February 12, 2025 • 15 mins
This week, Todd Lutsky explains why you need to understand the basic documents before beginning your estate planning. Todd also takes questions from listeners about handwritten wills, shared property, and why probate is such a problem.
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Speaker 1 (00:01):
This is Ask Todd on the Financial Exchange Radio Network.
If you have an existing estate plan 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
a state and tax planning, medicaid planning, and probate law.
(00:22):
Visit Cushingdolan dot com. Now here's Todd Lutsky.
Speaker 2 (00:28):
Every Wednesday, we're joined by Todd Lutsky from Cushion Dolan
for a weekly segment of Ask Todd. For any of
you out there who have any estate planning questions, whether
it's regarding estate taxes, Medicaid, probate, a voids, give our
studio linea call at eight eight eight two zero five
two two sixty three. Again that number for any of
your questions out there. Eight eight eight to zero five
(00:52):
two two six ' three. Todd. How we doing today?
Speaker 3 (00:55):
I am never better in you.
Speaker 2 (00:57):
Doing quite well?
Speaker 1 (00:58):
Todd.
Speaker 2 (00:59):
Question four for folks out there, one of the basic
tackling blocks for an estatement and oftentimes is avoiding probate
and I was wondering if you could just kind of
give the listeners a sense for what types of the
assets may be probatable and the impact it would have
on their airs if their assets were to go to
probate because they had not done a proper estate plan.
Speaker 3 (01:22):
Yeah, and I think I'm going to answer that in
line with the guide that we're given away this month,
which is back to the basics, because in that guide,
one of the things it talks about a lot is
the basic documents in addition to the trust that's involved
in that particular guide, but it really spends the time
we need on basic documents like a will, a healthcare proxy,
(01:44):
a power of attorney, a living will, a hip of form.
These are basic docs that don't get as much attention.
I say that because probate and the will go hand
in hand, and since your question is on probate, I
can tell you first and foremost that, folks, but do
a will. Please don't think that that's an estate plan.
(02:05):
They think it is. They come in they say, I've
got my estate planning all done. I got a will. Well,
it's better than nothing. I can certainly tell you the
will at least will ensure your assets go where you
want them to go and how and when they're going
to get there. However, I like to tell people that
(02:26):
a wills won't because what it won't do is it
won't avoid probate, which I'm going to get to them.
I know I'm getting there, but it won't avoid probate.
It also won't reduce your estate tax. So if you're
married and you leave assets to each other in a
simple will, you didn't do anything to reduce your estate
tax liability, so not a probate avoidance deal and not
(02:49):
an estate tax savings. And if one of your goals
is to protect assets from the cost of long term care,
also a will won't do that. So those are generally
things that are used to make up an entire estate plan,
and the will misses all of them. Now, the big
thing it misses is it's the only document that has
(03:09):
to be filed at the probate court. And when you
get into probate, you now are looking at about a
year long process. Number one. Number two, it's costly, right,
you've got to file things, and it's not even the
filing fees so much, folks, As it is likely you're
going to hire a lawyer and it's the legal fees
that you're dealing with for the next year when you
go through the process and it actually appoints an executor
(03:33):
or a personal representative, who, by the way, has no
power until you're actually appointed. So please don't think just
because you're listed that you're automatically the pr You've got
to go through filing a petition at the court notifying
all the heirs at law so they have an opportunity
to object to you being appointed. And then finally when
you get a return date to the court, now you're appointed.
(03:54):
And only after you're appointed can you run to that
bank or to that brokerage account And with the petition
or the appointment from the court in one hand and
the death certificate in the other, will you be able
to finally access that money or sell a piece of
property or move real estate. So it doesn't happen right away.
(04:15):
So that's a good sixty to ninety days just to
do that right, And then of course there's inventories and
accountings and on and on we go, folks. But I
hope that gives you a little flavor of why you
don't want to be there.
Speaker 2 (04:27):
I've seen it with clients that I've dealt with firsthand,
going through that probate process, like you mentioned, just a
real administrative burdens, so it's important to try your best
to avoid that. We're going to take a quick break here,
but if you have any questions for Todd Lutsky here
from Cushion Dolan, give our cell our studel Lina, call
it eight eight eight two zero five two to two
sixty three. Again, anything in the estate planning realm, any
(04:49):
questions you may have, give our studel Ana call eight
eight eight two zero five two to two sixty three.
When we come back from break your questions next with
Todd Lutsky.
