Financial Exchange Blog

Barry Armstrong has more than 25 years of experience in the financial services industry and hosts WRKO's Financial Exchange program every weekday from 10 a.m. to noon. Barry also works with the independent financial professionals at Armstrong Advisory Group, which he founded himself, to serve individual investors and small businesses in New England. For the most up to date information on The Financial Exchange, as well as industry news and info, follow Barry on Twitter @BarryGArmstrong.

08/31/2012 - 7:48am
By: Armstrong Advisory Group
Top Misconceptions about Medicaid Irrevocable Trusts

“I can’t be my own trustee.”

Often times, the Donor would like to serve as trustee of the trust thereby significantly increasing the Donor’s control over the operation of the trust assets during the Donor’s life. There is support for this position in Massachusetts where there is a case entitled Ledger vs. Department of Medical Assistance in which the Court indicated that, while this may appear to be an unappetizing maneuver, it nonetheless fails to contravene any rule or regulation.

“My trustee is going to be in control, not me.”

In the event the trustee does not comply with a request, you,...

08/24/2012 - 3:46pm
By: Armstrong Advisory Group
Reasons to consider estate planning

The general purpose and use of family revocable trusts are to help an individual avoid the costs associated with the probate process, reduce and in many cases eliminate federal and state estate taxes, and ensure the proper disposition and control of their assets to their family members following their death.   What are some other major reasons to do estate planning? 


  • To Protect Your Assets from the Cost of Long Term Care: As individuals age they begin to become concerned about the potential costs associated with long term care. Their focus may shift to discovering strategies that will protect their assets from...
08/17/2012 - 2:37pm
By: Armstrong Advisory Group
An Operational Guide to the Use of Irrevocable Medicaid Income Only Trusts

Who can be the Donor of these irrevocable trusts and what does that mean?

The Donor is referred to as the individual who creates the trust.  The Donor may also retain certain powers over the trust, most importantly, the power to remove and replace a trustee at any time for any reason, provided, however, that the replacement trustee can never be the Donor of the trust.  This retained power by the Donor allows the Donor to retain a significant degree of control over the operation of the trust, even though the Donor does not serve as trustee.  In...