September 10, 2025 • 15 mins
This week, Todd Lutsky breaks down how to limit your beneficiaries exposure to estate taxes, where assets go after a spouse dies with a irrevocable trust, and changing the owner of an account in a trust.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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 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 estate and tax planning, medicaid planning, and probate law.
(00:22):
Visit Cushingdolan dot com. Now here's Todd Lutsky.
Speaker 2 (00:28):
Todd Lotskey joins us now for Ask Todd.
Speaker 3 (00:31):
Which is your chance to ask Todd your estate planning
questions live on air Right now.
Speaker 2 (00:38):
Phone lines are wide open, all clear for you.
Speaker 3 (00:41):
Eight eight eight to zero five two two sixty three.
That is the number to call to ask Todd your
estate planning questions right now on air again. Eight eight
eight to zero five two two sixty three is the number.
Speaker 2 (00:56):
One more time.
Speaker 3 (00:58):
It is eight eight eight zero five two two six three.
A reminder, we can usually get through a couple of calls,
so make sure that you call early in order to
get in line to speak with Todd right now. That
number again is eight eight eight two zero five two
two six three, mister Lutsky, how are you doing today?
Speaker 4 (01:19):
I am doing great. How about yourself?
Speaker 2 (01:21):
Good?
Speaker 3 (01:22):
I was out at the bar the other night, Yeah,
and this Mobias strip walked in and it was it
was crying, and the bartender said, hey, what's what's what's wrong, buddy?
And the Mobia strip goes, where do I even begin?
And it was it was just.
Speaker 2 (01:37):
It was very sad, very sad. Todd, I want to.
Speaker 3 (01:39):
Talk to you about UH estate taxes within the concept
of naming beneficiaries. Yeah, is there anything that people can
do as it relates to beneficiaries, either on investment accounts,
insurance products, or anything else that can help with estate
taxes as far as how they're naming those bennies?
Speaker 4 (01:59):
Yeah, I think you need to think about a lot.
You have to think about all of you of your
assets really, so when you're doing your estate plan, you know,
if you're dealing with a and by the way, the
answer will vary depending on whether it's a revocable trust
situation or an irrevocable trust situation, so there can be
some differences. But you know, like if you're funding your
(02:21):
revocable trust, you probably want to change the owner, not
necessarily the beneficiary, right, So the owner on your bank accounts,
the owner on your investment accounts, the owner on I
guess that's it, brokerage, investment accounts, bank accounts, CDs. The
owner can be the trust don't really need to get
into beneficiaries, really, because you want it to be owned
(02:45):
by the trust, and then the language of the trust
is going to sort of dictate where those assets go. So,
for example, I had a client was convinced all they
needed they were not married, but they had certain people
that they wanted to take care of, and certain nieces
and nephews, et cetera whole laundry list of people, and
they said, all we really need to do is name beneficiaries.
(03:07):
We don't need to bother because you know we're not
we're married, but we don't we don't have any kids.
I said, well, then you're gonna have to run around
and make sure that you know if you spend money
out of one account and then spend money out of
another account, and then that particular person who was a
beneficiary on that account doesn't get anything, and you've got
to keep track all the time of where the money is.
I mean, that's just not helpful. But if you just
(03:28):
put all those assets in a revocable trust, now spend
whatever you want to spend, because everybody in the trust
will benefit from every dollar that's in there, from every account, right,
and it's great. And you don't even name dollar amounts.
You name percentages. So if the tide rises, everybody gets
a little more. The tide shrinks, everybody gets a little less.
(03:50):
So it's a wonderful way of doing it. It's easy,
it's simple. Change the owner. Don't need to worry about
the beneficiary. Not for iras, not for four h one
k's or any qualified retirement account. And now, by the way,
for an irrevocable trust, it's similar to the extent I'm
putting things in the trust. I don't need to name
(04:13):
a beneficiary. I need to just change the owner. However,
for iras and or life insurance, you want to think.
If you're concerned about protecting assets from the nursing home,
then you need to think about naming the beneficiary of
those items. Something so revocable or irrevocable. The beneficiary of
(04:37):
an IRA is generally a spouse, and the contingent is
generally kids, or a trust. You can name a trust
a beneficiary when you die. If you're concerned about nursing
home planning and you want to protect the asset from
a nursing home, then there are ways and times and rules.
