. That's eight sixty six eight four eight
five six nine nine, or request the guide online by
visiting their website at legal exchangshow dot com. The receiving
was paid for in the views expressed are solely those

(12:28):
of Cushing and Dolan. Cushing and Dolan and or Armstrong
Advisory may contact you offering legal investment services. Cushing and
Dolan and Armstrong Advisory do not endorse each other and
are not affiliated.

Speaker 9 (12:36):
If you're approaching or have recently reached the age of
seventy three, required minimum distributions should be a key consideration
as you evaluate your retirement strategy.

Speaker 1 (12:44):
HI.

Speaker 9 (12:45):
This is Mike Armstrong from the Armstrong Advisory Group. There
are several factors to think about when it comes to rmds,
including the types of accounts that require rmds, When to
take your withdrawals, how your RMD is calculated, and the
penalty for missing all or part of an RMD. That's
what our guide this month is all about. It's called
Frequently asked Questions about Required minimum Distributions and you can

(13:05):
get your copy today by calling eight hundred three nine
three four zero zero one. Rmds are a key part
of your retirement strategy, so don't delay. Get your guide
today by calling eight hundred three nine three four zero
zero one. That number one more time, eight hundred three
nine three four zero zero one.

Speaker 1 (13:22):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong Guide a specific financial, legal, or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.

Speaker 8 (13:36):
This is Tarker Silva of the Financial Exchange Show, and
I'm joined today by state planning attorney Todd Lutsky from
the law firm of Cushing and Dolan with your financial
exchange quick tip of the day, and today we're talking
about your new guide Todd demystifying the top seven estate
planning trusts. If there are younger families out there, should
they consider having a trust in place?

Speaker 3 (13:57):
In what type?

Speaker 6 (13:58):
Most people don't think about it when you're young. But
if you're a young family, meaning you've got minor children,
you might not have a ton of assets yet, but
you want to make sure that what you do have
is protected for your children, you could probably use a
revocable trust. I don't think you need an irrevocable trust,
but a revocable trust you put your assets in again,

(14:18):
they're going to avoid probate again. It may or may
not be a big estate tax issue at the moment.
But whatever you have, your children can't own, right they
are miners. So you don't necessarily want to leave your
assets to a guardian and have the guardian deal with everything.
When you can design a trust to hold the assets
and ensure how and when and where and why they

(14:40):
get these assets. Just pick the right trustee, put the
language you need in the trust to control it for
those children, and the trust will accomplish that task. So
just because you're young, folks, doesn't mean you shouldn't think
about your estate planning. Sometimes It's not all about the
money and the probate and the taxes, but more so
about the family behind them estate plan.

Speaker 8 (15:00):
These state planning experts at Cushing and Dolan have been
helping families like yours for more than thirty years, and
they have written a brand new guide called Demystifying the
Top seven Estate Planning Trust. Call right now for your
free copy eight six six eight four eight five six
nine nine. That's eight six six eight four eight five

(15:20):
six nine nine, or you can request it from their
website Legal Exchange show dot com.

Speaker 1 (15:26):
The proceeding was paid for and the views expressed are
solely those of Cushing and Dolan. Cushing and Dolan and
or Armstrong Advisory may contact you offering legal or investment services.
Cushing and Armstrong do not endorse each other and are
not affiliated. This is Ask Todd on the Financial Exchange
Radio Network. If you have an existing estate plan or
in the market for one, Todd Letskey is here to
answer your questions and help you plan for a later life.

(15:48):
Ask Todd is presented by Cushing and Dolan, serving Massachusetts
and New England for more than thirty five years, helping
families with estate and tax planning, Medicaid planning, and probate law.
Visit Cushingdolan dot com. No, here's to as promised.

Speaker 10 (16:03):
We're joined now by Todd Lutsky from the law firm
of Cushing and Dolan.

Speaker 3 (16:09):
Segment is asked Todd.

Speaker 10 (16:10):
We got the phone lines open, so you can ask
Todd your estate planning questions. Eight eight eight two zero
five two two sixty three is the number to call.
Usually we can get through a few of these, so
make sure that you get calling early to get in
line and make sure Todd gets to your question. That
number again is eight eight eight to zero five two

(16:31):
two six three. But mister Todd Lupsky, how are you today?

Speaker 6 (16:35):
I am never better? How are you doing struggling? Yeah,
it's always something with you.

Speaker 10 (16:39):
Wife got a little upset with me last night and
said that I have no sense of direction no, and
I was kind of like, where's this coming from?

Speaker 3 (16:46):
And then I just got.

Speaker 1 (16:47):
Up and Wright.

Speaker 10 (16:48):
So it was, uh, you know, kind of a tough night,
but we're we're doing better today. I want to talk
to you a little bit about revocable trusts. No, everyone
likes to talk about the irrevocable or irrevocable trusts, but
basic revocable trust, what does it do and what's the

(17:09):
situation where that is the right tool for a family
to use for their planning.

