December 17, 2025 • 15 mins
Estate planning attorney Todd Lutsky of Cushing & Dolan joins the show for his weekly listener call-in segment and discusses the best ways to protect assets through estate planning. What are the top factors to consider when going through this process?
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Episode Transcript
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Speaker 1 (00:00):
This is Ask Todd on the Financial Exchange Radio network.
If you have an existing estate plan or in the
market for one, Todd Letsky is here to answer your
questions and help you plan for a 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 (00:27):
As promised, We've got Todd Lutsky with us here in
studio for Ask Todd to answer your estate planning questions.
Speaker 3 (00:37):
This is your chance to ask those questions.
Speaker 2 (00:39):
Live on air right now, and we do have the
phone lines open at eight eight eight to zero five
two two six three. Again that number is eight eight
eight two zero five two two six three.
Speaker 3 (00:55):
So this is your chance.
Speaker 2 (00:56):
If you've been thinking about getting you know as sibling
and irrevocable trust for Christmas, here's your chance to talk
to uh Todd and find out good idea, bad idea,
ugly idea. But again eight eight eight two zero five
two two six three is the number to call. Make
sure you call early. To get in line, since we
can usually only get through a couple of these. Mister Lutsky,
(01:17):
how are you doing today?
Speaker 4 (01:18):
I'm great. Never really thought this was a Christmas present,
but I like I like the idea. How are you doing?
Speaker 3 (01:24):
Uh? Tough day for me, I'm sure.
Speaker 2 (01:26):
Had to fire my uh fruit delivery driver this morning.
Speaker 4 (01:31):
Fruit delivery.
Speaker 3 (01:32):
Yeah, I had to let the man go. Yeah, yeah, yeah, you.
Speaker 2 (01:36):
Know how it is, Todd. Want to talk to you
about UH asset protection the way I see it, And
maybe I'm wrong because you do this every day and
I don't. There seem to be three different ways to
deal with the cost of long term care irrevocable trusts,
long term care insurance, and self insuring.
Speaker 3 (01:54):
Is that accurate? I would say yes, in general, Like
you know those.
Speaker 4 (01:58):
Are I would think so. Yeah, So there are really
only three things you can do.
Speaker 2 (02:02):
How does someone go about figuring out which is the
right instrument for their situation?
Speaker 4 (02:07):
So, if you're thinking about irrevocable versus insurance versus self insurance, yeah,
it's it's not just limited to this question, Chuck. I
think it's great. I think when you talk about estate
planning in general, where do you begin value value value,
(02:28):
what's the size of your estate? How much are you worth?
I mean, I think that's one of the first fundamental
things you need to think about when you're doing a
state planning. So you sit down and let's let's apply
it to all of these. You sit down and you say,
I need to do a state planning. Okay, do I
need an irrevocable trust or a revocable trust? First question, well,
(02:52):
how much are you worth?
Speaker 5 (02:54):
Oh?
Speaker 4 (02:54):
I'm worth ten million dollars. Okay, pretty sure. You probably
don't need nursing home planning. Why because I'm self insured.
I've got ten million dollars I'm generating you know, seven percent,
that's seven hundred thousand dollars a year in income.
Speaker 3 (03:11):
I'm good.
Speaker 4 (03:12):
I can pay for the nursing home. I'm self insured,
which also means I don't need an irrevocable medicaid trust.
Speaker 2 (03:19):
But there might be other planning needs, just not specifically
on that end.
Speaker 3 (03:23):
Right.
Speaker 4 (03:23):
So then you shift and you say, okay, well, then
I'm going to go with the revocable trust. Correct, And
then we can talk about planning from a revocable perspective.
So very helpful there. Next, let's come back with the
answer being well, geez Todd, I'm worth about four million,
and you know one and a half million of that
is my home, and I got maybe five hundred you know,
(03:44):
in an IRA, I want to protect my assets from
the nursing home. Sure, oh, you're right. So now I
don't need the revocable trust. I need an irrevocable trust,
and we can go down and explore that at the meeting.
But it also makes me think that's long term care.
I'm not self insured. Cross that off, and I know
(04:05):
that I wouldn't that. I you know, I don't want
to just I think irrevocable trust planning would be the
other way. Let's say I'm too old, I'm seventy, I
can't get long term care insurance, so that's out. I
guess I'm stuck with irrevocable trust planning. I don't want
to stay stuck with. That's a good that's a good approach, sure, right,
(04:25):
So I think looking at value, a value of your
estate is really what's going to drive not only the
type of trust you need, but also how you might
protect your assets from the nursing home if you get there.
