January 7, 2026 • 15 mins
This week, Todd Lutsky explains how procrastinators can catch up on their long term care planning despite getting a late start. Todd also takes a question for a listener about selling property in an irrevocable trust.
Mark as Played
Transcript
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 Lutsky 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 is the case every Wednesday here on the Fantasy Exchange,
we are joined by Todd Lutsky from Cushion Dolan. If
you have any questions regarding a state planning, gifting, Medicaid protection,
give our studio line a call at eight eight eight
to zero five two two sixty three. Again, any of
your questions for Todd Lutsky give our studio line of
call at eight eight eight two zero five two two six'. Three,
(00:51):
todd thank you so much for joining.
Speaker 3 (00:53):
Us always a. Pleasure thank.
Speaker 2 (00:55):
YOU i would Say Happy New, year but my producer
here hates that and says that the time has passed
to Say Happy New year on, that SO i will
not do that to make SURE i don't get beaten
up By.
Speaker 3 (01:05):
Tucker, well, Great i'm Gonna i'm not gonna Say Happy
New year. Either all, right two of us didn't Say
Happy New. Year perfect one.
Speaker 2 (01:11):
Time moving, On, Todd one big subject that comes up
often meeting with clients is long term care costs and
the planning surrounding. That and for some people it's just
too costly to afford a long term care insurance, policy
and it can be a situation where they just fall
behind the eight ball and they find themselves in a
situation where they're just not prepared for the long term
(01:33):
care costs that they. Face what are some of the
suggestions or tips that you have for folks for those
who have not done their planning in terms of long
term care, costs because it's a big issue around this,
area quite.
Speaker 3 (01:46):
Expensive, yeah so a couple of. Things if you haven't
done any long term care, planning you, know and you're
of course not not faced with you, know going into
the nursing home anytime, soon then you have time right
to do some advanced planning and to figure out our
way to protect some of these. Assets and by the,
(02:07):
way we're not necessarily pooh poohing long term care. Insurance
but you're, right you, Know, paul it does. Take it
can cost a lot of, money and quite, frankly people
that are, like when you get to age, seventy it's
kind of. Tough it gets harder and harder to afford.
It and, again you never need long term care insurance
to be you, know the end all be. All it
(02:27):
can just be you, know you, know don't have to
be A cadillac. Policy it can be a smaller policy
that sort of supplements the. Care but either, way it's
it's generally never enough to cover sixteen seventeen thousand dollars a.
Month it just. Isn't but so people in fact will, say, well,
fine what CAN i? Do, well that's where these Irrevocable
(02:49):
medicaid trusts come. In AND i know we spend a
lot of time on them over the, years but they
truly are you, know they're really the only way THAT
i know of to protect assets from the nursing. Home
so many people, say, well isn't there like a ton of,
Options AND i always, say, no there's, Not like it's
not like protect it's not like you, know looking paint
where you have tons of. Options it's it's, really you,
(03:11):
know do, nothing give your assets away to your, kids
which is a horrible idea across the, board or do
an irrevocable medicaid. Trust so those are really your three
options if you want to protect. It and these trusts
are are really you, know designed in a way to
keep you in. Control AND i think that's the most
(03:33):
important message THAT i can send to people When i'm
talking about irrevocable. Trusts in, FACT i had one recently
real life. Story we got hired to do the estate,
plan and about two weeks later he called back and,
Said i'm just so afraid of the word. Irrevocable and
THEN i had to call him back and we talked,
again AND i had to explain to him that you're
(03:54):
reading the engagement letter and it seems, scary but it
just needed. Clarification and by the time when we hung,
up he's, like, oh, yeah you're, Right i'm really not
giving up any. Control BECAUSE i explained to, him AS
i explain to, everybody that you, know you live in your,
house you pay your, bills you sell your, house you
buy another, house all through the, trust very easily, done no,
(04:15):
effort no adverse tax. Consequences you, know you can also
have investment accounts in there, now NOT ira, accounts but investment,
accounts you, know, stocks, bonds mutual. Funds you can manage the.
