The Legal Exchange 3-25-17

Weekend Shows
Sunday, March 26th
00:54:00

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This is the legal exchange which John let's keep from the low for a look Cushing and Dolan and Susan powers of the Armstrong advisory group. Each week Todd and Susan we'll discuss many topics including estate planning how to avoid probate and protecting your money from a nursing home. If you need assistance in any of these areas for have a question about another issue that may affect your future. Call 8668485699. To make an appointment that's 8668485699. Operators are standing by now here are your host Don let's game and the season powers. Welcome minted illegally gained with Todd lucky. I'm Susan Harris and Heidi besides Timothy Armstrong advisory group and I'm joined by Todd left ski a partner with the law firm Cushing in Dolan. With a masters in taxation. Todd welcome how are you I never better Susan and you I am great thank you what do we have on tap for today we can't get away from taxis no we still lingering around getting closer and closer to her so we need to be ready Ford and of course. As I'm reading through things you get the top scams during taxis. Or to schedule at the tax item the scams for today and I'm also gonna give you some tips on all of you that have these irrevocable trusts and might be filing York. You know first time tax returns so as part of the scans how can you be sure that your prepare. Prepare your tax return correctly. So we'll talk about that. We have this top ten list of best large cities and best small cities to retire it. He's always in me simply end here mine's going to be warming here where that where that's headed in that. In the country. That we had done it Georgia we got us appear a Supreme Court case actually. That deals with an arbitration agreements on many of you you've heard us in the past might have family members that are faced with going into a nursing home. It's that own admission process that you need to be so concerned about looters. What happens right in the beginning do we sign the arbitration agreement or do we not and when is it enforceable. George Supreme Court case we'll shed some light. On that. And then we're gonna head over to Nevada and there's an irrevocable trust that was actually. With a second marriage modified after the death of one of them don't course. Can it be done. You know second marriage issues and I want to talk to about that because I think we can read between the lines for a lot of people. That might be in that situation. And then of course we have ask Todd will talk. Honor god yes and folks if you've not yet requested Todd guide them until almost oversell you need to request a copy of Todd Scott that he's written for the month of march. It's the differences between revoke noble and irrevocable trust anyone help answer that most common question. That he receives which is what is the difference. I think that there are probably more similarities than differences but this guy is going to help you decide. What type of trust is right for you when your family it discusses the various actors she need beacon consider when you're creating your individual plan. Including your age your marital status your net worth. Perhaps most importantly your fear only dynamics. Talks about protecting your home in your money the best way to leave assets to your children including the option of divorce whooping their inheritance. It deet tails the income and estate tax. Considerations of both types of trust. Call right now to get your free copy of Todd skied the differences between re vote Kabul in your eagle global trust. By calling 866848. 5699. That's 8668485699. If you prefer you can always download a copy on our web site. Legal exchange showed dot com just click on the guides and articles tab. It if you miss any of today's show or any of our past shows. You can also download our podcasts and listen at your convenience. It's so Susan tax time let's talk about tax scams. During tacked yet since. You know folks and give you a couple of Arabia the top four freaking get tone by you know. Phishing scams where do you get the fake emails the web sites that are designed to trick you into revealing personal information news. That login and password information remember folks. The IRS never sends out emails asking for information or regarding your bank accounts or anything they just don't. Do it and they don't call in they don't call. So any phone call and email that IRS ignore it that's next on the next one was was phone call scams right. They don't call in and and what they'll do is they'll call those say you know. I'm on you're gonna get arrested you're gonna get deported you're gonna go to jail you when you better pay this and you know these dollars right now. You know that doesn't happen right okay so we're not that bad yet and that's good news that's a good a good sign. I'd just ignore that stuff but don't even. Think twice about it. OK Ing you know what if here kind of hesitant to ignore it because it's scaring you. Family member running by them just like sanity check some things so you have seven nick and advocates for you PG a comfortable doing that. Get someone else involved just as I checks and balances on your side. Yeah actually that's done the right way to go. And then you know I think some of the other things the ran into these these identity thefts rightness happens when. Scanners actually file tax returns per pending pretending excuse me to be you. Right or they steal any of your personal or financial data for new on a war your tax return they might steal it from there I think the message here is. I can tell you what to do it in advance that is. You know shred all of your personal information confidential information