Speaker 1 (04:58):
Ask Todd with Todd lets every Wednesday at ten thirty
only here on the Financial Exchange Radio Network. You're listening
to Ask Todd with Todd Lutsky on the Financial Exchange
Radio Network.
Speaker 2 (05:25):
Coming back from break here, we're here with Todd Lutsky
from Cushian Dolan. For any of your estate planning questions,
give us a call at eighty eight two zero five
two two sixty three. We're gonna go to our first caller,
John and Waterbury, Connecticut. You're on with Todd Lutsky.
Speaker 4 (05:39):
Hi does Connecticut accept handwritten wills.
Speaker 3 (05:44):
Hand written wills, well, I don't think it's the handwriting
that matters. I think what matters is that it has
the testamentary language that you need in it, Like it
needs to have in the very beginning language that says
I hereby revoke all former wills, right, all prior wills.
(06:07):
So that needs to be in there. Whether that is
typed or whether you hand wrote it, I don't believe matters. Now,
I'm going to give you that as sort of a
with a grain of salt, because I don't know off
the top of my head. I'm just going to give
you what I think the legal requirements of a will are.
I've never heard that a will has to be typed
in order for it to be valid. I mean, think
(06:28):
about wills that existed before we had typewriters. I mean
they did, they were handwritten, and they worked. So I
think you just need to make sure that the will
has the testamentary language. That's number one. Number two probably
is going to need at least two witnesses and likely
a notary. So you got to have at the end
the notary and the two witnesses. So that has to
(06:50):
be in there, So I think if you can get
those kinds of things, and usually there's a self proving
affidavid language at the end as well. So as long
as you've got that requirement or any other Connecticut, because folks,
I say this, every state might have a few different
rules as to what makes up a valid will in
that state, so please look to your state. But I
(07:13):
do think as long as you have those requirements that
make a will a will, then it's valid. Whether it's
typed or handwritten, I don't think is the determining factor
for making it a valid will. Great question though, and
it does go back to this guide, which is back
to the basics right. It does talk about all of
(07:36):
the basic documents in detail, wills, healthcare proxies, powers of attorney, hipoforms,
living wills. It also gives you an idea about how
to pick a lawyer. It talks about what to think
about when you're doing your estate plan, how much you're worth,
valuing your assets, family dynamics, you know, all things that
you need to think about. And then it's basically my
(07:59):
lead recommendation to a made up family with made up
family dynamics and assets. And then I give the description
as to exactly how to accomplish all of their estate
planning needs culminating with an irrevocable trust. So get the guide.
It'll help you get started at a bare minimum. And
(08:19):
who knows, when you put your family situation into this
fact pattern, maybe this is actually a recommendation for you.
Call and get the guide 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 2 (08:43):
We're gonna go to our second caller here, Mike in Boston.
You're on with Todd Lutsky.
Speaker 5 (08:49):
How you doing, Todd. My name is Mike. I'm in Boston.
My family, my parents put together a real estate portfolio
which they put into irrevocable trust. My father passed away
and now it's my mom, my brother, and I and
Suppress Press. My brother and I do not get along
in that way, and we're inheriting these properties in the trust,
(09:14):
and we're both concerned about how the the business, the
real estate portfolio is run after my mom passes, and
so I'm concerned about you know him, he's concerned about me.
Is it important? Is my best option to put into
(09:35):
place a what I'm calling a non biased trustee member
to oversee the trust and kind of manage the funds,
and and then the importance of getting an operating agreement
to kind of pull each other account of.
Speaker 3 (09:50):
So let me ask you this is are all these
docs are all these rental properties in an LLC?
Speaker 5 (09:57):
They're currently not, but the firm that we've hired is
pushing to get them into LLCs.
Speaker 3 (10:02):
So I would think an LLC is a good idea.
And I think the shares of and maybe multiple LLCs,
I don't mean to say one, and then all of
the shares themselves should be owned in these irrevocable trusts.
If that's what they've chosen. Irrevocable, I don't. I don't
know if that's the right way to go or not.
But doesn't matter because you're concerned more about what happens
when they both pass, and the trust of course at
(10:25):
that point will be irrevocable. I wouldn't jump to the
conclusion that you need to get an independent trustee right away.
The most important thing is that you guys decide, and
you're going to have to talk to each other to
decide what you want to do. You got to read
the document to see. Does it say divide the property
and pay it out to you kids and walk away.