Money you can you, know invest the money the same
as you always. Did you can live off the, income
take it, out enjoy the, income and even pay the
(04:35):
taxes on that income at your, rates not at trust.
Rates people get concerned all the. Time they hear or
they go on the website or internet and they, say you,
know my, GOSH i read about your vocable trusts and
there's huge income tax problems with. Them, well there can,
be but if they're drafted as grant or trust and
they're not sure and everything is taxed at your own,
(04:57):
rate so you, KNOW i just that's a little that's
just an overall summary of these irrevocable trusts to let
people know that it's really the best, way the only
way to actually protect assets and to not really be
frightened off by the word.
Speaker 2 (05:12):
Irrevocable certainly a lot of nuanced to the. Subject if
you have any, Questions we're here With Todd lutsky From
Cushion dolan on the estate paying realm or regarding irrevocable
Trust give our studio line a call at eighty eight
to zero five two two sixty three again that studio
line number for any of your questions For Todd lutsky
From Cushion dolan eighty eight two zero five two two sixty.
(05:33):
Three we're gonna take a quick break, here but when
we come, back we'll have your questions With. Todd right
after this.
Speaker 1 (05:38):
Break 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.
Speaker 2 (05:53):
Network we are back here With Todd letsky From Christiane.
Dolan if you have any questions regarding gifting irrevocable trusts
or a state, planning give our studio on a call
at eight eighty two zero five two two sixty three.
Again any of your questions heading into twenty twenty six
(06:14):
on a state planning gifting irvocable trust give our studio
one a call eight eight eight two zero five two
two six. Three we're gonna go to our first, Caller,
jim who is in a. Truck, jim you're on With Todd, Lutsky.
Speaker 4 (06:27):
Hi, JOHN i DID i did irrevocable trust with you
five years? Ago past the getting just getting ask the
look back period and come to a realization that my
state is apt to want to deal with the rental
properties that are contained within the. TRUST i have been
(06:49):
And i'm trying to plan my strategy going, forward balancing
ten thirty one exchanges WITH. U DO i sell the?
Properties put it in a B i?
Speaker 1 (07:02):
Iray?
Speaker 3 (07:03):
Uh?
Speaker 4 (07:03):
WHAT i just do that whole process of moving. Forward
IF i sold the, properties, hey the? Taxes does that
money go into MY? Ira or DO i have to
set up a separate? Account how does that? All how
does that all?
Speaker 2 (07:17):
Work?
Speaker 3 (07:18):
Yeah so stay on the line and keep it open
BECAUSE i have a bunch of follow up questions just
to make SURE i understand what you're. Asking SO i
can ask another. Question. One you've had the trust for
five years and you've had rental property in, it and
you've been collecting rent and paying your bills and living
off the. Income all that's been fine so. Far? Correct
that is? Correct, Okay now you're at a point where
(07:41):
you're saying and that's important for listeners to. Know by the,
way just so they can understand. That you, know, HEY
i can have an irrevocable, trust have rental property in
it and live my. Life and it's so important that
someone like you sort of you, know you, know justifies
and verifies that that that can be. Done now the next, question,
oh what IF i want to sell? It absolutely no
(08:01):
problem in selling.
Speaker 1 (08:02):
It.
Speaker 3 (08:02):
Now i'm going to strongly suggest that you reach out
to us when you're ready to do, that just because you,
know some real estate attorneys don't understand the trust and
how to do. It but absolutely you can sell. It
out will go the? MONEY i mean, out we'll go
let's say rental property number, one and in will come the.
