November 19, 2025 • 15 mins
This week, Todd explains the similarities and differences between a revocable trust and a will. Todd also takes questions from the audience about depositing Social Security checks into a trust and managing real estate when heading to a nursing home.
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Episode Transcript
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Speaker 1 (00:01):
This is Ask Todd on the Financial Exchange Radio Network.
If you have an existing estate plan or in the
market for one, Todd 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 do have Todd Lutsky with us right now
for Ask Todd. Phone lines are wide open for you.
Get those fingers dial in eight eight eight to zero
five two two sixty three. That is the number to
call to Ask Todd your estate planning questions live on
air again. Eight eight eight to zero five two two
(00:49):
sixty three is the number. We usually get two to
three calls that we can get through, so make sure
you call early and often in order to get in line.
That phonemer again is eight eight eight two zero five
two two six three. Mister Lotski, how you doing.
Speaker 3 (01:07):
I'm doing great. I'm afraid to ask you.
Speaker 2 (01:11):
I actually learned something interesting yesterday.
Speaker 3 (01:13):
Yeah, do you have.
Speaker 2 (01:14):
The biggest export from Australia is boomerangs. Really it's also
the biggest import, that's true, Wild Yeah, Todd, want to
talk to you a little bit about revocable trusts. Can
you give a quick simple explanation for similarities and differences
(01:34):
as it relates to someone doing their estate plan with
a revocable trust compared to a will.
Speaker 3 (01:40):
Yeah, so it makes it. It makes a big difference,
I mean just from a probate standpoints where you have
to start with that. But that's just really the tip
of the the iceberg really, because yeah, everybody wants to
avoid probate and you say, why do I want to
avoid probate, Well, it's a big along process. And if
you have a will, the will absolutely will go to probate.
It's the only state planning document that you must file
(02:02):
at the probate court. So we already know by having
things governed by the probate by the will means it's
going to be governed by the probate court. So a
probate asset is first defined as something you own in
your own name and it is not a designated beneficiary
attached to it. So if it's in your own name,
(02:22):
no designated beneficiary, it's going to probate. What's that A house,
a vacation home, a rental property, right, iras generally have beneficiary,
so you're probably going to luck out there. Jointly hold
accounts also will avoid probate. Not great for a state planning,
but they will avoid probate. And so those are the
typical kinds of own By the way, with probate assets,
(02:46):
remember while it's important to avoid probate just in general, house,
vacation home, rental properties, you know that vacation home might
be in another state, so we want to avoid probate.
We also want to avoid probate in every state. So
when you start talking about the need to avoid probate,
you really need to think about it when you've got
real estate because now you could be going and probating
(03:07):
an ancillary probate in any state that you have property in,
so really important to avoid it. That's the easy part.
The second part is people come in and say, jeez, Todd,
I've done a will, I've got my estate plan all done. Well, No,
not really, because a will's a won't is what I
like to say, meaning it won't do The following things,
(03:29):
and these might be important to you. Well, it won't
avoid probate, as we just explained, it won't likely reduce
a state taxes because it'll probably just say I leave
everything to my spouse and then my kids, so not
avoiding estate taxes. And it won't protect assets from a
nursing home if that's a concern of yours. So to me,
there's three major parts of an estate plan that are
(03:52):
not covered by a will, So a wills it won't.
So I'm thinking we now know the difference because if
we set up a trust, whether it's trevocable or irrevocable,
at least we know it will avoid probate, it will
shelter assets for a state taxes, and it will protect
assets from a nursing home if it's irrevocable.
Speaker 2 (04:11):
Talking with Todd Lutsky from the law firm of Kushing
and Dolan segment is your chance to ask Todd your
estate planning questions. Studio line still open. It eight eight
eight to zero five two two six three. That is
the number to call to ask Todd your estate planning
questions live on air right now again it's eight eight
(04:34):
eight to zero five two two six three. Still got
room for you, so again get calling it eight eight
eight to zero five two two six three. We're gonna
take a quick break now, but when we come back,
it's gonna be right to your questions with Todd Lutsky again.
That phone number is eight eight eight to zero five
(04:56):
two two six'.
Speaker 1 (04:57):
Three Ask tod With tod 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 4 (05:12):
Network, alrighty let's get right to your calls With Todd.
Speaker 2 (05:24):
Lutsky first in the, queue we've Got dave And. Melrose,
dave what's your question For?
Speaker 5 (05:28):
Todd good, morning.