If you can insure yourself, great, I'd start you know,
in my fifties looking for those policies because they're great,
(04:47):
they do work, and you know, just got to make
sure you can afford them.
Speaker 2 (04:51):
Talking with Todd A Lotski from Cushing and Dolan Studio.
Line still has room on it at eight eight eight
two zero five two two six three. That is number
to call for you to ask Todd your estate planning
questions live on air right now again eight eight eight
to zero five two two six three. We're gonna take
(05:12):
a quick break, but when we come back, we're gonna
get right to your questions with Todd. That phone number
is eight eight eight to zero five two two six three.
Again it is eight eight eight to zero five two
two sixty three.
Speaker 1 (05:28):
Ask Todd with Todd Lutskey 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 (06:04):
All right, we got a couple of calls for you,
mister Latsky. First in the queue is Dan in Wellesley. Dan,
you're on with Todd.
Speaker 5 (06:12):
Hey Todd, good morning, good morning, Ah question for you.
My brother and I had our estates done by you.
And your firm and twenty ten. Great job, We're very comfortable.
Speaker 4 (06:23):
Well, thank you.
Speaker 5 (06:23):
We need to do some sort of an update to
take a look at what we have. Things really haven't
changed too much. A little real estate appreciation, a little
debt reduction, but pretty much overall. We got everything, the
whole package from you, and I didn't know where we
stood fifteen years later.
Speaker 4 (06:39):
Wow, fifteen years huh?
Speaker 5 (06:41):
Who yeah?
Speaker 3 (06:42):
Good? Good?
Speaker 4 (06:42):
Well still here? That's good. A couple of things, obviously,
I would need to ask you just a couple of questions.
But I think in general this is great for everybody
listening because he's doing exactly what Dan's doing, exactly what
I would think. You know, you as other people who
have done your estate plan, you know, you might want
to check in once in a while and see if
anything needs to be changed. Might not, but a check
(07:04):
in couldn't hurt. So in this case, you know, for you, Dan,
I can at least speak to that. You know, I
forget are you married?
Speaker 5 (07:12):
AHM married my brother and I he's married. You did
both of our estates together, because a lot of the
real estate is combined, and we did the insurance trust
and the gifting and all that stuff.
Speaker 4 (07:21):
Okay, So you've got revocable trusts for you and your
brother and for your families, and you've got irrevocable gifting
trusts done.
Speaker 5 (07:30):
Correct everything you set up for us in twenty ten,
right to the t. So I'm not positive one hundred percent,
but yes.
Speaker 4 (07:36):
So in this regard, how much are you and your
wife worth today?
Speaker 5 (07:41):
Round number probably right about now around ten million, eleven million,
with all the real estate and our share and that
type of thing.
Speaker 4 (07:48):
So the good news is, if we've done a revocable
trust plan for you, with the exemption federally being now
fifteen million dollars each, right you and your wife, that's
thirty million, your plan can shelter thirty million. So I'm
going to say, and if your brother's in a similar situation,
I'm going to say that the revocable trust plan is
(08:08):
working great from a estate tax standpoint. Federally, it also
is drafted with a formula so it automatically adjusted for
the new Massachusetts estate tax exemption, which is now two million,
So you and your spouse can shelter four million with
your estate from the state state tax. So whether you
(08:33):
want to consider doing some I don't know. Residency changes.
That's up to you, because you know from Massachusetts, to
the extent you're over four million, you are going to
have a Massachusetts a state tax bite there Now, mass
cannot tax out of state property, so if some of
that ten million is out of state, it would not
be taxable here in mass So keep that in mind.
(08:56):
And to the extent we've taken assets and put them
in an irrevocable trust, they should not be included in
this ten million dollar number. Did you do that when
you gave me that number?
Speaker 5 (09:08):
I did everything you said in twenty ten to be honest.
Whether you haven't looked at it too much since. One
of my last quick questions was if I did move
to a Hampshire, would that make any difference? Because all
these properties are in Massachusetts and in their own trusts.
