Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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 avoid 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 sixty six eight four eight five six ninety nine
to make an appointment. That's eight six 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 Letsky. I'm Susan Powers,
a financial advisor with the Armstrong Advisory Whoop, and I'm
joined by Todd Lotsky, a partner with the law firm
of Cushing and Dolan with a master's in taxation. Welcome Todd.
How are you today?
Speaker 3 (00:51):
I am never better in you.
Speaker 2 (00:52):
I'm great? Thank you. What do you have for us
this week?
Speaker 3 (00:54):
Couple of things. One, we've got a Texas Supreme Court case,
so it's like the super Bowl. Well it's Super Bowl.
Speaker 4 (01:00):
So a Texas Supreme Court case dealing with basically a
lost will, but more importantly how and whether or not
unsworn testimony regarding the lost will and the presumption of
revocation of a lost will that goes with it should
or should not be taken into account in deciding whether
(01:22):
the will was in fact presumed revoked or not. So
and of course there's lots of other lessons I'm going
to teach you from this particular case, and then I'm
back to a real life story. So I haven't had
a fair hearing in a while, which is great news
telling everybody that the Medicaid trusts actually work. And this
one was a New Hampshire situation. So I want to
(01:43):
explain that, and it's our trust, and it was a
big win weally for a irrevocable Medicaid trust to explain
how it works, why it works, how they lived with
it their whole lives until someone did get sick. And
then the problem that occurred here is, of course the
kids decided to apply for medicaid on their own. Well,
that didn't go over so well, and so they called us,
(02:05):
and then we had to get things back on track,
but a very very good positive story on irrevocable trusts,
which actually leads me to the guide because the guide
is back to the basics, but it's it's really more
about a real life story. It's your fact pattern, it's
a person, it's a family fact pattern.
Speaker 3 (02:27):
Assets listed.
Speaker 4 (02:29):
You can put your own assets into this and then
see it's not like an engagement letter. I recommend an
entire estate plan in here, So if you've never gotten
started doing estate planning, this guide is for you. It
does deal with an irrevocable trust that was their decision,
but it also talks about the will and the health
care proxy and the power of attorney and the hip
(02:49):
a guide and all the basic documents that kind of
get you know, a cursory review all the time, but
they lay it out in this guide for you as well.
So it really brings a whole estate plan to together,
the basic documents and a recommendation for the client on
an irrevocable trust in this case and how it works.
See how you can get started with your estate plan.
(03:11):
Back to the basics, folks will really get you off
and running eight six six eight four eight five six
nine nine or legal Exchange show dot com. You can
download it there again eight sixty six eight for eight
five six nine nine or legal exchange show dot com Texas.
Speaker 3 (03:31):
Let's go there.
Speaker 2 (03:32):
I'd like to probably a little warmer.
Speaker 4 (03:34):
Yeah, well, I don't know, they got snow lately. So
Myrtle created a will in August of two thousand and nine,
naming her cousin Annabelle the beneficiary and the PR. Well,
they had a falling out shortly after that, so Myrtle
did a new will in October of two thousand and nine,
(03:57):
so it wasn't that much later. She pointed to Beverly
the PR and the beneficiary. I'm sorry, Beverly was the
PR and the beneficiary was the Humane Society, so now
she's gone to charity. Well, shortly after that, Kathy, an attorney,
was appointed guardian for Myrtle, And so that makes me
(04:18):
think about capacity issues. Why was did we need a
guardian for Myrtle shortly after she created that will? But
that really didn't come up much. Myrtle then died in
August of twenty eighteen, so nine years later, well, Beverly
was appointed the PR, so she probated a copy of
(04:42):
the October will. Stating that they couldn't find the original
will and it couldn't locate it and that it was
accidentally disposed of during the guardianship. Well, Kathy the attorney
and the guardian she filed a determination of airship at
(05:02):
and the Humane Society, and Beverly objected. Well, Cathy had
unsworn testimony saying that the caretakers were stealing from her
the papers when she got there had all gone through,
they were all in disorder, disarray. She searched for the will,
she couldn't find the will. All this testimony she has,
and you know, and Myrtle was very easily exploited. So
(05:25):
Cathy searched, couldn't find the will, and no one objected
to her unsworn testimony. Okay, Well, the trial court refused
to probate the October will, saying, you know what, there
wasn't enough evidence presented to prove that the October will
had not been revoked.
Speaker 3 (05:41):
Folks.
Speaker 4 (05:41):
Remember, there's a presumption of revocation when you can't find
the will, the original will, presumption of revocation, and you've
got to overcome that presumption. And the trial court said, Nope,
we're not going to do it because there wasn't enough.
So where does that leave you. Well, maybe the the
August nine will, If that's around, that's going to carry
(06:04):
the day. Well, the Humane Society didn't like this, so
they appealed, and the appelled court affirmed the trial court. Well,
they still didn't like it, so they appealed again to
the Supreme Court, who reversed. Really now why they reverse, Well,
they said the lower court really should have considered the
unsworn testimony of Kathy.
Speaker 3 (06:24):
They didn't.
Speaker 4 (06:25):
They ignored all that testimony of Kathy because it was
not sworn testimony. No one objected, right, So the Supreme
Court said, look, Kathy is not only an attorney, she's
an officer of the court and a guardian. And no
one objected to her testimony, so her testimony should have
(06:45):
been considered. Yeah, when determining this case. So they remanded it.
I know you don't like that.
Speaker 2 (06:52):
You didn't give us an answer, So.
Speaker 4 (06:56):
They remanded the case to say, listen to this testimony.
Now remember if you didn't, So what do we learn here?
You know, first and foremost, keep your records right. So
we don't know right now if the October will is
going to work or not. I think at the end
of the day when they listen to her testimony, that
(07:16):
that's enough evidence to show that they overcame the presumption
of revocation. They couldn't find it for all these bad
reasons that the you know that was being done to
the to the caretaker by the caretakers. I'm sorry, the
caretakers were stealing all our papers. That's probably what happens. Oh,
that might be a reason that we can't find it,
(07:37):
not that it was revoked, so they can overcome that presumption.
So I think we're probably going to be okay here,
but we don't know.
Speaker 3 (07:45):
What do we learn here?
Speaker 4 (07:45):
Folks keep your records right always, and this is why
when you work with a lawyer, right like, I know
what we do it. We keep the originals. Clients can
have them, but if they want them, but they always
let us keep the originals. We provide a nice book,
we provide a thumb drive. We say, if you lose
your book, print off another one on your thumb drive.
We keep the originals and a soft copy. You lose everything,
(08:07):
you call us up, we give you another one. Not
a problem. So by working with a lawyer, you generally
will not have this lost document, right problem. I mean
that should be the case. So that's first and foremost.
Another lesson we learned is I get a common practical
question from people. They're always asking me, you know, okay,
(08:28):
we did all this to stay planning. Well, how do
we know it's going to work when we're dead?
Speaker 3 (08:32):
Fair question?
Speaker 4 (08:33):
And I can tell you thirty years of doing this, folks,
it is almost instinctive. The kids find the book. Yes,
they open the book. There's our letterhead. Yep, they say,
better call this number because we don't know what to
do next.
Speaker 2 (08:52):
See what the next step is?
Speaker 4 (08:53):
Absolutely, and so folks, it really does just work, and
it really works like that. So so they come in
and then we explain everything, We tell them the next steps,
and everything goes smoothly. Now, lastly, right, this was an
you know what would happen here? What's the result one
way or another?
Speaker 3 (09:13):
Right?
Speaker 4 (09:14):
So, if the October will is no good, the charity's
out right. And if the October will is no good,
but they found the November the August will, and that
will prevail because it says it revokes prior will, so
that will prevail. Right, And it seems like the cousin
Annabel would take well If there's no.
Speaker 3 (09:37):
Will altogether, Annabelle still might be.
Speaker 4 (09:39):
The one that takes, depending on who's the next closest
next of kin. Basically, folks, a will, though, is a won't.
It won't avoid probate, it won't reduce the state taxes
if you're married. It won't protect assets from the nursing home.
Speaker 3 (09:53):
You know.
Speaker 4 (09:53):
It just directs where your assets go. My advice to
you is do way more planning than just a will.
Get the guide, Get back to the basics and get
your plan going today. Learn how to do it eight
sixty six eight four eight five six nine nine or
Legal Exchange show dot com. Back to the basics will
(10:14):
get you off the dime and help you know which
way to plan.
Speaker 2 (10:19):
You've been listening to Todd Lutsky, a partner with the
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 (10:34):
If you're nearing retirement agent are concerned about how to
protect your assets, you need to call Cushing and Dolan
the experts and e their law. Their new guide is
called Back to the Basics, and it will help you
create a plan that will help you understand issues like
avoiding probate, passing your assets along to your family, and
potentially eliminating your estate taxes. This free guide has all
the information you need to build a safe and secure
(10:56):
estate plan that will give you peace of mind as
you close in on retirement. Call eight eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
have been helping families like yours for thirty years. Let
them help you too. Get their new guide, called Back
to the Basics today Call eight six six eight four
(11:18):
eight five six ninety nine, or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for and the music expressed are sole leados 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 (11:35):
In retirement, healthcare coverage is likely to be one of
your largest concerns. This is Mike Armstrong from the Armstrong
Advisory Group. Medicare provides coverage to sixty five million Americans
age sixty five or older, and if you're closing in
on that age, Understanding how Medicare works is not only
important for you individually, but for your family as well.
Speaker 6 (11:52):
Medicare is made up of four parts.
Speaker 5 (11:54):
ABC and D in each of these parts provide specific coverage.
Our new guide is called Understanding metad Care Essential Questions Answered,
and in it we'll explain your eligibility, how to enroll,
and of course the costs. Call us today at eight
hundred three nine three four zero zero one and request
your free guide. There are many different elements of Medicare
and this guide will help educate you on all of them.
(12:15):
Call eight hundred three nine three four zero zero one
to request the guide online from our website Armstrong Advisory
dot Com.
Speaker 1 (12:21):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide is 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 7 (12:35):
This is Michael Valila, added one of the Disabled American
Veterans Department of Massachusetts. We focus on the people returning
from service, not their specific illness or injury. Our number
one goal is to make sure our veterans have the
necessary services they need, be it physical, emotional, or financial,
so that their transition can be seamless. You can help
(12:56):
our great American heroes as well by making a donation
today by visiting davfivek dot Boston. That's davfivek dot Boston.
Speaker 1 (13:05):
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So now's the perfect time to plan that getaway to
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Speaker 8 (14:05):
Hi, this is Chuck and Mike from the Armstrong Advisory
Group and our guide this month is titled Understanding Medicare.
Essential Questions Answered Mike. First one that most people have,
how do you actually become eligible for Medicare?
Speaker 5 (14:19):
Vast majority of us you turn sixty five and there's
a special window that becomes open to you when you
are turning sixty five for you to sign up for Medicare.
And important here because you really do have to sign up,
even if you might not be using the coverage in
the way you planned.
Speaker 6 (14:33):
There's a seven month window.
Speaker 5 (14:34):
Three months before the month you were born, three months after,
and the month of your birth that you have to
sign up for Medicare, and you need to get in
there and do so. Otherwise, if you're disabled, you are
potentially eligible for Medicare, but for most of us it's
that sixty fifth birthday. What are the different parts of Medicare? Actually, yeah,
so the part A basic piece is just your hospital
(14:55):
insurance coverage. Most people don't pay for this. This is
part of the benefits and it'll cover in patient hospital stays,
skilled nursing facility care, etc. Hospice care for an example,
is in there. Then you get into parts B, C
and D, and that's where you get into more complex stuff.