But you can name the estate the beneficiary of the
(04:58):
IRA first ahead of the spouse and get all kinds
of other nursing home planning benefits at so much to
talk about. It was a great question, Chuck, but I
can't even that just tip tip of the iceberg.
Speaker 3 (05:10):
Talking with Todd Lutsky from Kushian Dolan. You've got questions
for Todd. This is your chance to ask them. Eight
eight eight to zero five two two sixty three is
the number. We do still have room on the phone lines,
So get calling to ask Todd your questions right now
because we're going to take a quick break and then
is right to your questions with Todd. That number is
(05:31):
eight eight eight to zero five two two six three.
One last time, that is eight eight eight to zero
five two two six three.
Speaker 1 (05:43):
Ask Todd with Todd Lutsky 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 3 (06:11):
All right, let's get right to your questions with Todd.
Let's be first up. We've got Anna in Massachusetts. Anna,
what's your question for Todd.
Speaker 5 (06:20):
I'd like to know when both spouses have irrevocable trust
and the first spouse that, how does does the second
spouse have access to the past or the deceased sous assets?
How does that work?
Speaker 2 (06:39):
So?
Speaker 4 (06:40):
Are you are you suggesting that we have a married
couple and they're doing one joint irrevocable medicaid type trust
nursing home protection trust? Or are we doing two separate trusts,
one for husband and wife.
Speaker 5 (06:52):
Each fouse has their own irrevocable trust, got it?
Speaker 4 (06:59):
And and is the irrevocable trust designed to protect assets
from the nursing home? I assume right.
Speaker 5 (07:06):
I don't know about that. It's just I don't want
to care about that. I just want to know when
the first stout ses, if I die tomorrow, does my
husband have access to the assets in my trust?
Speaker 4 (07:19):
Okay? So, first and foremost, just to help everybody understand
that you would never do an irrevocable trust for you know,
to keep control over it if you're giving things away
outside of your state. So I assume the value of
this estate is probably under five million dollars. Correct, yes, okay,
So then you folks would be doing probably if you
(07:42):
don't care about nursing home. It would be a revocable trust,
and it would be joint. But to your question, even
if it's a joint revocable trust while you're living, and
that that was your question, you're both in control. But
then let's say your husband dies, and then how would
you have access to the ass sets that are in
this once joint revocable trust that now automatically becomes irrevocable.
(08:07):
That's correct, So as soon as one dies, it becomes irrevocable,
and the surviving spouse, let's say it's you, and it
would be considered, would become the trustee. So now you
are the sole trustee, when before it was you and
your husband. And so now that you're the sole trustee,
you read the language of the trust to determine the
(08:29):
access that you have. So with a revocable trust that
is now irrevocable, there'd be two buckets in there, probably
two maybe three buckets, a marital share, a state marital share,
and a remainder share. And then these buckets are going
to be filled with the assets that were in the
overall joint trust. So if you had three million dollars
(08:50):
of stuff in the trust when you were alive, that
three million dollars is now sprinkled between these three buckets,
call them A, B, and C, the trustee of which
is Anna. So you're in charge, Anna, and then you
need to read the language. So if it's three million dollars,
I can tell you that two million would be in
the sea bucket and one million would be in the
(09:12):
B bucket, and the A bucket would be empty. That
is driven by the value by the estate tax laws
that are that are in place. So in Massachusetts you
can shelter two million each. That's why the two million
ended up in the sea bucket because it equals the
mass exemption and the amount over the two million. But
(09:34):
under the thirteen excuse me, the thirteen point nine million
would end up in the B bucket. So that's why
the one million is there. Now, Anna, you're probably saying, Okay,
there's three million dollars there, Todd, but what can I
do with it? Well, you're in charge. You get to
take the in, you manage it, you invest it, you
(09:55):
buy and sell stocks and bonds, you buy and sell
real estate, and you can take out all the income
because the trust says you're entitled to the income, and
it says you can take out the three million dollars
which is principal, but you're supposed to take it as
you need it to maintain your standard of living that
you enjoyed when your husband was alive. Follow those rules.