Does it say hold it in trust for your lives,
(10:46):
in discretionary trust for your lives, and then you've got
to run and manage the company. I don't know. You
need to read the document to see what it says.
If it says divide it, pay it out, walk away.
Our trusts usually have language it says, look property sold
unless you all want it. Well, if you both don't
want them, then it's going to be sold. And if
(11:06):
one wants it and one doesn't, then the one who
wants it can buy out the one who doesn't at
fair market value. So again, fighting or not, you're gonna
be able to at least get past that walk away
with what you want.
Speaker 1 (11:17):
Right.
Speaker 3 (11:17):
Maybe they don't want to be. Maybe one brother says,
I just want the dough. Okay, Well you have to
arrange to have it purchased and bought out. So I
would look to try to not cause any more fighting
to say, Look, from a selfish standpoint, we're both working
towards the same goal. You get what you're supposed to get.
I get what I'm supposed to get and we don't
have to work together. If we want to work together, yeah,
(11:39):
I would have it in an LLC, and you guys
should be managers of your own your own buildings, and
you're in and sit back and collect rent and just say, hey,
we're just going to not be friendly, but we're just
going to be, you know, business partners, and money will
come in and half will go to each of you
and and that'll be the end of it. So I
don't think there's a separate agreement you can have that
(11:59):
says you're not going to fight, so that that isn't
gonna work. I think you just need to work through
it and look at what the document says first and
foremost and take it from there. But I do like
the fact that they've done some planning, so I hope
that helps a little.
Speaker 2 (12:13):
We're gonna go to our last caller here, Mary and Waltham.
You're on with Todd Lusky.
Speaker 4 (12:19):
Hello, my other ponent is ringing. I hope it isn't
sturb via. I'm calling actually on my brother's piet. He
goes with his wife but they don't get along, and
two of their three adult sons goes with them, but
he wants to have a separate will so that, you know,
if he passes first, the house could be possibly split
to so that the wife doesn't get the whole asset.
(12:42):
He wants some to go to the wife and the
three sons and the house these souls because he said,
when these sons eventually inherited, say, I'm not good with money,
and they would probably lose the house. So is there
a way he can do a separate will when there's
the house involved?
Speaker 3 (12:57):
So if their marriage still and it sounds like they
are married, correct, Yeah, so you can't technically disinherit your spouse.
I mean there's always a forced airship that allows them
to get some amount. Now, as long as you provide
an amount equal to the amount they would get under
the forced share, it's probably going to be okay. So
(13:18):
do we do separate wills? Well, you always do separate
wills when you're married, one for husband, one for wife.
I think what they need is way more than a will.
I think they need a trust, and I think the
trust needs to be designed, you know, to take care
of the spouse. But by the same token as you said,
maybe you know, not just give it to her if
that's the case, and therefore provide for it. And I
(13:40):
assume these are their own kids. It's not a second marriage, right, yes, right,
So they're each going to want to take care of
their kids anyway, so this will provide for it. And
I probably would have language in the trust again, not
just a will, but a trust that not only protects
it from potential nursing home claims and taxes, but that
it could hold it in trust for these children who
might not be great with money, as you said, and
(14:02):
if need be, the trustees could always sell the house
the money could go in, and then the money could
be used to take care of these children with discretionary
distributions for their needs, their health, their education, welfare support,
you know, so that it stretches out the money a
little bit so that it can be used to better
their life rather than just you know, dump it in
(14:23):
their hands, and then that could cause way more harm
than good. So I think they're going to need to
do a little bit more than separate wills. I think
they should sit with a lawyer and learn how a
trust can really take care of both of them. And
they don't need to really be angry with each other
when they're doing this estate plan because the common goal
was the kids here.
Speaker 2 (14:43):
Absolutely, Todd, thanks so much for taking time with us
this week. Happy early birthday to you.
Speaker 3 (14:48):
Oh thank you. Always a pleasure.
Speaker 1 (14:51):
This has been asked on on the Financial Exchange Radio network.
Askedd with Todd Ludskey has been presented by Cushing and Dolan,
serving Massachusetts and New England for more than in thirty years,
helping families with the state and tax planning, Medicaid planning,
and probate law. Call eight hundred three nine three four
thousand one or visit Cushingdolan dot com. The views expressed
in this segment are solely those of Cushing and Dolan
(15:12):
Armstrong Advisory. He does not provide any legal or tax advice.
