February 11, 2026 • 15 mins
Todd Lutsky of Cushing & Dolan answers listener questions about how to begin the estate planning process and what to expect when meeting with an attorney for the first time. He outlines key factors to consider—including age, asset size, family dynamics, and second marriages—and explains the difference between revocable and irrevocable trusts. Todd also breaks down the tax treatment of trusts, clarifying when a Social Security number is used versus when an EIN is required, and why the distinction matters.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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 (00:28):
And we are now joined by Todd Lutsky for Ask Todd.
Get your estate planning questions ready, because this is your
chance to ask them to Todd live on air right now.
Phone lines are open at eight eight eight two zero
five two two six three, So get calling early and
(00:48):
often because we can usually get through two or three questions.
Once we start getting into four or five then and
so boy, I don't know if we can handle that.
So again, the number is eight eight eight to zero
two two six three. You got a state planning questions,
Todd Lutsky is going to try to answer him right now.
Speaker 3 (01:06):
Again that phone number.
Speaker 2 (01:08):
Is eight eight eight two zero five two two six three.
Speaker 3 (01:12):
Mister Lutsky, How are you doing?
Speaker 4 (01:14):
I am never better in you?
Speaker 3 (01:16):
Uh good? I was at the circus the other day.
Speaker 4 (01:18):
Yeah you like that?
Speaker 2 (01:20):
Not a great show, The lion Ate the Tightrope Walker.
Oh yeah, it was a well balanced meal. I bet
so not good?
Speaker 3 (01:29):
Not good, Todd want to talk to you.
Speaker 2 (01:31):
Let's say that someone has not done any estate planning,
They've never met with an attorney.
Speaker 3 (01:36):
They're like, no, I didn't need it.
Speaker 2 (01:38):
I don't need it, But well I guess I do
need it, because everyone at some point needs an attorney. Yeah,
what should someone expect as they go through the estate
planning process? Like what are the things that the boxes
that you want to see that estate planning attorney check
as they're going through?
Speaker 4 (01:56):
Yeah, this is really important. The whole idea I think
behind this question, Chuck, if I may is is you know,
how do I get started? How do I kick off
my estate planning?
Speaker 5 (02:07):
Right?
Speaker 4 (02:07):
What do I think about? What are the checklists? If
you will?
Speaker 5 (02:11):
So?
Speaker 4 (02:11):
Couple of things. You first, you know, talk about how
old am I? Because age could impact the type of
plan that we do. Right, So if we're I just
throw out like sixty and over, I might say, well,
you know, I want the basics. Of course, you know, taxes, probate,
bloodline planning, those are always important because you know, everybody dies,
(02:32):
but not everybody goes to a nursing home. But if
I'm sixty and over, I might add that to my
checklist before I get started. So okay, I got to
think about that. Next versus let's say I'm I'm you know,
thirty five with young kids, will probably nursing home planning
is not on the to do list. Now, Next, valuation.
(02:53):
How large is my estate? Right? And when I say valuation,
it's not just valuation, but maybe at the same time
you're thinking of valuation, you think about what's included in
my estate? What do I have to value? So things
like real estate, rental properties, vacation homes, Yes, life insurance
you don't think about that, Yes, iras and roth iras
(03:17):
and four oh one k's and investment accounts, so all
of these things you need to really think about as
what I need to value, then value it. And again,
if I'm you know, way up there, I have that
fifteen million is the federal estate tax exemption or thirty million? Well,
now I know I'm in revocable trust world, and maybe
even gifting trust world, thinking about things like that. If
(03:39):
I'm somewhere between the three and five million dollar range,
you know, where there's a lot more of those people. Well,
now I'm thinking, you know, based on my age, what
kind of planning revocable or irrevocable, but more of a
basic estate planning. You know, do I have minor children?
Do I have children? Do I have a family dynamic problem?
Am I a second marriage? So those are all things
(03:59):
you need to think think about, you know, in terms
of the planning, especially second marriage. Folks, if you're a
second marriage or in a relationship and you're not married,
you know, think about how you want to leave things
and how you want to take care of each other.
So those are all basically items to put on a
checklist when you're getting started.