But your Part B is your medical insurance, Part C
is your Medicare advantage plans, and then Part D is
(15:15):
an important one when you're retired as.
Speaker 6 (15:17):
Well your prescription drug coverage.
Speaker 5 (15:19):
And that's where getting a professional involved there to help
you consult on what you might need giving your specific
health needs is important.
Speaker 8 (15:26):
The guide is titled Understanding Medicare Essential Questions Answered, and
it discusses these topics as well as a host of
other ones. How do you request it? Call eight hundred
three nine three for zero zero one. That phone number again,
to request. The guide is eight hundred three nine three
for zero zero one for the guide understanding Medicare Essential
(15:48):
questions answered.
Speaker 1 (15:49):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide is specific financial, legal or tax advice. Consult
your own financial, tax and to state planning advisors before
making any investment decisions. Armstrong make contact you to offer
investment advisory services. This is Ask Todd on the Financial
Exchange Radio network. If you have an existing estate plan
(16:10):
or in the market for one, Todd Lutsky is here
to answer your questions and help you plan for later life.
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. Now here's Todd Lutsky.
Speaker 8 (16:31):
As promised, We're now joined by Todd Lutsky from the
law firm of Cushing and Dolan. The segment is Asked Todd,
and it is your opportunity to ask Todd your estate
planning questions. Phone lines wide open right now at eight
eight eight to zero five two two six three eight
eight eight two zero five two two sixty three one
more time. That number is eight eight eight to zero
(16:54):
five two two six three. Mister Lutsky, how are you
doing today?
Speaker 3 (17:00):
Never better? How are you? Uh pretty good? Huh oh?
Speaker 8 (17:03):
I got a question for you. Yeah, what do you
call a monk who walks everywhere in bare feet? Has
poor bone density and really bad breath.
Speaker 3 (17:13):
That's a lot of things.
Speaker 4 (17:14):
I can't even think of all those. I can't even
follow this, So I'm just going to say, I don't
know a super callous, fragile mystic hex by halitosis. Wow,
that's I know, it's wild.
Speaker 3 (17:26):
That is wild. I can't even remember that.
Speaker 8 (17:28):
Let's talk a little bit about estate planning. When we
talk about someone who's maybe at the beginning of the
estate planning process, yeah, probably a little bit intimidated. How
do they decide which estate planning tools are actually the
right ones for their specific situation.
Speaker 4 (17:45):
So a couple of things. When we talk about it.
I always like to this is why we call it.
This is the guide. Is back to the basics, right,
it's thinking about how do we get started? I would say,
the very first thing you should do is take a
look at your assets and value them. Figure out what
it is you own and what you roughly think it's worth,
(18:07):
because it's the value of the estate that really drives
the type of a state plan that you're going to do. Okay,
so let me try to expand on that a little.
You know, when I say how you own it? Right,
if you own it, it's it's an asset. It doesn't
mean it's a probate asset. It just means that it's
(18:27):
a gross estate asset, very different. You could have zero
probate assets, but all are still part of your gross estate.
I think the bigger question is when I say value
it intuitively, what am I valuing?
Speaker 3 (18:42):
Right?
Speaker 4 (18:43):
What is included? Not everybody thinks about this, right, but
obviously your your bank accounts and your brokerage accounts. That
comes to mind, right because it's money, and you say, yeah,
I feel it, I see it. You know what they
don't think about real estate. They say, oh, yeah, I
got a million dollar home. Oh, but I'm don't feel
like I'm worth a million dollars because it's it's real estate.
Speaker 3 (19:02):
You know, I don't.
Speaker 4 (19:03):
I don't count that Oh, but the government does, so
you got to count that as an asset of the estate.
Another thing people don't think about roth iras. They say, oh,
you know roths are income tax free. Well, yeah they are,
but they're estate taxable when you die, so please count them.
You know, even regular iras, they are you know es,
(19:24):
state taxable when you die, so please count them as
part of your estate. And you know one of the
other things that that almost everybody forgets life insurance, right, Oh,
life insurance. Isn't that income tax free? Well it is, yeah,
when when you die, if your spouse gets it, it's
income tax free. And never mind a spouse, whoever gets it,
(19:47):
it's income tax free to the person who gets it.
But the government values everything right when you die. The
moment you die, that's when they value it. Because you
might say, well, you know, I got this term insurance
policy and it has zero cash surrender value today because
I'm living. The next day I die, well, it's worth
(20:08):
a million dollars if that's the face value.
Speaker 3 (20:10):
That's when the government values it.
Speaker 4 (20:12):
So now one item, right, you could be sitting here saying, well, geez,
I'm not worth a million dollars. Oh wait, I have
a million dollar life insurance policy. You're all of a
sudden worth a million dollars and you haven't talked about
any other assets yet. That one asset could put you
at a million dollars.
Speaker 8 (20:30):
Talking with Todd Wtski from the law firm of Cushing
and Dolan.
Speaker 9 (20:34):
Again.
Speaker 8 (20:34):
The segment is called Ask Todd because it's your opportunity
to ask Todd your estate planning questions.
Speaker 3 (20:40):
We do have space on the phone line.
Speaker 8 (20:42):
Still at eight eight eight to zero five two two
sixty three. That is the number to call to ask
Todd your estate planning question live on air again. That
number is eight eight eight to zero five two two
sixty three. We're going to take a quick break right now,
but when we come back, it's going to be right
(21:02):
to your calls with Todd. That phone number is eight
eight eight two zero five two two sixty three. One
last time, eight eight eight to zero five two two
sixty three, your calls with Todd when we return.
Speaker 1 (21:16):
Ask Todd with Todd Lutskey every Wednesday at ten thirty
only here on the Financial Exchange Radio Network.
Speaker 7 (21:25):
This is Michael Valila, adjutent of the Disabled American Veterans
Department of Massachusetts. We pride ourselves on being able to
support veterans in their time of greatest need, ensuring they
receive the protections they deserve. For over one hundred years,
the DAV of Massachusetts has helped thousands of veterans with housing,
transportation and medical assistance, and you can help too. Please
visit DAV fivek dot Boston and make a donation today.
(21:47):
That's DAV five k dot Boston.
Speaker 5 (21:51):
Medicare provides health coverage for millions of Americans, but it's
a challenging program. Being aware of its many complexities is
crucial to your healthcare plans for later life.
Speaker 10 (21:59):
HI.
Speaker 5 (21:59):
This is like Armstrong from the Armstrong Advisory Group, and
our new guide is called Understanding Medicare. Essential Questions Answered
in It will help you learn about the basics, including
enrollment periods, costs, and coverage options, as well as more
complicated issues like filing claims and appeals and planning for
long term care. Call us today at eight hundred three
nine three four zero zero one and request your free
guide today. There are many resources available to help you
(22:22):
understand your options and rights under Medicare. Ask for our
free guide and learn more so that you can make
the most informed decisions for your healthcare and you can
get it by calling eight hundred three nine three four
zero zero one. Again that numbers eight hundred three nine
three four zero zero one.
Speaker 1 (22:37):
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 and to state planning advisors before
making any investment decisions. Armstrong may contact you to offer
investment advisory services. The calendar is turned and the cold
is here to stay, So now is the perfect time
to plan that getaway to the US Virgin Islands. Back
(22:58):
now and take advantage of a special promotion to Saint Croix.
The experience a vibe like no other and receive a
two hundred and fifty dollars per person airfare credit and
a free hotel night when you book a five night
minimum stay with any participating hotel before June thirtieth, twenty
twenty five. Saint Croix is known for its incredible history
and spectacular architecture, along with world class cuisine, incredible golf courses,
(23:21):
and a wide variety of water sports. From the moment
you arrive, you'll fall naturally in rhythm with the heartbeat
of the islands. There's no money to exchange, and travel
from New England could not be easier. America's Caribbean Paradise
is waiting for you the experience a vibe like no
other on the island of Saint Croix. Go to visit
USVII dot com and use the code Vibe twenty twenty
(23:42):
five for more information and book your trip today. That's
visit USVII dot com and code Vibe twenty twenty five.
Speaker 11 (23:51):
This is Starker Silvo 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 Looks
Change quick tip of the Day, and today we're talking
about the basics of estate planning. Todd, what happens if
you don't have a healthcare proxy in place in your
spouse needs nursing home care.
Speaker 4 (24:11):
So this is a basic document that we don't talk
about as much as we should. It allows you to
appoint somebody else to make a medical decision for you.
And by the way, it's not just one medical decision.
It could be any number of things, from prescription drugs
to doing a surgery, and yes, the most important one,
which is, hey, if all hope is lost, I don't
(24:32):
want to you know, be on a machine. But that's
the basics, and you do need it for that. But
the bigger point is if you enter a nursing home
and you don't have one of these, you're not going
to be able to admit them. You're going to have
to go get a guardianship in order to admit them
to the nursing home because they're not going to allow
you to do that. So very important that you have
one for that. Now, guardianships are time consuming and expensive.
(24:54):
If you got to hire a lawyer, you got to
go through a lot of nonsense.
Speaker 1 (24:57):
Right.
Speaker 4 (24:57):
If you have this basic document, which you should have
for anyway, just for your basic purposes, having it not
only for those reasons, but to help you get into
a nursing home if you need to, is essential.
Speaker 11 (25:08):
Learn how you can avoid probate, eliminate estate taxes, keep
your money in your family, and protect your assets from
the nursing home. Request the brand new guide from Cushing
and Dolan. It's called Back to the Basics eight six
six eight four eight five six nine nine, or you
can request it from their website Legal Exchange Show dot com.
(25:29):
Cushing and Dolan have been helping families like yours for
more than thirty years. Call eight six six eight four
eight five six nine nine, or request it from their
website Legal exchange show dot com.
Speaker 1 (25:41):
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. You're listening to Ask Todd with Todd Lunsky
on the Financial Exchange Radio Network.
Speaker 8 (26:02):
All right, all right, all right, let's get right to
your calls with Todd Lutsky. First in the queue, We've
got Mike from Drake and Mike, what's your question for Todd.
Speaker 2 (26:14):
I have a.
Speaker 10 (26:15):
Grandfather who passed away.
Speaker 4 (26:17):
Uh huh.
Speaker 10 (26:18):
He left everything in his will. Basically, come is coming
to me and my wife. Okay, there's only one thing.
One thing. There was a bank account that was left
in a trust to my father in law. My father
in law has now had had passed before my my
grandfather had passed away. My grandfather had dementia. My question
(26:40):
is where will that money go now that was in
that trust from the Bank of America. Will that go
back into my grandfather's estate or does that go to
my my father in law who remarried another woman.
Speaker 4 (26:51):
Okay, so you just added a third factor that really
that really threw me off. So let's let me just
try to recap and please please try to help me
what I ask you these questions.
Speaker 3 (27:00):
And so the first the first.
Speaker 4 (27:01):
One is, there's you're the grandchild of the grandfather who
died and left a will leaving assets to you and
your wife. So that that piece is clear, right, we
understand that that went to you, right, Yeah, Okay, that's
not an issue. In addition to that, you said that
your stepfather or no, your your father in law, my
(27:24):
father in law, your father in law had a trust
in place a bank account in a trust or was
or did the account say in trust.