Please consult with your illegal or tax advisor on such matters.
Cushing and Armstrong do not endorse each other and are
not affiliated
This is Ask Todd on the Financial Exchange Radio Network.
If you have an existing estate plan or in the
market for one, Todd 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
a state and tax planning, medicaid planning, and probate law.
(00:22):
Visit Cushingdolan dot com. Now here's Todd Lutsky.
Speaker 2 (00:28):
Every Wednesday, we're joined by Todd Lutsky from Cushion Dolan
for a weekly segment of Ask Todd. For any of
you out there who have any estate planning questions, whether
it's regarding estate taxes, Medicaid, probate, a voids, give our
studio linea call at eight eight eight two zero five
two two sixty three. Again that number for any of
your questions out there. Eight eight eight to zero five
(00:52):
two two six ' three. Todd. How we doing today?
Speaker 3 (00:55):
I am never better in you.
Speaker 2 (00:57):
Doing quite well?
Speaker 1 (00:58):
Todd.
Speaker 2 (00:59):
Question four for folks out there, one of the basic
tackling blocks for an estatement and oftentimes is avoiding probate
and I was wondering if you could just kind of
give the listeners a sense for what types of the
assets may be probatable and the impact it would have
on their airs if their assets were to go to
probate because they had not done a proper estate plan.
Speaker 3 (01:22):
Yeah, and I think I'm going to answer that in
line with the guide that we're given away this month,
which is back to the basics, because in that guide,
one of the things it talks about a lot is
the basic documents in addition to the trust that's involved
in that particular guide, but it really spends the time
we need on basic documents like a will, a healthcare proxy,
(01:44):
a power of attorney, a living will, a hip of form.
These are basic docs that don't get as much attention.
I say that because probate and the will go hand
in hand, and since your question is on probate, I
can tell you first and foremost that, folks, but do
a will. Please don't think that that's an estate plan.
(02:05):
They think it is. They come in they say, I've
got my estate planning all done. I got a will. Well,
it's better than nothing. I can certainly tell you the
will at least will ensure your assets go where you
want them to go and how and when they're going
to get there. However, I like to tell people that
(02:26):
a wills won't because what it won't do is it
won't avoid probate, which I'm going to get to them.
I know I'm getting there, but it won't avoid probate.
It also won't reduce your estate tax. So if you're
married and you leave assets to each other in a
simple will, you didn't do anything to reduce your estate
tax liability, so not a probate avoidance deal and not
(02:49):
an estate tax savings. And if one of your goals
is to protect assets from the cost of long term care,
also a will won't do that. So those are generally
things that are used to make up an entire estate plan,
and the will misses all of them. Now, the big
thing it misses is it's the only document that has
(03:09):
to be filed at the probate court. And when you
get into probate, you now are looking at about a
year long process. Number one. Number two, it's costly, right,
you've got to file things, and it's not even the
filing fees so much, folks, As it is likely you're
going to hire a lawyer and it's the legal fees
that you're dealing with for the next year when you
go through the process and it actually appoints an executor
(03:33):
or a personal representative, who, by the way, has no
power until you're actually appointed. So please don't think just
because you're listed that you're automatically the pr You've got
to go through filing a petition at the court notifying
all the heirs at law so they have an opportunity
to object to you being appointed. And then finally when
you get a return date to the court, now you're appointed.
(03:54):
And only after you're appointed can you run to that
bank or to that brokerage account And with the petition
or the appointment from the court in one hand and
the death certificate in the other, will you be able
to finally access that money or sell a piece of
property or move real estate. So it doesn't happen right away.
(04:15):
So that's a good sixty to ninety days just to
do that right, And then of course there's inventories and
accountings and on and on we go, folks. But I
hope that gives you a little flavor of why you
don't want to be there.
Speaker 2 (04:27):
I've seen it with clients that I've dealt with firsthand,
going through that probate process, like you mentioned, just a
real administrative burdens, so it's important to try your best
to avoid that. We're going to take a quick break here,
but if you have any questions for Todd Lutsky here
from Cushion Dolan, give our cell our studel Lina, call
it eight eight eight two zero five two to two
sixty three. Again, anything in the estate planning realm, any
(04:49):
questions you may have, give our studel Ana call eight
eight eight two zero five two to two sixty three.
When we come back from break your questions next with
Todd Lutsky.