Money make sure that the money gets deposited into a
(08:25):
bank account in the name of the trust under the
TRUST id, number Which i'm sure you already, have because
if you had rental, property we would have gotten you
AN id number when we created. It and so now
the real estate is gone and the money's. Here now
you said a couple of. Things, one, Well, Geez, todd
CAN i put the money in MY? Ira, no, right
(08:46):
please don't do, that because the money that's in the
trust is now just as protected as the house was
when it was in the, trust and there is no
new five year waiting, Period so don't take the money
out and put in THE. Ira that would be a
(09:07):
bad idea because remember THE ira is not in your,
trust it is outside the. Trust it has to be
outside the, trust otherwise there'd be a huge income tax
if you were to pull the money out of THE
ira and put it into the. Trust, now if you
don't like that, approach you mentioned the word ten thirty one. Exchange,
(09:30):
well listeners don't know what that, is so let me tell.
THEM a ten thirty one exchange is a way for, You,
jim or any of you listening to. SAY i want
to sell my, property my rental, property which might have
a very low basis Because i've been renting. It so
let's SAY i bought it a long time, ago and
(09:51):
so my cost basis is. Low in addition to, That
i've been renting, it so my basis has been reduced
even further via depreciation deduction every year THAT i take
on my income tax. Return and IF i sell, It
i'm going to have a large capital gains. Tax, WELL
i don't want to do, that SO i want to
(10:12):
defer that capital gain till. Later, well you can defer
it by selling it and buying another property within one
hundred and eighty. Days you have one hundred and eighty
days to buy the replacement property if you're going to
do a delayed ten thirty one, exchange and then the
replacement property takes on the basis of the property that you,
(10:36):
sold so there's no gain recognized and it's still built,
in but you're not paying any. Taxes but if you
die owning it because you decided never to sell this
replacement property that you, bought, well then you'll get a
step up in basis inside this irrevocable. Trust, So, jim
(10:58):
this trust is design as a grand or trust for
income tax, Purposes so not only can you direct the
sale and the purchase of another property since you are
treated as the owner for income tax, purposes you are
also able to do a ten thirty one. Exchange just
(11:21):
make sure the trust sells it and the trust buys
the new, property and you will be able to defer
the gain and then die owning the replacement, property and
everything in the trust will get a new step up in,
basis eliminating the built in gain for the, beneficiaries so
(11:41):
then they can sell the property and pay no capital gains,
tax and depending on the size of your, estate there
may be no estate taxes when you pay when you die.
Either so hopefully that gives you some indication of the
flexibility and the benefits of doing. This and, yes you
can do all all of those things with the trust you,
(12:02):
have and anybody else who's got an irrevocable, trust at
least ones that we've prepared At cushing And dolan can
do these things as. Well SO i long winded, answer,
sorry but there was a lot going on in that.
Question hopefully that was. Helpful but reach, out don't sell
it on your. Own please contact the office and let's
make sure we do it.
Speaker 1 (12:20):
Right.
Speaker 3 (12:21):
Folks jim in this case did advance. Planning so kudos To.
Jim he's already gotten past the five year waiting. Period
you've heard all about that and all the things he can.
Do but you know, what there's people who don't do.
It and the guide we're giving away this month allows
you to figure out how to protect. Assets last minute
(12:44):
never is, good but better than. Nothing if you're faced
with nursing home, care it's called long term care. Planning
for the, procrastinator it talks about the look back period
that we discussed. Here it talks about, annuities how do
you use these to protect? Money last, minute it talks
about pooled, trusts how to work with a, home a rental,
(13:06):
property a vacation. Home they're all treated. Differently iras treated
differently for married couples and single. People if you're faced
with nursing home, care don't just write the. Check so
for folks who have done no, planning or folks who
have done planning but still have assets outside of this irrevocable.
(13:28):
Trust there's something for everyone in this. Guide if you're
faced with going in the nursing, home call and get
it eight six six eight four eight five six nine
to nine Or Legal Exchange show dot. Com you can
download it there again eight six six eight four eight
five six nine nine Or Legal Exchange show dot.