Speaker 10 (27:33):
For in trust for?
Speaker 4 (27:36):
So there was no actual establishment of a of an
actual trust. It just simply is more of a designated
beneficiary on the.
Speaker 3 (27:45):
Account, correct, I believe?
Speaker 10 (27:48):
So?
Speaker 3 (27:48):
Okay, so it said in trust for.
Speaker 10 (27:51):
Who it would be his name Harry.
Speaker 3 (27:55):
No, no, no, So who's Who's Harry's not the father
in law? Right, yes he is.
Speaker 4 (28:01):
So the father in law had an account and the
account said when I die, when father in law dies,
the assets in the troy goes to who.
Speaker 10 (28:12):
No, when grandfather passed away it would go too. It
was the trust was in the grandfathers and when he
passed away it went to my father in law, which
my father in law had passed away before my grandfather.
Speaker 4 (28:25):
Okay, So let's now, I'm just trying to get to
the bottom of this, right, this is what's complicated about
a lot of these questions. So grandfather again had one
bank account that had in trust for father in law.
Speaker 3 (28:40):
Correct, correct, Correct.
Speaker 4 (28:42):
And father in law died before grandfather correct, Okay, and
that account still existed when grandfather died.
Speaker 10 (28:53):
Correct.
Speaker 4 (28:54):
And so if it said in trust for someone who's
deceased and there was no all turn it beneficiary listed,
then what happens is that would end up in the
probate estate of the father in law. So I'm sorry,
not of the father in law. It would lapse as
to the father in law. It would end up in
the probate a state of the grandfather. So then the
(29:17):
grandfather would die owning an asset with no beneficiary but
in his name, so his will should direct where that goes.
So then that would end up going to you because
his will said everything that's a probate asset goes to you.
Remember that item initially would not have been a probate
(29:38):
asset because of the designated beneficiary listed. That's what keeps
it out of probate. But if that beneficiary does not exist,
then it's as if there is no designated beneficiary, So
then it would end up a probate asset. Now his
will says where it goes, so I think it goes
(29:58):
to you if his you and your wife. If his
will says, I leave all my probate assets to my
grandson and his wife, So there you go. That's my answer,
and I think that's where it's going to go. But
you might have to do some probate work for your
grandfather's estate. Folks, lots of stuff going on in a
(30:21):
question like that, and again I think it's partly because
of the lack of planning that was done right. If
you don't do your planning, you run into these kinds
of problems. Learn how to do your planning. Get the
guide back to the Basics. It's basically a recommendation. It's
my engagement letter to a made up family with a
bunch of assets, and it talks about the will, the healthcare,
(30:43):
the power of attorney. The Hippah really explains documents that
we always cursory, give a cursory example of what they are.
And it also you can put your fact pattern with
this and learn it. In this one, it recommends an
irrevocable trust or two for this family. See if this
recommendation works for you. If not, learn by getting the guide.
(31:04):
It will at least teach you how to begin thinking
about getting your estate plan in order. One of my
favorite guides Folks eight six six eight four eight five
six nine nine or Legal Exchange Show dot com Back
to the Basics eight six six eight four eight five
six nine nine or Legal Exchange Show dot Com.
Speaker 8 (31:26):
Todd, I've got another caller for you here. We've got
Steve in Bridgewater. Steve, you are on with Todd Lutsky.
Speaker 9 (31:35):
Hi, guys, how are you doing great? You all right?
Doing good?
Speaker 3 (31:40):
Hey?
Speaker 9 (31:41):
Life of State? My mother had a life of state.
I was the remain demand. Okay, she passed away in
twenty twenty four. For for cost basis, would I do
a cost basis when the life of state was first
created or she pass away?
Speaker 3 (32:01):
Do you still own the house or did you sell it?
Speaker 9 (32:06):
Sold it already?
Speaker 3 (32:07):
So you sold it when? Did you sell it.
Speaker 9 (32:12):
In December of twenty twenty four? She passed away in
April of twenty twenty four.
Speaker 4 (32:17):
Okay, so that's why I needed to know those specifics.
Speaker 3 (32:21):
So here's here's the answer. One the house.
Speaker 4 (32:26):
I'm going to expand so people understand, first of all,
what is a life estate.
Speaker 10 (32:29):
Right.
Speaker 4 (32:29):
A life estate is when you give something away like
a house, your primary residence, Please don't do it with
any asset, and retain the right to live there.
Speaker 3 (32:38):
Right.
Speaker 4 (32:39):
So by doing that, retaining the right to live there,
you avoid probate when she dies, and you've protected it
from the cost of long term care. I don't love
the arrangement because there's a lot of negatives that go
with it, but in this case, we don't need to
go down that road because Mom has passed already, so
none of the negatives happened. So we now though by
keeping that retained interest, that right to live there, that
(33:02):
causes that asset to be included in mom's estate on
the date of death. So in April of twenty twenty four,
the full value, not just the value of the life estate,
but the full value of the property needs to be
included in her gross estate, not her probate estate. So
(33:24):
it's not a probate issue to determine whether or not
an estate tax return is due. So on the date
of death, April, what do you think that house was worth?
Speaker 3 (33:34):
Steve four point fifty? Okay, So if.
Speaker 4 (33:39):
We've got a four hundred and fifty thousand dollars value
on the house, that means that the cost basis to
Steve is four hundred and fifty thousand dollars. Now, between
April and December, this may have increased in value.
Speaker 3 (33:54):
How much did you sell it for? Oh? Even better?
Speaker 4 (34:01):
So in this case you cannot generate a loss. I know,
as much as you might be thinking that's great, No,
you can't generate a loss. But in this case you
will have zero gain to report on your income tax return,
right because when you report it, you'll show the sale
four forty or for four to forty, you'll show the
(34:23):
cost basis of four forty. And by the way, when
you say you thought it was worth four fifty, if
you sell it within nine months of the date of
death roughly where you are, even within a year of
date of death, it's the sale price that is the
cost basis. So in this case you've got to step
up in basis. Your cost is four forty, your proceeds
are four to forty, your gain you report as zero,
(34:47):
and you keep all the money.
Speaker 3 (34:48):
No federal, no state death tech.
Speaker 4 (34:49):
So that's how you calculate cost basis in a situation
like this, and that's a great thing to have, folks.
Whenever you're dealing with real estate, you always want to
think about not giving away an asset like that and
keeping it so that when the beneficiaries get it, in fact,
if they don't want it, they can sell it and
not have the capital gains tax to pay. And if
(35:12):
it happens to be a rental property and you get
a step up in basis and you keep the property,
then you have the ability to offset the rent through
depreciation over the next twenty seven and a half years.
So wonderful things step up in basis folks. Learn learn
about step up in basis also in the guide.
Speaker 3 (35:32):
Mister Lutski.
Speaker 1 (35:32):
Thank you for joining us today.
Speaker 3 (35:34):
Always a pleasure.
Speaker 1 (35:36):
This has been Asked Odd 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 Cushing Doolan
dot com. The views expressed in this segment are solely
(35:56):
those of Cushing and Dolan Armstrong advisor. He does not
provide any legal or tax Please consult with your legal
or tax advisor on such matters. Cushing and Armstrong do
not endorse each other and are not affiliated. If you're
nearing retirement age and are concerned about how to protect
your assets, you need to call Cushing and Dolan, the
experts in old law. Their new guide is called Back
to the Basics, and it will help you create a
plan that will help you understand issues like avoiding probate,
(36:18):
passing your assets along to your family, and potentially eliminating
your estate taxes. This free guide has all the information
you need to build a safe and secure estate plans
that will give you peace of mind as you close
in on retirement. Call eight six six eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
(36:40):
have been helping families like yours for thirty years. Let
them help you too. Get their new guide called Back
to the Basics today Call eight sixty six eight four
eight five six ninety nine or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for and the music expressed are sole leados of
Cushing and Dolan. Cushing and Dolan and or Armstrong Advisory
may contact thank you're offering legal or investment services. Cushingon
(37:02):
Dolin and Armstrong Advisory do not endorse each other and
are not affiliated. The calendar is turned and the cold
is here to stay. So now is the perfect time
to plan that getaway to the US Virgin Islands. Back
now and take advantage of a special promotion to Saint Croix,
the experience a vibe like no other and receive a
two hundred and fifty dollars per person, airfare credit and
a free hotel night when you book a five night
(37:24):
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twenty five. Saint Croix is known for its incredible history
and spectacular architecture, along with world class cuisine, incredible golf courses,
and a wide variety of water sports. From the moment
you arrive, you'll fall naturally in rhythm with the heartbeat
of the islands. There's no money to exchange, and travel
(37:44):
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five for more information and book your trip today. That's
visit USBI dot com and code vibe twenty twenty five.
Speaker 6 (38:06):
Hi.
Speaker 7 (38:06):
I'm Michael Valila, Adjuna of the Disabled American Veterans Department
of Massachusetts. The DAV of Massachusetts provides thousands of hours
of voluntary services at our VA medical centers and soldiers
homes and is the only DAV department in the country.
To lead a Veterans Housing initiative for both single veterans
and those with families. These programs are critical to serving
our veterans and their time and need. You can help
(38:28):
our great American heroes by making a donation today. Please
visit dav fivek dot Boston. That's dav fivek dot Boston.
Speaker 1 (38:36):
Hi.
Speaker 8 (38:36):
This is Chuck and Mike from the Armstrong Advisory Group
and our guide this month is titled Understanding Medicare. Essential
Questions Answered Mike. First one that most people have, how
do you actually become eligible for Medicare?
Speaker 5 (38:49):
Vast majority of us you turn sixty five and there's
a special window that becomes open to you when you
are turning sixty five for you to sign up for Medicare.
And important here because you really do have to sign up,
even if you might not be using the coverage in
the way you planned. There's a seven month window three
months before, the month you were born, three months after,
and the month of your birth that you have to
(39:10):
sign up for Medicare, and you need to get in
there and do so otherwise, if you're disabled, you are
potentially eligible for Medicare, But for most of us, it's
that sixty fifth birthday. What are the different parts of Medicare? Actually, yeah,
so the part A basic piece is just your hospital
insurance coverage. Most people don't pay for this. This is
part of the benefits and it'll cover in patient hospital stays,
(39:32):
skilled nursing facility care, et cetera. Hospice care for example,
is in there. Then you get into parts B, C
and D, and that's where you get into more complex stuff.
But your Part B is your medical insurance, Part C
is your Medicare advantage plans, and then Part D is
an important one when you're retired as.
Speaker 6 (39:48):
Well your prescription drug coverage.
Speaker 5 (39:50):
And that's where getting a professional involved there to help
you consult on what you might need giving your specific
health needs is important.
Speaker 8 (39:57):
The guide is titled Understanding Medicare Central Questions Answered, and
it discusses these topics as well as a host of
other ones. How do you request it Call eight hundred
three nine three for zero zero one. That phone number
again to request the guide is eight hundred three nine
three for zero zero one for the guide Understanding Medicare
(40:18):
Essential Questions Answered.
Speaker 1 (40:20):
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, and estate planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services. Your tune to the Legal Exchange with Todd Lutsky.
If you are a loved one needs a nursing homestay,
(40:40):
call Todd right now at eight sixty six eight four
eight five six nine nine and let him make sure
your assets are protected. That's eight sixty 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
Susan Pour is 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
Masters in taxation. So, Todd, when you talk about your
back to Basics guide, it's really about the fundamentals of
(41:17):
how to create your estate plan. So beginning to try
and figure out what the right type of a state
plan is for you, where do you even start?