never leave it in outgoing mailbox is in the neighborhood I mean. These may be. Common sense things but it's always good get to hear it. But I think a bigger question Susan might be one of someone already filed. Yes so if you try and file your taxes electronically that which most people do that's high you're gonna get the heads up because the iris is gonna say you can't file because you've already filed that's the case that's not you write it well you know you haven't filed backseat and someone else's done and there are so many people millions and millions of people. Are having this happen and their beard the I arrests. You know to their credit have spoiled I think since 2011 over twenty million. Falls tax returns so that's encouraging yet it is encouraging but if so if you find yourself in the situation because there are still so many times that this happens. You should file your tax return. In cape are. And then along with that you need to file and identity theft affidavit which is warm 14039. With the I Iraq so filing by paper. Include that identity form and identity theft form along with it you should also file an identity their report with the police department. You should put a fraud alert on your credit with all three credit bureaus and you can even stranger credit if you want to. And then I would I would recommend signing up maybe for an identity theft program and its operators so many companies out there that do it. But just continually take credit report has some stuff up. So I guarantee you wanna make sure that if they did file that return you definitely one as you said let the iris though because the last thing you want is somehow thinking you'll money guru when you don't know you Marty paid. But more importantly I'll betcha these people are probably filing. Trying to get refunds that re making up. Returns to pay you know they're trying to get a refund they're making a relief well gets stopped when your claim it's right I mean you might be notified by the EIA arrest that they want you to verify some deductions are acting like that that might not you're notified so elated and I don't have these deductions yeah so I think that affidavit this is huge in Korea. You know tied this is certainly the time of year that I'm getting a lot of calls from clients weren't having conversations with clients ain't. Okay we're gonna do some change this year count how did you make on your taxes last year and it will start the dialogue. Ole lie you know someone means they will I made out okay you know this is AGI for the eighties my loss carryforwards or no loss carry port lap. But I also had to pay taxes for my trust for very little trust so right. You got to give them a heads up about this is the deal with the here eagle global trust especially their filing for the first time. Yes so I think these and and really it's the fourth one that's on the list of scammer is is that you know your return preparer. Was fraudulent. You know so even though I'm not trying to say I mean obviously the CPAs we know they work well there are wonderful but. So if you're working with CPAs and you get your tax return for the first time. It's good for the track after the trot ninety obviously you probably know your your personal income tax return. But when you're getting a tax return for the trust. You know for the first time. You you might say well how delight even know. Whether it's done right or wrong you know what it is their fraud going on I don't even know. Well it's very simple at least if it's a trust I prepared and it's at Korean tort trust and you know it is just you could look as we put it in our closing letter to you. We put in our engagement letter we explained that it's a grand toward trust. That's simply means that the irrevocable 1041 tax return that's being prepared for that trust. Must have no numbers on it look at the front page in the little boxes known numbers if there's any numbers in the tax due line. It's done wrong so either Blake or zero this blank or zero and that's right. If there's taxed or numbers it's done wrong don't be afraid to go back to your countenance say it's done wrong or call your attorney who prepared it. I get those calls frequently to to confirm or tell the attorney. Kelly accountant what's going on so no tax you're never paying extra tax. Because of these irrevocable trusts that we do for you. They are income tax neutral. Tax neutral folks Ian this information about the taxes is included in Todd Scott that he's written. For the month of march it's the difference is between revoke Kabul in Erie book mobile traffic any tea tails the income and estate tax considerations for both of these types of trust. It also shows you how you can potentially eliminate your estate taxes. But more importantly it's going to help you determine. What type of trust is right for you based on what you wanna accomplish your objectives in your unique the only dynamic. You can call to get your free copy of this guy did Todd is written for the month of march. By calling 8668. Porky 5699. That's 866848. 