Speaker 2 (13:48):
Com tud quick question for. You we're running out of time,
here but what are the differences for planning for long
term care costs for a married couple versus an? Individual
what are some of the key takeaways is between those
two differences.
Speaker 3 (14:03):
You mean from a planning perspective or at.
Speaker 2 (14:06):
A planning perspective between a married couple considerations versus a single.
Speaker 3 (14:09):
Person, yeah and you know, what there's still the same irrevocable.
Trust so it's a it's a great question for the
amount of time we have, left it's it's it is
still going to be an irrevocable. Trust the difference, is you,
know one is obviously a single person trust and one
is a married couple, trust and the and the the
operational differences are very much the, same but for uh tax, Purposes,
(14:36):
uh they're a little, different not for income tax, purposes
but for estate tax. Purposes so for income tax, purposes
operational day to, day you, know using investing the, money
living on the, income all of that is the. Same
paying the income taxes is the. Same but when you're,
married the benefit there is the trust is designed to
(14:57):
shelter assets for a state tax as, well so you're
able to do both nursing home planning and estate tax
reduction by doubling the exemption to four million dollars rather
than just.
Speaker 2 (15:10):
TWO a lot of great information. There thanks so much
for the, Time, Todd we really appreciate. It good luck
to Your steelers this, weekend AND i hope you have
a great rest of the. Week thanks so much for joining, Us, Todd.
Speaker 3 (15:20):
Thank you always a.
Speaker 1 (15:21):
Pleasure this has been Asked todd on The Financial Exchange
radio Network Ask todd With. Todd lutsky has been presented
By cushing And, dolan Serving massachusetts And New england for
more than thirty, years helping families with the state and tax,
Planning medicaid, planning and probate. Law call eight hundred three
nine three four thousand and one or Visit cushingdolan dot.
Com the views expressed in this segment are solely those
(15:43):
Of cushing And. Dolan Armstrong advisory does not provide any
legal or tax. Advice please consult with your legal or
tax advisor on such. Matters cushing And armstrong do not
endorse each other and are not. Affiliated
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 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 is the case every Wednesday here on the Fantasy Exchange,
we are joined by Todd Lutsky from Cushion Dolan. If
you have any questions regarding a state planning, gifting, Medicaid protection,
give our studio line a call at eight eight eight
to zero five two two sixty three. Again, any of
your questions for Todd Lutsky give our studio line of
call at eight eight eight two zero five two two six'. Three,
(00:51):
todd thank you so much for joining.
Speaker 3 (00:53):
Us always a. Pleasure thank.
Speaker 2 (00:55):
YOU i would Say Happy New, year but my producer
here hates that and says that the time has passed
to Say Happy New year on, that SO i will
not do that to make SURE i don't get beaten
up By.
Speaker 3 (01:05):
Tucker, well, Great i'm Gonna i'm not gonna Say Happy
New year. Either all, right two of us didn't Say
Happy New. Year perfect one.
Speaker 2 (01:11):
Time moving, On, Todd one big subject that comes up
often meeting with clients is long term care costs and
the planning surrounding. That and for some people it's just
too costly to afford a long term care insurance, policy
and it can be a situation where they just fall
behind the eight ball and they find themselves in a
situation where they're just not prepared for the long term
(01:33):
care costs that they. Face what are some of the
suggestions or tips that you have for folks for those
who have not done their planning in terms of long
term care, costs because it's a big issue around this,
area quite.
Speaker 3 (01:46):
Expensive, yeah so a couple of. Things if you haven't
done any long term care, planning you, know and you're
of course not not faced with you, know going into
the nursing home anytime, soon then you have time right
to do some advanced planning and to figure out our
way to protect some of these. Assets and by the,
(02:07):
way we're not necessarily pooh poohing long term care. Insurance
but you're, right you, Know, paul it does. Take it
can cost a lot of, money and quite, frankly people
that are, like when you get to age, seventy it's
kind of. Tough it gets harder and harder to afford.