Speaker 6 (05:30):
GENTLEMEN i have a question beguiding the trust and MONEY
i have to. Trust give you a vocal trust set
up By.
Speaker 5 (05:42):
Todd thank, You, todd you did a great. Job thank.
Speaker 3 (05:45):
You you're check in the.
Speaker 5 (05:47):
MAIL i just want to make Sure i'm not doing
anything wrong by having all my, income like even Social
security that you, know going to the trust and then
take it out into my personal account WHEN i.
Speaker 6 (06:06):
Need it or AS i need. It, okay but my
idea is that it'll if it's if there's Any IF
i don't use all the, money it stacks up in the,
trust and that's a good place for it to be
in terms of the nursing.
Speaker 3 (06:22):
Home so let me ask you just a couple of.
Questions so you said a couple of. Things that one
one is a little. Alarming but let me so in
the trust you have i'd imagine just some, investments, right, stocks, bonds, money.
Speaker 6 (06:34):
Right plus income coming in.
Speaker 3 (06:37):
Social i'm going to stop on that just for a,
seconds just for. Now the first question is you do have, stocks,
bonds and money that generates what we call interest and, dividends, right?
Correct so, okay So i'm going to address interests and
dividends as number one and number two social. Security, okay
those are the two items that really need to be.
Addressed this is a very important question for everybody. Listening
(06:58):
so you need to go back and look get my
engagement letter just to remind, you which we talked about
when we funded the. Trust the one ITEM i indicated
should never go in your trust is your personal bank.
Account your personal bank account that receives your social security
and pension for some people should never be in the.
Trust so please stop that from happening because every single
(07:24):
time you deposit that Social security check into that, trust
you start a five year waiting period for medicaid. Eligibility
so you do not ever want your social security to
go into your. Trust that stays in your bank account
outside the. Trust, okay so you're gonna need to fix that.
ASAP i don't know if you want to just take
(07:46):
the account out or tell Social security to redirect the
money to an account that is not in the. Trust,
now the other, part interest and. Dividends the money you
have sitting in the. Trust regarding inter and, dividends absolutely love, it.
Right you can have that money in, there you can
have it, grow you can have capital gains, grow and
(08:08):
you can even have the interest and dividends kicked out
every month automatically to your personal account which is outside the,
trust which is now going to be that same account
that receives your Social Security so as that money comes, out,
perfectly allowed to use it and live on. It but
as you, said you might not you might want to
leave it in there, Perfectly, okay if you want to
leave it in, there we have it's set up as
(08:28):
a grant or trust for income tax. Purposes so In.
English that means you're going to be able to continue
to pay the income taxes on that money at your
own personal, rate even if you don't take it. Out
so there's no tax problem for you leaving it in,
there and it's completely available for you if you choose
not to leave it in. There SO i like that
whole aspect of what you're. Doing and, again even if
(08:50):
it builds up in, there it doesn't. Matter it's an account,
receivable so you can always Take let's, say let's say
it builds up five thousand dollars a year that you're
are a month that you're not taking, out and they're
maybe you, know at the end of three months you
got fifteen thousand dollars in. There well you can take
out fifteen thousand dollars if you need it for. Something
because it's. Income it's an account, receivable it's not and
(09:12):
it's not added to, principle so it doesn't affect your
five year waiting. Period SO i think you're doing a
great job on that. Front just go fix That Social
security account and have it be paid to your personal,
account not the. Trust so hope that was helpful and
hopefully it's helpful for everybody. Listening folks want to tell
you the new guide never been given away. Before it's
(09:35):
new for this month and never be given away. Before
it's really becoming much more in vogue to do a
simply joint revocable trust when you do your. Planning why
because of the new law that passed keeping the estate
tax exemptions. High this trust allows you to cram down
more assets than you could if you divided assets between
(09:56):
husband and, wife so you can shelter more on the
first death for state tax. Purposes you also get a
full step up in basis on the first, death so
you win on that, front and of course it'll play
out to your family the way you wanted. To, Folks
this guide is all about the simplicity of joint revocable.
Trust learn how they work and win on both the
(10:17):
income tax side by getting the step up in basis
and the estate tax side by cramming down more on
the first death eight six six eight four eight five
six nine nine Or Legal exchange show dot. Com you
can download it there one more time eight six six
eight four eight five six nine nine Or Legal Exchange
(10:39):
show dot.