Speaker 1 (04:58):
Ask Todd with Todd lets every Wednesday at ten thirty
only here on the Financial Exchange Radio Network. You're listening
to Ask Todd with Todd Lutsky on the Financial Exchange
Radio Network.
Speaker 2 (05:25):
Coming back from break here, we're here with Todd Lutsky
from Cushian Dolan. For any of your estate planning questions,
give us a call at eighty eight two zero five
two two sixty three. We're gonna go to our first caller,
John and Waterbury, Connecticut. You're on with Todd Lutsky.
Speaker 4 (05:39):
Hi does Connecticut accept handwritten wills.
Speaker 3 (05:44):
Hand written wills, well, I don't think it's the handwriting
that matters. I think what matters is that it has
the testamentary language that you need in it, Like it
needs to have in the very beginning language that says
I hereby revoke all former wills, right, all prior wills.
(06:07):
So that needs to be in there. Whether that is
typed or whether you hand wrote it, I don't believe matters. Now,
I'm going to give you that as sort of a
with a grain of salt, because I don't know off
the top of my head. I'm just going to give
you what I think the legal requirements of a will are.
I've never heard that a will has to be typed
in order for it to be valid. I mean, think
(06:28):
about wills that existed before we had typewriters. I mean
they did, they were handwritten, and they worked. So I
think you just need to make sure that the will
has the testamentary language. That's number one. Number two probably
is going to need at least two witnesses and likely
a notary. So you got to have at the end
the notary and the two witnesses. So that has to
(06:50):
be in there, So I think if you can get
those kinds of things, and usually there's a self proving
affidavid language at the end as well. So as long
as you've got that requirement or any other Connecticut, because folks,
I say this, every state might have a few different
rules as to what makes up a valid will in
that state, so please look to your state. But I
(07:13):
do think as long as you have those requirements that
make a will a will, then it's valid. Whether it's
typed or handwritten, I don't think is the determining factor
for making it a valid will. Great question though, and
it does go back to this guide, which is back
to the basics right. It does talk about all of
(07:36):
the basic documents in detail, wills, healthcare proxies, powers of attorney, hipoforms,
living wills. It also gives you an idea about how
to pick a lawyer. It talks about what to think
about when you're doing your estate plan, how much you're worth,
valuing your assets, family dynamics, you know, all things that
you need to think about. And then it's basically my
(07:59):
lead recommendation to a made up family with made up
family dynamics and assets. And then I give the description
as to exactly how to accomplish all of their estate
planning needs culminating with an irrevocable trust. So get the guide.
It'll help you get started at a bare minimum. And
(08:19):
who knows, when you put your family situation into this
fact pattern, maybe this is actually a recommendation for you.
Call and get the guide 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 2 (08:43):
We're gonna go to our second caller here, Mike in Boston.
You're on with Todd Lutsky.
Speaker 5 (08:49):
How you doing, Todd. My name is Mike. I'm in Boston.
My family, my parents put together a real estate portfolio
which they put into irrevocable trust. My father passed away
and now it's my mom, my brother, and I and
Suppress Press. My brother and I do not get along
in that way, and we're inheriting these properties in the trust,
(09:14):
and we're both concerned about how the the business, the
real estate portfolio is run after my mom passes, and
so I'm concerned about you know him, he's concerned about me.
Is it important? Is my best option to put into
(09:35):
place a what I'm calling a non biased trustee member
to oversee the trust and kind of manage the funds,
and and then the importance of getting an operating agreement
to kind of pull each other account of.
Speaker 3 (09:50):
So let me ask you this is are all these
docs are all these rental properties in an LLC?
Speaker 5 (09:57):
They're currently not, but the firm that we've hired is
pushing to get them into LLCs.
Speaker 3 (10:02):
So I would think an LLC is a good idea.
And I think the shares of and maybe multiple LLCs,
I don't mean to say one, and then all of
the shares themselves should be owned in these irrevocable trusts.
If that's what they've chosen. Irrevocable, I don't. I don't
know if that's the right way to go or not.
But doesn't matter because you're concerned more about what happens
when they both pass, and the trust of course at
(10:25):
that point will be irrevocable. I wouldn't jump to the
conclusion that you need to get an independent trustee right away.
The most important thing is that you guys decide, and
you're going to have to talk to each other to
decide what you want to do. You got to read
the document to see. Does it say divide the property
and pay it out to you kids and walk away.
Does it say hold it in trust for your lives,
(10:46):
in discretionary trust for your lives, and then you've got
to run and manage the company. I don't know. You
need to read the document to see what it says.