Speaker 6 (17:15):
Yeah, and that's really I think that the last part
of that question is really the most important part is
how do we know what's right?

Speaker 1 (17:20):
Right?

Speaker 6 (17:21):
I mean that part of the thing is and the
guide we're given away this month, there's seven trusts, but
there's a lot more than that in the real world. Right,
there's all kinds of trusts. And the job is not
just to determine how this trust works, but whether or
not it's the right trust for you, And we don't
always know. We have to ask a lot of individual
questions to find out. You know, I'm going to say,

(17:41):
if you're a family and you're maybe younger let's say,
you know, thirties, forties, maybe fifties, and you have children
and you're concerned about you know, there might be miners,
and you want to control things for their benefit when
you're gone, but you want to stay in complete control

(18:01):
of your assets, And I would say, revocable is probably
going to work for you, right these are And I'm
not even worried about size of the estate so much
it's pretty much age. You know that's going to say.
You know, I'm at a point where I want to
stay in control of my assets. I want to avoid
the probate. I want to reduce or eliminate again federal

(18:22):
or state death tax.

Speaker 3 (18:23):
It depends.

Speaker 6 (18:24):
Federal is going to start coming into play a lot
more lately. I mean, as we get closer and closer
to January twenty twenty six, we're going to start to
see how federal becomes a bigger issue for a lot
more people. Never mind just your state. Whatever state you have,
there's about fifteen of them that have a death tax,
so you want to look at those those numbers are
much smaller. So I want to avoid the probate. I

(18:46):
want to stay in control. I want to reduce my
estate tax liability. But most importantly, I got perhaps minor
children or children in general, that I want to make
sure either they can't own the assets if they're so
the trust will own it when I die, or if
they're older, I want to protect it for future divorces, creditors,

(19:07):
things for the children. I'd say revocable trust would be
a would be right for that segment of the population.

Speaker 10 (19:16):
When you talk about Hey, you know the downsides and
things that you're you're missing on that side. Is it
really the protection from creditors that nursing home protection is
the only thing missing, or there are other things that
you don't necessarily get inside that wrapper of the revocable trust.

Speaker 3 (19:34):
Yeah, it's a fair question.

Speaker 6 (19:35):
I kind of did mention all the positives, and that's
because there really are no negatives.

Speaker 3 (19:40):
So when I say that, I mean I mean it.

Speaker 7 (19:42):
Right.

Speaker 3 (19:42):
This is a revocable trust. It's your alter ego.

Speaker 6 (19:45):
And I think to your point, Chuck, people ask me
all the time they go, you know, what is a trust?
It's like it's this thing that they can't get their
hands around. Right, it's a bunch of paper like this, Right,
it's a bunch of paper, But it's an entity. But
it's an entity you can you're the trustee under your
Social Security number, you file your own taxes, and you

(20:06):
do everything you would do with the assets inside there,
just like they weren't inside there.

Speaker 3 (20:11):
So, Chuck, no negative.

Speaker 10 (20:14):
Talking with Todd. Let's key from the law firm of
Cushing and Dolan. If you've got a question for Todd
about your estate plan, this is the chance to ask it.
We still have room on the phone lines here at
eight eight eight to zero five two two six three.
That is the number to call to ask Todd your
question about your estate plan. Again, that number is eight

(20:35):
eight eight to zero five two two six three. Still
a spot or two available, so uh do make sure
you call in if you have a question for Todd.
We're gonna take a quick break, but after we come back,
it's right to your questions with Todd. That number one
more time is eight eight eight to zero five two
two sixty three.

Speaker 1 (20:55):
Ask Todd with Todd lets key every Wednesday at ten
thirty only here on the Natual Exchange Radio Network.

Speaker 11 (21:03):
This Veterans Day weekend, help honor all who have served
this country. Join us on Saturday, November ninth for the
ninth annual Disabled American Veterans five K Boston. It's a
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Saturday November ninth at DCR's Castle Island in South Boston. Together,
let's honor all who have sacrificed for our freedom. Register

(21:24):
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back as the presenting sponsor of the twenty twenty four
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Speaker 12 (21:42):
I am a pro member of a military family, including
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it's why I choose to give back to this special community.
My father built Veterans Development Corporation, and I am honored
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(22:04):
to once again be the presenting sponsor of this year's
DAV five K Boston. I hope that by sharing my story,
many other disabled veterans will be able to reach their
goals once they conclude their service.

Speaker 11 (22:16):
Veterans Developing Corporation is proud to be the presenting sponsor
of this year's DAV five k, taking place on Saturday,
November ninth at Fort Independence in South Boston. To register
for this year's race, visit DAV five k DOT Boston.