5699. If you prefer you can download his guide the differences between re vocal in Erie book about trot. By going to our website legal exchange show dot com. Just click on the guides and articles cabin remember missing entity should be can always download our podcasts out there. You're listening to Todd that's the apartment with a laugh from the Cushing and Alan I'm Susan Paris a financial advisor to the Armstrong advisory group. It will be back in just a few minutes here on the legally exchange with Todd black ski. Securities up. With the securities America ink member and that SIPC an advisory services offered through securities America advisors think securities America in its representatives to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation cashing in on the Armstrong advisory group to legally exchange and the securities America companies are not affiliated. Time for bank the pays you would liter maximum reward accounts of 1% cash back with a debit purchases and an extra 10% back when you user carted featured businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn more call 8776917900. Or visit leader bank dot com minimum to open and -- annual percentage yield ten dollars mass prison until late fees may reduce earnings rate subject to change without notice member FTSE leader bank a step ahead. Hi this is Barry Armstrong and if you're a regular listener to my show you know that I talked a lot about investment strategy and financial planning my goal is to help you maintain and grow your existing assets and part of my philosophy includes informing you of changes within the investment community that you might not be aware that the Fed has raised the federal funds rate twice in the last two years many observers see more increases coming this year investing in a rising interest rate environment can present challenges so called now for my free guide to help you navigate how rising interest rates could affect your portfolio 803934001. That's 803934001. Ask for your free guide about investing in a rising interest rate environment called now 803934001. Or downloaded from our website financial exchange showed dot com. Securities offered to securities America incorporated members in SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and our two companies are unaffiliated. I'm from bank the pays you would liter maximum reward accounts of 1% cash back with a debit purchases and an extra 10% back when you use your card featured businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn more call 8776917900. Or visit leader bank dot com minimum to open and earned annual percentage yield ten dollars mass residents only these may reduce earnings rate subject to change without notice member FTSE leader bank a step ahead. You'll tune into the legal exchange which John let's do you and Susan powers if you're dealing with a loved one who may need nursing home care. Don't delay comb 88668485699. And let us help guide you through the process while protecting your assets that's 86684856. Million. Illegal exchange with Todd let's keep. I'm Susan Harris a financial advisor with the arms on advisory group and I'm joined by Todd black ski apartment with a laugh from of Cushing and Allen with a masters in taxation. On today show we have Todd sky duties written for the month of march. It's regal couple verses here evil Kabul trusts in it's a complete guide under steering the an excuse me easy easy finish I understand understanding the differences in the similarities between revoke a bull in Erie vocal tracks. This guy we'll help you decide what type of trust is right for you and your theme. You can get your copy by calling right now. 866848. 5699. At 8668485699. If you prefer you can always download a copy. On our web site legal exchange showed dot com just click on the guides and. Articles. Sosa's let's go to Georgia and talk about arbitration agreements again folks everybody who happens to know somebody who's going into the nursing home going through that process right now. Where there actually going into the nursing home we need to you know understand that that's really critical juncture. In this whole planning process. And so why is critical let me give you the facts of this Georgia case so life goes in. To the nursing home and apparently she signs an arbitration agreement she doesn't listen to the show apparently. But she. Must have been competent enough room to sign remember just because you're going to urging them doesn't mean your incompetent right you could just have a lot of mobility assured that require you to go there. So apparently she was competent and she signed on her own. When she won and that's very important fact in this discussion. She went in and then of course there was negligence and a wrongful death action was hurt so she actually died. In the nursing in the wrongful death action was filed but the lower court agreed that the arbitration agreement the wife signed upon admission. But owned her and her Ayers. Who were gonna bring that action she's debt. So that arbitration agreement bound her. And pound the Ayers who bring the action in the wrongful death act on her behalf. That makes sense I mean if you're reading the wrongful death action on behalf of the individual who signed the arbitration agreement right it it makes sense to me. And so then the appellate court. Reversed. Saying no no you can go to trial. Well the Supreme Court reversed again. And said no the arbitration agreement is about it. Now on the explain what an arbitration agreement yeah. By signing an arbitration agreement. When she went into the nursing homes she's saying to the world that if something happens to me due to negligence or or some bad action. In this nursing home. Then the lawsuit to resolve that issue. Must be done in arbitration. So it doesn't stop them from suing images stops them from going going to try pork and haven't Jerry having a jury exactly. But you never want and not have a Jerry ray you don't wanna waive that right it's a critical right and in this case this. The Supreme Court of Georgia said. She signed it. She was competent and capable it's binding. And make sense and what are our tips to you folks. From this case. The tips I wonder about here is when you're putting somebody in the nursing home. First well if they're competent and they're gonna sign like in this case in the chest tellem don't sign in arbitration agree because they heat they can than nursing home can't force you to sign an arbitration correct