Speaker 2 (04:19):
Talk with Todd Lutsky from the law firm of Cushing
and Dolan Again. We've got space on the phone lines
at eight eight eight to zero five two two six three.
That is the number to called ask Todd your estate
planning questions live on air right now eight eight eight
to zero five two two six three.
Speaker 3 (04:40):
We're gonna take a break.
Speaker 2 (04:41):
Here, but when we come back, we're gonna get right
to your questions with Todd again. Eight eight eight two
zero five two two six three is the number. Quick
break in your calls when we return Ask.
Speaker 1 (04:54):
Todd with Todd Letsky 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 (05:17):
Talk with Todd Lutsky.
Speaker 2 (05:18):
Here still room on the phone lines for your estate
planning questions at eight eight eight two zero five two
two six three. That number again is eight eight eight
to zero five two two sixty three.
Speaker 3 (05:32):
Todd. Let's go with first caller here, Steve and East Bridgewater. Steve,
what's your question for Todd Lutsky?
Speaker 5 (05:40):
Hi, guys, thanks for taking my question. I was wondering
about the difference between a Social Security number and a
EI in number for a trust. Is there any advantages
to using an ei in number over a social.
Speaker 4 (05:55):
So it's not about advantages, it's about need, Okay. So
unfortunately it's a great question because people get confused. Even
accountants can get confused by this. So you're still it
could be a tax difference. But let's start with social Security.
If you're setting up a revocable trust, Okay, revocable trust
(06:19):
that by the very nature of the fact that it's
revocable means that it's a grant to or trust for
income tax purposes, and it means that you do not
need a tax ID number. Okay. You simply would take
your brokerage account, your bank account, and let's say, retitle
it like to what call it the you know, the
(06:41):
Steve Family Trust or whatever you're calling it. That would
be the name on the account, and you would use
your Social Security number, and you would file no tax
return for that trust. Everything is picked up on your
ten forty. If, on the other hand, you're doing like
a medicaid irrevocable trust, or even a gifting type trust,
(07:05):
an irrevocable gifting trust of sorts or espousal lifetime access trust,
which is irrevocable, then generally we try to draft those
or design those as grant or trusts. But because they're
irrevocable and oftentimes the donor and the trustee are different people,
(07:26):
then you need to get a tax ID number and
when you open up the account again might be called
the Steve Family irrevocable trust. Well, you can still retitle
your bank account or your brokerage account into that that trust.
But then you would use an EI in number to
(07:47):
set up that account. Why because now that trust will
have to file its own income tax return under that
EI in number, and that's a form ten forty one,
as you said, is one better than another. Well, in
this case, as long as the irrevocable trust, even though
using the EI in number is a grand or trust,
(08:10):
it means that you, the donor Steve is, are treated
as the owner for income tax purposes, and therefore you're
still going to pick up all of that income, interest, dividends,
rent if you put a rental property in there, you
will pick up that income on your personal ten forty.
The only difference is the trust needs to file at
(08:33):
ten forty one to pick up the numbers, but then
it kicks out a letter to you with all those
numbers on it saying it gets picked up on your
return and the tax basic the tax at the trust
level is zero, so it doesn't necessarily change the amount
of taxes you're paying. It just changes the way you
(08:54):
file it. And you also file it because we want
to respect the entity when it's irrevocable for nursing, home,
purpose and the like. So seemingly a simple question but
definitely long winded answer, but you needed to understand the
difference between the two. Hope that helped folks. That's part
of it. When you're doing your planning. That's what the
(09:14):
guide is about. Back to the basics. One of the
things in the guide is it helps you kick off
your idea of getting an estate plan done. But it
talks about these things. It talks about what to look for,
like we talked earlier, age value, types of assets, family dynamics,
and then it talks about basic documents, will, healthcare, power
of attorney, little things that you need to know about.
(09:36):
Then it talks about how an irrevocable Medicaid trust works,
getting the ID number, setting up the accounts, what happens
when you die, how it works when you're alive. It's
basically an estate planning engagement letter for a client. All
the assets are listed on here. You could just put
your assets in and see if this plan works for you.
If it doesn't, at least it helps you get started
(10:00):
in your estate planning world. Back to the basics 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 nine or Legal Exchange show
dot com and for more information visit our Instagram page
Cushing Dolan PC.