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Speaker 10 (23:29):
Hi, this is Chuck and Mike from the Armstrong Advisory Group,
and we've got a guide this month titled Frequently Asked
Questions about rmds, Mike, rmds or required minimum distributions?

Speaker 3 (23:41):
What are they? Exactly?

Speaker 9 (23:43):
Yeah, it's not something you really think about when you're
forty five years old and putting money in there. But
eventually the IRS forces you to start taking the money out,
and so an RMD a required minimum distribution is an
annual amount that you must start taking out once you
hit a certain age. It used to be seventy and
a half for everyone. Now it's as high as age

(24:03):
seventy five for some folks on their traditional four oh
one k and IRA assets.

Speaker 10 (24:08):
So something like a wroth ira for an individual would
not have a required distribution. Yeah, just one of the
many benefits of a wroth ira is that lack of
a required minimum distribution for the initial account holder. When
you talk about how to figure out how much your
required distribution is going to be, how do you determine
what that amount is once you hit the age at

(24:30):
which you.

Speaker 9 (24:30):
Qualify for them? Talk to a professional. I think is
my answer because it is pretty complicated. But the IRS
publishes this giant table about uniform life expectancies, and then
you have to, you know, compare your age to the
table compared to your year end balance and come up
with that dollar amount. And that dollar amount is the
one that has to be withdrawn by the year end

(24:51):
of that year.

Speaker 10 (24:51):
The guide is titled Frequently Asked Questions about RMDS, and
the way to request it is by calling eight hundred
three nine three for zero zero one. Again, the guide
is titled Frequently Asked Questions about RMDS, and that phone
number to request it is eight hundred three nine three
for zero zero one.

Speaker 1 (25:13):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal, or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services. Todd Letsky answers your questions about a state
and elder life planning every Wednesday at ten thirty right

(25:33):
here on the Financial Exchange Radio Network.

Speaker 10 (25:45):
All right, Todd, we got callers lined up for you.
Let's go to Jim in the car. Jim, you're on
with Tom Lutsky. What's your question for him?

Speaker 13 (25:53):
Well, I had a trust, irrevocable trust put together by
Todd four years ago. And the question I have I'm
gonna a house. It's virtually it has no value. It's depreciated.

(26:14):
It's almost a fully depreciated asset. I'm entertaining swapping it
out to a ten thirty one exchange. Yeah, so I'll
get rid of the house, probably get a bank loan
for the balance. Now my question is for the new
property coming in, does the clock, the five year clock

(26:34):
start again, or do I still dealing with the four
foot the four years that I have from the original house.

Speaker 3 (26:42):
So great, great question. Let me just ask you one thing.

Speaker 6 (26:44):
You plan on selling the house, getting money in the trust,
and using the same money to buy another house.

Speaker 3 (26:50):
Correct, That is correct?

Speaker 6 (26:52):
Okay, Because so the answer is if you do it
that way, you will not restart the clock, so you
will have one more year to go on the new.

Speaker 3 (27:03):
House being protected.

Speaker 6 (27:05):
So this is a great question because it really shows
the flexibility built into these trusts. One, it's a grand
tour trust. So because it's a grand Tour trust. You
mentioned a minute ago that you wanted to do this
ten thirty one exchange. What that means is you're selling
property that has a lot of built in gain and

(27:26):
then you don't want to pay the tax on that gain,
so you're going to defer the gain by replacing the
property with like kind property. Can you do it when
it's in an irrevocable trust. Yes, because it's a grand
tour trust. And because it's mean grand tor trust means
you're the owner for income tax purposes, so you have

(27:48):
all the same benefits you would as if you owned
it for income tax purposes. So great news. You can
do the ten thirty one exchange. You can defer the
gain and have it built into the new property. And
when you buy and sell through the trust, as long
as the money comes in the trust and goes back
out of the trust to buy new property that comes

(28:10):
in the trust, you will not restart the five year
waiting period, and in one year the new property will
be protected from the cost of long term care.

Speaker 3 (28:20):
So great question.

Speaker 6 (28:21):
I hope that helps a lot, and folks, that is
exactly why you want to get this guide. This guide
not only talks about Medicaid irrevocable trusts, which is what
Jim was talking about, but it adds seven to six
other trusts from nominee realty trusts to revocable trust that
Chuck and I were talking about earlier, to you know,

(28:41):
special needs trust if you have a child, or sole
benefit trusts, life insurance trusts. It's really designed to explain
a lot of these trusts, and if you've never done
a state planning, this guide will help you figure out
what's right for you. If you've done planning and you
want to switch, might be helpful as well, So call

(29:02):
Get the Guide eight sixty six eight four eight five
six nine nine or Legal Exchange Show dot com. Demystifying
the Top seven Estate Planning Trusts eight sixty six eight
four eight five six nine nine or Legal Exchange Show
dot com.