they're gonna tell you it's it's a condition of admission and that is a lot OK it is not a condition of admission it cannot be. And so don't sign it. If you're competent. It is especially don't sign in if you're saying on behalf of someone else that the other question what do if you are now most of the time the you know you're with a loved one admitting to loved one of the nursing home. And you or signing everything and you know the admission to report when they put the Friday you the arbitration agreement make sure you sign it as healthcare proxy when he. Don't sign it personally and don't sign it as power of attorney. Sign it as a health care proxy but I thought we were assigned an off the I agree it if you. Indeed the standing order is don't sign at all but if you happen to have to sign things don't really judge sided do everything is health care practicing everything every document you're signing when you're admitting somebody that nursing homes sign as a health care proxy if you're the one signing on behalf of someone else. Because all you can buying that individual to is medical related decisions rank. And in arbitration agreement is not a medical decision and you will not be binding someone under the arbitration agreement if you happen to sign. But I don't you know what if you'd done your planning inconveniencing you protected your absence from these potential lunch and very expensive inner. Do you planning for the start educating yourself toddler sky that is written. For the month of march this is your last chance to request it it's the differences between revoke herbal. And here evil Coble trust you can determine what type of trust is right for you and your family based on. Your network your major objectives in your individual family dynamics you can learn how to protect your home in your money. Find out the best way to leave assets to your children may be your concerned about future divorces army be protecting your children. From themselves because they're not financially responsible. You can accomplish all of that. By having a trust in place call right now to get your free copy at 86684. He. 5699. At 866848. 5699. Remember this is your last chance to requested folks April is nipping at your heels here. You can also download a copy on our web site legal exchange showed dot com just click on the guides. An article stem the tide tell me where night and every time. What am I gonna retire after the top 104 car field retired army pitcher considerably older around him let's talk about where you're gonna retire that'll happen. We're gonna retire at young children. IC. Our children in general but. Yes. So for folks that are able to retire. You know this list came out they call them Milken institute's bid best big and small. Cities to retiring age since I think that's just it. And they they took the categories in the sort of rank them based on live ability health care wellness financial security. Education transportation. Convenience I mean they really tried to list. A lot of thing actor's actor yes in in coming up witness list. So the big cities. Are. Pro with a collar Pro Bowl or Madison Wisconsin. So they must just be like areas yeah. Durham Chapel Hill, North Carolina nineties heightens between Salt Lake City. Don't morning hyphen west the morning Iowa and Austin hype and round rock Texas. Omaha Nebraska. Council Bluffs, Iowa. Jackson Mississippi now that surprises me that's a really small town I didn't think it was a big city. But nevertheless here we are folks we live in Massachusetts Boston hyphen Cambridge hyphen Newton. It's and they said and several other towns in New Hampshire so we have eating place apparently. The could use it good news is they actually say this is a great area and then they rounded out with San Francisco hyphen Oakland Hayward California. It at area. Over there so those are all that top ten big cities. To retire and smaller cities it's interesting here we are again in Iowa Iowa City that small. Iowa City slash Manhattan cents in Iowa. Kansas. Ames Iowa. Columbia Missouri we get the senate the center of the country is is really penal. Seems to be in demand Sioux Falls, South Dakota. At least Ann Arbor, Michigan all too cold for me but in arbor is actually pretty I've been there to get the front of it and you Ithaca, New York. Lawrence Kansas. Logan Utah. So and some towns and Idaho. And even Fairbanks Alaska. And I I think that I just went somewhere warm to. To go to a compliments a year but I think I'd miss it I even here you know yet also a great big cities that's it and people don't realize I'm glad that that that New England in general Massachusetts Boston knew the. They got. They got it you know this yeah nice place that two retired every sources on health care aside in the medical front certainly must currently quite a contribution you certainly have that you have a lot of things have mountains have oceans you know. Making me in the education that doing we get paid when we have in lots of colleges here and so. So not a bad idea but they're the top ten folks think about where you wanna retire big or small and in eight years. And you know what folks if you Pritchard trust plan in place that trust is gonna follow yeah I agree regardless of where will you decide to relocate it's based on federal laws. You may need to do similar allow updates cheer basic docks you how returning things like that. But your trust goes with you it doesn't restart that clock if nursing home protection is one of the things that you want to accomplish. Call to get Todd sky city's written for the month of march the month is over folks scary April is right there the differences between re vocal in Erie though global trust your last chance to request it. You will call. 8668485699. That's 