Speaker 4 (09:22):
I think if you could spend six months in a
day outside of the state, yes, you can make New
Hampshire your residency. You don't have to be there six
months in a day unless they require that for their residency,
which I don't think they do. So as long as
you're not six months in a day in this state,
you could be anywhere else. You don't have to be there,
but change your residency might be a great idea if
(09:45):
in fact you're still worth ten million, and that doesn't
include what we gave away, right, that's the way I
want it. Whatever's not in your state, I shouldn't be
in that ten million dollar number. But assuming that's the
case and that's what you're worth, yeah, you have ten
minus four six figure, six hundred thousand reasons to move.
(10:08):
So that's a lot of reasons to become a resident.
And if you want to do that of New Hampshire,
please come in, sit down. I can explain to you
all the things you have to do to accomplish that,
including setting up LLCs if you don't for Massachusetts real
estate so it's not taxed in mass even though you're
(10:29):
a non resident. I actually did a seminar once called
So you think you changed your residency, get it. It's
not so easy, but I can explain to you exactly
how to do it. So sounds like you're probably in
pretty good shape. So is your brother. So going forward,
except for maybe moving, that's an option. If you want
to explore some more state estate tax reductions, we could
(10:51):
sit down and talk. Or if you want to leave
your assets differently to your children. We can sit down
and talk about that. Otherwise, I think it's in good shape.
Thanks for to call. I hope that was helpful, And
folks like Dan call get this guide Balancing asset protection
and avoiding the state taxes. Right. It explains what this
(11:13):
trust that Dan has works, talks about portability, talks about
marital shares and remainder shares folks better than we can
ever talk about it on the radio. Right, It's it's
a little more complex than that. The guide gives you,
the answers, gives you, the charts, tells you how to
calculate your own estate tax liability and does it also
for irrevocable trusts. Little something for everyone in this guide.
(11:36):
See which trust is right for you. Call and get
it eight six six eight four eight five six nine
nine or Legal Exchange show dot Com again eight six
six eight four eight five six nine to nine.
Speaker 2 (11:51):
Todd got another one for you here. Let's go to
Rita in Shrewsbury, Rita. What's your question for Todd?
Speaker 6 (11:58):
Oh, good morning. My question is does the recent increase
and support and access to home healthcare have any impact
on the need for nursing home care hmm.
Speaker 4 (12:10):
That's an interesting question. So when you say the increase
in home healthcare, are you talking about insurance premiums or something.
Speaker 6 (12:17):
No, I'm talking about services that you can you know,
get or staying in your home when you're when you're sick.
Speaker 4 (12:25):
Okay, So these are what they call, uh, you know,
community based medicaid. I will try to answer it. I'm
not an expert when it comes to community based medicaid.
There are certain programs a lot offered by individual communities, right,
You've got to find out if it's available, like elder
(12:47):
frail elder care is one. There's different programs that are
available for your community. You got to find out how
much money is available. Generally is not a ton, but
there could be some and so certainly look into that
and see if you can get community based you know,
medicaid services for staying at the home. I agree with
(13:10):
you that the programs themselves have expanded, which I think
is wonderful. The idea of keeping people at home is
exactly what we all want to do, and even the
planning that we do for people is not designed to
say go to a nursing home, do everything you can
to stay at home. Now that said does that change
(13:34):
I think your question is does that change the need
to protect assets from the cost of long term care
if you cannot stay at home. I would say no,
It really has no difference as to whether I would
do that planning or not. If if your goal is
to say I want to make sure this particular house
(13:57):
gets to my family, or this vacation home gets to
my family, if that's your goal, or I just want
more of my assets available to my family, well you
can't really rely on community based in home care for
That doesn't mean you can't apply for it, try to
get it, and by the way, getting it if you
(14:20):
have assets in these irrevocable trusts that you need to
do to ensure those goals are met, might also help
you become eligible for in home services. I don't know
what their asset limits are, but clearly if it's in
the trust, it's not your asset, and so it should
help you, you know, get those assets those community based services.
(14:43):
So long winded answer, but I think at the end
of the day, the idea is I'm doing my planning
because I want to protect assets from my family. This
will do it, but also you might need to do
it to reduce a state taxes. If you're married and
you want to double your exemption, these irrevocable trusts will do.
The guide explains that. And lastly, I'm doing it not
(15:04):
just to protect and avoid probate and reduce taxes, but
also i want a nice, easy streamline of my assets
to my family so they can get it the way
and when and how they should get it. So hopefully
that helps.
Speaker 3 (15:19):
Mister Lutsky, thank you so much for joining us today.
Speaker 4 (15:21):
Always a pleasure. Thank you.
Speaker 1 (15:23):
This has been asked Todd on the Financial Exchange Radio network.