Speaker 3 (29:20):
Next up for you, Todd is Tom in Burlington. Tom.

Speaker 10 (29:23):
What is your question for Todd Lunsky?

Speaker 7 (29:26):
Yes, good morning.

Speaker 13 (29:27):
I have a piece of rental property.

Speaker 7 (29:28):
My father and I have it in a revocable trust.

Speaker 13 (29:32):
Were both trustees.

Speaker 7 (29:33):
If he was to pass and I sold it, would
I be paying capital gains with the whole property or just.

Speaker 6 (29:38):
Have So is this property when you say it's in
the revocable trust. Is the revocable trust, your dad's revocable trust.

Speaker 7 (29:48):
We're both on it as trustee.

Speaker 6 (29:50):
No no, no, no no, But that doesn't matter. Who the
trustee is is irrelevant. Who owned the property, whose name
was on the property prior to it going into the
revocable trust.

Speaker 7 (30:01):
It was in a state with my grandfather, and there
was a deed putting anything into this trust.

Speaker 3 (30:07):
Back well, when your grandfather died, did the property go
to your dad?

Speaker 7 (30:13):
His dad and his sister and his sister signed off
and put it into this trust.

Speaker 6 (30:18):
So your dad got it one hundred percent. In other words,
it went to your dad and you and his sister.
Your sister gave it to your dad, and your dad
put it one hundred percent into this trust.

Speaker 3 (30:30):
Yes, if that's how it went.

Speaker 6 (30:32):
You don't own any part of it, okay, which is
good actually, because if you don't own any part of it,
even though you're the trustee on the trust, when he dies,
because it's a revocable trust, the assets in there will
be one hundred percent included in his gross estate, not

(30:56):
his probate estate. It'll avoid probate, but it'll be included
in his gross estate, thereby giving the beneficiaries who get
it upon his death. Let's assume it's his kids and
you're one of them. When you kids get the property,
you will get it with a brand new basis equal
to fair market value. Example, if the house is worth

(31:18):
a million on the date of death, regardless of how
much it was rented, and the basis depreciated during life.
When you kids get it, if it's worth a million
on the date of death, it's as if you paid
a million dollars for it, And then if you sell
it relatively close to death close after death, there will

(31:38):
be zero capital.

Speaker 3 (31:40):
Gains tax to be paid. So hopefully that answers your question.

Speaker 10 (31:44):
Todd, I've got another one here for you. Let's see
if we can get through this call from Joyce in
rent them. Joyce, We've only got a couple minutes, so
you've got to be quick. But what's your question for Todd?

Speaker 11 (31:54):
Hey, I'll be real quick.

Speaker 1 (31:56):
My husband and I have a revocable trust and I
wanted to know if we should have a checking accounts
in the revocable trust in a stock also great question.

Speaker 6 (32:06):
Answer quick answer of course is yes, they should be
in there. But let me explain a little bit about
why and how. So when you have a revocable trust,
and again I know the guide talks about many trusts,
this is a revocable trust. So when you have a
revocable trust, there is almost nothing that shouldn't be in there.

(32:26):
Accept retirement accounts. Okay, so your bank accounts, your rental
property like Tom had, or a primary residence like you
might have, should be retitled to the trust. And then yes,
your investment portfolio should also be titled to the trust.
Your bank accounts. Now, some people say, why bother putting

(32:49):
a you know, a small bank account into the trust.

Speaker 3 (32:52):
Well you don't. You don't have to.

Speaker 6 (32:54):
Sometimes they say, I don't want to change my checking account,
I don't want to get new checks. You know, you
can't put those in the trust. You can, there's no
downside to doing it right. If you want to leave
a small account out, you can, but there's no downside.
Everything is in your social Security number. When you retitle
these to the trust. There's no separate tax return, and

(33:16):
you are one hundred percent in charge of what's in there. Now,
why am I stressing everything should go in there? Because
if it's not in there you might not be helping
your estate tax liability situation, which is likely one of
the reasons you.

Speaker 3 (33:32):
Have a revocable trust.

Speaker 6 (33:34):
In other words, on the first death, you want to
shelter assets so they're not taxed on the second death.
And if they're not in the trust to be sheltered,
then you're wasting some of your exemption. So if it's
just jointly owned, it goes to each other and you
waste sheltering it first day taxes. So the more you

(33:55):
can put in a revocable trust likely the better. Sorry
for the long winded answer, but I hope that that
helps out.

Speaker 10 (34:02):
Mister Lutski. Thank you so much for joining us today.
We appreciate it. You're always always a pleasure.

Speaker 3 (34:07):
Thank you.