Speaker 2 (10:21):
Todd got another one for you here. Let's go to
Shannon in Belchertown. Shannon, you're on with Todd Lotski.
Speaker 4 (10:28):
Hi, Hello, how can we help?
Speaker 5 (10:34):
I'm just curious as how much all this would cost to.
Speaker 4 (10:37):
Start setting all this up? So again, well, it's kind
of hard to say because I don't know what we're
doing right I I work anyway on a flat fee,
and I hope I can tell you that when you
go to other attorneys, try to make sure that at
least you're going to get a flat fee quoted for you.
And at the end of our initial meeting for everybody listening,
(10:57):
once I know what we're doing, then I can give
you that flat fee number. Like, you know, are we
doing a will, a healthcare proxy, a power of attorney?
Are we doing one revocable trust or two? Are we
doing an irrevocable medicaid trust?
Speaker 5 (11:10):
You know?
Speaker 4 (11:10):
Are we doing gifting trust? Unfortunately, all of those things
result in a different cost. So I think the best
thing to do is go in get that free consultation
and then get a flat fee, and then you'll have
a good idea of not only what you need, but
how much it costs. So I hope that helps a little,
just a little hard to answer an open ended question
(11:32):
like that.
Speaker 2 (11:33):
Todd, I have one more for you here. Let's go
to Rick in Foulmouth. Rick, what is your question for
Todd Lutsky.
Speaker 6 (11:39):
Hey, good morning, Todd, good morning. Two years ago you
set up an irrevocable trust for my wife and I,
which is great, Okay, thank you. I have a high
yield savings account that is in the trust, and I
withdraw the interest that it generates and use that as
an income.
Speaker 4 (12:00):
So great questions. So these are these irrevocable trusts that
we've talked about a lot on the air. Folks, everyone
that needs to understand how this works in case they
have it. So in this case, the answer is emphatically yes.
So these are actually called irrevocable Medicaid income only trusts.
And so what that means is any interest dividends or
(12:24):
let's just say you happen to have a rental property,
put it in their rent income. Normally, if you read it,
it says income shall be paid to the donor or
the donor spouse that's you, Rick and your spouse if
you're married. So so yes, the income would come out
to you. And I know you don't even have to
(12:45):
deal with the trustees. So if this is something that
you're saying going forward, you know, I've got a high
yield savings or I've got an investment account in there,
and you know what, it's time that I want to
start living on that income to supplement my social security
or my pension or whatever else is coming in. Can
I do that?
Speaker 3 (13:04):
Yes?
Speaker 4 (13:04):
And the way you can do it is talk with
your bank or talk with your financial brokerage house and say,
please set up the account as an automatic transfer. So
I want every month the income to be automatically distributed
from the trust account to my personal bank account, which
(13:27):
you should have bank accounts outside the trust, generally ones
that receive your social security, your pension, things like that.
Just have it automatically transferred, you know. That way you
don't need to bother the trustee, who likely is not you,
so you would, you know, you just it'll just automatically happen.
So hope that helps. And and folks, just to expand
(13:49):
on that a little bit, right, because we have a
little bit of time left. What if I have a
rental property and I put it in one of these trusts,
because there might be clients that have done that or
individual who have done that. Well, the rent makes sure
that's being deposited into the bank account in the name
of the trust to receive the rent, and then that's income,
(14:11):
right just because it left, just because it came in
as rent, it retains its character as income. And so
then that particular bank account receiving the rent can also
be set up as an automatic transfer, so the rent
comes in and automatically hits your personal bank account. I
say this because a lot of times people say, oh,
(14:32):
it's a lot more complicated when I have my rental
property in the trust. When you back up and think
about it, it's really not. Because you're still making only
one deposit. Right, If you didn't have the trust, you'd
collect the rent put it in your bank account. Now
you collect the rent deposited into a trust bank account,
one deposit, one transaction, and it automatically hits your personal
(14:57):
bank account. So definitely a good idea great question in
a lot of control for you over these irrevocable trusts.
Speaker 3 (15:04):
Mister Wutsky, appreciate you joining us today.
Speaker 4 (15:06):
Always a pleasure.
Speaker 3 (15:07):
Thank you.