(10:16):
The assets are still yours, but the design of the
trust will shelter the assets from a state taxes. So
big answer to your question. But I wanted you to
hope that helps. Hope that helps everybody. But folks, that's
not the only items we talk about. That's great for
what's in the trust, but the guide we're giving away
deals with life insurance and iras, which are a little
(10:38):
more complicated because they can't go into the trust right away.
So if you're concerned about nursing home planning and you're married,
right this guide is for you because it offers guidance
on how to protect an IRA well, basically naming the
estate the IRA beneficiary is going to help you with
(11:00):
not only life insurance but with iras. It will provide
nursing home protection. It will shelter from the costs of
estate taxes, and it will be done without providing adverse
income tax consequences. And that's the real wild card with IRA.
(11:20):
So learn how to do this, folks. If you're doing
a state planning and concerned about the nursing home, call
and get this guide eight six six eight four eight
five six nine to nine or Legal Exchange Show dot
com eight six six eight four eight five six nine
nine or Legal Exchange Show dot Com.
Speaker 3 (11:40):
Let's go now to Norman in Portland. Norman, what is
your question for Todd Lutsky?
Speaker 5 (11:48):
Oh?
Speaker 6 (11:48):
Hi? I was wondering how I tell if the transfer
on disk uh language has been transferred to the financial
institutions that are in my revocable trust. And the lawyer
said the girl Friday would do it, and I'm just
wondering if she ever did, And I guess I should
(12:12):
just call. But is that what you do?
Speaker 2 (12:15):
Well?
Speaker 4 (12:16):
Let me let me ask you a couple of questions
so I can follow this. So, Norman, are you are
you married?
Speaker 1 (12:22):
Oh?
Speaker 6 (12:22):
Yes?
Speaker 4 (12:23):
And you did a revocable trust you and your wife? Yes, okay,
And the revocable trust needs to have assets put in it.
That's what you're just so everybody understands what we're talking about.
We're suggesting that you fund the trust with your brokerage account,
with your bank account, and I totally agree and funding
(12:43):
the trust, I would stay if it's a revocable trust,
like what Chuck was asking earlier in the show, I
would stay away from transfers on death. There's no need
to do that, right, why not just change the owner
on the on the account, on the bank account, on
the brokerage account, make the owner the name of the trust.
(13:04):
So like if I've done a trust and I'm married,
and it's a joint revocable trust, the name on my
brokerage account will be Lotsky Family Trust, bank account Lotski
Family Trust, And then you don't have to worry about
who the beneficiary is because the trust owns it. And
the trust's language will say where all the assets of
(13:25):
the trust go when you die. Right, so if we
both die, my wife and I, everything is equally to
our kids. Well, everything that's owned by the trust will
be divided amongst the children, and you're completely covered. So
that's probably my advice. And yes to your question, Yeah,
call them, ask them if they did it or send
a statement to you. The next statement you get, take
(13:48):
a look at it and see if it says, you know,
Norman Family Trust or whatever the name is on your trust.
If it says that, then you know that particular asset
is in that trust.
Speaker 3 (14:01):
Todd, we were talking earlier about beneficiaries. Any last items
that you want to add as it relates to that
earlier conversation we were having.
Speaker 4 (14:10):
Yeah, and again, it's kind of good to talk about
the Norman case, right. He was just talking about doing that, right,
So that's that's how you do it for revocable trusts,
and we talked it's similar for an irrevocable trust. But
kind of like you know, I think that the wild
card is is what this guide is really all about,
and it's the iras of the world and the life
insurance policies of the world. So folks, when you're dealing
(14:33):
with those, if you're thinking about nursing home protection, instead
of making the life insurance policy, you know the benefit.
You never change the owner, you don't need to, but
you change the life insurance beneficiary. Instead of putting it
in the trust, you might put it into the estate
of kind of what we were talking about, and that
(14:54):
way it will flow into this testamentary trust and be
protected for the surviving spouse from nursing homes, but at
the same time allow access to it and shelter it
for a state taxes. So those are the tricky assets.
Speaker 2 (15:08):
Mister Lutski, thank you so much for joining us today.
Speaker 4 (15:11):
Always a pleasure.
Speaker 1 (15:13):
This has been asked Odd on the Financial Exchange Radio network.