Speaker 1 (34:08):
This has been Asked Todd on the Financial Exchange Radio
network Ask Todd with Todd. Lutsky has been presented by
Cushing and Dolan, serving Massachusetts and New England for more
than thirty years, helping families with the state and tax planning,
Medicaid planning, and probate law. Call eight hundred and three
nine three four thousand and one or visit Cushingdolan dot com.
The views expressed in this segment are solely those of

(34:29):
Cushing and Dolan Armstrong Advisory. He does not provide any
legal or tax advice. Please consult with your legal or
tax advisor on such matters. Cushing and Armstrong do not
endorse each other and are not affiliated. Cushing and Dolan
are experts in elder life planning and taxation. They know
that every family is unique and that every estate plan
must be different. Early planning is crucial if you want
to stress free your retirement and trusts are oftentimes the

(34:49):
document of choice to help protect your assets, but with
so many kinds of trusts, you need to learn about
which one is right for your plan. Revocable and irrevocable
trusts are most common, but there are are several differences
as well as numerous tax implications with each. If you're
ready to start your planning or need are a fresh
and existing plan, call Cushing and Dolan and ask for
their new guide called Dmistifying the Top seven Estate Planning Trusts.

(35:12):
Learn how to protect your assets and potentially eliminate your
estate taxes. Call eight six six eight four eight five
six ninety nine right now and ask for your guide today.
That's eight six six eight four, eight, five, six, nine nine,
or request it online at Legal exchange show dot com.
The proceeding was State four and the views expressed are
solely those of Chrishian Dolan, Cushing and Dolan, and or
Armstrong Advisory may contact you offering legal or investment services.

(35:34):
Cushingan Dolan and Armstrong Advisory do not endorse each other
and are not affiliated. Summer is coming to an end,
so it's time to take out your planner and book
a spectacular vacation in the US Virgin Islands, America's Caribbean paradise.
Saint Croix, Saint Thomas and Saint John are three of
the most incredible islands anywhere in the Caribbean, and their
popularity is at an all time high. Go to visit

(35:54):
USVII dot com and check out the American Caribbean, where
you'll find all the information you need to book a
trip that you'll never forget if you act fast. You
can still celebrate New Years on Saint Croix and enjoy
the Saint Croix Crucian Festival from December twenty sixth through
January fourth. Enjoy world class cuisine, pristine beaches, a wide
variety of water sports, and some of the greatest music

(36:14):
elects the Islands have to offer. Travel to and from
New England is simple and your state will be hassle free.
Because this is the American Caribbean. There's no passport needed
and no money to exchange. Fall naturally in rhythm with
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your plans today. That's visit USVII dot com.

Speaker 9 (36:38):
If you're approaching or have recently reached the age of
seventy three, required minimum distributions should be a key consideration
as you evaluate your retirement strategy.

Speaker 1 (36:46):
HI.

Speaker 9 (36:46):
This is Mike Armstrong from the Armstrong Advisory Group. There
are several factors to think about when it comes to
rm ds, including the types of accounts that require rmds,
when to take your withdrawals, how your RMD is calculated,
and the penalty for missing all.

Speaker 3 (37:00):
We're part of an RMD.

Speaker 9 (37:01):
That's what our new guide this month is all about.
It's called Frequently Asked Questions about Required minimum Distributions and
you can get your copy today by calling eight hundred
three nine three four zero zero one rmds are a
key part of your retirement strategy, so don't delay. Get
your guide today by calling eight hundred three nine three
four zero zero one. That number one more time, eight

(37:21):
hundred three nine three four zero zero one.

Speaker 1 (37:23):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong Guide a specific financial, legal, or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.

Speaker 11 (37:38):
Last year we introduced you to Mark Fodder, CEO of
Veterans Development Corporation. Mark is a career military man and
we're proud to have him back as the presenting sponsor
of the twenty twenty four DAV five K Boston.

Speaker 12 (37:49):
I joined the Marine Corps when I was eighteen and
serve probably from nineteen eighty one to nineteen eighty four.
As CEO of Veterans Development Corporation, my goal is to
give back to the veteran community, many of whom are
employees of this company. This is one of the reasons
I am so excited to be partnering with the Disabled
American Veterans Department of Massachusetts on this year's DAV five

(38:09):
k Boston. The DAV works tiresly to support many of
our disabled veterans and provide them access to critical services
that help them live comfortably every day. I hope to
be part of many more success stories of our vets
being able to achieve their goals and dreams when their
service ends.

Speaker 11 (38:25):
Veterans Development Corporation is proud to be the presenting sponsor
of this year's DAV five k, taking place on Saturday,
November ninth at Fort Independence in South Boston. To register
for this year's race, visit DAV five k dot Boston.