Speaker 1 (15:09):
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 and three
nine three four thousand and one or visit Cushingdolan dot com.
The views expressed in this segment are solely those of
(15:29):
Cushing and Dolan Armstrong Advisory. He 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 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 (00:28):
And we are now joined by Todd Lutsky for Ask Todd.
Get your estate planning questions ready, because this is your
chance to ask them to Todd live on air right now.
Phone lines are open at eight eight eight two zero
five two two six three, So get calling early and
(00:48):
often because we can usually get through two or three questions.
Once we start getting into four or five then and
so boy, I don't know if we can handle that.
So again, the number is eight eight eight to zero
two two six three. You got a state planning questions,
Todd Lutsky is going to try to answer him right now.
Speaker 3 (01:06):
Again that phone number.
Speaker 2 (01:08):
Is eight eight eight two zero five two two six three.
Speaker 3 (01:12):
Mister Lutsky, How are you doing?
Speaker 4 (01:14):
I am never better in you?
Speaker 3 (01:16):
Uh good? I was at the circus the other day.
Speaker 4 (01:18):
Yeah you like that?
Speaker 2 (01:20):
Not a great show, The lion Ate the Tightrope Walker.
Oh yeah, it was a well balanced meal. I bet
so not good?
Speaker 3 (01:29):
Not good, Todd want to talk to you.
Speaker 2 (01:31):
Let's say that someone has not done any estate planning,
They've never met with an attorney.
Speaker 3 (01:36):
They're like, no, I didn't need it.
Speaker 2 (01:38):
I don't need it, But well I guess I do
need it, because everyone at some point needs an attorney. Yeah,
what should someone expect as they go through the estate
planning process? Like what are the things that the boxes
that you want to see that estate planning attorney check
as they're going through?
Speaker 4 (01:56):
Yeah, this is really important. The whole idea I think
behind this question, Chuck, if I may is is you know,
how do I get started? How do I kick off
my estate planning?
Speaker 5 (02:07):
Right?
Speaker 4 (02:07):
What do I think about? What are the checklists? If
you will?
Speaker 5 (02:11):
So?
Speaker 4 (02:11):
Couple of things. You first, you know, talk about how
old am I? Because age could impact the type of
plan that we do. Right, So if we're I just
throw out like sixty and over, I might say, well,
you know, I want the basics. Of course, you know, taxes, probate,
bloodline planning, those are always important because you know, everybody dies,
(02:32):
but not everybody goes to a nursing home. But if
I'm sixty and over, I might add that to my
checklist before I get started. So okay, I got to
think about that. Next versus let's say I'm I'm you know,
thirty five with young kids, will probably nursing home planning
is not on the to do list. Now, Next, valuation.
(02:53):
How large is my estate? Right? And when I say valuation,
it's not just valuation, but maybe at the same time
you're thinking of valuation, you think about what's included in
my estate? What do I have to value? So things
like real estate, rental properties, vacation homes, Yes, life insurance
you don't think about that, Yes, iras and roth iras
(03:17):
and four oh one k's and investment accounts, so all
of these things you need to really think about as
what I need to value, then value it. And again,
if I'm you know, way up there, I have that
fifteen million is the federal estate tax exemption or thirty million? Well,
now I know I'm in revocable trust world, and maybe
even gifting trust world, thinking about things like that. If
(03:39):
I'm somewhere between the three and five million dollar range,
you know, where there's a lot more of those people. Well,
now I'm thinking, you know, based on my age, what
kind of planning revocable or irrevocable, but more of a
basic estate planning. You know, do I have minor children?
Do I have children? Do I have a family dynamic problem?
Am I a second marriage? So those are all things
(03:59):
you need to think think about, you know, in terms
of the planning, especially second marriage. Folks, if you're a
second marriage or in a relationship and you're not married,
you know, think about how you want to leave things
and how you want to take care of each other.
So those are all basically items to put on a
checklist when you're getting started.
Speaker 2 (04:19):
Talk with Todd Lutsky from the law firm of Cushing
and Dolan Again. We've got space on the phone lines
at eight eight eight to zero five two two six three.
That is the number to called ask Todd your estate
planning questions live on air right now eight eight eight
to zero five two two six three.