Speaker 2 (10:40):
Com todd got another one here for. You let's go
to Al In. Marblehead, oh what's your question For?
Speaker 1 (10:45):
Todd good, morning.
Speaker 7 (10:47):
GUYS i have a question. Tried my neighbor's going into
a nursing home eighty nine years. Old they're in the
hospital right, now and that they've already asked for to
fill out a medicare for, them The Medicaid, yeah, SORRY,
map excuse, ME Map.
Speaker 3 (11:04):
Health, yeah it's the same, time.
Speaker 7 (11:06):
Okay and she went to the senior center in our local.
Towne she's sixty years, old she sort of, disabled she needs,
help and they've filled out the form with. Her i'm very.
Concerned the house is actually in her. Name she didn't
have much. MONEY i don't know how she's going to live,
there but that's a different. Story but what my question
is he has about forty thousand in. Cash it was
(11:28):
in a joint account with her because she's an only.
Child SO i always lived with them and the wife passed.
On what my question is is it a good idea
for just a senior center to BE i, MEAN i
thought the first one hundred days medicare used to. Pay
why are they asking me to have this form filled
belt even before they go into these?
Speaker 3 (11:46):
Facilities, well because if we Know we're going into a nursing, home,
right not an assisted living but a nursing. Home, right
we know that's where we're. Headed, yes you are. Right
medicare AND i wish they wouldn't use the same word
all the. Time but care will pay for the first hundred,
days but not always the first one hundred, days, Right
(12:07):
it will pay up to one hundred. Days so if
you end up needing not skilled care, anymore then there
is there's going to be a, cutoff, Right and you
want to be ready For medicaid to kick, in which
is a different payment, source, Right so you definitely want
to fill out the application because it's a. Process it takes.
(12:30):
Time BUT i don't agree with you that they should
be using The Senior. Center no offense to The Senior,
center but this might be out of their, league AND
i would say they should probably seek out a. Lawyer
here's what should happen, Though if there's only forty grand
in a, house as long as the house is worth
less than a million, dollars And i'm guessing it, is it,
(12:51):
is so if it's worth less than a million dollars and,
change then the house would be considered non. Countable when
you apply For. Medicaid, okay it's non countable as long
as you check a, box know what you're, doing fill
out the, application, right they'll put a lien on, it
but it won't prevent you from becoming eligible For. Medicaid
(13:13):
so the forty, grand of course. Will but, again as
you're going through this, process we would be telling, them,
look why don't you take ten twelve thousand dollars in
pre pay a? Funeral want to cover? That that's perfectly all.
Right now you see we're whittling this. Down now we
got like twenty eight grand. Left all, Right, well, yeah
you're gonna hire a. Lawyer you're gonna have to pay the.
Lawyer take some money out of, that, right is there
(13:34):
anything else you need to?
Speaker 1 (13:35):
Pay?
Speaker 3 (13:36):
Right and whittle that down a, little and then whatever is. Left,
okay IF i have to private pay the nursing home
for one, month you, Know i'm fine with, that, right
just to get the rest. Down but that's the process
of getting you eligible For, medicaid not just you, know
give all the money to the nursing home and then.
Apply but they should be able to get On medicaid
on their own in this. Case but JUST i think
(13:57):
they still might might want to try getting a lawyer
to help him out a.
Speaker 2 (14:02):
Little So todd got one more for, you but we're
gonna have to be. Quick jerry In, vermont you've got
about thirty seconds. Here what's your question For? Todd thank?
Speaker 5 (14:11):
You?
Speaker 8 (14:11):
Mother elderly mother and nursing home widow has a house
and nothing else else and she's been told she has
to sell the house to pay for her.
Speaker 3 (14:22):
Bill, okay so great, question and sorry for that, situation of,
course but absolutely. Not you need to go get. Help
you need to get someone to help her fill out
The medicaid. Application she's actually naturally. Eligible you don't even
need any fancy planning at this. Point but you also
don't need to pay fifteen or sixteen thousand dollars a
month to the nursing home and sell the. House you
(14:44):
want to keep the, house check the box that it's non.
Countable get On. Medicaid it'll be a much lower, rate
so you're lean that runs up against the house will
be way smaller than. That plus you still got the house.
Right since someone passes, away you get a step up in.
Basis kids have an option keep the house or sell.
It no capital gains. Tax sorry for the quick, answer
(15:07):
but just get some help on that they're going to
be eligible for medicaid the way it, is don't sell the.