Speaker 4 (41:29):
It's a fair question, So I think the first thing
you really need to do is just just value your assets.
So whatever you own, you have to decide, you know,
kind of how you own it. And if you do
own it, you have to remember it's going to be
(41:49):
part of your gross estate. We're not saying whether it's
part of your pro beta state. Yeah, it could be
zero in Probata state, but when you own it, it's
part of your gross estate. And so you need to
add up all the value of your assets to see
where you hit these exemptions. And we have them across
all the states right in New England anyway, and again
(42:10):
not every state has an estate tax, but you need
to consider both the state and the federal exemption and
that's what's going to kind of dictate what kind of
plan you do.
Speaker 2 (42:19):
So your total net worth essentially exactly.
Speaker 4 (42:22):
So let's let's assume that one of the you calculated
and you say, I'm worth just north of three million. Okay, Well, federally,
you're probably thinking that's not a big problem.
Speaker 2 (42:35):
No, because it's what thirteen thirteen nine almost fourteen.
Speaker 3 (42:40):
And likely you know that what that you heard there
was an election, so.
Speaker 2 (42:45):
Her a little something about that.
Speaker 4 (42:46):
Likely now because of the result that that exemption probably
will stay high. Okay, we don't know, but because there's
only two vote difference in the House, you know, you
upset a few Republicans and maybe they don't get what
they want, but likely it's going to stay high. Okay,
So I'm not as worried about, you know, federal but
(43:08):
I got to say, where do I live, right, what state?
If I live in Massachusetts, I say, well, I only
have a two million dollar exemption, but I'm worth three.
And if I'm married, how can I double that exemption?
Speaker 2 (43:19):
So you'd get four?
Speaker 4 (43:20):
Get four? And that's where the planning would come in.
You say, okay, so I want to take care of that.
And then of course the size of the estate it
was much larger than you have to consider the federal
estate tax side as well. And also that size of
the estate will also go towards whether you decide to
do either nursing home planning or not or nursing home planning. Again,
(43:42):
if you're really wealthy in yourself inshured, you probably don't
need it.
Speaker 3 (43:46):
So those are some things to think about.
Speaker 2 (43:48):
Okay. So that determines the type of trust and.
Speaker 3 (43:50):
Yeah, and maybe how many of yes, Okay, exactly.
Speaker 2 (43:53):
So when you say valuing your estate, what assets are
included in that? Like what type of assets?
Speaker 4 (44:01):
So when I say everything, I mean everything, but things
that you don't think about. Right, Let's first talk talk
about what normally would come to mind. Right, Ah, my
bank account, all my investment account. Yeah, I get it.
Those are quick items that would come to mind. What
you sometimes don't think about because you don't see the
(44:22):
money is your house. Oh yeah, you mean my house
has to Yeah, you own a house or a vacation
home or a rental property.
Speaker 10 (44:30):
Right.
Speaker 4 (44:30):
Oftentimes those are like, yeah, I don't feel like I
have a million dollars, right because my house is worth
a million, you know, and I get it, but the
government values it. Another item you don't think about all
the time that would need to be included iras. What
about wroth irs?
Speaker 2 (44:49):
What about roth iras? Because those are tax free?
Speaker 4 (44:51):
Right, everybody thinks, oh my gosh, it's a roth ira,
so it's tax free. So it's income tax free, folks,
not estate tax free. So it's still included as an
asset in the estate. So the iras, the roth irays
need to.
Speaker 3 (45:05):
Be picked up.
Speaker 4 (45:06):
And I would say, lastly, the other thing that no
one really thinks about life insurance.
Speaker 2 (45:12):
Life insurance is tax freacha.
Speaker 3 (45:13):
It sure is.
Speaker 4 (45:14):
It's income tax free boy. But when you die, it's valuable.
And so it's the value of the insurance on the
date of death that matters. So if I have a
term policy with zero dollars cash surrender the day before
I die, then I die, it's worth a million dollars.
If that's the face value, yep, I am now worth
(45:35):
a million dollars.
Speaker 2 (45:36):
And you're going to be taxed on that million dollar
life insurance policy, correct, which could cause your estate to
be taxable.
Speaker 3 (45:42):
Right.
Speaker 4 (45:42):
You don't even think about it. Right, You could say, oh, well,
I'm not worth a million dollars, but I have a
million dollar life insurance policy, so now you're worth a
million dollars and we haven't talked about any other assets
of your estate.
Speaker 2 (45:53):
All gets piled on the table.
Speaker 3 (45:54):
It really does. It really does.
Speaker 4 (45:56):
So stuff like that sneaks up on you, folks. And
so when you want to do get your this is
why you want to get your planning done, get the
guide this month. It really does explain these things. It's
called back to the basics. It's basically a recommendation to
a made up family with a series of facts and assets.
(46:17):
I basically put together an engagement letter describing to them
exactly what they should do. This might be the plan
that fits your family dynamics and your asset base. If not,
put your facts in and see whether it does fit.
It explains not only the irrevocable trust, because that's what's recommended.
It also talks about all the basic documents, from wills
(46:38):
to powers of attorney to hip aforms. Get the guide, folks,
and get your estate planning off the dime.
Speaker 3 (46:45):
It's the beginning of a new year.
Speaker 4 (46:47):
Eight six six eight four eight five six nine nine
or Legal Exchange Show dot com. Again back to the
basics eight six six eight four eight five six nine
nine or Legal Exchange Show dot com.
Speaker 2 (47:02):
So, Todd, I think about how throughout the course of
life your goals and objectives change. You know, you first
get married, then you have kids, and then your age.
How does your age impact the type of planning you
would do?
Speaker 4 (47:18):
So again, very important, let's go from younger to older.
So a lot of times we talked a little bit
about value. Again, just because you have a little bit
of assets doesn't mean that you don't plan, right, So
that's where you begin. So, yes, value is important, even
though you have small amount. Now, you still might want
(47:39):
to plan for other reasons. Why what if you're thirty five,
married couple, got your first house yep, have a couple
of young kids, miners, but still not overly valuable at
that age, right, you have might have some debt and whatnot,
but you know you got your four oh one k going,
(47:59):
You've got some savings tucked away, you.
Speaker 2 (48:03):
Get some employer life insurance, maybe the term point.
Speaker 4 (48:08):
Yeah, you might have the group term so and that
could throw you up a little bit. But even then,
it's not so much about the size of that estate
as it is.
Speaker 3 (48:18):
I got young kids, right, so I get it.
Speaker 4 (48:21):
I want to avoid probate and not pay taxes accidentally,
and that's important. But if I die and I have
minor children, they can't own anything. So if they can't
own anything, I don't want the guardian that I listed
in my will, which by the way, would be another
reason for you to do your planning. When you have
young children, you really need the will. The one important
(48:43):
thing the will does do is a point of guardian,
so please do that. But if you're going to do
your planning, you know, the whole plan would be the
trust because I don't want the guardian owning my stuff, right,
So instead I'll have the trust own my stuff, and
I'll have a trustee doing exactly what the trust says
(49:04):
can be done.
Speaker 2 (49:06):
That stuff you've appointed, right, be your backup trustee.
Speaker 4 (49:10):
Take care of the kids, take care of you know,
hold the assets, do the investments, you know, make the
distributions the way I want them to go for health,
for education. So to me, what's going on after the
fact can be more important than just the probate and
the taxes.
Speaker 3 (49:26):
So young people, yeah, step up.
Speaker 4 (49:29):
What about as we age Right now, we're gaining assets,
Our value of our estate is growing right where we
now have maybe more of that concern about taxes and probate,
But we still have kids and we might have grandkids now.
So sixty and over is the next sort of breakpoint
that I would talk about. When you're sixty and over,
I'm going to ask the question about nursing home planning.
(49:52):
I'm going to say, if you're coming in and you're
doing an estate plan, is one of the objectives over
and above the bloodline planning, The probate work. The tax
work is one of the objectives protecting assets from the
nursing home. I'm going to ask if it is at
sixty and over, we're going to discuss how the irrevocable.
Speaker 3 (50:13):
Trust might work.
Speaker 4 (50:14):
Okay, So to me that age is a big difference.
And again if you're older, if you're sixteen over, but
you're not doing nursing home planning, then it's really all
about the revocable trust. So folks learn what plan is
right for you. Get back to the basics, get started
on your estate planning eight sixty six eight four eight
five six ninety nine or Legal Exchange show dot com.
Speaker 2 (50:38):
Todd Lutsky from the law firm of Cushing in Dolan,
thank you so much.
Speaker 3 (50:41):
Thank you, Susan. Always a pleasure.
Speaker 2 (50:43):
I'm Susan Power as 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 Lutskey.
Speaker 1 (50:54):
If you're nearing retirement age and you're concerned about how
to protect your assets, you need to call Cushing and Dolan,
the experts in elder law. Their new guide is called
back to the basics, and it will help you create
a plan that will help you understand issues like avoiding probate,
passing your assets along to your family, and potentially eliminating
your estate taxes. This free guide has all the information
you need to build a safe and secure estate plan
(51:16):
that will give you peace of mind as you close
in on retirement. Call eight six six eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
have been helping families like yours for thirty years. Let
them help you too. Get their new guide, called Back
to the Basics today Call eight six six eight four
(51:37):
eight five six ninety nine, or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for in the music expressed are sole leaders 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 (51:54):
Medicare provides health coverage for millions of Americans, but it's
a challenging program. Being aware of its many complexities is
crucial to your healthcare plans for later life. Hi, this
is Mike Armstrong from the Armstrong Advisory Group and our
new guide is called Understanding Medicare. Essential Questions answered in
it will help you learn about the basics, including enrollment periods, costs,
and coverage options, as well as more complicated issues like
(52:15):
filing claims and appeals and planning for long term care.
Call us today at eight hundred three nine three four
zero zero one and request your free guide today. There
are many resources available to help you understand your options
and rights under Medicare. Ask for our free guide and
learn more so that you can make the most informed
decisions for your healthcare. And you can get it by
calling eight hundred three nine three four zero zero one.
(52:37):
Again that numbers eight hundred three nine three four zero
zero one.
Speaker 1 (52:41):
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. The calendar is turned and the cold is
here to stay. So now is the perfect time to
plan that Get to the US Virgin Islands back now
(53:02):
and take advantage of a special promotion to Saint Croix
the experience of vibe like no other, and receive a
two hundred and fifty dollars per person airfare credit and
a free hotel night when you book a five night
minimum stay with any participating hotel before June thirtieth, twenty
twenty five. Saint Croix is known for its incredible history
and spectacular architecture, along with world class cuisine, incredible golf courses,
(53:24):
and a wide variety of water sports. From the moment
you arrive, you'll fall naturally in rhythm with the heartbeat
of the islands. There's no money to exchange, and travel
from New England could not be easier. America's Caribbean paradise
is waiting for you the experience a vibe like no
other on the island of Saint Croix. Go to visit
USVII dot com and use the code Vibe twenty twenty
(53:46):
five for more information and book your trip today. That's
visit USVII dot com and code vibe twenty twenty five,
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 avoid 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 sixty six eight four eight five six ninety nine
to make an appointment. That's eight six 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 Letsky. I'm Susan Powers,
a financial advisor with the Armstrong Advisory Whoop, and I'm
joined by Todd Lotsky, a partner with the law firm
of Cushing and Dolan with a master's in taxation. Welcome Todd.