Speaker 3 (04:40):
We're gonna take a break.
Speaker 2 (04:41):
Here, but when we come back, we're gonna get right
to your questions with Todd again. Eight eight eight two
zero five two two six three is the number. Quick
break in your calls when we return Ask.
Speaker 1 (04:54):
Todd with Todd Letsky 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 (05:17):
Talk with Todd Lutsky.
Speaker 2 (05:18):
Here still room on the phone lines for your estate
planning questions at eight eight eight two zero five two
two six three. That number again is eight eight eight
to zero five two two sixty three.
Speaker 3 (05:32):
Todd. Let's go with first caller here, Steve and East Bridgewater. Steve,
what's your question for Todd Lutsky?
Speaker 5 (05:40):
Hi, guys, thanks for taking my question. I was wondering
about the difference between a Social Security number and a
EI in number for a trust. Is there any advantages
to using an ei in number over a social.
Speaker 4 (05:55):
So it's not about advantages, it's about need, Okay. So
unfortunately it's a great question because people get confused. Even
accountants can get confused by this. So you're still it
could be a tax difference. But let's start with social Security.
If you're setting up a revocable trust, Okay, revocable trust
(06:19):
that by the very nature of the fact that it's
revocable means that it's a grant to or trust for
income tax purposes, and it means that you do not
need a tax ID number. Okay. You simply would take
your brokerage account, your bank account, and let's say, retitle
it like to what call it the you know, the
(06:41):
Steve Family Trust or whatever you're calling it. That would
be the name on the account, and you would use
your Social Security number, and you would file no tax
return for that trust. Everything is picked up on your
ten forty. If, on the other hand, you're doing like
a medicaid irrevocable trust, or even a gifting type trust,
(07:05):
an irrevocable gifting trust of sorts or espousal lifetime access trust,
which is irrevocable, then generally we try to draft those
or design those as grant or trusts. But because they're
irrevocable and oftentimes the donor and the trustee are different people,
(07:26):
then you need to get a tax ID number and
when you open up the account again might be called
the Steve Family irrevocable trust. Well, you can still retitle
your bank account or your brokerage account into that that trust.
But then you would use an EI in number to
(07:47):
set up that account. Why because now that trust will
have to file its own income tax return under that
EI in number, and that's a form ten forty one,
as you said, is one better than another. Well, in
this case, as long as the irrevocable trust, even though
using the EI in number is a grand or trust,
(08:10):
it means that you, the donor Steve is, are treated
as the owner for income tax purposes, and therefore you're
still going to pick up all of that income, interest, dividends,
rent if you put a rental property in there, you
will pick up that income on your personal ten forty.
The only difference is the trust needs to file at
(08:33):
ten forty one to pick up the numbers, but then
it kicks out a letter to you with all those
numbers on it saying it gets picked up on your
return and the tax basic the tax at the trust
level is zero, so it doesn't necessarily change the amount
of taxes you're paying. It just changes the way you
(08:54):
file it. And you also file it because we want
to respect the entity when it's irrevocable for nursing, home,
purpose and the like. So seemingly a simple question but
definitely long winded answer, but you needed to understand the
difference between the two. Hope that helped folks. That's part
of it. When you're doing your planning. That's what the
(09:14):
guide is about. Back to the basics. One of the
things in the guide is it helps you kick off
your idea of getting an estate plan done. But it
talks about these things. It talks about what to look for,
like we talked earlier, age value, types of assets, family dynamics,
and then it talks about basic documents, will, healthcare, power
of attorney, little things that you need to know about.
(09:36):
Then it talks about how an irrevocable Medicaid trust works,
getting the ID number, setting up the accounts, what happens
when you die, how it works when you're alive. It's
basically an estate planning engagement letter for a client. All
the assets are listed on here. You could just put
your assets in and see if this plan works for you.
If it doesn't, at least it helps you get started
(10:00):
in your estate planning world. Back to the basics 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 nine or Legal Exchange show
dot com and for more information visit our Instagram page
Cushing Dolan PC.
Speaker 2 (10:21):
Todd got another one for you here. Let's go to
Shannon in Belchertown. Shannon, you're on with Todd Lotski.
Speaker 4 (10:28):
Hi, Hello, how can we help?