Askedd 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 three nine three four
thousand and one or visit Cushingdolan dot com. The views
expressed in this segment are solely those of Cushing and
(15:44):
Dolan Armstrong advisor. 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 Letsky is here to answer your
questions and help you plan for a 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 (00:27):
As promised, We've got Todd Lutsky with us here in
studio for Ask Todd to answer your estate planning questions.
Speaker 3 (00:37):
This is your chance to ask those questions.
Speaker 2 (00:39):
Live on air right now, and we do have the
phone lines open at eight eight eight to zero five
two two six three. Again that number is eight eight
eight two zero five two two six three.
Speaker 3 (00:55):
So this is your chance.
Speaker 2 (00:56):
If you've been thinking about getting you know as sibling
and irrevocable trust for Christmas, here's your chance to talk
to uh Todd and find out good idea, bad idea,
ugly idea. But again eight eight eight two zero five
two two six three is the number to call. Make
sure you call early. To get in line, since we
can usually only get through a couple of these. Mister Lutsky,
(01:17):
how are you doing today?
Speaker 4 (01:18):
I'm great. Never really thought this was a Christmas present,
but I like I like the idea. How are you doing?
Speaker 3 (01:24):
Uh? Tough day for me, I'm sure.
Speaker 2 (01:26):
Had to fire my uh fruit delivery driver this morning.
Speaker 4 (01:31):
Fruit delivery.
Speaker 3 (01:32):
Yeah, I had to let the man go. Yeah, yeah, yeah, you.
Speaker 2 (01:36):
Know how it is, Todd. Want to talk to you
about UH asset protection the way I see it, And
maybe I'm wrong because you do this every day and
I don't. There seem to be three different ways to
deal with the cost of long term care irrevocable trusts,
long term care insurance, and self insuring.
Speaker 3 (01:54):
Is that accurate? I would say yes, in general, Like
you know those.
Speaker 4 (01:58):
Are I would think so. Yeah, So there are really
only three things you can do.
Speaker 2 (02:02):
How does someone go about figuring out which is the
right instrument for their situation?
Speaker 4 (02:07):
So, if you're thinking about irrevocable versus insurance versus self insurance, yeah,
it's it's not just limited to this question, Chuck. I
think it's great. I think when you talk about estate
planning in general, where do you begin value value value,
(02:28):
what's the size of your estate? How much are you worth?
I mean, I think that's one of the first fundamental
things you need to think about when you're doing a
state planning. So you sit down and let's let's apply
it to all of these. You sit down and you say,
I need to do a state planning. Okay, do I
need an irrevocable trust or a revocable trust? First question, well,
(02:52):
how much are you worth?
Speaker 5 (02:54):
Oh?
Speaker 4 (02:54):
I'm worth ten million dollars. Okay, pretty sure. You probably
don't need nursing home planning. Why because I'm self insured.
I've got ten million dollars I'm generating you know, seven percent,
that's seven hundred thousand dollars a year in income.
Speaker 3 (03:11):
I'm good.
Speaker 4 (03:12):
I can pay for the nursing home. I'm self insured,
which also means I don't need an irrevocable medicaid trust.
Speaker 2 (03:19):
But there might be other planning needs, just not specifically
on that end.
Speaker 3 (03:23):
Right.
Speaker 4 (03:23):
So then you shift and you say, okay, well, then
I'm going to go with the revocable trust. Correct, And
then we can talk about planning from a revocable perspective.
So very helpful there. Next, let's come back with the
answer being well, geez Todd, I'm worth about four million,
and you know one and a half million of that
is my home, and I got maybe five hundred you know,
(03:44):
in an IRA, I want to protect my assets from
the nursing home. Sure, oh, you're right. So now I
don't need the revocable trust. I need an irrevocable trust,
and we can go down and explore that at the meeting.
But it also makes me think that's long term care.
I'm not self insured. Cross that off, and I know
(04:05):
that I wouldn't that. I you know, I don't want
to just I think irrevocable trust planning would be the
other way. Let's say I'm too old, I'm seventy, I
can't get long term care insurance, so that's out. I
guess I'm stuck with irrevocable trust planning. I don't want
to stay stuck with. That's a good that's a good approach, sure, right,
(04:25):
So I think looking at value, a value of your
estate is really what's going to drive not only the
type of trust you need, but also how you might
protect your assets from the nursing home if you get there.
