The Legal Exchange 6-17-17

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Sunday, June 18th
00:54:05

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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. Colors. Welcome into the league in exchange for hot heat I'm season powers of and he took sides of the armed and advisory group. In doing by Todd lets be a partner with the law firm of Cushing into island with a masters in taxation. Todd welcome how are you. And they're better Susan and you I am great thank you what do you have on your long list of things that you wanna talk about that will never get to two not a good way of introducing the we'll hit it really has a man the first one is sort of a while moment. Buy it deals with the CM SN and ability of trump proposing to add. Bruce and Obama's regulation that deals with the forcing of nursing home admission residents. To sign binding arbitration agreement so I'll leave it at that and we'll come back and talk about that and how might impact us. And also an interesting bill which I always like to answers I say we always like to report on. They'll financial elder abuse to death because it's such a tough topic and and always any time there's something new out there are wanna talk about it. And Ohio's introduced a new bill that brings bankers and real estate brokers and accountants and financial advisors all under the same new rule. About their requirement to report elder financial abuse and you know I'll talk to about that and then also. I've got a fair hearing that I attended recently so obviously we don't have a decision but I wanna share with you the facts about. How the state is fueling caretaker child exceptions. And the transfer of the home in in that regard okay and and you know when you talk about challenging and taking away last minute planning techniques. Here's another sort of bite at the apple that there that they're trying to take so stay tuned for that if you can't of course we've got to ask Todd and the guy. Asked Todd and our guiding you know we talk about these last minute techniques that. Seeing it seems like every week there's something else that's being challenged when you doing last minute planning. May be just may be if you do you're planning in Indian she won't have to wary about any of this last minute cleaning. Where do you start you educate yourself Todd has written a guide for the month of June. It's the top misconceptions about Medicaid you're able Kabul trust and while there are certainly many reasons to create your estate plan. Seems like we hear more excuses to not creed is the plan in maybe that's been fueled by some misconceptions that are out there. About how these trusts actually operate on a dated BP says so. I really like this guide tied because it hammers down all of the myths that really boxed them if you well. That are out it is more than thirty misconceptions that are included in the guide and it talks about misconceptions about. Lack of control and having to ask your kids permission and access to incoming changing your beneficiaries and what you can do with your home and tax impact whether it's income gift or estate taxes. Wendy's Strasser operating when you have one of these carry vocal tracks you can request your free copy of this brand new guide by calling 866. 848. 5699. At 866848. 5699. 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 cab in if you missed any of today's or our past shoes you can always find our podcast. On the website as well. So Susan let's talk about this while moment I hear and it's it's this whole idea that we've been talking about it probably for a year now than nursing them arbitration clause here and who's. Yeah and it's these it's basically when you and her a nursing home. Europe forced to sign a whole bunch of papers from admission forms to financial disclosure forms. Two. Arbitration agreements. And what I find is that. People are sort of just signing because they're an emotional state and. Don't really think about it if you want your mom your dad your husband you like to come and you need to sign staff and that's a bad don't know its present and and actually get there they're making signing an arbitration agreement a condition. Of admission and we've been talking about how it's not who we've been talking about how this Obama regulation that was out there. That was to bang in. The forcing an individual to sign an arbitration agreement as a condition of admission. But thank you also talked about how that was gonna go into effect but some who is challenging at this is basically it is the nursing home coalition a lot of if you were challenging now and they postponed it they got together they filed a class action lawsuit saying that maybe this isn't. You know. A good thing to do arts not legal. News and now since it's sort of tied up in litigation the trump administration has decided to propose a regulation rescinding. Obama's regulation to prohibit. People. From signing an arbitration agreement as a condition mission so that means that they could be force that's right to sign it now we we even talking about these for years tie. You always said don't sign. Yet he didn't know I forcing you to know I I absolutely agree and maybe we should take a step back and explain what the arbitration. Clause is that you would be signing explain what that is okay so in the arbitration agreement is it is. If you sign in arbitration agreement when you minor nursing home. You're basically saying if there is negligence or harm or damage to my loved one. By the nursing home. Then we will not to go to a jury trial. To resolve that issue we will go to arbitration OK so you're waiving your right to a jury trial okay I'm not sure that's what you wanted to know. And so. In this case they're saying the trouble administration saying you know what work at all of them to make that signing that a condition of admission. I'm not thrilled with that. The only way