House Todd, lotski thank you so much for joining us.
Today always a. Pleasure thank.
Speaker 1 (15:16):
You this has Been Asked odd 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
(15:38):
Of cushing And Dolan armstrong. Advisor 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 do have Todd Lutsky with us right now
for Ask Todd. Phone lines are wide open for you.
Get those fingers dial in eight eight eight to zero
five two two sixty three. That is the number to
call to Ask Todd your estate planning questions live on
air again. Eight eight eight to zero five two two
(00:49):
sixty three is the number. We usually get two to
three calls that we can get through, so make sure
you call early and often in order to get in line.
That phonemer again is eight eight eight two zero five
two two six three. Mister Lotski, how you doing.
Speaker 3 (01:07):
I'm doing great. I'm afraid to ask you.
Speaker 2 (01:11):
I actually learned something interesting yesterday.
Speaker 3 (01:13):
Yeah, do you have.
Speaker 2 (01:14):
The biggest export from Australia is boomerangs. Really it's also
the biggest import, that's true, Wild Yeah, Todd, want to
talk to you a little bit about revocable trusts. Can
you give a quick simple explanation for similarities and differences
(01:34):
as it relates to someone doing their estate plan with
a revocable trust compared to a will.
Speaker 3 (01:40):
Yeah, so it makes it. It makes a big difference,
I mean just from a probate standpoints where you have
to start with that. But that's just really the tip
of the the iceberg really, because yeah, everybody wants to
avoid probate and you say, why do I want to
avoid probate, Well, it's a big along process. And if
you have a will, the will absolutely will go to probate.
It's the only state planning document that you must file
(02:02):
at the probate court. So we already know by having
things governed by the probate by the will means it's
going to be governed by the probate court. So a
probate asset is first defined as something you own in
your own name and it is not a designated beneficiary
attached to it. So if it's in your own name,
(02:22):
no designated beneficiary, it's going to probate. What's that A house,
a vacation home, a rental property, right, iras generally have beneficiary,
so you're probably going to luck out there. Jointly hold
accounts also will avoid probate. Not great for a state planning,
but they will avoid probate. And so those are the
typical kinds of own By the way, with probate assets,
(02:46):
remember while it's important to avoid probate just in general, house,
vacation home, rental properties, you know that vacation home might
be in another state, so we want to avoid probate.
We also want to avoid probate in every state. So
when you start talking about the need to avoid probate,
you really need to think about it when you've got
real estate because now you could be going and probating
(03:07):
an ancillary probate in any state that you have property in,
so really important to avoid it. That's the easy part.
The second part is people come in and say, jeez, Todd,
I've done a will, I've got my estate plan all done. Well, No,
not really, because a will's a won't is what I
like to say, meaning it won't do The following things,
(03:29):
and these might be important to you. Well, it won't
avoid probate, as we just explained, it won't likely reduce
a state taxes because it'll probably just say I leave
everything to my spouse and then my kids, so not
avoiding estate taxes. And it won't protect assets from a
nursing home if that's a concern of yours. So to me,
there's three major parts of an estate plan that are
(03:52):
not covered by a will, So a wills it won't.
So I'm thinking we now know the difference because if
we set up a trust, whether it's trevocable or irrevocable,
at least we know it will avoid probate, it will
shelter assets for a state taxes, and it will protect
assets from a nursing home if it's irrevocable.
Speaker 2 (04:11):
Talking with Todd Lutsky from the law firm of Kushing
and Dolan segment is your chance to ask Todd your
estate planning questions. Studio line still open. It eight eight
eight to zero five two two six three. That is
the number to call to ask Todd your estate planning
questions live on air right now again it's eight eight
(04:34):
eight to zero five two two six three. Still got
room for you, so again get calling it eight eight
eight to zero five two two six three. We're gonna
take a quick break now, but when we come back,
it's gonna be right to your questions with Todd Lutsky again.
That phone number is eight eight eight to zero five
(04:56):
two two six'.
Speaker 1 (04:57):
Three Ask tod With tod 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 4 (05:12):
Network, alrighty let's get right to your calls With Todd.
Speaker 2 (05:24):
Lutsky first in the, queue we've Got dave And. Melrose,
dave what's your question For?
Speaker 5 (05:28):
Todd good, morning.
Speaker 6 (05:30):
GENTLEMEN i have a question beguiding the trust and MONEY
i have to. Trust give you a vocal trust set
up By.