It and, again you never need long term care insurance
to be you, know the end all be. All it
(02:27):
can just be you, know you, know don't have to
be A cadillac. Policy it can be a smaller policy
that sort of supplements the. Care but either, way it's
it's generally never enough to cover sixteen seventeen thousand dollars a.
Month it just. Isn't but so people in fact will, say, well,
fine what CAN i? Do, well that's where these Irrevocable
(02:49):
medicaid trusts come. In AND i know we spend a
lot of time on them over the, years but they
truly are you, know they're really the only way THAT
i know of to protect assets from the nursing. Home
so many people, say, well isn't there like a ton of,
Options AND i always, say, no there's, Not like it's
not like protect it's not like you, know looking paint
where you have tons of. Options it's it's, really you,
(03:11):
know do, nothing give your assets away to your, kids
which is a horrible idea across the, board or do
an irrevocable medicaid. Trust so those are really your three
options if you want to protect. It and these trusts
are are really you, know designed in a way to
keep you in. Control AND i think that's the most
(03:33):
important message THAT i can send to people When i'm
talking about irrevocable. Trusts in, FACT i had one recently
real life. Story we got hired to do the estate,
plan and about two weeks later he called back and,
Said i'm just so afraid of the word. Irrevocable and
THEN i had to call him back and we talked,
again AND i had to explain to him that you're
(03:54):
reading the engagement letter and it seems, scary but it
just needed. Clarification and by the time when we hung,
up he's, like, oh, yeah you're, Right i'm really not
giving up any. Control BECAUSE i explained to, him AS
i explain to, everybody that you, know you live in your,
house you pay your, bills you sell your, house you
buy another, house all through the, trust very easily, done no,
(04:15):
effort no adverse tax. Consequences you, know you can also
have investment accounts in there, now NOT ira, accounts but investment,
accounts you, know, stocks, bonds mutual. Funds you can manage the.
Money you can you, know invest the money the same
as you always. Did you can live off the, income
take it, out enjoy the, income and even pay the
(04:35):
taxes on that income at your, rates not at trust.
Rates people get concerned all the. Time they hear or
they go on the website or internet and they, say you,
know my, GOSH i read about your vocable trusts and
there's huge income tax problems with. Them, well there can,
be but if they're drafted as grant or trust and
they're not sure and everything is taxed at your own,
(04:57):
rate so you, KNOW i just that's a little that's
just an overall summary of these irrevocable trusts to let
people know that it's really the best, way the only
way to actually protect assets and to not really be
frightened off by the word.
Speaker 2 (05:12):
Irrevocable certainly a lot of nuanced to the. Subject if
you have any, Questions we're here With Todd lutsky From
Cushion dolan on the estate paying realm or regarding irrevocable
Trust give our studio line a call at eighty eight
to zero five two two sixty three again that studio
line number for any of your questions For Todd lutsky
From Cushion dolan eighty eight two zero five two two sixty.
(05:33):
Three we're gonna take a quick break, here but when
we come, back we'll have your questions With. Todd right
after this.
Speaker 1 (05:38):
Break 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.
Speaker 2 (05:53):
Network we are back here With Todd letsky From Christiane.
Dolan if you have any questions regarding gifting irrevocable trusts
or a state, planning give our studio on a call
at eight eighty two zero five two two sixty three.
Again any of your questions heading into twenty twenty six
(06:14):
on a state planning gifting irvocable trust give our studio
one a call eight eight eight two zero five two
two six. Three we're gonna go to our first, Caller,
jim who is in a. Truck, jim you're on With Todd, Lutsky.
Speaker 4 (06:27):
Hi, JOHN i DID i did irrevocable trust with you
five years? Ago past the getting just getting ask the
look back period and come to a realization that my
state is apt to want to deal with the rental
properties that are contained within the. TRUST i have been
(06:49):
And i'm trying to plan my strategy going, forward balancing
ten thirty one exchanges WITH. U DO i sell the?