8668485699. If you prefer you can always download a copy on our web site. Legal Eckstein showed dot com just click on the guides and articles have. In it you miss any of today show where cash as you can download our podcasts and listen at your convenience. You're listening to Todd black ski a partner with the law firm of Cushing and Dolan. I'm Susan power is a financial advisor with the Armstrong advisory group we've got your listener questions coming up next on the legally exchange with Todd black ski. Hi this is Barry Armstrong and if you're a regular listener to my show you know that I talked a lot about investment strategy and financial planning my goal is to help you maintain and grow your existing assets and part of my philosophy includes informing you of changes within the investment community that you might not be aware that the Fed has raised the federal funds rate twice in the last two years many observers see more increases coming this year investing in a rising interest rate environment can present challenges so call now for my free guide to help you navigate how rising interest rates could affect your portfolio 803934001. That's 803934001. Ask for your free guide about investing in a rising interest rate environment called now 803934001. Or downloaded from our website financial exchange showed dot com. Dirty suffered a securities America incorporated members and SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and our two companies are unaffiliated. Your financial strategy has to include a thoughtful insurance plan. Insurance exists to protect your assets our friends at the insure a match agency can prepare personalized plan that gets you the best coverage at the best price call insure a match at 84499. Match let's before for 99 match many of our listeners don't know home and one or two cars that describes you you're the perfect candidate for free consultation to make sure your property and family are safe and properly covered. We'll also dig out all the discounts preferred customers like you can qualify for. Call insure a match to compare multiple rates and carriers and 844 and 99 match let's 8449. B nine match insure a match works for the leading carriers in the industry Mike Rabelo Plymouth Rock in more. Their license for all types of insurance can save you time stressed the money with just one phone call and one relationship. Called today 844 of 99 match or go online and insure a match dot com. You're listening to the legal exchange and its time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process once again here's Todd lets PN's Susan powers. Backed out of a few questions from listeners or you. First question comes from mark in honey in a Smiths and mark writes I moved 700000. A real estate into my theory book Coble trust. I have 300000. In the joint brokerage account in another 220000. In retirement accounts. I'm concerned about moving all of our after tax money into the trust what happens if I need to get money out for home we peers or new. Car parts. Well there's actually two very different questions there because a whole repair in a car purchase really. Are different when you so let's let's back up and walk through this again and so we've got the house in the trust it and did thing I think absolutely the right thing to do. You've got 300000 brokerage accounts and 220 in retirement accounts. If I were. Rector at by were suggesting what to do mark for you as a client I would and I'm assuming they get some Social Security years and ensure they also let on. I would suggest moving all of your after tax money into the trust so that would be the 300000. In the joint brokerage account. Yes leave a small bank account outside the trust that you pay all of your bills out of that. I suspect receives your direct deposit social security and pension checks yes leave that outside the trust. And lastly. Believe. You're 220000. Dollar IRA accounts outside the true. Now that being said no your your concern about living now that you have these new buckets of money. What's in the trust and what's out of the trial. Remember likely all the income generated from every one of the pockets. Steele goes to you so all the interest all dividends. Just like it was going to your personal bank account before you did the trust and so your access to that income is the same. Your bank account outside the trust is also receiving your direct deposit social security and pension. The fact is the same. In so I suspect dated today in this is good for everybody who's listening right think of your situation. I suspect David de mark is probably living off that and share data de. But that is at mark's question but I want it to laid out that way so that everybody could could see one on Google. Right neatly that's what you do. I want to ask you mark Gately do you run around making 300000 dollar withdrawals from your joint brokerage account. I suspect the answer probably no. So if you don't do that the fact that you can't do it cuts in the trust. Really doesn't change anything. And I think that's how you have to look at things right it's not really different. Okay you still haven't answered my question. What. I need extra money for a home repair or car purchase them for that matter sort of vacation in there maybe I want to make a big vacation. Where you get the money from well first let's talk about the home repair. If your house is in the trust. And you need it new rule. You can simply used the 300000 dollars that's in the trust to pay the contractor directly to fix the room. Okay put the addition he takes the bathroom in nets because it's each trust asset and you're using trust money. At paper that trust that it's just like you've decided to reinvest some of your money from the stock market. Into your realistic