How are you today?
Speaker 3 (00:51):
I am never better in you.
Speaker 2 (00:52):
I'm great? Thank you. What do you have for us
this week?
Speaker 3 (00:54):
Couple of things. One, we've got a Texas Supreme Court case,
so it's like the super Bowl. Well it's Super Bowl.
Speaker 4 (01:00):
So a Texas Supreme Court case dealing with basically a
lost will, but more importantly how and whether or not
unsworn testimony regarding the lost will and the presumption of
revocation of a lost will that goes with it should
or should not be taken into account in deciding whether
(01:22):
the will was in fact presumed revoked or not. So
and of course there's lots of other lessons I'm going
to teach you from this particular case, and then I'm
back to a real life story. So I haven't had
a fair hearing in a while, which is great news
telling everybody that the Medicaid trusts actually work. And this
one was a New Hampshire situation. So I want to
(01:43):
explain that, and it's our trust, and it was a
big win weally for a irrevocable Medicaid trust to explain
how it works, why it works, how they lived with
it their whole lives until someone did get sick. And
then the problem that occurred here is, of course the
kids decided to apply for medicaid on their own. Well,
that didn't go over so well, and so they called us,
(02:05):
and then we had to get things back on track,
but a very very good positive story on irrevocable trusts,
which actually leads me to the guide because the guide
is back to the basics, but it's it's really more
about a real life story. It's your fact pattern, it's
a person, it's a family fact pattern.
Speaker 3 (02:27):
Assets listed.
Speaker 4 (02:29):
You can put your own assets into this and then
see it's not like an engagement letter. I recommend an
entire estate plan in here, So if you've never gotten
started doing estate planning, this guide is for you. It
does deal with an irrevocable trust that was their decision,
but it also talks about the will and the health
care proxy and the power of attorney and the hip
(02:49):
a guide and all the basic documents that kind of
get you know, a cursory review all the time, but
they lay it out in this guide for you as well.
So it really brings a whole estate plan to together,
the basic documents and a recommendation for the client on
an irrevocable trust in this case and how it works.
See how you can get started with your estate plan.
(03:11):
Back to the basics, folks will really get you off
and running eight six six eight four eight five six
nine nine or legal Exchange show dot com. You can
download it there again eight sixty six eight for eight
five six nine nine or legal exchange show dot com Texas.
Speaker 3 (03:31):
Let's go there.
Speaker 2 (03:32):
I'd like to probably a little warmer.
Speaker 4 (03:34):
Yeah, well, I don't know, they got snow lately. So
Myrtle created a will in August of two thousand and nine,
naming her cousin Annabelle the beneficiary and the PR. Well,
they had a falling out shortly after that, so Myrtle
did a new will in October of two thousand and nine,
(03:57):
so it wasn't that much later. She pointed to Beverly
the PR and the beneficiary. I'm sorry, Beverly was the
PR and the beneficiary was the Humane Society, so now
she's gone to charity. Well, shortly after that, Kathy, an attorney,
was appointed guardian for Myrtle, And so that makes me
(04:18):
think about capacity issues. Why was did we need a
guardian for Myrtle shortly after she created that will? But
that really didn't come up much. Myrtle then died in
August of twenty eighteen, so nine years later, well, Beverly
was appointed the PR, so she probated a copy of
(04:42):
the October will. Stating that they couldn't find the original
will and it couldn't locate it and that it was
accidentally disposed of during the guardianship. Well, Kathy the attorney
and the guardian she filed a determination of airship at
(05:02):
and the Humane Society, and Beverly objected. Well, Cathy had
unsworn testimony saying that the caretakers were stealing from her
the papers when she got there had all gone through,
they were all in disorder, disarray. She searched for the will,
she couldn't find the will. All this testimony she has,
and you know, and Myrtle was very easily exploited. So
(05:25):
Cathy searched, couldn't find the will, and no one objected
to her unsworn testimony. Okay, Well, the trial court refused
to probate the October will, saying, you know what, there
wasn't enough evidence presented to prove that the October will
had not been revoked.
Speaker 3 (05:41):
Folks.
Speaker 4 (05:41):
Remember, there's a presumption of revocation when you can't find
the will, the original will, presumption of revocation, and you've
got to overcome that presumption. And the trial court said, Nope,
we're not going to do it because there wasn't enough.
So where does that leave you. Well, maybe the the
August nine will, If that's around, that's going to carry
(06:04):
the day. Well, the Humane Society didn't like this, so
they appealed, and the appelled court affirmed the trial court. Well,
they still didn't like it, so they appealed again to
the Supreme Court, who reversed. Really now why they reverse, Well,
they said the lower court really should have considered the
unsworn testimony of Kathy.
Speaker 3 (06:24):
They didn't.
Speaker 4 (06:25):
They ignored all that testimony of Kathy because it was
not sworn testimony. No one objected, right, So the Supreme
Court said, look, Kathy is not only an attorney, she's
an officer of the court and a guardian. And no
one objected to her testimony, so her testimony should have
(06:45):
been considered. Yeah, when determining this case. So they remanded it.
I know you don't like that.
Speaker 2 (06:52):
You didn't give us an answer, So.
Speaker 4 (06:56):
They remanded the case to say, listen to this testimony.
Now remember if you didn't, So what do we learn here?
You know, first and foremost, keep your records right. So
we don't know right now if the October will is
going to work or not. I think at the end
of the day when they listen to her testimony, that
(07:16):
that's enough evidence to show that they overcame the presumption
of revocation. They couldn't find it for all these bad
reasons that the you know that was being done to
the to the caretaker by the caretakers. I'm sorry, the
caretakers were stealing all our papers. That's probably what happens. Oh,
that might be a reason that we can't find it,
(07:37):
not that it was revoked, so they can overcome that presumption.
So I think we're probably going to be okay here,
but we don't know.
Speaker 3 (07:45):
What do we learn here?
Speaker 4 (07:45):
Folks keep your records right always, and this is why
when you work with a lawyer, right like, I know
what we do it. We keep the originals. Clients can
have them, but if they want them, but they always
let us keep the originals. We provide a nice book,
we provide a thumb drive. We say, if you lose
your book, print off another one on your thumb drive.
We keep the originals and a soft copy. You lose everything,
(08:07):
you call us up, we give you another one. Not
a problem. So by working with a lawyer, you generally
will not have this lost document, right problem. I mean
that should be the case. So that's first and foremost.
Another lesson we learned is I get a common practical
question from people. They're always asking me, you know, okay,
(08:28):
we did all this to stay planning. Well, how do
we know it's going to work when we're dead?
Speaker 3 (08:32):
Fair question?
Speaker 4 (08:33):
And I can tell you thirty years of doing this, folks,
it is almost instinctive. The kids find the book. Yes,
they open the book. There's our letterhead. Yep, they say,
better call this number because we don't know what to
do next.
Speaker 2 (08:52):
See what the next step is?
Speaker 4 (08:53):
Absolutely, and so folks, it really does just work, and
it really works like that. So so they come in
and then we explain everything, We tell them the next steps,
and everything goes smoothly. Now, lastly, right, this was an
you know what would happen here? What's the result one
way or another?
Speaker 3 (09:13):
Right?
Speaker 4 (09:14):
So, if the October will is no good, the charity's
out right. And if the October will is no good,
but they found the November the August will, and that
will prevail because it says it revokes prior will, so
that will prevail. Right, And it seems like the cousin
Annabel would take well If there's no.
Speaker 3 (09:37):
Will altogether, Annabelle still might be.
Speaker 4 (09:39):
The one that takes, depending on who's the next closest
next of kin. Basically, folks, a will, though, is a won't.
It won't avoid probate, it won't reduce the state taxes
if you're married. It won't protect assets from the nursing home.
Speaker 3 (09:53):
You know.
Speaker 4 (09:53):
It just directs where your assets go. My advice to
you is do way more planning than just a will.
Get the guide, Get back to the basics and get
your plan going today. Learn how to do it eight
sixty six eight four eight five six nine nine or
Legal Exchange show dot com. Back to the basics will
(10:14):
get you off the dime and help you know which
way to plan.
Speaker 2 (10:19):
You've been listening to Todd Lutsky, a partner with the
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 (10:34):
If you're nearing retirement agent are concerned about how to
protect your assets, you need to call Cushing and Dolan
the experts and e their law. Their new guide is
called Back to the Basics, and it will help you
create a plan that will help you understand issues like
avoiding probate, passing your assets along to your family, and
potentially eliminating your estate taxes. This free guide has all
the information you need to build a safe and secure
(10:56):
estate plan that will give you peace of mind as
you close in on retirement. Call eight eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
have been helping families like yours for thirty years. Let
them help you too. Get their new guide, called Back
to the Basics today Call eight six six eight four
(11:18):
eight five six ninety nine, or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for and the music expressed are sole leados 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 (11:35):
In retirement, healthcare coverage is likely to be one of
your largest concerns. This is Mike Armstrong from the Armstrong
Advisory Group. Medicare provides coverage to sixty five million Americans
age sixty five or older, and if you're closing in
on that age, Understanding how Medicare works is not only
important for you individually, but for your family as well.
Speaker 6 (11:52):
Medicare is made up of four parts.
Speaker 5 (11:54):
ABC and D in each of these parts provide specific coverage.
Our new guide is called Understanding metad Care Essential Questions Answered,
and in it we'll explain your eligibility, how to enroll,
and of course the costs. Call us today at eight
hundred three nine three four zero zero one and request
your free guide. There are many different elements of Medicare
and this guide will help educate you on all of them.
(12:15):
Call eight hundred three nine three four zero zero one
to request the guide online from our website Armstrong Advisory
dot Com.
Speaker 1 (12:21):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide is 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 7 (12:35):
This is Michael Valila, added one of the Disabled American
Veterans Department of Massachusetts. We focus on the people returning
from service, not their specific illness or injury. Our number
one goal is to make sure our veterans have the
necessary services they need, be it physical, emotional, or financial,
so that their transition can be seamless. You can help
(12:56):
our great American heroes as well by making a donation
today by visiting davfivek dot Boston. That's davfivek dot Boston.
Speaker 1 (13:05):
The calendar is turned and the cold is here to stay,
So now's the perfect time to plan that getaway to
the US Virgin Islands. Act now and take advantage of
a special promotion to Saint Croix. The experience a vibe
like no other and receive a two hundred and fifty
dollars per person airfare credit and a free hotel night
when you book a five night minimum stay with any
participating hotel before June thirtieth, twenty twenty five. Saint Croix
(13:29):
is known for its incredible history and spectacular architecture, along
with world class cuisine, incredible golf courses, and a wide
variety of water sports. From the moment you arrive, You'll
fall naturally in rhythm with the heartbeat of the islands.
There's no money to exchange, and travel from New England
could not be easier. America's Caribbean Paradise is waiting for
you the experience a vibe like no other on the
(13:51):
island of Saint Croix. Go to visit USVII dot com
and use the code Vibe twenty twenty five for more
information and book your trip today. That's visit USBI dot
com and code Vibe twenty twenty five.
Speaker 8 (14:05):
Hi, this is Chuck and Mike from the Armstrong Advisory
Group and our guide this month is titled Understanding Medicare.
Essential Questions Answered Mike. First one that most people have,
how do you actually become eligible for Medicare?