Speaker 5 (05:42):
Todd thank, You, todd you did a great. Job thank.
Speaker 3 (05:45):
You you're check in the.
Speaker 5 (05:47):
MAIL i just want to make Sure i'm not doing
anything wrong by having all my, income like even Social
security that you, know going to the trust and then
take it out into my personal account WHEN i.
Speaker 6 (06:06):
Need it or AS i need. It, okay but my
idea is that it'll if it's if there's Any IF
i don't use all the, money it stacks up in the,
trust and that's a good place for it to be
in terms of the nursing.
Speaker 3 (06:22):
Home so let me ask you just a couple of.
Questions so you said a couple of. Things that one
one is a little. Alarming but let me so in
the trust you have i'd imagine just some, investments, right, stocks, bonds, money.
Speaker 6 (06:34):
Right plus income coming in.
Speaker 3 (06:37):
Social i'm going to stop on that just for a,
seconds just for. Now the first question is you do have, stocks,
bonds and money that generates what we call interest and, dividends, right?
Correct so, okay So i'm going to address interests and
dividends as number one and number two social. Security, okay
those are the two items that really need to be.
Addressed this is a very important question for everybody. Listening
(06:58):
so you need to go back and look get my
engagement letter just to remind, you which we talked about
when we funded the. Trust the one ITEM i indicated
should never go in your trust is your personal bank.
Account your personal bank account that receives your social security
and pension for some people should never be in the.
Trust so please stop that from happening because every single
(07:24):
time you deposit that Social security check into that, trust
you start a five year waiting period for medicaid. Eligibility
so you do not ever want your social security to
go into your. Trust that stays in your bank account
outside the. Trust, okay so you're gonna need to fix that.
ASAP i don't know if you want to just take
(07:46):
the account out or tell Social security to redirect the
money to an account that is not in the. Trust,
now the other, part interest and. Dividends the money you
have sitting in the. Trust regarding inter and, dividends absolutely love, it.
Right you can have that money in, there you can
have it, grow you can have capital gains, grow and
(08:08):
you can even have the interest and dividends kicked out
every month automatically to your personal account which is outside the,
trust which is now going to be that same account
that receives your Social Security so as that money comes, out,
perfectly allowed to use it and live on. It but
as you, said you might not you might want to
leave it in there, Perfectly, okay if you want to
leave it in, there we have it's set up as
(08:28):
a grant or trust for income tax. Purposes so In.
English that means you're going to be able to continue
to pay the income taxes on that money at your
own personal, rate even if you don't take it. Out
so there's no tax problem for you leaving it in,
there and it's completely available for you if you choose
not to leave it in. There SO i like that
whole aspect of what you're. Doing and, again even if
(08:50):
it builds up in, there it doesn't. Matter it's an account,
receivable so you can always Take let's, say let's say
it builds up five thousand dollars a year that you're
are a month that you're not taking, out and they're
maybe you, know at the end of three months you
got fifteen thousand dollars in. There well you can take
out fifteen thousand dollars if you need it for. Something
because it's. Income it's an account, receivable it's not and
(09:12):
it's not added to, principle so it doesn't affect your
five year waiting. Period SO i think you're doing a
great job on that. Front just go fix That Social
security account and have it be paid to your personal,
account not the. Trust so hope that was helpful and
hopefully it's helpful for everybody. Listening folks want to tell
you the new guide never been given away. Before it's
(09:35):
new for this month and never be given away. Before
it's really becoming much more in vogue to do a
simply joint revocable trust when you do your. Planning why
because of the new law that passed keeping the estate
tax exemptions. High this trust allows you to cram down
more assets than you could if you divided assets between
(09:56):
husband and, wife so you can shelter more on the
first death for state tax. Purposes you also get a
full step up in basis on the first, death so
you win on that, front and of course it'll play
out to your family the way you wanted. To, Folks
this guide is all about the simplicity of joint revocable.
Trust learn how they work and win on both the
(10:17):
income tax side by getting the step up in basis
and the estate tax side by cramming down more on
the first death eight six six eight four eight five
six nine nine Or Legal exchange show dot. Com you
can download it there one more time eight six six
eight four eight five six nine nine Or Legal Exchange
(10:39):
show dot.
Speaker 2 (10:40):
Com todd got another one here for. You let's go
to Al In. Marblehead, oh what's your question For?
Speaker 1 (10:45):
Todd good, morning.