solidly the realistic more valuable rates it was that Jasper capital improvements for trust assets or could use that your assessment agency. Paid for real estate taxes utility bills that you could. You could use it for that kind of thing to I would not I would use money right from your bank account the way you always did in the past OK why change things for that. So your answer for the whole. No problem. That I mean obviously new car purchase isn't a Trout lines so that new car that vacation. That's money can be used in the trust that stuff that's stuff. My first advice is always spend it from your 220000. Dollar IRA account. It's outside the trust you have to take it anyway it's gonna be taxable if you leave it to your children. And attack risk prisoners to me why not spend what's at risk for than nursing home first. And Brandon. Deal with money that's in the trust that's protected right. Spend that down first so until you blow through the 220000. Dollars at sitting in that account. I don't think you need to worry about the 300 and so it's very unlikely that you needed but if you ever do need your run out there's always a way to make distributions out to family members. Who could get it back to perfect. There you go best of both worlds merrily well round and answer yes and you know what folks maybe you've been thinking about quitting is steeped in together for yourself. And you're not sure what type is right for you whether it's revoke a bulk. Or eerie vocal ball the guy that Todd has written for the month of march is the differences between revoke a bull in your eagle global trust. In it walks through all of the objectives that you want to accomplish. It shows you can you do with the revote Kamal can you do with it in theory vocal bulk. Maybe the revoke Coble trust is right for you get Todd sky right now because that's your last chance spoke the month is over. You call to request your free copy. 8668485699. At 866. 8485699. If you prefer you can always download a copy on our website legal exchange showed dot com just click on the guides an article Staten. Todd next question comes from Kate in New Hampshire and Kate writes can I change the beneficiaries of my theory vote. Your revote global life insurance trust what are my options I think you need to explain to folks what in your eagle global late in Japan trust is because it's very different. In the here evil global trust that we usually talk about. Angus a very good point Susan this this question is and irrevocable life insurance trust question. When you say they're different series and they certainly are different let me explain the main difference. Between them Medicaid irrevocable trust that we are talking about in the guide you can I almost like I should make that guy name. You know differences between revoke a bull and Medicaid irrevocable trust yet that's really what it is it's not revote Kabul verses. Call. Irrevocable trusts and I say all because there are many. Different kinds. Of Iran applicable problems as. This just being one that Kate is the discussing here an islet. Irrevocable life insurance trust the main difference between the two. Is that the assets in side and Medicaid trust. Are included in Europe state for state tax purposes and are gonna get that step up in basis. Forest income tax purposes which is critical which is what people want of course they avoid probate mute. The Medicare the irrevocable life insurance trust is not included in your state for state tax purposes OK it is. Outside the state if everything in there is a state tax free. The assets in there also will not get a step up in basis. For income tax purposes. So that's really the big difference and then another differences the level of control that you have. Over the Medicaid irrevocable trust is great reviews you can change beneficiaries. On the Medicaid irrevocable. Trust in what about on the island. On the highly you cannot change beneficiaries. Say remember the big difference here is if you have too much control over the irrevocable life insurance trust. It's good that cons inclusion. Into the state for state tax purposes. And that point of having a million dollar life insurance policy outside your estate. If so you don't have to pay and state taxes on its estate tax break. Whereas the assets in the Medicaid irrevocable trust. You know we're gonna be included and you want them included. And because of that you can keep control. Such as changing beneficiaries. That's control. That causes inclusion so what. Does Kate have any options here. Not many other than perhaps letting the life insurance. Lapse. Which I'm sorry I already knew what I do actually yes Kate there is one thing. You might be able to DK and the trust. The new trust has to be similar. So you have to check and see if Dick chanting is an option in your state I don't know if she's in New Hampshire. I think it is available in New Hampshire be heard it needs them some real guidance your needs someone. Really read this trust to see if it's even available for the camping yes OK I would say call the attorney that drafted that trust up for you if you went kind of a second opinion monitor you're not comfortable with the attorney and did that. You can certainly Colin to Cushing and Allen and house them intent to take a look at things for you in and look at your situation. In the meantime folks if you have a question you would like to ask tied. Visit our website legal exchange showed dot com and click on the house Todd tap. Maybe will be able to read your question on the air and hopefully his interval stop you from being his next real life story. You can also call to request a copy of Todd Lee is sky for the month of march which is your last chance spokes people is here. We hope doubled verses theory book Coble trust and it's a complete guide to help you understand the differences. In the similarities between the two traps you cop to request your free copy of this guide it 866. 