Speaker 5 (10:34):
I'm just curious as how much all this would cost to.
Speaker 4 (10:37):
Start setting all this up? So again, well, it's kind
of hard to say because I don't know what we're
doing right I I work anyway on a flat fee,
and I hope I can tell you that when you
go to other attorneys, try to make sure that at
least you're going to get a flat fee quoted for you.
And at the end of our initial meeting for everybody listening,
(10:57):
once I know what we're doing, then I can give
you that flat fee number. Like, you know, are we
doing a will, a healthcare proxy, a power of attorney?
Are we doing one revocable trust or two? Are we
doing an irrevocable medicaid trust?
Speaker 5 (11:10):
You know?
Speaker 4 (11:10):
Are we doing gifting trust? Unfortunately, all of those things
result in a different cost. So I think the best
thing to do is go in get that free consultation
and then get a flat fee, and then you'll have
a good idea of not only what you need, but
how much it costs. So I hope that helps a little,
just a little hard to answer an open ended question
(11:32):
like that.
Speaker 2 (11:33):
Todd, I have one more for you here. Let's go
to Rick in Foulmouth. Rick, what is your question for
Todd Lutsky.
Speaker 6 (11:39):
Hey, good morning, Todd, good morning. Two years ago you
set up an irrevocable trust for my wife and I,
which is great, Okay, thank you. I have a high
yield savings account that is in the trust, and I
withdraw the interest that it generates and use that as
an income.
Speaker 4 (12:00):
So great questions. So these are these irrevocable trusts that
we've talked about a lot on the air. Folks, everyone
that needs to understand how this works in case they
have it. So in this case, the answer is emphatically yes.
So these are actually called irrevocable Medicaid income only trusts.
And so what that means is any interest dividends or
(12:24):
let's just say you happen to have a rental property,
put it in their rent income. Normally, if you read it,
it says income shall be paid to the donor or
the donor spouse that's you, Rick and your spouse if
you're married. So so yes, the income would come out
to you. And I know you don't even have to
(12:45):
deal with the trustees. So if this is something that
you're saying going forward, you know, I've got a high
yield savings or I've got an investment account in there,
and you know what, it's time that I want to
start living on that income to supplement my social security
or my pension or whatever else is coming in. Can
I do that?
Speaker 3 (13:04):
Yes?
Speaker 4 (13:04):
And the way you can do it is talk with
your bank or talk with your financial brokerage house and say,
please set up the account as an automatic transfer. So
I want every month the income to be automatically distributed
from the trust account to my personal bank account, which
(13:27):
you should have bank accounts outside the trust, generally ones
that receive your social security, your pension, things like that.
Just have it automatically transferred, you know. That way you
don't need to bother the trustee, who likely is not you,
so you would, you know, you just it'll just automatically happen.
So hope that helps. And and folks, just to expand
(13:49):
on that a little bit, right, because we have a
little bit of time left. What if I have a
rental property and I put it in one of these trusts,
because there might be clients that have done that or
individual who have done that. Well, the rent makes sure
that's being deposited into the bank account in the name
of the trust to receive the rent, and then that's income,
(14:11):
right just because it left, just because it came in
as rent, it retains its character as income. And so
then that particular bank account receiving the rent can also
be set up as an automatic transfer, so the rent
comes in and automatically hits your personal bank account. I
say this because a lot of times people say, oh,
(14:32):
it's a lot more complicated when I have my rental
property in the trust. When you back up and think
about it, it's really not. Because you're still making only
one deposit. Right, If you didn't have the trust, you'd
collect the rent put it in your bank account. Now
you collect the rent deposited into a trust bank account,
one deposit, one transaction, and it automatically hits your personal
(14:57):
bank account. So definitely a good idea great question in
a lot of control for you over these irrevocable trusts.
Speaker 3 (15:04):
Mister Wutsky, appreciate you joining us today.
Speaker 4 (15:06):
Always a pleasure.
Speaker 3 (15:07):
Thank you.
Speaker 1 (15:09):
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 and three
nine three four thousand and one or visit Cushingdolan dot com.
The views expressed in this segment are solely those of
(15:29):
Cushing and Dolan Armstrong Advisory. He 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.
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