what's our work around so I'm sure you've got one right well I actually do at Toledo in fact so and and so folks right now. I don't even care if they give you wonder they don't if you want just ask fort sign it sign it as a health care agent. For the sick person and that's if you are make sure you're the healthcare proxy you've got to have a health care proxy in place and if you do. Then you need to sign. Yeah so if you have a health care proxy in place then. You're able to actually check some into the nursing home but they don't hold youth financially liable not financially liable in the reason we do it is because there's case after case that says. When you sign a hat when you sign an agreement like an arbitration agreement. As a health care proxy for the person. That there is no ability to bind somebody. Else under an arbitration agreement. Because health care proxies only allow you make. Health related decisions news and binding someone under an arbitration agreement is not a health related decision right. So it. You're not. Sign it and then when the time comes if someone gets hurt you'll have to work. It seems like Todd did and we kinda go quickly over those basic documents helped give proxy power returning but if you out one knows. And you have a loved one who really should be in a nursing home and hasn't been time. In the hospital even if your spouse. You can't just go check them in yourself right. Well it depends and if you haven't been discharged from hospital and usually that's our Chad you're right you do need health care proxy in order to checks went into a nursing home. If they haven't been and discharged from hospital directly to the nurse right that that is true you do need that and you also mentioned something Susan about the power of attorney. Very important distinction if and I and I forgot to mention this if you're signing that arbitration agreement. And you're not a health care agent. But you are. A power of attorney. Don't sign it as power of attorney makes you bar because if you sign it as durable power of attorney for the person going into the nursing home. There are in fact cases that say you can't bind. Another individual. Under an arbitration agreement if you sign it has power of attorney who's so stay away from that factors a Kentucky case. The Kindred Healthcare case. That went all the way to the United States Supreme Court think we talked about last week we did that said. That in fact. You know you you you can in fact have a power of attorney that that binds and arbitration agreement so. Please stay away from that if you can't and you know what folks if you import. They're cleaning unit Ian Ian if you have been thinking about creating an eerie notable track so the you can protect your assets of the U got and it. In publishers. You may have been putting it off beat houses he some misconceptions. About how these trust actually works though. Todd fortunately preview has written a guide for the month of June at the top. Misconceptions about me you're able global trust there's 32 while. There's just a few now there's a few days they've even dig excuse is that you've heard time and time again over the past. I think umpteen years but then it might deep we don't need to deal coming here. A few years under his belt over there doing it felt a lot stuff so just the ones on the first page I think the most common. I can't be my own trustee that's not Q my trustee is going to be in control not me that's definitely not true. I can't change my beneficiaries once I draftsman here remarkable trust. Also not to grant park most common. People always say that mean they you can't get income from your assets well that's not true it's so many people are living on the income from their investments are they rent a property. You can transfer that into a trust and you are still entitled to 100%. Of the incoming it's not just a quick little you know one line this isn't true it is they deep field explanation for each of these misconceptions. And you can get your free copy of this top misconceptions sky. By calling 8668485699. That's 86684. C 569. Point torpedo and a week you can download a copy. On our web site legal exchange you dot com just click on the guides and articles that can also find our podcasts out there if you missed any entity shall. You're listening to Todd let's keep a lot from Cushing and Alan I'm Susan powers of I need to advise it would be Armstrong advisory group. We'll take a quick break and we'll be right back on the legally exchange with Todd black ski. Securities offered 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 pushing in on the Armstrong advisory group to legally exchange in the securities America companies are not affiliated. If you Google asset protection claiming to get more than six million results are exposed to make sense of all that information the answer. Is he shouldn't what do you need to do was called Cushing in Dolan the experts and elder law they've written a brand new guide top misconceptions about Medicaid a rev a global trust this guy details thirtieth the most common misconceptions about using irrevocable trust to protect your assets. Did your free guide by calling 8668485699. Think you have to ask permission from your kids to use your own money not a chance that you're going to have to pay higher taxes if you wanna make your assets and available for nursing home costs absolutely not. There are a lot of so called experts out there but take my word for it and get some information from a lot from that has been helping families like cures for nearly thirty years call for your free guide today at 8668485699. Beds 8668485699. You can also download it right now on our website had legal exchange showed dot com that's legal exchange showed dot com. If you're real estate or property management company Unita banking partner that has all the right tools to keep your operation efficient leader bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitize paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and its innovative zero rent payment platform leader bank has a team of business bankers there on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies choose leader bank as they're banking partner call 8776917. -- 900 or email BDO at leader bank dot com for more information member FDIC equal housing lender. You're tuned 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 Coleman at 8668485699. Now and let us help guide you through the process while protecting your assets that's 8668485699. Welcome backing to illegally genes that Todd lucky I'm season powers of financial advisor with the arms advisory group. And enjoying by Todd Lipsky a partner with the law firm of Cushing and Allen with a masters in taxation. On today's show we have Todd sky DD is written for the month of June it's the top misconceptions. About Medicaid eerie though Coble trust. And while there are many reasons to create in this steeply and I think we hear even more excuses to not. In a lot of times this is due to misconceptions people don't understand how these trusts work on it dated the basis. You should call to get your free copy of Todd sky for the month of June and that will help dispel a lot of the myths that are out there. Get your free copy by calling 8668485699. That's 8668485699. If you prefer you can always download a copy on their website legal exchange showed dot com just click on the guides and. So Susan let's talk about this fair hearing that I had recently and it was it was somewhat of a shocker I mean there was no real. Advanced planning done. Certainly not not by us and really not by the client themselves. And it turns out that there's this. Really expensive vacation home I don't know one point. Nine million just to clarify tied for those who don't under don't understand what a fair hearing is you go into the nursing and you pipe from Medicaid. You get denied yet that fear hearing to kind of keep your case that's good point thank you Susan and sometimes take for granted what we know what we don't know so. So that's exactly what happened we know these people came in in and wanted us to help them apply for Medicaid there was no advanced planning done we did the application. We took some last minute emergency planning steps again probably why we tell people not to apply on their own because. They don't know these options rates and we take some last minute steps to. To protect the really what what is the only house is about a one point 91 point one point 81 point nine million dollar home. Vacation home. Turns out that we apply the steps we took apparently didn't work and they get denied. And we go to this fair hearing room and and will will see no light I don't know that they won't work this is just what this case workers being like showing. Right they kind of stamp everything in thing Hilliard tonight Elway and they hope eagle at exactly just another one of these things where people are are saying you know no win in goal Wayne. Here's why so it turns out let me give you that that long and short of the house was owned 50% by the sun. And 50% by the mother. So really only about. You know 900000. Are little more 950000. Of it is house value of the mother Ruth. The other half was gifted away long ago to the sun and that's son had moved in. And was living with mom and providing care to mom. For over two years. And lived there for two years and provided care to the nursing home level for more than two years. So much so that. State has conceded. That he is a caretaker child and which is what we thought Sharon he's a caretaker time. And the caretaker Shia rule the exception. To the cared or two that permissible transfers if you well. Is. Ability to transfer the home but it wasn't vacation with the primary resident via the home. True a caretaker time. Which he lives rain so we took the house and we transferred half of it to that kick her out to him reserved like the state the right to live there for the rest of her life. In case she ever goes I'll share that made a lot of sense so we did that. They say that wait a minute since the house is worth remember that at home equity rule. It's as if that primary residence is worth more than 840000. Dollars that it is your denied Medicaid adamant that no matter what do you. They're saying that the regulation reads. The house is non accountable as long as it's the house and was used as the primary residence. Unless it's worth more than 840000 dollars just her half or whole just her house. Perhaps wants one. And so they say they're Fortier denied you can't transfer. All. It doesn't and their their argument is that. That somehow because house's worth more than 840000 dollars that it magically is no longer hole. And therefore because it's not a home you can't transferred under the permissible transfer sections of the caretaker child. And get it out of the gate and out of the out of harm's way if you lose. Like what the statute says the statutes simply says that the home is in non accountable asset. If along issue used that as your primary residence. Provided it's not worth more than 840000 ours right if it's worth more than eight or 4000 dollars it simply comfortable. It does that make it not hold. Tight they're saying it's not a whole right it's just horrible. As she should be eligible for it but not. Okay I'm gonna continue in my details on my argument here yeah you know what folks. Q your cleaning in the audience and you don't have to worry about this last minute nonsense of cleaning. Find out how these Medicaid eerie workable trust work on a dated DP says. If you think you know how they work in the you'll be in control and you need to ask your kids permission you are wrong about how you think these operate. Yet Todd sky he's written for them on the pitching it's the top misconceptions. About Medicaid theory vocal tracks. You can wreak pressure copy by calling 