Speaker 5 (14:19):
Vast majority of us you turn sixty five and there's
a special window that becomes open to you when you
are turning sixty five for you to sign up for Medicare.
And important here because you really do have to sign up,
even if you might not be using the coverage in
the way you planned.
Speaker 6 (14:33):
There's a seven month window.
Speaker 5 (14:34):
Three months before the month you were born, three months after,
and the month of your birth that you have to
sign up for Medicare, and you need to get in
there and do so. Otherwise, if you're disabled, you are
potentially eligible for Medicare, but for most of us it's
that sixty fifth birthday. What are the different parts of Medicare? Actually, yeah,
so the part A basic piece is just your hospital
(14:55):
insurance coverage. Most people don't pay for this. This is
part of the benefits and it'll cover in patient hospital stays,
skilled nursing facility care, etc. Hospice care for an example,
is in there. Then you get into parts B, C
and D, and that's where you get into more complex stuff.
But your Part B is your medical insurance, Part C
is your Medicare advantage plans, and then Part D is
(15:15):
an important one when you're retired as.
Speaker 6 (15:17):
Well your prescription drug coverage.
Speaker 5 (15:19):
And that's where getting a professional involved there to help
you consult on what you might need giving your specific
health needs is important.
Speaker 8 (15:26):
The guide is titled Understanding Medicare Essential Questions Answered, and
it discusses these topics as well as a host of
other ones. How do you request it? Call eight hundred
three nine three for zero zero one. That phone number again,
to request. The guide is eight hundred three nine three
for zero zero one for the guide understanding Medicare Essential
(15:48):
questions answered.
Speaker 1 (15:49):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide is specific financial, legal or tax advice. Consult
your own financial, tax and to state planning advisors before
making any investment decisions. Armstrong make contact you to offer
investment advisory services. This is Ask Todd on the Financial
Exchange Radio network. If you have an existing estate plan
(16:10):
or in the market for one, Todd Lutsky is here
to answer your questions and help you plan for later life.
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. Now here's Todd Lutsky.
Speaker 8 (16:31):
As promised, We're now joined by Todd Lutsky from the
law firm of Cushing and Dolan. The segment is Asked Todd,
and it is your opportunity to ask Todd your estate
planning questions. Phone lines wide open right now at eight
eight eight to zero five two two six three eight
eight eight two zero five two two sixty three one
more time. That number is eight eight eight to zero
(16:54):
five two two six three. Mister Lutsky, how are you
doing today?
Speaker 3 (17:00):
Never better? How are you? Uh pretty good? Huh oh?
Speaker 8 (17:03):
I got a question for you. Yeah, what do you
call a monk who walks everywhere in bare feet? Has
poor bone density and really bad breath.
Speaker 3 (17:13):
That's a lot of things.
Speaker 4 (17:14):
I can't even think of all those. I can't even
follow this, So I'm just going to say, I don't
know a super callous, fragile mystic hex by halitosis. Wow,
that's I know, it's wild.
Speaker 3 (17:26):
That is wild. I can't even remember that.
Speaker 8 (17:28):
Let's talk a little bit about estate planning. When we
talk about someone who's maybe at the beginning of the
estate planning process, yeah, probably a little bit intimidated. How
do they decide which estate planning tools are actually the
right ones for their specific situation.
Speaker 4 (17:45):
So a couple of things. When we talk about it.
I always like to this is why we call it.
This is the guide. Is back to the basics, right,
it's thinking about how do we get started? I would say,
the very first thing you should do is take a
look at your assets and value them. Figure out what
it is you own and what you roughly think it's worth,
(18:07):
because it's the value of the estate that really drives
the type of a state plan that you're going to do. Okay,
so let me try to expand on that a little.
You know, when I say how you own it? Right,
if you own it, it's it's an asset. It doesn't
mean it's a probate asset. It just means that it's
(18:27):
a gross estate asset, very different. You could have zero
probate assets, but all are still part of your gross estate.
I think the bigger question is when I say value
it intuitively, what am I valuing?
Speaker 3 (18:42):
Right?
Speaker 4 (18:43):
What is included? Not everybody thinks about this, right, but
obviously your your bank accounts and your brokerage accounts. That
comes to mind, right because it's money, and you say, yeah,
I feel it, I see it. You know what they
don't think about real estate. They say, oh, yeah, I
got a million dollar home. Oh, but I'm don't feel
like I'm worth a million dollars because it's it's real estate.
Speaker 3 (19:02):
You know, I don't.
Speaker 4 (19:03):
I don't count that Oh, but the government does, so
you got to count that as an asset of the estate.
Another thing people don't think about roth iras. They say, oh,
you know roths are income tax free. Well, yeah they are,
but they're estate taxable when you die, so please count them.
You know, even regular iras, they are you know es,
(19:24):
state taxable when you die, so please count them as
part of your estate. And you know one of the
other things that that almost everybody forgets life insurance, right, Oh,
life insurance. Isn't that income tax free? Well it is, yeah,
when when you die, if your spouse gets it, it's
income tax free. And never mind a spouse, whoever gets it,
(19:47):
it's income tax free to the person who gets it.
But the government values everything right when you die. The
moment you die, that's when they value it. Because you
might say, well, you know, I got this term insurance
policy and it has zero cash surrender value today because
I'm living. The next day I die, well, it's worth
(20:08):
a million dollars if that's the face value.
Speaker 3 (20:10):
That's when the government values it.
Speaker 4 (20:12):
So now one item, right, you could be sitting here saying, well, geez,
I'm not worth a million dollars. Oh wait, I have
a million dollar life insurance policy. You're all of a
sudden worth a million dollars and you haven't talked about
any other assets yet. That one asset could put you
at a million dollars.
Speaker 8 (20:30):
Talking with Todd Wtski from the law firm of Cushing
and Dolan.
Speaker 9 (20:34):
Again.
Speaker 8 (20:34):
The segment is called Ask Todd because it's your opportunity
to ask Todd your estate planning questions.
Speaker 3 (20:40):
We do have space on the phone line.
Speaker 8 (20:42):
Still at eight eight eight to zero five two two
sixty three. That is the number to call to ask
Todd your estate planning question live on air again. That
number is eight eight eight to zero five two two
sixty three. We're going to take a quick break right now,
but when we come back, it's going to be right
(21:02):
to your calls with Todd. That phone number is eight
eight eight two zero five two two sixty three. One
last time, eight eight eight to zero five two two
sixty three, your calls with Todd when we return.
Speaker 1 (21:16):
Ask Todd with Todd Lutskey every Wednesday at ten thirty
only here on the Financial Exchange Radio Network.
Speaker 7 (21:25):
This is Michael Valila, adjutent of the Disabled American Veterans
Department of Massachusetts. We pride ourselves on being able to
support veterans in their time of greatest need, ensuring they
receive the protections they deserve. For over one hundred years,
the DAV of Massachusetts has helped thousands of veterans with housing,
transportation and medical assistance, and you can help too. Please
visit DAV fivek dot Boston and make a donation today.
(21:47):
That's DAV five k dot Boston.
Speaker 5 (21:51):
Medicare provides health coverage for millions of Americans, but it's
a challenging program. Being aware of its many complexities is
crucial to your healthcare plans for later life.
Speaker 10 (21:59):
HI.
Speaker 5 (21:59):
This is like Armstrong from the Armstrong Advisory Group, and
our new guide is called Understanding Medicare. Essential Questions Answered
in It will help you learn about the basics, including
enrollment periods, costs, and coverage options, as well as more
complicated issues like filing claims and appeals and planning for
long term care. Call us today at eight hundred three
nine three four zero zero one and request your free
guide today. There are many resources available to help you
(22:22):
understand your options and rights under Medicare. Ask for our
free guide and learn more so that you can make
the most informed decisions for your healthcare and you can
get it by calling eight hundred three nine three four
zero zero one. Again that numbers eight hundred three nine
three four zero zero one.
Speaker 1 (22:37):
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 and to state planning advisors before
making any investment decisions. Armstrong may contact you to offer
investment advisory services. The calendar is turned and the cold
is here to stay, So now is the perfect time
to plan that getaway to the US Virgin Islands. Back
(22:58):
now and take advantage of a special promotion to Saint Croix.
The experience a vibe like no other and receive a
two hundred and fifty dollars per person airfare credit and
a free hotel night when you book a five night
minimum stay with any participating hotel before June thirtieth, twenty
twenty five. Saint Croix is known for its incredible history
and spectacular architecture, along with world class cuisine, incredible golf courses,
(23:21):
and a wide variety of water sports. From the moment
you arrive, you'll fall naturally in rhythm with the heartbeat
of the islands. There's no money to exchange, and travel
from New England could not be easier. America's Caribbean Paradise
is waiting for you the experience a vibe like no
other on the island of Saint Croix. Go to visit
USVII dot com and use the code Vibe twenty twenty
(23:42):
five for more information and book your trip today. That's
visit USVII dot com and code Vibe twenty twenty five.
Speaker 11 (23:51):
This is Starker Silvo 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 Looks
Change quick tip of the Day, and today we're talking
about the basics of estate planning. Todd, what happens if
you don't have a healthcare proxy in place in your
spouse needs nursing home care.
Speaker 4 (24:11):
So this is a basic document that we don't talk
about as much as we should. It allows you to
appoint somebody else to make a medical decision for you.
And by the way, it's not just one medical decision.
It could be any number of things, from prescription drugs
to doing a surgery, and yes, the most important one,
which is, hey, if all hope is lost, I don't
(24:32):
want to you know, be on a machine. But that's
the basics, and you do need it for that. But
the bigger point is if you enter a nursing home
and you don't have one of these, you're not going
to be able to admit them. You're going to have
to go get a guardianship in order to admit them
to the nursing home because they're not going to allow
you to do that. So very important that you have
one for that. Now, guardianships are time consuming and expensive.
(24:54):
If you got to hire a lawyer, you got to
go through a lot of nonsense.
Speaker 1 (24:57):
Right.
Speaker 4 (24:57):
If you have this basic document, which you should have
for anyway, just for your basic purposes, having it not
only for those reasons, but to help you get into
a nursing home if you need to, is essential.
Speaker 11 (25:08):
Learn how you can avoid probate, eliminate estate taxes, keep
your money in your family, and protect your assets from
the nursing home. Request the brand new guide from Cushing
and Dolan. It's called Back to the Basics eight six
six eight four eight five six nine nine, or you
can request it from their website Legal Exchange Show dot com.
(25:29):
Cushing and Dolan have been helping families like yours for
more than thirty years. Call eight six six eight four
eight five six nine nine, or request it from their
website Legal exchange show dot com.
Speaker 1 (25:41):
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. You're listening to Ask Todd with Todd Lunsky
on the Financial Exchange Radio Network.
Speaker 8 (26:02):
All right, all right, all right, let's get right to
your calls with Todd Lutsky. First in the queue, We've
got Mike from Drake and Mike, what's your question for Todd.
Speaker 2 (26:14):
I have a.
Speaker 10 (26:15):
Grandfather who passed away.
Speaker 4 (26:17):
Uh huh.
Speaker 10 (26:18):
He left everything in his will. Basically, come is coming
to me and my wife. Okay, there's only one thing.
One thing. There was a bank account that was left
in a trust to my father in law. My father
in law has now had had passed before my my
grandfather had passed away. My grandfather had dementia. My question
(26:40):
is where will that money go now that was in
that trust from the Bank of America. Will that go
back into my grandfather's estate or does that go to
my my father in law who remarried another woman.