Askedd with Todd Ludsky 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 Dolan.
(15:34):
Armstrong Advisory 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 estate and tax planning, medicaid planning, and probate law.
(00:22):
Visit Cushingdolan dot com. Now here's Todd Lutsky.
Speaker 2 (00:28):
Todd Lotskey joins us now for Ask Todd.
Speaker 3 (00:31):
Which is your chance to ask Todd your estate planning
questions live on air Right now.
Speaker 2 (00:38):
Phone lines are wide open, all clear for you.
Speaker 3 (00:41):
Eight eight eight to zero five two two sixty three.
That is the number to call to ask Todd your
estate planning questions right now on air again. Eight eight
eight to zero five two two sixty three is the number.
Speaker 2 (00:56):
One more time.
Speaker 3 (00:58):
It is eight eight eight zero five two two six three.
A reminder, we can usually get through a couple of calls,
so make sure that you call early in order to
get in line to speak with Todd right now. That
number again is eight eight eight two zero five two
two six three, mister Lutsky, how are you doing today?
Speaker 4 (01:19):
I am doing great. How about yourself?
Speaker 2 (01:21):
Good?
Speaker 3 (01:22):
I was out at the bar the other night, Yeah,
and this Mobias strip walked in and it was it
was crying, and the bartender said, hey, what's what's what's wrong, buddy?
And the Mobia strip goes, where do I even begin?
And it was it was just.
Speaker 2 (01:37):
It was very sad, very sad. Todd, I want to.
Speaker 3 (01:39):
Talk to you about UH estate taxes within the concept
of naming beneficiaries. Yeah, is there anything that people can
do as it relates to beneficiaries, either on investment accounts,
insurance products, or anything else that can help with estate
taxes as far as how they're naming those bennies?
Speaker 4 (01:59):
Yeah, I think you need to think about a lot.
You have to think about all of you of your
assets really, so when you're doing your estate plan, you know,
if you're dealing with a and by the way, the
answer will vary depending on whether it's a revocable trust
situation or an irrevocable trust situation, so there can be
some differences. But you know, like if you're funding your
(02:21):
revocable trust, you probably want to change the owner, not
necessarily the beneficiary, right, So the owner on your bank accounts,
the owner on your investment accounts, the owner on I
guess that's it, brokerage, investment accounts, bank accounts, CDs. The
owner can be the trust don't really need to get
into beneficiaries, really, because you want it to be owned
(02:45):
by the trust, and then the language of the trust
is going to sort of dictate where those assets go. So,
for example, I had a client was convinced all they
needed they were not married, but they had certain people
that they wanted to take care of, and certain nieces
and nephews, et cetera whole laundry list of people, and
they said, all we really need to do is name beneficiaries.
(03:07):
We don't need to bother because you know we're not
we're married, but we don't we don't have any kids.
I said, well, then you're gonna have to run around
and make sure that you know if you spend money
out of one account and then spend money out of
another account, and then that particular person who was a
beneficiary on that account doesn't get anything, and you've got
to keep track all the time of where the money is.
I mean, that's just not helpful. But if you just
(03:28):
put all those assets in a revocable trust, now spend
whatever you want to spend, because everybody in the trust
will benefit from every dollar that's in there, from every account, right,
and it's great. And you don't even name dollar amounts.
You name percentages. So if the tide rises, everybody gets
a little more. The tide shrinks, everybody gets a little less.
(03:50):
So it's a wonderful way of doing it. It's easy,
it's simple. Change the owner. Don't need to worry about
the beneficiary. Not for iras, not for four h one
k's or any qualified retirement account. And now, by the way,
for an irrevocable trust, it's similar to the extent I'm
putting things in the trust. I don't need to name
(04:13):
a beneficiary. I need to just change the owner. However,
for iras and or life insurance, you want to think.
If you're concerned about protecting assets from the nursing home,
then you need to think about naming the beneficiary of
those items. Something so revocable or irrevocable. The beneficiary of
(04:37):
an IRA is generally a spouse, and the contingent is
generally kids, or a trust. You can name a trust
a beneficiary when you die. If you're concerned about nursing
home planning and you want to protect the asset from
a nursing home, then there are ways and times and rules.