Speaker 8 (38:38):
This is Tarker Silva of the Financial Exchange Show, and
I'm joined today by state planning attorney Todd Lutsky from
the law firm of Cushing and Dolan with your Financial
Exchange quick Tip of the Day, and today we're talking
about your new guide, Todd demystifying the top seven estate
planning trusts. If there are younger families out there, should
they consider having a trust in place in what time?

Speaker 6 (39:00):
Most people don't think about it when you're young, But
if you're a young family, meaning you've got minor children.
You might not have a ton of assets yet, but
you want to make sure that what you do have
is protected for your children. You could probably use a
revocable trust. I don't think you need an irrevocable trust,
but a revocable trust you put your assets in again,

(39:20):
they're going to avoid probate again. It may or may
not be a big estate tax issue at the moment.
But whatever you have, your children can't own right they
are miners. So you don't necessarily want to leave your
assets to a guardian and have the guardian deal with
everything when you can design a trust to hold the
assets and ensure how and when and where and why.

Speaker 3 (39:42):
They get these assets.

Speaker 6 (39:43):
Just pick the right trustee, put the language you need
in the trust to control it for those children, and
the trust will accomplish that task. So just because you're young, folks,
doesn't mean you shouldn't think about your estate planning. Sometimes
it's not all about the money and the probate and
the taxes, but so about the family behind the estate plan.

Speaker 8 (40:02):
These state planning experts at Cushing and Dolan have been
helping families like yours for more than thirty years, and
they have written a brand new guide called Demystifying the
Top seven Estate Planning Trust. Call right now for your
free copy eight six six eight four eight five six
nine nine. That's eight six six eight four eight five

(40:22):
six nine nine, or you can request it from their
website Legal exchange show dot com.

Speaker 1 (40:28):
The proceeding was paid for and the views expressed are
solely those of Cushing and Dolan. Cushing and Dolan and
or Armstrong Advisory may contact you offering legal or investment services.
Cushing and Armstrong do not endorse each other and are
not affiliated Legal Exchange with Todd Lutsky. If you are
a loved one needs a nursing homestay, call Todd right
now at eight six six eight four eight five six
nine nine and let him make sure your assets are protected.

(40:48):
That's eight six six eight four eight five six nine nine,
or visit him online at Legal exchange show dot com.

Speaker 2 (40:56):
Welcome back into the Legal Exchange with Todd Lutsky. I'm
some power as a financial advisor with the Armstrong Advisory Group,
and I'm joined of course by Todd Lutsky, a partner
with the law firm of Cushing and Dolan with a
master's in taxation. So Todd I met with a client
this week and they have a very young family, and

(41:17):
I said, oh, did you the last time I met
with them, they were going to meet with an attorney.
I said, oh, did you end up meeting with an attorney?
They're like, no, we really got to do that. I'm like,
you really got to do it. So it made me think.
I know, we talk an awful lot about irrevocable trust planning,
but I want to talk about revocable trust planning and

(41:37):
the benefits of that, because some people think of a
state planning as something I do when I'm old, and
it's really not. It's really not. So who should actually
consider using a revocable trust?

Speaker 6 (41:49):
Yeah, and that's a great question, because you're right. I
think mostly the idea is we will do our estate
planning when we're old, Right, Well, we have stuff and
they might not have a lot of stuff when we're younger,
so we don't care. And to some degree that's correct, yep.
But I think you need to add a little more

(42:10):
facts to the situation.

Speaker 2 (42:12):
Because they have two very valuable assets, beautiful little children.

Speaker 6 (42:18):
And so I think at the end of the day,
you're right. If you're single, you're graduated, you're working in
your first job. You may or may not have your
house yet. I mean, yeah, you probably don't need in
a state plan. You know, you buy your first house,
but you're still single. I mean yeah, not still not critical, right,
I get it. But once you get married and then

(42:40):
have children, now it's not so much about the assets.
Although by that time you might also have a house. Sure,
you might have you know, some money in a four
to oh one K or a bank account, and you
might be starting to save assets.

Speaker 4 (42:54):
You may have some life insurance.

Speaker 3 (42:57):
That's a really good point.

Speaker 6 (42:57):
You don't think about that, but most younger people have
the life insurance and that one item alone could be
a million dollar payout. Right, you could about a million
dollars of life insurance. So so I think you start
thinking that there may be some assets, but more importantly,
how do we take care of the young children? And
so in that case, you know you want to trust,

(43:20):
yes to avoid the probate, Yes to perhaps you know,
eliminate maybe more of a state death tax than it
would be a federal death tax, just because life insurance
could be a million dollars by itself, and you get
close to that two million dollars in Mass anyway, and
then check your own state for your own exemption. So

(43:41):
yes to avoid probate, Yes to reduce the state taxes.
But really more important than any of that is my
kids are miners and cannot own anything, and I don't
want the guardian owning my stuff. I'd rather have my
stuff owned in the trust, which it can do yep.