Speaker 4 (26:51):
Okay, so you just added a third factor that really
that really threw me off. So let's let me just
try to recap and please please try to help me
what I ask you these questions.
Speaker 3 (27:00):
And so the first the first.
Speaker 4 (27:01):
One is, there's you're the grandchild of the grandfather who
died and left a will leaving assets to you and
your wife. So that that piece is clear, right, we
understand that that went to you, right, Yeah, Okay, that's
not an issue. In addition to that, you said that
your stepfather or no, your your father in law, my
(27:24):
father in law, your father in law had a trust
in place a bank account in a trust or was
or did the account say in trust.
Speaker 10 (27:33):
For in trust for?
Speaker 4 (27:36):
So there was no actual establishment of a of an
actual trust. It just simply is more of a designated
beneficiary on the.
Speaker 3 (27:45):
Account, correct, I believe?
Speaker 10 (27:48):
So?
Speaker 3 (27:48):
Okay, so it said in trust for.
Speaker 10 (27:51):
Who it would be his name Harry.
Speaker 3 (27:55):
No, no, no, So who's Who's Harry's not the father
in law? Right, yes he is.
Speaker 4 (28:01):
So the father in law had an account and the
account said when I die, when father in law dies,
the assets in the troy goes to who.
Speaker 10 (28:12):
No, when grandfather passed away it would go too. It
was the trust was in the grandfathers and when he
passed away it went to my father in law, which
my father in law had passed away before my grandfather.
Speaker 4 (28:25):
Okay, So let's now, I'm just trying to get to
the bottom of this, right, this is what's complicated about
a lot of these questions. So grandfather again had one
bank account that had in trust for father in law.
Speaker 3 (28:40):
Correct, correct, Correct.
Speaker 4 (28:42):
And father in law died before grandfather correct, Okay, and
that account still existed when grandfather died.
Speaker 10 (28:53):
Correct.
Speaker 4 (28:54):
And so if it said in trust for someone who's
deceased and there was no all turn it beneficiary listed,
then what happens is that would end up in the
probate estate of the father in law. So I'm sorry,
not of the father in law. It would lapse as
to the father in law. It would end up in
the probate a state of the grandfather. So then the
(29:17):
grandfather would die owning an asset with no beneficiary but
in his name, so his will should direct where that goes.
So then that would end up going to you because
his will said everything that's a probate asset goes to you.
Remember that item initially would not have been a probate
(29:38):
asset because of the designated beneficiary listed. That's what keeps
it out of probate. But if that beneficiary does not exist,
then it's as if there is no designated beneficiary, So
then it would end up a probate asset. Now his
will says where it goes, so I think it goes
(29:58):
to you if his you and your wife. If his
will says, I leave all my probate assets to my
grandson and his wife, So there you go. That's my answer,
and I think that's where it's going to go. But
you might have to do some probate work for your
grandfather's estate. Folks, lots of stuff going on in a
(30:21):
question like that, and again I think it's partly because
of the lack of planning that was done right. If
you don't do your planning, you run into these kinds
of problems. Learn how to do your planning. Get the
guide back to the Basics. It's basically a recommendation. It's
my engagement letter to a made up family with a
bunch of assets, and it talks about the will, the healthcare,
(30:43):
the power of attorney. The Hippah really explains documents that
we always cursory, give a cursory example of what they are.
And it also you can put your fact pattern with
this and learn it. In this one, it recommends an
irrevocable trust or two for this family. See if this
recommendation works for you. If not, learn by getting the guide.
(31:04):
It will at least teach you how to begin thinking
about getting your estate plan in order. One of my
favorite guides Folks eight six six eight four eight five
six nine nine or Legal Exchange Show dot com Back
to the Basics eight six six eight four eight five
six nine nine or Legal Exchange Show dot Com.
Speaker 8 (31:26):
Todd, I've got another caller for you here. We've got
Steve in Bridgewater. Steve, you are on with Todd Lutsky.
Speaker 9 (31:35):
Hi, guys, how are you doing great? You all right?
Doing good?
Speaker 3 (31:40):
Hey?
Speaker 9 (31:41):
Life of State? My mother had a life of state.
I was the remain demand. Okay, she passed away in
twenty twenty four. For for cost basis, would I do
a cost basis when the life of state was first
created or she pass away?
Speaker 3 (32:01):
Do you still own the house or did you sell it?
Speaker 9 (32:06):
Sold it already?
Speaker 3 (32:07):
So you sold it when? Did you sell it.
Speaker 9 (32:12):
In December of twenty twenty four? She passed away in
April of twenty twenty four.
Speaker 4 (32:17):
Okay, so that's why I needed to know those specifics.
Speaker 3 (32:21):
So here's here's the answer. One the house.
Speaker 4 (32:26):
I'm going to expand so people understand, first of all,
what is a life estate.
Speaker 10 (32:29):
Right.
Speaker 4 (32:29):
A life estate is when you give something away like
a house, your primary residence, Please don't do it with
any asset, and retain the right to live there.
Speaker 3 (32:38):
Right.
Speaker 4 (32:39):
So by doing that, retaining the right to live there,
you avoid probate when she dies, and you've protected it
from the cost of long term care. I don't love
the arrangement because there's a lot of negatives that go
with it, but in this case, we don't need to
go down that road because Mom has passed already, so
none of the negatives happened. So we now though by
keeping that retained interest, that right to live there, that
(33:02):
causes that asset to be included in mom's estate on
the date of death. So in April of twenty twenty four,
the full value, not just the value of the life estate,
but the full value of the property needs to be
included in her gross estate, not her probate estate. So
(33:24):
it's not a probate issue to determine whether or not
an estate tax return is due. So on the date
of death, April, what do you think that house was worth?
Speaker 3 (33:34):
Steve four point fifty? Okay, So if.
Speaker 4 (33:39):
We've got a four hundred and fifty thousand dollars value
on the house, that means that the cost basis to
Steve is four hundred and fifty thousand dollars. Now, between
April and December, this may have increased in value.
Speaker 3 (33:54):
How much did you sell it for? Oh? Even better?
Speaker 4 (34:01):
So in this case you cannot generate a loss. I know,
as much as you might be thinking that's great, No,
you can't generate a loss. But in this case you
will have zero gain to report on your income tax return,
right because when you report it, you'll show the sale
four forty or for four to forty, you'll show the
(34:23):
cost basis of four forty. And by the way, when
you say you thought it was worth four fifty, if
you sell it within nine months of the date of
death roughly where you are, even within a year of
date of death, it's the sale price that is the
cost basis. So in this case you've got to step
up in basis. Your cost is four forty, your proceeds
are four to forty, your gain you report as zero,
(34:47):
and you keep all the money.
Speaker 3 (34:48):
No federal, no state death tech.
Speaker 4 (34:49):
So that's how you calculate cost basis in a situation
like this, and that's a great thing to have, folks.
Whenever you're dealing with real estate, you always want to
think about not giving away an asset like that and
keeping it so that when the beneficiaries get it, in fact,
if they don't want it, they can sell it and
not have the capital gains tax to pay. And if
(35:12):
it happens to be a rental property and you get
a step up in basis and you keep the property,
then you have the ability to offset the rent through
depreciation over the next twenty seven and a half years.
So wonderful things step up in basis folks. Learn learn
about step up in basis also in the guide.
Speaker 3 (35:32):
Mister Lutski.
Speaker 1 (35:32):
Thank you for joining us today.
Speaker 3 (35:34):
Always a pleasure.
Speaker 1 (35:36):
This has been Asked Odd 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 Cushing Doolan
dot com. The views expressed in this segment are solely
(35:56):
those of Cushing and Dolan Armstrong advisor. He does not
provide any legal or tax Please consult with your legal
or tax advisor on such matters. Cushing and Armstrong do
not endorse each other and are not affiliated. If you're
nearing retirement age and are concerned about how to protect
your assets, you need to call Cushing and Dolan, the
experts in old law. Their new guide is called Back
to the Basics, and it will help you create a
plan that will help you understand issues like avoiding probate,
(36:18):
passing your assets along to your family, and potentially eliminating
your estate taxes. This free guide has all the information
you need to build a safe and secure estate plans
that will give you peace of mind as you close
in on retirement. Call eight six six eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
(36:40):
have been helping families like yours for thirty years. Let
them help you too. Get their new guide called Back
to the Basics today Call eight sixty six eight four
eight five six ninety nine or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for and the music expressed are sole leados of
Cushing and Dolan. Cushing and Dolan and or Armstrong Advisory
may contact thank you're offering legal or investment services. Cushingon
(37:02):
Dolin and Armstrong Advisory do not endorse each other and
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Speaker 6 (38:06):
Hi.
Speaker 7 (38:06):
I'm Michael Valila, Adjuna of the Disabled American Veterans Department
of Massachusetts. The DAV of Massachusetts provides thousands of hours
of voluntary services at our VA medical centers and soldiers
homes and is the only DAV department in the country.
To lead a Veterans Housing initiative for both single veterans
and those with families. These programs are critical to serving
our veterans and their time and need. You can help
(38:28):
our great American heroes by making a donation today. Please
visit dav fivek dot Boston. That's dav fivek dot Boston.
Speaker 1 (38:36):
Hi.
Speaker 8 (38:36):
This is Chuck and Mike from the Armstrong Advisory Group
and our guide this month is titled Understanding Medicare. Essential
Questions Answered Mike. First one that most people have, how
do you actually become eligible for Medicare?
Speaker 5 (38:49):
Vast majority of us you turn sixty five and there's
a special window that becomes open to you when you
are turning sixty five for you to sign up for Medicare.
And important here because you really do have to sign up,
even if you might not be using the coverage in
the way you planned. There's a seven month window three
months before, the month you were born, three months after,
and the month of your birth that you have to
(39:10):
sign up for Medicare, and you need to get in
there and do so otherwise, if you're disabled, you are
potentially eligible for Medicare, But for most of us, it's
that sixty fifth birthday. What are the different parts of Medicare? Actually, yeah,
so the part A basic piece is just your hospital
insurance coverage. Most people don't pay for this. This is
part of the benefits and it'll cover in patient hospital stays,
(39:32):
skilled nursing facility care, et cetera. Hospice care for example,
is in there. Then you get into parts B, C
and D, and that's where you get into more complex stuff.
But your Part B is your medical insurance, Part C
is your Medicare advantage plans, and then Part D is
an important one when you're retired as.
Speaker 6 (39:48):
Well your prescription drug coverage.
Speaker 5 (39:50):
And that's where getting a professional involved there to help
you consult on what you might need giving your specific
health needs is important.
Speaker 8 (39:57):
The guide is titled Understanding Medicare Central Questions Answered, and
it discusses these topics as well as a host of
other ones. How do you request it Call eight hundred
three nine three for zero zero one. That phone number
again to request the guide is eight hundred three nine
three for zero zero one for the guide Understanding Medicare
(40:18):
Essential Questions Answered.
Speaker 1 (40:20):
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, and estate planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services. Your tune to the Legal Exchange with Todd Lutsky.
If you are a loved one needs a nursing homestay,
(40:40):
call Todd right now at eight sixty six eight four
eight five six nine nine and let him make sure
your assets are protected. That's eight sixty 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
Susan Pour is 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
Masters in taxation. So, Todd, when you talk about your
back to Basics guide, it's really about the fundamentals of
(41:17):
how to create your estate plan. So beginning to try
and figure out what the right type of a state
plan is for you, where do you even start?