Properties put it in a B i?
Speaker 1 (07:02):
Iray?
Speaker 3 (07:03):
Uh?
Speaker 4 (07:03):
WHAT i just do that whole process of moving. Forward
IF i sold the, properties, hey the? Taxes does that
money go into MY? Ira or DO i have to
set up a separate? Account how does that? All how
does that all?
Speaker 2 (07:17):
Work?
Speaker 3 (07:18):
Yeah so stay on the line and keep it open
BECAUSE i have a bunch of follow up questions just
to make SURE i understand what you're. Asking SO i
can ask another. Question. One you've had the trust for
five years and you've had rental property in, it and
you've been collecting rent and paying your bills and living
off the. Income all that's been fine so. Far? Correct
that is? Correct, Okay now you're at a point where
(07:41):
you're saying and that's important for listeners to. Know by the,
way just so they can understand. That you, know, HEY
i can have an irrevocable, trust have rental property in
it and live my. Life and it's so important that
someone like you sort of you, know you, know justifies
and verifies that that that can be. Done now the next, question,
oh what IF i want to sell? It absolutely no
(08:01):
problem in selling.
Speaker 1 (08:02):
It.
Speaker 3 (08:02):
Now i'm going to strongly suggest that you reach out
to us when you're ready to do, that just because you,
know some real estate attorneys don't understand the trust and
how to do. It but absolutely you can sell. It
out will go the? MONEY i mean, out we'll go
let's say rental property number, one and in will come the.
Money make sure that the money gets deposited into a
(08:25):
bank account in the name of the trust under the
TRUST id, number Which i'm sure you already, have because
if you had rental, property we would have gotten you
AN id number when we created. It and so now
the real estate is gone and the money's. Here now
you said a couple of. Things, one, Well, Geez, todd
CAN i put the money in MY? Ira, no, right
(08:46):
please don't do, that because the money that's in the
trust is now just as protected as the house was
when it was in the, trust and there is no
new five year waiting, Period so don't take the money
out and put in THE. Ira that would be a
(09:07):
bad idea because remember THE ira is not in your,
trust it is outside the. Trust it has to be
outside the, trust otherwise there'd be a huge income tax
if you were to pull the money out of THE
ira and put it into the. Trust, now if you
don't like that, approach you mentioned the word ten thirty one. Exchange,
(09:30):
well listeners don't know what that, is so let me tell.
THEM a ten thirty one exchange is a way for, You,
jim or any of you listening to. SAY i want
to sell my, property my rental, property which might have
a very low basis Because i've been renting. It so
let's SAY i bought it a long time, ago and
(09:51):
so my cost basis is. Low in addition to, That
i've been renting, it so my basis has been reduced
even further via depreciation deduction every year THAT i take
on my income tax. Return and IF i sell, It
i'm going to have a large capital gains. Tax, WELL
i don't want to do, that SO i want to
(10:12):
defer that capital gain till. Later, well you can defer
it by selling it and buying another property within one
hundred and eighty. Days you have one hundred and eighty
days to buy the replacement property if you're going to
do a delayed ten thirty one, exchange and then the
replacement property takes on the basis of the property that you,
(10:36):
sold so there's no gain recognized and it's still built,
in but you're not paying any. Taxes but if you
die owning it because you decided never to sell this
replacement property that you, bought, well then you'll get a
step up in basis inside this irrevocable. Trust, So, jim
(10:58):
this trust is design as a grand or trust for
income tax, Purposes so not only can you direct the
sale and the purchase of another property since you are
treated as the owner for income tax, purposes you are
also able to do a ten thirty one. Exchange just
(11:21):
make sure the trust sells it and the trust buys
the new, property and you will be able to defer
the gain and then die owning the replacement, property and
everything in the trust will get a new step up in,
basis eliminating the built in gain for the, beneficiaries so
(11:41):
then they can sell the property and pay no capital gains,
tax and depending on the size of your, estate there
may be no estate taxes when you pay when you die.