Speaker 7 (10:47):
GUYS i have a question. Tried my neighbor's going into
a nursing home eighty nine years. Old they're in the
hospital right, now and that they've already asked for to
fill out a medicare for, them The Medicaid, yeah, SORRY,
map excuse, ME Map.
Speaker 3 (11:04):
Health, yeah it's the same, time.
Speaker 7 (11:06):
Okay and she went to the senior center in our local.
Towne she's sixty years, old she sort of, disabled she needs,
help and they've filled out the form with. Her i'm very.
Concerned the house is actually in her. Name she didn't
have much. MONEY i don't know how she's going to live,
there but that's a different. Story but what my question
is he has about forty thousand in. Cash it was
(11:28):
in a joint account with her because she's an only.
Child SO i always lived with them and the wife passed.
On what my question is is it a good idea
for just a senior center to BE i, MEAN i
thought the first one hundred days medicare used to. Pay
why are they asking me to have this form filled
belt even before they go into these?
Speaker 3 (11:46):
Facilities, well because if we Know we're going into a nursing, home,
right not an assisted living but a nursing. Home, right
we know that's where we're. Headed, yes you are. Right
medicare AND i wish they wouldn't use the same word
all the. Time but care will pay for the first hundred,
days but not always the first one hundred, days, Right
(12:07):
it will pay up to one hundred. Days so if
you end up needing not skilled care, anymore then there
is there's going to be a, cutoff, Right and you
want to be ready For medicaid to kick, in which
is a different payment, source, Right so you definitely want
to fill out the application because it's a. Process it takes.
(12:30):
Time BUT i don't agree with you that they should
be using The Senior. Center no offense to The Senior,
center but this might be out of their, league AND
i would say they should probably seek out a. Lawyer
here's what should happen, Though if there's only forty grand
in a, house as long as the house is worth
less than a million, dollars And i'm guessing it, is it,
(12:51):
is so if it's worth less than a million dollars and,
change then the house would be considered non. Countable when
you apply For. Medicaid, okay it's non countable as long
as you check a, box know what you're, doing fill
out the, application, right they'll put a lien on, it
but it won't prevent you from becoming eligible For. Medicaid
(13:13):
so the forty, grand of course. Will but, again as
you're going through this, process we would be telling, them,
look why don't you take ten twelve thousand dollars in
pre pay a? Funeral want to cover? That that's perfectly all.
Right now you see we're whittling this. Down now we
got like twenty eight grand. Left all, Right, well, yeah
you're gonna hire a. Lawyer you're gonna have to pay the.
Lawyer take some money out of, that, right is there
(13:34):
anything else you need to?
Speaker 1 (13:35):
Pay?
Speaker 3 (13:36):
Right and whittle that down a, little and then whatever is. Left,
okay IF i have to private pay the nursing home
for one, month you, Know i'm fine with, that, right
just to get the rest. Down but that's the process
of getting you eligible For, medicaid not just you, know
give all the money to the nursing home and then.
Apply but they should be able to get On medicaid
on their own in this. Case but JUST i think
(13:57):
they still might might want to try getting a lawyer
to help him out a.
Speaker 2 (14:02):
Little So todd got one more for, you but we're
gonna have to be. Quick jerry In, vermont you've got
about thirty seconds. Here what's your question For? Todd thank?
Speaker 5 (14:11):
You?
Speaker 8 (14:11):
Mother elderly mother and nursing home widow has a house
and nothing else else and she's been told she has
to sell the house to pay for her.
Speaker 3 (14:22):
Bill, okay so great, question and sorry for that, situation of,
course but absolutely. Not you need to go get. Help
you need to get someone to help her fill out
The medicaid. Application she's actually naturally. Eligible you don't even
need any fancy planning at this. Point but you also
don't need to pay fifteen or sixteen thousand dollars a
month to the nursing home and sell the. House you
(14:44):
want to keep the, house check the box that it's non.
Countable get On. Medicaid it'll be a much lower, rate
so you're lean that runs up against the house will
be way smaller than. That plus you still got the house.
Right since someone passes, away you get a step up in.
Basis kids have an option keep the house or sell.
It no capital gains. Tax sorry for the quick, answer
(15:07):
but just get some help on that they're going to
be eligible for medicaid the way it, is don't sell the.
House Todd, lotski thank you so much for joining us.
Today always a. Pleasure thank.
Speaker 1 (15:16):
You this has Been Asked odd 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
(15:38):
Of cushing And Dolan armstrong. Advisor 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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