But you can name the estate the beneficiary of the
(04:58):
IRA first ahead of the spouse and get all kinds
of other nursing home planning benefits at so much to
talk about. It was a great question, Chuck, but I
can't even that just tip tip of the iceberg.
Speaker 3 (05:10):
Talking with Todd Lutsky from Kushian Dolan. You've got questions
for Todd. This is your chance to ask them. Eight
eight eight to zero five two two sixty three is
the number. We do still have room on the phone lines,
So get calling to ask Todd your questions right now
because we're going to take a quick break and then
is right to your questions with Todd. That number is
(05:31):
eight eight eight to zero five two two six three.
One last time, that is eight eight eight to zero
five two two six three.
Speaker 1 (05:43):
Ask Todd with Todd Lutsky 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 3 (06:11):
All right, let's get right to your questions with Todd.
Let's be first up. We've got Anna in Massachusetts. Anna,
what's your question for Todd.
Speaker 5 (06:20):
I'd like to know when both spouses have irrevocable trust
and the first spouse that, how does does the second
spouse have access to the past or the deceased sous assets?
How does that work?
Speaker 2 (06:39):
So?
Speaker 4 (06:40):
Are you are you suggesting that we have a married
couple and they're doing one joint irrevocable medicaid type trust
nursing home protection trust? Or are we doing two separate trusts,
one for husband and wife.
Speaker 5 (06:52):
Each fouse has their own irrevocable trust, got it?
Speaker 4 (06:59):
And and is the irrevocable trust designed to protect assets
from the nursing home? I assume right.
Speaker 5 (07:06):
I don't know about that. It's just I don't want
to care about that. I just want to know when
the first stout ses, if I die tomorrow, does my
husband have access to the assets in my trust?
Speaker 4 (07:19):
Okay? So, first and foremost, just to help everybody understand
that you would never do an irrevocable trust for you know,
to keep control over it if you're giving things away
outside of your state. So I assume the value of
this estate is probably under five million dollars. Correct, yes, okay,
So then you folks would be doing probably if you
(07:42):
don't care about nursing home. It would be a revocable trust,
and it would be joint. But to your question, even
if it's a joint revocable trust while you're living, and
that that was your question, you're both in control. But
then let's say your husband dies, and then how would
you have access to the ass sets that are in
this once joint revocable trust that now automatically becomes irrevocable.
(08:07):
That's correct, So as soon as one dies, it becomes irrevocable,
and the surviving spouse, let's say it's you, and it
would be considered, would become the trustee. So now you
are the sole trustee, when before it was you and
your husband. And so now that you're the sole trustee,
you read the language of the trust to determine the
(08:29):
access that you have. So with a revocable trust that
is now irrevocable, there'd be two buckets in there, probably
two maybe three buckets, a marital share, a state marital share,
and a remainder share. And then these buckets are going
to be filled with the assets that were in the
overall joint trust. So if you had three million dollars
(08:50):
of stuff in the trust when you were alive, that
three million dollars is now sprinkled between these three buckets,
call them A, B, and C, the trustee of which
is Anna. So you're in charge, Anna, and then you
need to read the language. So if it's three million dollars,
I can tell you that two million would be in
the sea bucket and one million would be in the
(09:12):
B bucket, and the A bucket would be empty. That
is driven by the value by the estate tax laws
that are that are in place. So in Massachusetts you
can shelter two million each. That's why the two million
ended up in the sea bucket because it equals the
mass exemption and the amount over the two million. But
(09:34):
under the thirteen excuse me, the thirteen point nine million
would end up in the B bucket. So that's why
the one million is there. Now, Anna, you're probably saying, Okay,
there's three million dollars there, Todd, but what can I
do with it? Well, you're in charge. You get to
take the in, you manage it, you invest it, you
(09:55):
buy and sell stocks and bonds, you buy and sell
real estate, and you can take out all the income
because the trust says you're entitled to the income, and
it says you can take out the three million dollars
which is principal, but you're supposed to take it as
you need it to maintain your standard of living that
you enjoyed when your husband was alive. Follow those rules.