Either so hopefully that gives you some indication of the
flexibility and the benefits of doing. This and, yes you
can do all all of those things with the trust you,
(12:02):
have and anybody else who's got an irrevocable, trust at
least ones that we've prepared At cushing And dolan can
do these things as. Well SO i long winded, answer,
sorry but there was a lot going on in that.
Question hopefully that was. Helpful but reach, out don't sell
it on your. Own please contact the office and let's
make sure we do it.
Speaker 1 (12:20):
Right.
Speaker 3 (12:21):
Folks jim in this case did advance. Planning so kudos To.
Jim he's already gotten past the five year waiting. Period
you've heard all about that and all the things he can.
Do but you know, what there's people who don't do.
It and the guide we're giving away this month allows
you to figure out how to protect. Assets last minute
(12:44):
never is, good but better than. Nothing if you're faced
with nursing home, care it's called long term care. Planning
for the, procrastinator it talks about the look back period
that we discussed. Here it talks about, annuities how do
you use these to protect? Money last, minute it talks
about pooled, trusts how to work with a, home a rental,
(13:06):
property a vacation. Home they're all treated. Differently iras treated
differently for married couples and single. People if you're faced
with nursing home, care don't just write the. Check so
for folks who have done no, planning or folks who
have done planning but still have assets outside of this irrevocable.
(13:28):
Trust there's something for everyone in this. Guide if you're
faced with going in the nursing, home call and get
it eight six six eight four eight five six nine
to nine Or Legal Exchange show dot. Com you can
download it there again eight six six eight four eight
five six nine nine Or Legal Exchange show dot.
Speaker 2 (13:48):
Com tud quick question for. You we're running out of time,
here but what are the differences for planning for long
term care costs for a married couple versus an? Individual
what are some of the key takeaways is between those
two differences.
Speaker 3 (14:03):
You mean from a planning perspective or at.
Speaker 2 (14:06):
A planning perspective between a married couple considerations versus a single.
Speaker 3 (14:09):
Person, yeah and you know, what there's still the same irrevocable.
Trust so it's a it's a great question for the
amount of time we have, left it's it's it is
still going to be an irrevocable. Trust the difference, is you,
know one is obviously a single person trust and one
is a married couple, trust and the and the the
operational differences are very much the, same but for uh tax, Purposes,
(14:36):
uh they're a little, different not for income tax, purposes
but for estate tax. Purposes so for income tax, purposes
operational day to, day you, know using investing the, money
living on the, income all of that is the. Same
paying the income taxes is the. Same but when you're,
married the benefit there is the trust is designed to
(14:57):
shelter assets for a state tax as, well so you're
able to do both nursing home planning and estate tax
reduction by doubling the exemption to four million dollars rather
than just.
Speaker 2 (15:10):
TWO a lot of great information. There thanks so much
for the, Time, Todd we really appreciate. It good luck
to Your steelers this, weekend AND i hope you have
a great rest of the. Week thanks so much for joining, Us, Todd.
Speaker 3 (15:20):
Thank you always a.
Speaker 1 (15:21):
Pleasure this has been Asked todd on The Financial Exchange
radio Network Ask todd With. Todd lutsky has been presented
By cushing And, dolan Serving massachusetts And New england for
more than thirty, years helping families with the state and tax,
Planning medicaid, planning and probate. Law call eight hundred three
nine three four thousand and one or Visit cushingdolan dot.
Com the views expressed in this segment are solely those
(15:43):
Of cushing And. Dolan Armstrong advisory does not provide any
legal or tax. Advice please consult with your legal or
tax advisor on such. Matters cushing And armstrong do not
endorse each other and are not. Affiliated
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!