If you can insure yourself, great, I'd start you know,
in my fifties looking for those policies because they're great,
(04:47):
they do work, and you know, just got to make
sure you can afford them.
Speaker 2 (04:51):
Talking with Todd A Lotski from Cushing and Dolan Studio.
Line still has room on it at eight eight eight
two zero five two two six three. That is number
to call for you to ask Todd your estate planning
questions live on air right now again eight eight eight
to zero five two two six three. We're gonna take
(05:12):
a quick break, but when we come back, we're gonna
get right to your questions with Todd. That phone number
is eight eight eight to zero five two two six three.
Again it is eight eight eight to zero five two
two sixty three.
Speaker 1 (05:28):
Ask Todd with Todd Lutskey 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 (06:04):
All right, we got a couple of calls for you,
mister Latsky. First in the queue is Dan in Wellesley. Dan,
you're on with Todd.
Speaker 5 (06:12):
Hey Todd, good morning, good morning, Ah question for you.
My brother and I had our estates done by you.
And your firm and twenty ten. Great job, We're very comfortable.
Speaker 4 (06:23):
Well, thank you.
Speaker 5 (06:23):
We need to do some sort of an update to
take a look at what we have. Things really haven't
changed too much. A little real estate appreciation, a little
debt reduction, but pretty much overall. We got everything, the
whole package from you, and I didn't know where we
stood fifteen years later.
Speaker 4 (06:39):
Wow, fifteen years huh?
Speaker 5 (06:41):
Who yeah?
Speaker 3 (06:42):
Good? Good?
Speaker 4 (06:42):
Well still here? That's good. A couple of things, obviously,
I would need to ask you just a couple of questions.
But I think in general this is great for everybody
listening because he's doing exactly what Dan's doing, exactly what
I would think. You know, you as other people who
have done your estate plan, you know, you might want
to check in once in a while and see if
anything needs to be changed. Might not, but a check
(07:04):
in couldn't hurt. So in this case, you know, for you, Dan,
I can at least speak to that. You know, I
forget are you married?
Speaker 5 (07:12):
AHM married my brother and I he's married. You did
both of our estates together, because a lot of the
real estate is combined, and we did the insurance trust
and the gifting and all that stuff.
Speaker 4 (07:21):
Okay, So you've got revocable trusts for you and your
brother and for your families, and you've got irrevocable gifting
trusts done.
Speaker 5 (07:30):
Correct everything you set up for us in twenty ten,
right to the t. So I'm not positive one hundred percent,
but yes.
Speaker 4 (07:36):
So in this regard, how much are you and your
wife worth today?
Speaker 5 (07:41):
Round number probably right about now around ten million, eleven million,
with all the real estate and our share and that
type of thing.
Speaker 4 (07:48):
So the good news is, if we've done a revocable
trust plan for you, with the exemption federally being now
fifteen million dollars each, right you and your wife, that's
thirty million, your plan can shelter thirty million. So I'm
going to say, and if your brother's in a similar situation,
I'm going to say that the revocable trust plan is
(08:08):
working great from a estate tax standpoint. Federally, it also
is drafted with a formula so it automatically adjusted for
the new Massachusetts estate tax exemption, which is now two million,
So you and your spouse can shelter four million with
your estate from the state state tax. So whether you
(08:33):
want to consider doing some I don't know. Residency changes.
That's up to you, because you know from Massachusetts, to
the extent you're over four million, you are going to
have a Massachusetts a state tax bite there Now, mass
cannot tax out of state property, so if some of
that ten million is out of state, it would not
be taxable here in mass So keep that in mind.
(08:56):
And to the extent we've taken assets and put them
in an irrevocable trust, they should not be included in
this ten million dollar number. Did you do that when
you gave me that number?
Speaker 5 (09:08):
I did everything you said in twenty ten to be honest.
Whether you haven't looked at it too much since. One
of my last quick questions was if I did move
to a Hampshire, would that make any difference? Because all
these properties are in Massachusetts and in their own trusts.
Speaker 4 (09:22):
I think if you could spend six months in a
day outside of the state, yes, you can make New
Hampshire your residency. You don't have to be there six
months in a day unless they require that for their residency,
which I don't think they do. So as long as
you're not six months in a day in this state,
you could be anywhere else. You don't have to be there,
but change your residency might be a great idea if
(09:45):
in fact you're still worth ten million, and that doesn't
include what we gave away, right, that's the way I
want it. Whatever's not in your state, I shouldn't be
in that ten million dollar number. But assuming that's the
case and that's what you're worth, yeah, you have ten
minus four six figure, six hundred thousand reasons to move.