(10:16):
The assets are still yours, but the design of the
trust will shelter the assets from a state taxes. So
big answer to your question. But I wanted you to
hope that helps. Hope that helps everybody. But folks, that's
not the only items we talk about. That's great for
what's in the trust, but the guide we're giving away
deals with life insurance and iras, which are a little
(10:38):
more complicated because they can't go into the trust right away.
So if you're concerned about nursing home planning and you're married,
right this guide is for you because it offers guidance
on how to protect an IRA well, basically naming the
estate the IRA beneficiary is going to help you with
(11:00):
not only life insurance but with iras. It will provide
nursing home protection. It will shelter from the costs of
estate taxes, and it will be done without providing adverse
income tax consequences. And that's the real wild card with IRA.
(11:20):
So learn how to do this, folks. If you're doing
a state planning and concerned about the nursing home, call
and get this guide eight six six eight four eight
five six nine to nine or Legal Exchange Show dot
com eight six six eight four eight five six nine
nine or Legal Exchange Show dot Com.
Speaker 3 (11:40):
Let's go now to Norman in Portland. Norman, what is
your question for Todd Lutsky?
Speaker 5 (11:48):
Oh?
Speaker 6 (11:48):
Hi? I was wondering how I tell if the transfer
on disk uh language has been transferred to the financial
institutions that are in my revocable trust. And the lawyer
said the girl Friday would do it, and I'm just
wondering if she ever did, And I guess I should
(12:12):
just call. But is that what you do?
Speaker 2 (12:15):
Well?
Speaker 4 (12:16):
Let me let me ask you a couple of questions
so I can follow this. So, Norman, are you are
you married?
Speaker 1 (12:22):
Oh?
Speaker 6 (12:22):
Yes?
Speaker 4 (12:23):
And you did a revocable trust you and your wife? Yes, okay,
And the revocable trust needs to have assets put in it.
That's what you're just so everybody understands what we're talking about.
We're suggesting that you fund the trust with your brokerage account,
with your bank account, and I totally agree and funding
(12:43):
the trust, I would stay if it's a revocable trust,
like what Chuck was asking earlier in the show, I
would stay away from transfers on death. There's no need
to do that, right, why not just change the owner
on the on the account, on the bank account, on
the brokerage account, make the owner the name of the trust.
(13:04):
So like if I've done a trust and I'm married,
and it's a joint revocable trust, the name on my
brokerage account will be Lotsky Family Trust, bank account Lotski
Family Trust, And then you don't have to worry about
who the beneficiary is because the trust owns it. And
the trust's language will say where all the assets of
(13:25):
the trust go when you die. Right, so if we
both die, my wife and I, everything is equally to
our kids. Well, everything that's owned by the trust will
be divided amongst the children, and you're completely covered. So
that's probably my advice. And yes to your question, Yeah,
call them, ask them if they did it or send
a statement to you. The next statement you get, take
(13:48):
a look at it and see if it says, you know,
Norman Family Trust or whatever the name is on your trust.
If it says that, then you know that particular asset
is in that trust.
Speaker 3 (14:01):
Todd, we were talking earlier about beneficiaries. Any last items
that you want to add as it relates to that
earlier conversation we were having.
Speaker 4 (14:10):
Yeah, and again, it's kind of good to talk about
the Norman case, right. He was just talking about doing that, right,
So that's that's how you do it for revocable trusts,
and we talked it's similar for an irrevocable trust. But
kind of like you know, I think that the wild
card is is what this guide is really all about,
and it's the iras of the world and the life
insurance policies of the world. So folks, when you're dealing
(14:33):
with those, if you're thinking about nursing home protection, instead
of making the life insurance policy, you know the benefit.
You never change the owner, you don't need to, but
you change the life insurance beneficiary. Instead of putting it
in the trust, you might put it into the estate
of kind of what we were talking about, and that
(14:54):
way it will flow into this testamentary trust and be
protected for the surviving spouse from nursing homes, but at
the same time allow access to it and shelter it
for a state taxes. So those are the tricky assets.
Speaker 2 (15:08):
Mister Lutski, thank you so much for joining us today.
Speaker 4 (15:11):
Always a pleasure.
Speaker 1 (15:13):
This has been asked Odd on the Financial Exchange Radio network.
Askedd with Todd Ludsky 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 Dolan.
(15:34):
Armstrong Advisory 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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