Speaker 4 (41:29):
It's a fair question, So I think the first thing
you really need to do is just just value your assets.
So whatever you own, you have to decide, you know,
kind of how you own it. And if you do
own it, you have to remember it's going to be
(41:49):
part of your gross estate. We're not saying whether it's
part of your pro beta state. Yeah, it could be
zero in Probata state, but when you own it, it's
part of your gross estate. And so you need to
add up all the value of your assets to see
where you hit these exemptions. And we have them across
all the states right in New England anyway, and again
(42:10):
not every state has an estate tax, but you need
to consider both the state and the federal exemption and
that's what's going to kind of dictate what kind of
plan you do.
Speaker 2 (42:19):
So your total net worth essentially exactly.
Speaker 4 (42:22):
So let's let's assume that one of the you calculated
and you say, I'm worth just north of three million. Okay, Well, federally,
you're probably thinking that's not a big problem.
Speaker 2 (42:35):
No, because it's what thirteen thirteen nine almost fourteen.
Speaker 3 (42:40):
And likely you know that what that you heard there
was an election, so.
Speaker 2 (42:45):
Her a little something about that.
Speaker 4 (42:46):
Likely now because of the result that that exemption probably
will stay high. Okay, we don't know, but because there's
only two vote difference in the House, you know, you
upset a few Republicans and maybe they don't get what
they want, but likely it's going to stay high. Okay,
So I'm not as worried about, you know, federal but
(43:08):
I got to say, where do I live, right, what state?
If I live in Massachusetts, I say, well, I only
have a two million dollar exemption, but I'm worth three.
And if I'm married, how can I double that exemption?
Speaker 2 (43:19):
So you'd get four?
Speaker 4 (43:20):
Get four? And that's where the planning would come in.
You say, okay, so I want to take care of that.
And then of course the size of the estate it
was much larger than you have to consider the federal
estate tax side as well. And also that size of
the estate will also go towards whether you decide to
do either nursing home planning or not or nursing home planning. Again,
(43:42):
if you're really wealthy in yourself inshured, you probably don't
need it.
Speaker 3 (43:46):
So those are some things to think about.
Speaker 2 (43:48):
Okay. So that determines the type of trust and.
Speaker 3 (43:50):
Yeah, and maybe how many of yes, Okay, exactly.
Speaker 2 (43:53):
So when you say valuing your estate, what assets are
included in that? Like what type of assets?
Speaker 4 (44:01):
So when I say everything, I mean everything, but things
that you don't think about. Right, Let's first talk talk
about what normally would come to mind. Right, Ah, my
bank account, all my investment account. Yeah, I get it.
Those are quick items that would come to mind. What
you sometimes don't think about because you don't see the
(44:22):
money is your house. Oh yeah, you mean my house
has to Yeah, you own a house or a vacation
home or a rental property.
Speaker 10 (44:30):
Right.
Speaker 4 (44:30):
Oftentimes those are like, yeah, I don't feel like I
have a million dollars, right because my house is worth
a million, you know, and I get it, but the
government values it. Another item you don't think about all
the time that would need to be included iras. What
about wroth irs?
Speaker 2 (44:49):
What about roth iras? Because those are tax free?
Speaker 4 (44:51):
Right, everybody thinks, oh my gosh, it's a roth ira,
so it's tax free. So it's income tax free, folks,
not estate tax free. So it's still included as an
asset in the estate. So the iras, the roth irays
need to.
Speaker 3 (45:05):
Be picked up.
Speaker 4 (45:06):
And I would say, lastly, the other thing that no
one really thinks about life insurance.
Speaker 2 (45:12):
Life insurance is tax freacha.
Speaker 3 (45:13):
It sure is.
Speaker 4 (45:14):
It's income tax free boy. But when you die, it's valuable.
And so it's the value of the insurance on the
date of death that matters. So if I have a
term policy with zero dollars cash surrender the day before
I die, then I die, it's worth a million dollars.
If that's the face value, yep, I am now worth
(45:35):
a million dollars.
Speaker 2 (45:36):
And you're going to be taxed on that million dollar
life insurance policy, correct, which could cause your estate to
be taxable.
Speaker 3 (45:42):
Right.
Speaker 4 (45:42):
You don't even think about it. Right, You could say, oh, well,
I'm not worth a million dollars, but I have a
million dollar life insurance policy, so now you're worth a
million dollars and we haven't talked about any other assets
of your estate.
Speaker 2 (45:53):
All gets piled on the table.
Speaker 3 (45:54):
It really does. It really does.
Speaker 4 (45:56):
So stuff like that sneaks up on you, folks. And
so when you want to do get your this is
why you want to get your planning done, get the
guide this month. It really does explain these things. It's
called back to the basics. It's basically a recommendation to
a made up family with a series of facts and assets.
(46:17):
I basically put together an engagement letter describing to them
exactly what they should do. This might be the plan
that fits your family dynamics and your asset base. If not,
put your facts in and see whether it does fit.
It explains not only the irrevocable trust, because that's what's recommended.
It also talks about all the basic documents, from wills
(46:38):
to powers of attorney to hip aforms. Get the guide, folks,
and get your estate planning off the dime.
Speaker 3 (46:45):
It's the beginning of a new year.
Speaker 4 (46:47):
Eight six six eight four eight five six nine nine
or Legal Exchange Show dot com. Again back to the
basics eight six six eight four eight five six nine
nine or Legal Exchange Show dot com.
Speaker 2 (47:02):
So, Todd, I think about how throughout the course of
life your goals and objectives change. You know, you first
get married, then you have kids, and then your age.
How does your age impact the type of planning you
would do?
Speaker 4 (47:18):
So again, very important, let's go from younger to older.
So a lot of times we talked a little bit
about value. Again, just because you have a little bit
of assets doesn't mean that you don't plan, right, So
that's where you begin. So, yes, value is important, even
though you have small amount. Now, you still might want
(47:39):
to plan for other reasons. Why what if you're thirty five,
married couple, got your first house yep, have a couple
of young kids, miners, but still not overly valuable at
that age, right, you have might have some debt and whatnot,
but you know you got your four oh one k going,
(47:59):
You've got some savings tucked away, you.
Speaker 2 (48:03):
Get some employer life insurance, maybe the term point.
Speaker 4 (48:08):
Yeah, you might have the group term so and that
could throw you up a little bit. But even then,
it's not so much about the size of that estate
as it is.
Speaker 3 (48:18):
I got young kids, right, so I get it.
Speaker 4 (48:21):
I want to avoid probate and not pay taxes accidentally,
and that's important. But if I die and I have
minor children, they can't own anything. So if they can't
own anything, I don't want the guardian that I listed
in my will, which by the way, would be another
reason for you to do your planning. When you have
young children, you really need the will. The one important
(48:43):
thing the will does do is a point of guardian,
so please do that. But if you're going to do
your planning, you know, the whole plan would be the
trust because I don't want the guardian owning my stuff, right,
So instead I'll have the trust own my stuff, and
I'll have a trustee doing exactly what the trust says
(49:04):
can be done.
Speaker 2 (49:06):
That stuff you've appointed, right, be your backup trustee.
Speaker 4 (49:10):
Take care of the kids, take care of you know,
hold the assets, do the investments, you know, make the
distributions the way I want them to go for health,
for education. So to me, what's going on after the
fact can be more important than just the probate and
the taxes.
Speaker 3 (49:26):
So young people, yeah, step up.
Speaker 4 (49:29):
What about as we age Right now, we're gaining assets,
Our value of our estate is growing right where we
now have maybe more of that concern about taxes and probate,
But we still have kids and we might have grandkids now.
So sixty and over is the next sort of breakpoint
that I would talk about. When you're sixty and over,
I'm going to ask the question about nursing home planning.
(49:52):
I'm going to say, if you're coming in and you're
doing an estate plan, is one of the objectives over
and above the bloodline planning, The probate work. The tax
work is one of the objectives protecting assets from the
nursing home. I'm going to ask if it is at
sixty and over, we're going to discuss how the irrevocable.
Speaker 3 (50:13):
Trust might work.
Speaker 4 (50:14):
Okay, So to me that age is a big difference.
And again if you're older, if you're sixteen over, but
you're not doing nursing home planning, then it's really all
about the revocable trust. So folks learn what plan is
right for you. Get back to the basics, get started
on your estate planning eight sixty six eight four eight
five six ninety nine or Legal Exchange show dot com.
Speaker 2 (50:38):
Todd Lutsky from the law firm of Cushing in Dolan,
thank you so much.
Speaker 3 (50:41):
Thank you, Susan. Always a pleasure.
Speaker 2 (50:43):
I'm Susan Power as 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 Lutskey.
Speaker 1 (50:54):
If you're nearing retirement age and you're concerned about how
to protect your assets, you need to call Cushing and Dolan,
the experts in elder law. Their new guide is called
back to the basics, and it will help you create
a plan that will help you understand issues like avoiding probate,
passing your assets along to your family, and potentially eliminating
your estate taxes. This free guide has all the information
you need to build a safe and secure estate plan
(51:16):
that will give you peace of mind as you close
in on retirement. Call eight six six eight four eight
five six ninety nine right now and request your free
guide today. You can also request a no obligation consultation
to review any current planning you've done. Cushing and Dolan
have been helping families like yours for thirty years. Let
them help you too. Get their new guide, called Back
to the Basics today Call eight six six eight four
(51:37):
eight five six ninety nine, or request the guide online
by visiting Legal exchange show dot com. The proceeding was
paid for in the music expressed are sole leaders 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 (51:54):
Medicare provides health coverage for millions of Americans, but it's
a challenging program. Being aware of its many complexities is
crucial to your healthcare plans for later life. Hi, this
is Mike Armstrong from the Armstrong Advisory Group and our
new guide is called Understanding Medicare. Essential Questions answered in
it will help you learn about the basics, including enrollment periods, costs,
and coverage options, as well as more complicated issues like
(52:15):
filing claims and appeals and planning for long term care.
Call us today at eight hundred three nine three four
zero zero one and request your free guide today. There
are many resources available to help you understand your options
and rights under Medicare. Ask for our free guide and
learn more so that you can make the most informed
decisions for your healthcare. And you can get it by
calling eight hundred three nine three four zero zero one.
(52:37):
Again that numbers eight hundred three nine three four zero
zero one.
Speaker 1 (52:41):
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. The calendar is turned and the cold is
here to stay. So now is the perfect time to
plan that Get to the US Virgin Islands back now
(53:02):
and take advantage of a special promotion to Saint Croix
the experience of vibe like no other, and receive a
two hundred and fifty dollars per person airfare credit and
a free hotel night when you book a five night
minimum stay with any participating hotel before June thirtieth, twenty
twenty five. Saint Croix is known for its incredible history
and spectacular architecture, along with world class cuisine, incredible golf courses,
(53:24):
and a wide variety of water sports. From the moment
you arrive, you'll fall naturally in rhythm with the heartbeat
of the islands. There's no money to exchange, and travel
from New England could not be easier. America's Caribbean paradise
is waiting for you the experience a vibe like no
other on the island of Saint Croix. Go to visit
USVII dot com and use the code Vibe twenty twenty
(53:46):
five for more information and book your trip today. That's
visit USVII dot com and code vibe twenty twenty five,
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