(44:01):
And then the trust has language governing how it's going
to be used for my children and owned by the trust.
So I like that way better. And that's really why
you do it, to take care of the children, decide
benefits are good too, right, But that's really why you know.

Speaker 2 (44:20):
It was interesting, and I think we take for granted
because we've been talking about this stuff for a long
time and you've been practicing a long time.

Speaker 4 (44:27):
Not that you're old to saying that.

Speaker 2 (44:29):
However, one of the things one of the spouses said was.

Speaker 4 (44:34):
Well, what is a trust?

Speaker 3 (44:35):
What do you mean?

Speaker 4 (44:36):
What is a trust?

Speaker 2 (44:37):
So maybe just in very basic terms, explain what that is.

Speaker 6 (44:43):
Yeah, So people get hung up when they say, you know,
a trust a trust? I go, A trust is an
entity like any other entity.

Speaker 3 (44:50):
I know.

Speaker 6 (44:50):
It's a big thick piece of paper, big big legal document,
and that's the entity. If you want to say, you
show it to them, here's your trust. But it's just
a bunch of paper. Yeah, but it's just an entity.
It's no different than an operating agreement for an LLC. Right,
they say, well, what is it, Well, it's an LLC.
Here's the operating agreement. It's about as thick as a trust.

(45:11):
It's just an entity, folks. It's an entity like a corporation,
entity that owns things and is controlled. Remember, the entities
cannot act on their own. They're controlled by a trustee
or if it's a corporation, it might be a president.

Speaker 2 (45:28):
And if it's a revocable trust, you're your own trustee.

Speaker 3 (45:32):
Usually right now, your alter ego.

Speaker 6 (45:33):
You can do everything you could do before you put
it in this entity. But the name of the stuff
that you have in there comes in the name of
the entity. All So, like Jones Family Trust and mister
Jones is a trustee.

Speaker 3 (45:48):
Have a ball?

Speaker 6 (45:48):
Got it really simple, straightforward. Don't overthink it, folks. And
to help you not overthink it, get this new guide
Demystifying the top seven estate planning trusts. They will help
you with not only revocable trust like Susan was just
asking about. But not many realty trusts so misunderstood all

(46:09):
the time. They're misunderstood. What about medicaid irrevocable and how
do they differ from irrevocable life insurance trust which we
talked a little bit about a moment ago. Right, Life
insurance trusts are way different than a medicaid irrevocable trust.
So how these things work? What if you've got a
special needs child? Folks seven trusts to learn about. They

(46:31):
will help you get started in the estate planning world.
Call and get the guide eight six six eight four
eight five six ninety nine or Legal Exchange Show dot
com again eight sixty six eight four eight five six
nine nine or Legal Exchange Show dot com.

Speaker 2 (46:50):
So you have this trust, this separate entity that now
owns your stuff. So do you have to file a
separate tax return when you have a revocable trust?

Speaker 6 (47:00):
A revocable trust? The answer is emphatically no. Okay, Well
let me explain why it's no. People say, well, it's
you just said it's an entity. How come it doesn't
have to file? Like you know, an LLC is an
entity and it may have to file. Corporations have to file, right,
But in this case, since it's a revocable trust, when

(47:23):
you retitle your brokerage account, let's say, or or your
bank account into the name of the trust, and it
starts generating interest and dividends when you open up that account,
the bank or the institution is going to ask you
for an ID number for the trust, a tax ID number,
a tax ID number for the trust, because it's an

(47:45):
entity and it might have to file. However, in this case,
the ID number you give for the trust when it's
revocable is your own Social Security number. So now the
TENNE come in the name of the trust, but under
your social So the IRS is simply looking for that

(48:08):
to show up on your personal ten forty.

Speaker 4 (48:12):
Okay, perfect, thanks and easy.

Speaker 3 (48:14):
Yeah.

Speaker 2 (48:15):
What type of assets should you actually transfer into your
revocable trust?

Speaker 6 (48:20):
Yeah, and that's that's also it's a lot easier to
think about because I'm going to say to begin with
everything and then carve out what you can't iras four
oh one k's, four oh three b's, you know, four
fifty seven plans, the qualified plan money. You can't transfer,

(48:44):
no retirement accounts, so no retirement accounts can go into
the trust. Everything else. I don't see why you can't.
I mean, even so your home, your vacation home, your
rental properties, your brokerage account, even life insurance. You have
to think about it. It may go into the revocable
trust or you probably.

Speaker 2 (49:05):
Term life at that stage of life if you have
a younger family, right.

Speaker 6 (49:08):
Right, right, so the term you might just say, yeah,
just leave it in there. But in the long run,
if you have whole life or something and you want
to think about making the life insurance.

Speaker 3 (49:20):
Estate tax free.