848569. Noting. That's 8668485699. If you prefer you can always download a copy. On our website legal exchange showed dot com click on the guides and articles have it if you missed any of today's show. You could always download our podcasts and listen at your convenience. You're listening to Todd lets the apartment with a lot from Cushing and Alan. I'm Susan powers a financial advisor with the Armstrong advisory group we're gonna take a quick break. But them will be back with more here on illegally exchange with Todd black ski. Our financial strategy has to include a thoughtful insurance plan. Insurance exists to protect your assets our friends at the insure a match agency can prepare personalized plan that gets you the best coverage of the best price call insure a match at 84499. 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Understanding have taxes can affect your estate plan is critical to building a successful plan if you need help in this area told us right now and make an appointment. 866848569. Night that's 8668485699. Welcome back in teens that taught me I'm Susan powers the financial advisor to the Armstrong advisory group. And I enjoined of course by Todd black ski apart with a lot from Cushing didn't go in with a masters in taxation. On today's show it's your last chance to request the guy that he is written for the month of march. It's the differences between revoke a ball in Erie evoke global trap it's a complete guide to help you understand what type of trust is right for you. And your family. It discusses how various factors need to be considered including your age your marital status your network he injured individual feeling dynamics. It talks about protecting your home in your money it discusses the best way to leave assets to your children. Perhaps you're concerned about. Eight potential future divorce or maybe just wanna save your kids from themselves because they are not responsible financially. It T tilt the income and estate tax considerations of both types of tracks. It outlines how you can not only read dukes but potentially eliminate your estate taxes. Call right now to request Todd sky from march this is your last chance to do so. 8668485699. That's 8668485699. If you prefer you can always download a copy. On our web site legal Eckstein showed dot com just click on the guide. And articles Taft. Susan are you ready to go to Nevada. I am gonna go to the value and talk about a year are minimal at best. It's gently warming and again against its own there. Mountains. In the anyways let's let's talk about these because this is an irrevocable trust unlike the last real life story that we just talked about. Or that the question I guess for the listener that talked about. Irrevocable life insurance trust and modification this one didn't clarify whether it was an irrevocable life insurance trust or not I. I get the impression this was a revote Coble trust. Where we had. Ten kids. Husband wife sakic marriage. That's a lot of kids yet while second marriage so. Anybody who's got second marriages there's obviously. Issues that we can learn from this trust. I'll explain in a read between the lines as we go forward and still stuck on attend kids' thinking even it out and cutting tips while Brock was one of the kids and his mother died and his mother was one of the creators of the trust. So while the trust was created. By both this husband and wife. Brock's mother died. And that trust became. Somewhat irrevocable because one of the total hours died. As a joint trust. Then the question becomes can you modify that trust now that it's irrevocable after the death of one don't know more okay. Well. This Barack child got the consent of the surviving creator. And himself as an affected beneficiary. And they petitioned the court to change the trust. And basically he pledged his interest brock's interest to pay for all these creditors that he's got chasing. And they change the document and then when the father died what his father but when the surviving grant toward died. Brock decided that that changed that the court allowed. This week. So Brock was the one with the creditors the study here here's my future inheritance but in any tried to backtrack when the time actually came in they started acting funny how that creditors he decided that was an idea. I don't think date that this that this change was ballot. And it went right through when all the way up the Supreme Court district court I'm sorry the a superior court the appellate court and the Supreme Court. Of Nevada. All agreed. It if you have consent of the affected beneficiary. And that creator of one creator is still living. They agreed to change the document he can change soon is now. And this isn't uncommon because. A lot of states that have adopted the uniform trust code. Have language in the air for either judicial. Settlements. Or non judicial settlements right. This was saying non this actually was a judicial sentiment to that went to court. But as long as you get the agreement of the beneficiaries. And it doesn't adversely change the material purpose of the trust. And you can change. So there's a lot Rome for changing that I had irrevocable trust so we need to talk about how to button a couple sheriff sharing. Know what folks if you've been thinking about putting together trust Plame whether it's revote Kabul are eerie vocal ball. Todd guide it is written for the month of march will help you figure out what type of trust is right for you. Ian your family you can call this is your last chance folks to get tides differences between Louisville Kabul an eerie though global trust guide. Call to get your free copy at 866848. 