86684. C 5699. That's 866. Eight for me 5699. Our download a copy on our web site legal exchange showed dot com just click on the guides and articles. OK so now. They're saying that he news. Count of. But no they're saying it's not a house. Because that went over 840000 dollars that somehow magically not house anymore when in reality the statue typically says. It's non accountable at that your home. Unless it's over 840000 dollars. Then it's terrible regular denied Medicaid that's all the statute says they're magically making it sound like it's not accountable like it's a hole not home anymore. The reason this is important is because I then went forward and said if you read that statue. You'll see that it actually references. The statute that deals with the 840000. Dollar equity value under the home whose mansion it references it. I said this statute does he replied lost because we don't even have a hole anymore. We have no home because we transferred it to the caretaker child under an entirely other regulation. That is up permissible transfer. So we don't have a home cannot be denied eligibility anyway. We got rid of it and we got rid of it under statute that permits the transfer to a caretaker child. In front. That statue. That permits the property to be transferred to the caretaker child. It absolutely no way references any value there's no limitation on the value and does not reference that code section. My argument was look when you read through the regulations. Everywhere in the mass health regulations where they want another section. To apply to a particular section and they reference. Ray how come they didn't reference it. In this one. Because they don't have any values that apply. In fact I went through the fair hearing that have in the past and told a fair hearing officer you'll find and in in my 22 years. Dealing with this issue she said in fact I've been out at like. Fifteen years and I haven't seen it either I go pats because it's not an issue and that's because the valuation ruled doesn't apply. Here rank and in fact think about it from a public policy standpoint. People do this because they wanna encourage family members to leave their home. Move in what their parent who they may even give up their job. To keep apparent the people of Massachusetts. Happy why. They are not in the nursing home there out of the nursing home they're not a re a draining the resource is of the state so the people are hot because there at home in the states happy because there are no one's getting pay you know not training the state senate on on Medicaid so. It's a win win in the encouragement is. If an individual has left their house to move in what their parent. They may need a place to live and that's why they allow them to go there and they don't say you can have the house. And in please come and do this and you could have the house. But only if it's worth less than 840000 dollars otherwise right we don't wanna help people that have fancier houses. You can't discriminate like that. So that's the argument that have been put forth but it was just shocking to me in all these years that this is even being mate for any that this argument is even being made so. Folks I think the message is clear Susan you mentioned that earlier. You know yeah last minute planning techniques are out there and we're still gonna try to use them when ever we can for people. Don't worry about last minute playing it's as you say Susan to learn about trusting two year advance planning in this on issue. We again that the word eerie Vogel is scary but when you actually learn how these trusts work hike you're still in control. I you can change your beneficiaries how you're leaving things before you died. How are you still have access to on hearing commute can still sell your house she can still buy a new house you're not gonna restart your five year look back period. You have so much flexibility when it comes to how these eerie vocal will trust operate. May be those misconceptions. Well not come right out of the water for you. Call to get your free copy of Todd top misconceptions guide there's more than 32 excuses that are outlined in the sky and I'll column excuses not misconceptions. Call fear free copy right now 8668485699. That's 8668485699. If you like you can always download a copy on our web site legal exchange issue dot com just click on the guides and articles tab. You around there you can click when he asked Todd tab and you can ask tied to your question which is coming up when we return here. You are listening to Todd black ski apart and with the law firm of cushion in Dolan. I'm season powers I think need to advise it of the Armstrong advisory group and we'll be back in just a few minutes here on the legally exchange with Todd black ski. Time now for Wall Street week in review a look back at the market's performance last week here's Susan powers and Michael Armstrong Mike anyone that's been keeping up with financial news recently has probably heard the new Department of Labor ruling on retirement accounts but just in case they haven't. And to give us the base. Yes the new ruling that just went into effect on June 9 is pretty simple it states that anyone advising an individual or group of individuals on their retirement accounts or think about 41 K plan retirees for a three d.s must act and act client's best interest Ari so that seems pretty simple to under steam wires are so much resistance is this not. Then acting in their best in test anyway all right it right well for years advised have been. Held to the suitability standard mean advisors must make recommendations that are suitable for clients. Mean he's been in maybe not at their best interest practically what this meant to that high cost products like annuities were often favor instead of lower cost. Usually feed based options under the new rule advisors can still recommending use those products but they have to be fully transparent with