(10:08):
So that's a lot of reasons to become a resident.
And if you want to do that of New Hampshire,
please come in, sit down. I can explain to you
all the things you have to do to accomplish that,
including setting up LLCs if you don't for Massachusetts real
estate so it's not taxed in mass even though you're
(10:29):
a non resident. I actually did a seminar once called
So you think you changed your residency, get it. It's
not so easy, but I can explain to you exactly
how to do it. So sounds like you're probably in
pretty good shape. So is your brother. So going forward,
except for maybe moving, that's an option. If you want
to explore some more state estate tax reductions, we could
(10:51):
sit down and talk. Or if you want to leave
your assets differently to your children. We can sit down
and talk about that. Otherwise, I think it's in good shape.
Thanks for to call. I hope that was helpful, And
folks like Dan call get this guide Balancing asset protection
and avoiding the state taxes. Right. It explains what this
(11:13):
trust that Dan has works, talks about portability, talks about
marital shares and remainder shares folks better than we can
ever talk about it on the radio. Right, It's it's
a little more complex than that. The guide gives you,
the answers, gives you, the charts, tells you how to
calculate your own estate tax liability and does it also
for irrevocable trusts. Little something for everyone in this guide.
(11:36):
See which trust is right for you. Call and get
it eight six six eight four eight five six nine
nine or Legal Exchange show dot Com again eight six
six eight four eight five six nine to nine.
Speaker 2 (11:51):
Todd got another one for you here. Let's go to
Rita in Shrewsbury, Rita. What's your question for Todd?
Speaker 6 (11:58):
Oh, good morning. My question is does the recent increase
and support and access to home healthcare have any impact
on the need for nursing home care hmm.
Speaker 4 (12:10):
That's an interesting question. So when you say the increase
in home healthcare, are you talking about insurance premiums or something.
Speaker 6 (12:17):
No, I'm talking about services that you can you know,
get or staying in your home when you're when you're sick.
Speaker 4 (12:25):
Okay, So these are what they call, uh, you know,
community based medicaid. I will try to answer it. I'm
not an expert when it comes to community based medicaid.
There are certain programs a lot offered by individual communities, right,
You've got to find out if it's available, like elder
(12:47):
frail elder care is one. There's different programs that are
available for your community. You got to find out how
much money is available. Generally is not a ton, but
there could be some and so certainly look into that
and see if you can get community based you know,
medicaid services for staying at the home. I agree with
(13:10):
you that the programs themselves have expanded, which I think
is wonderful. The idea of keeping people at home is
exactly what we all want to do, and even the
planning that we do for people is not designed to
say go to a nursing home, do everything you can
to stay at home. Now that said does that change
(13:34):
I think your question is does that change the need
to protect assets from the cost of long term care
if you cannot stay at home. I would say no,
It really has no difference as to whether I would
do that planning or not. If if your goal is
to say I want to make sure this particular house
(13:57):
gets to my family, or this vacation home gets to
my family, if that's your goal, or I just want
more of my assets available to my family, well you
can't really rely on community based in home care for
That doesn't mean you can't apply for it, try to
get it, and by the way, getting it if you
(14:20):
have assets in these irrevocable trusts that you need to
do to ensure those goals are met, might also help
you become eligible for in home services. I don't know
what their asset limits are, but clearly if it's in
the trust, it's not your asset, and so it should
help you, you know, get those assets those community based services.
(14:43):
So long winded answer, but I think at the end
of the day, the idea is I'm doing my planning
because I want to protect assets from my family. This
will do it, but also you might need to do
it to reduce a state taxes. If you're married and
you want to double your exemption, these irrevocable trusts will do.
The guide explains that. And lastly, I'm doing it not
(15:04):
just to protect and avoid probate and reduce taxes, but
also i want a nice, easy streamline of my assets
to my family so they can get it the way
and when and how they should get it. So hopefully
that helps.
Speaker 3 (15:19):
Mister Lutsky, thank you so much for joining us today.
Speaker 4 (15:21):
Always a pleasure. Thank you.
Speaker 1 (15:23):
This has been asked Todd on the Financial Exchange Radio network.
Askedd 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 three nine three four
thousand and one or visit Cushingdolan dot com. The views
expressed in this segment are solely those of Cushing and
(15:44):
Dolan Armstrong advisor. 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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