5699. At 8668485699. If you prefer you can always download a copy on our website legal exchange showed dot com just click on the guides and articles tap. Tied I would think that if it the second marriage situation. More times than not. You wouldn't want your the surviving spouse being able to change the trust and dysentery. You can't write in you can actually put language in that prevents it. From happening in this case though and also I think you would never really get. All the beneficiaries. If it's gonna affect their interest. They're not gonna consent. Rate and so if you don't get the consent and likening it to do it manually. So. But I think you're right I think it's important to understand and I think the bigger concern and don't necessarily think. I think this is kind of an outline their case being right. Nobody really wants to pledged there right to a future benefits. Paper creditors they don't have to even think you could even do act has many beneficiaries until you're. On the trust was irrevocable so who knows what to change ability was put it you're right. So mostly weeks you know when you have second marriages I think that goal that you have to really address is. How are you gonna leave the assets when one spouse dies. Obviously you wanna take care of year your spouse that you care if you're dying. But you also want to make sure that your spouse doesn't change your wishes. And just inherit your children in favor of. The other stuff just yet and you want to make sure that your kids are gonna kick him out of the house when you die like he wouldn't take care of each other but make sure that. Your respective pockets go to your respective feeling that leveling plane into this power of appointment that you put inside these trusts. Which we put in all of our first marriages rightly want that kind of flexibility power of appointment simply means that if I dime my wife. Has the power to change the beneficiaries of my trust. But limited to our kids of all generations and charities. Right which is who you'd normally change you in her first marriage that's fun. But a sex marriage if you have it that way to surviving spouse can change it to all kids of both sides now you run the risk of. Yeah their hard liner endings. Exactly so you might not want to have that power of appointment and there just remove one should die the beneficiaries are set. But these are that by eight that's the only dynamics that you talk about. When you meet with folks to say our rates those second marriage have to ask does everyone get along you don't T think of them as your kids and those dynamics every feeling has a different type in. And that's what is addressed when you meet with I think you're absolutely got to address that in second marriages who and then the other comment I have about this case. Is you know he's. Kind of wanting his. Share to go pay for these. Creditors that are chasing him already yeah and like telling him you're gonna get money maybe get them off their back I don't know. But folks the bottom line is when you're creating that trust husband and wife. You're usually divorced proofing these documents you're divorced proofing the shares you're setting it up so that the kids when they get their share and they don't actually get. It's subject to a disinterested trustees' ability to decide. Went to make it distributions. And that sold discretion. Is what prevents creditors like this one. From saying hey. Give me the money. He could if he didn't do this. Brock could say if we have it set up in a divorce proof arrangement. Brock could say hate creditor it's not mine checked with a disinterested trustee because he doesn't have to give it to me. It's not mind pledge. He had been so this is a great way of protecting it not only from a creditor but obviously from the future divorces. Of people down the line as well you know. These trusts work and this is a clear example of how they can. Hand work you know what folks there are so many objectives that you can accomplish. That you need to have a trust him please in order to do your well it's a won't it's not going to accomplish everything he wanted to news. Want it to you including potentially eliminating your estate taxes. This is your last chance spoke the month of march is now how old are you need to call to request that guide. If the differences between revoke a ball in Erie vocal tracks it's going to help you decide what type of trust is right for you in your family. It talks about how to protect your assets home in your money how to divorce proves your kids' inheritance how to protect them from themselves. All the deet tails of but the income and estate tax consequences than considerations. And how you can reduce and potentially eliminate you're at state taxes. Call right now for your free copy 866. 8485699. At 8668485699. Or download a copy and I web site. Legal exchange note dot com just click on the guides and articles have. You can also submit a question to Todd on the asked Todd cap while you are out there. Todd let's keep a lot from that Cushing and Allan thank you so much isn't always a pleasure thank you. I ensues in Paris a financial advisor would be Armstrong advisory group we thank you for listening today in we will be back again next week on the legally exchange with Todd black ski. Securities opera through securities America ink member and that SIPC an advisory services offered through securities America advisors think securities America in its representatives to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation cashing in on the Armstrong advisory group to legally exchange and the securities America companies are not affiliated. 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