clients disclose all the costs. As well as any conflicts of interest that exist with that recommendation. Our rates so what does this mean for the the consumer the investing consumer up the street about enlarge it looks like it's going to be a positive net positive for the consumer. Where there's this rule dealing with advisors should be more transparent and if the consumer feels they were led in the wrong direction now they really have substantial legal recourse against that it -- or salesperson the industry on the other hand has argued that the new rules force out many advisors who you know may now want to be involved with say smaller accounts where they can generate these types of commissions anymore are right well good information. If you have a question you'd like to ask Mike about the market about your retirement or advice the your advisor is giving you. Send him an email at Michael at Armstrong advisory dot com. You've been listening to Wall Street week in review with Michael Armstrong you know back to the legal exchange with time let's ski and Susan powers. 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 power. Welcome back top of the few questions from listeners for you. First question comes from jostling in it knew he and share in Jocelyn writes I'm a beneficiary of a trust in the donor has passed away. They're doesn't seem to be any transparency. As to what is in the trust in what I can he anticipate receiving. For an inheritance in my entitled to an accounting of what is actually in the tracks to now well. First and foremost if you are a beneficiary you are entitled to an account. Uniform trust code requires so. Couple things you can do here right I get all that gets me riled up right but what what you can do here right off the bat is if you know Europe beneficiary. And you have not received an accounting in more than a year every year they accounting is due and I don't know the timing on this but every year the accounting is due. And so it query even before someone dice the accounting is do I don't want to think that this has to do with the fact that the donor or has passed away. Count things can be required while the donor hours living so if you can go back and say you've been a beneficiary even while the don't doors living if that applies. And there's no count things you're not only can demand the accounting you can actually institute or. Perhaps if you like to go litigate. Institute litigation to remove the trustee for breach of trust he fiduciary duty so if you have. What if it's your kid it's requesting and you are not dead yet could you just say. You know in in me and anything on the change in the Miami I think if you're living you gotta be careful what you do because you start demanding things in the and they start. Changing their mind anyway hearing kids so. But I think you know so you would likely demand it and and quite frankly a lot of ours at least the uniform trust code here in mass. They actually left it open where you can leave. The right. Two an accounting me so we have it set up and our trust where unless it's requested by an adult by the beneficiaries you don't have to do the account so. I guess you really got to read the trust Sino on speaking from Massachusetts and Jocelyn icy it's is a New Hampshire. A situation. Yeah but I think they have the uniform trust code there are so. You know look into that of course be careful I mean yeah or beneficiary let's tread lightly in here as in in this case you know the person who created interests that don't nor has already passed away so. She's probably just looking to see which he's entitled to it that's yeah I would absolutely say that that's a possibility and quite frankly if if you if you know. It's as your beneficiary of the trust I'm not sure. What the relationship. Is you had with the don't nor but if you know the donor or you have access to house and things like that. Maybe go grab the tax return. Because if you grab the tax return and it was a near Boca will trust you might start seeing. K one's coming from that trust with you know interest and dividends it's a grand Turk trust hitting the tax returns in at least it will give you an idea of what. Institutions are holding money. In way trust follow me. And how does it work Todd if it's not a trust but it's a will and someone says you know what so and so we've heard this question time and time again you know. Man to always told me she was definitely need some and when she died in now nothing's happening how do you find out about that it's a whale. See if it's a where it's much easier. Is go to the court whatever court you file of the willing right now we'll have to be filed at the probate courts than you can go down that probate court anybody can folks. This is why we don't like Wales this is why we don't use whales as our primary estate planning tool. You can go to the probate courts say I'd like to see Sallie Mae's. Probate file. In comes the probate followed your hand you flipped through it and you can pull out will go make a photocopy of it and go home. So it's very easy to get the will little harder with the trust. But certainly I think requesting an accounting would be appropriate at a bare minimum at this at this juncture you know AppleTV do you trust cleaning then. You have to worry about everything being on public display you're neighbors we'll be an hour ago pulled away islands see what you have gone on because. Your will when you have a trust in place your will just refers to. These things are gonna be distributed in accordance tonight trap the and they don't seem to trust grant right that's all private. Keep it private stay at the lawyer's office and talk about it so. I like it much better keep shatter probate keeps things pried it keeps creditors away from it a little little bit better. Most. State only allow creditors to attack the probate estate not non probate assets like dollars and it to asked. Yep and you know