If it says divide it, pay it out, walk away.
Our trusts usually have language it says, look property sold
unless you all want it. Well, if you both don't
want them, then it's going to be sold. And if
(11:06):
one wants it and one doesn't, then the one who
wants it can buy out the one who doesn't at
fair market value. So again, fighting or not, you're gonna
be able to at least get past that walk away
with what you want.
Speaker 1 (11:17):
Right.
Speaker 3 (11:17):
Maybe they don't want to be. Maybe one brother says,
I just want the dough. Okay, Well you have to
arrange to have it purchased and bought out. So I
would look to try to not cause any more fighting
to say, Look, from a selfish standpoint, we're both working
towards the same goal. You get what you're supposed to get.
I get what I'm supposed to get and we don't
have to work together. If we want to work together, yeah,
(11:39):
I would have it in an LLC, and you guys
should be managers of your own your own buildings, and
you're in and sit back and collect rent and just say, hey,
we're just going to not be friendly, but we're just
going to be, you know, business partners, and money will
come in and half will go to each of you
and and that'll be the end of it. So I
don't think there's a separate agreement you can have that
(11:59):
says you're not going to fight, so that that isn't
gonna work. I think you just need to work through
it and look at what the document says first and
foremost and take it from there. But I do like
the fact that they've done some planning, so I hope
that helps a little.
Speaker 2 (12:13):
We're gonna go to our last caller here, Mary and Waltham.
You're on with Todd Lusky.
Speaker 4 (12:19):
Hello, my other ponent is ringing. I hope it isn't
sturb via. I'm calling actually on my brother's piet. He
goes with his wife but they don't get along, and
two of their three adult sons goes with them, but
he wants to have a separate will so that, you know,
if he passes first, the house could be possibly split
to so that the wife doesn't get the whole asset.
(12:42):
He wants some to go to the wife and the
three sons and the house these souls because he said,
when these sons eventually inherited, say, I'm not good with money,
and they would probably lose the house. So is there
a way he can do a separate will when there's
the house involved?
Speaker 3 (12:57):
So if their marriage still and it sounds like they
are married, correct, Yeah, so you can't technically disinherit your spouse.
I mean there's always a forced airship that allows them
to get some amount. Now, as long as you provide
an amount equal to the amount they would get under
the forced share, it's probably going to be okay. So
(13:18):
do we do separate wills? Well, you always do separate
wills when you're married, one for husband, one for wife.
I think what they need is way more than a will.
I think they need a trust, and I think the
trust needs to be designed, you know, to take care
of the spouse. But by the same token as you said,
maybe you know, not just give it to her if
that's the case, and therefore provide for it. And I
(13:40):
assume these are their own kids. It's not a second marriage, right, yes, right,
So they're each going to want to take care of
their kids anyway, so this will provide for it. And
I probably would have language in the trust again, not
just a will, but a trust that not only protects
it from potential nursing home claims and taxes, but that
it could hold it in trust for these children who
might not be great with money, as you said, and
(14:02):
if need be, the trustees could always sell the house
the money could go in, and then the money could
be used to take care of these children with discretionary
distributions for their needs, their health, their education, welfare support,
you know, so that it stretches out the money a
little bit so that it can be used to better
their life rather than just you know, dump it in
(14:23):
their hands, and then that could cause way more harm
than good. So I think they're going to need to
do a little bit more than separate wills. I think
they should sit with a lawyer and learn how a
trust can really take care of both of them. And
they don't need to really be angry with each other
when they're doing this estate plan because the common goal
was the kids here.
Speaker 2 (14:43):
Absolutely, Todd, thanks so much for taking time with us
this week. Happy early birthday to you.
Speaker 3 (14:48):
Oh thank you. Always a pleasure.
Speaker 1 (14:51):
This has been asked on on the Financial Exchange Radio network.
Askedd with Todd Ludskey has been presented by Cushing and Dolan,
serving Massachusetts and New England for more than in thirty years,
helping families with the state and tax planning, Medicaid planning,
and probate law. Call eight hundred three nine three four
thousand one or visit Cushingdolan dot com. The views expressed
in this segment are solely those of Cushing and Dolan
(15:12):
Armstrong Advisory. He does not provide any legal or tax advice.
Please consult with your illegal or tax advisor on such matters.
Cushing and Armstrong do not endorse each other and are
not affiliated
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