Speaker 6 (49:21):
Remember it's always income tax free, then you might think
about putting that somewhere else. But other than that, I
would say yes. And even little joint bank accounts, Okay,
I don't have a problem with it.

Speaker 2 (49:32):
So there's no restrictions on putting something in and taking
it out.

Speaker 4 (49:35):
Then that's kind of what it sounds like.

Speaker 6 (49:37):
That's exactly right, and that's why I would put it
in because you will do everything you did before you
have come in there the same way.

Speaker 2 (49:46):
So at that stage of life, for like my couple
I was speaking to, their house is their biggest asset, sure,
but they have a mortgage on it. So if they
have that mortgage, can they still transfer it to the
revocable trust.

Speaker 6 (50:00):
And now in an easy quick answer, yes, so, because
it's a revocable trust, you're still considered the owner of
the property and so the do on sale clause will
not be triggered. Okay, that may be different when you
talk about other trusts, folks, speaking of other trusts, get
the guide Top seven estate Planning Trusts eight sixty six

(50:23):
eight four eight five six ninety nine or Legal Exchange
show dot com.

Speaker 2 (50:28):
And all this stuff in there that we've talked about.
The revocable that's in their details on that as well.

Speaker 6 (50:33):
Yes, revocable, irrevocable. Get the guide, especially nominy realty trusts
even yeah, learn about those because those are tricky.

Speaker 2 (50:41):
Todd Lutsky from the law firm of Cushing and Dolan,
thank you so much.

Speaker 3 (50:45):
Oh, thank you, Susan, always pleasure.

Speaker 2 (50:47):
I'm Susan Powers, a financial advisor with the Armstrong Advisory Group.
We thank you for joining us today and we'll be
back again next week on the Legal Exchange with Todd Lutsky.

Speaker 1 (50:57):
Cushing and Dolan are experts and elder life planning and toxation.
They know that every family is unique and that every
estate plan must be different. Early planning is crucial if
you want to stress for your retirement, and trusts are
oftentimes the document of choice to help protect your assets,
but with so many kinds of trusts, you need to
learn about which one is right for your plan. Revocable
and irrevocable trusts are most common, but there are several differences,

(51:20):
as well as numerous tax implications with each. If you're
ready to start your planning or need are a fresh
and existing plan, call Cushing and Dolan and ask for
their new guide called Dmistifying the Top seven Estate Planning Trusts.
Learn how to protect your assets and potentially eliminate your
estate taxes. Call eight six six eight four eight five
six ninety nine right now and ask for your guide today.

(51:41):
That's eight six six eight four eight five six nine nine,
or request it online at Legal exchange show dot com.
The proceeding was State four and the US expressed are
solely those of Cushing and Dolan. Cushing and Dolan and
or Armstrong Advisory may contact you offering legal or investment services.
Cushing and Dolan and Armstrong Advisory do not endorse each
other and are not affiliated.

Speaker 9 (51:57):
Saving money in an IRA or a four to one
cake you can provide tax advantages and are excellent ways
to help make sure you're financially prepared for retirement.

Speaker 3 (52:04):
Ay.

Speaker 9 (52:05):
This is Mike Armstrong from the Armstrong Advisory Group and
if you're nearing retirement, you need to be aware of
the federal regulations regarding required minimum distributions. Once you reach
a certain age, you must begin withdrawing money from these accounts.
Rm ds can influence which accounts to withdraw from first
and how much you'll owe in taxes during retirement. If
you need information regarding the rules related to rmds, call

(52:25):
us at eight hundred three nine three four zero zero
one and ask for your copy of our new free
guide called Frequently Asked Questions about Required Minimum Distributions. Rmds
are a core element to your retirement strategy, and this
guide can help educate you on the rules related to them.
That number again, eight hundred three nine three four zero
zero one.

Speaker 1 (52:44):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong make contact you to offer investment
advisory services. Summer is coming to an end, so it's
time to take out your planner and book a spectacular
vacation in the US Virgin Islands, America's Caribbean paradise. Saint Croix,

(53:06):
Saint Thomas and Saint John are three of the most
incredible islands anywhere in the Caribbean, and their popularity is
at an all time high. Go to visit USVII dot
com and check out the American Caribbean, where you'll find
all the information you need to book a trip that
you'll never forget. If you act fast. You can still
celebrate New Years on Saint Croix and enjoy the Saint
Croix Crucian Festival from December twenty sixth through January fourth.

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Enjoy world class cuisine, pristine beaches, a wide variety of watersports,
and some of the greatest musical acts the islands have
to offer. Travel to and from New England is simple
and your state will be hassle free. Because this is
the American Caribbean, there's no passport needed and no money
to exchange. Fall naturally in rhythm with the heartbeat of
the islands on your trip to America's Caribbean paradise. Go

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to visit USVII dot com and make your plans today.
That's visit USVII dot com.