upfront maybe even thinking about creating a trust and you may be even thinking well you know I had. I'd like contrast to that want to avoid probate and wanna reduce or eliminate my estate taxes and me we divorce proofing your kids' inheritance is the concern. Maybe your bigger concern has been protecting assets from the cost of long term care and not impoverished and your spouse. But you've been putting off doing your cleaning because you have a certain. Idea you think of how these eerie though Coble trust operate there are a lot of misconceptions. Out there. About how these trusts actually work when it comes to control. He and asking your kids for permission. Find out how they actually operate call to get your free copy of tides top misconceptions there's more than thirty of them out there. About miss Medicaid you're able Coble trust you to get your copy by calling 8668485699. That's 8668485699. You can also download a copy on their website legal exchange sued dot com just click on the guides and articles tab. Todd next question comes from Bob in Springfield announced and Bob writes. I've heard about an annuity that I can buy to protect my assets in the future in case they go into a nursing home. Will this start here my five year clock once. I buy it. While this is probably one of the more common. Misunderstandings. And I hear a lot so folks all of you out there. And I'm not trying to throw anybody under the bus here any financial advisors under the bus here but I think that's where some of the misinformation comes from. You Susan you of course know this but some financial advisors might tell clients. All. I got an annuity product for you which is an investment decision I get it. But by the way it also will protect you from the nursing home because it's a special Medicaid annuity. Can't speak unless you are in that nursing home already. If somebody is telling you that in the financial world. It's wrong it's just wrong yeah the reason it can't be is because in order for the annuity. To be on Medicaid qualified in new woody. One that in fact can't protect your assets from the nursing home first it has nothing to do with a five year clock. Right buying into what he does not start a five year clock. Ever and in fact buying an annuity a Medicaid annuity is designed as a last minute technique. That involves no fine if you wait. That's the whole point of doing it. Last minute. Right and so one has nothing to do it what the look back period to in order for it to be Medicaid annuity as. They're talking about here Bob where they want you to protect the assets from the nursing home. Not only do you need to be in the nursing home it needs to be irrevocable. And it needs to be. Terms certain so you have to know exactly how long to buy it. Which is a time period that it pays out not longer than the life expectancy of the a new attend the individual who's buying the annuity yup. And it must and it also must being on assign a ball. All that needs to be in the contract and of course most importantly. It needs to be immediately paid out. Monthly median in a so they call those champions yet. And if you're buying an annuity now folks in somebody's telling you that. You're gonna know right up about it's wrong for two reasons one you're not in the nursing home in two. It's probably not paying out if it's not paying out what do they call those into it to deferred annuity that's not in so what's the difference what does it differed on what. Deferred annuity need to put your money into an annuity contract and some at some point down the road you start to get ink. Verses of you're not getting 1090 nines every year and paying down at all that there are no. Vs SP single premium immediate annuities starts a stream of income. To you about a lot of talent that can be for life which is in direct violation on the wrong. Of the Medicaid qualification of those of these Medicaid help pay out vs non paying out as a huge difference so if you got a deferred annuity. In somebody's telling you that it's it's designed to protect assets from the nursing home again you now know. It's wrong time. Insurance exist 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. 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 with the leading carriers in the industry Mike Rabelo Plymouth Rock in more. Their license for all types of insurance continued time stressed the money. Well today 844 of 99 match or go online and ensure a match dot com. You're listening to the legal exchange with Susie powers and Todd lets you. 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 into the lynchings that Todd lucky I'm Susan powers of things like sides with the arms on advisory group. I'm joined by Todd at the apartment with a lot from Cushing and Allen with a masters in taxation. On today's show we have Todd sky beauty is written for the month of June. It's the top misconceptions. About Mickey eerie book double trap. And while there are many reasons to create your estate in that we talk about every week it seemed as if we hear time and time again. So many excuses. And not pre Europe's deepening and some folks think that they're gonna give up control that they will have to ask their kids their trustees. For permission to spend thereafter that they can't sell their home that they can't. Relocate to another state all of this is untrue. Call to get your copy of Todd misconceptions. Guide Iran more than thirty of them included in the sky. And Todd will help dispel those misconceptions. That you may have about how these Medicaid you're able Coble trust work and it's your free copy right now by calling 866. 848. 5699. At 8668485699. If you don't wanna wait for the snail mail to arise. You can also go online and download a copy right away. On our web site legal exchange show. Dot com. So this isn't let's go back and talk about that that Ohio bill. And I and I freeze any senators in Ohio anybody who can put together any state that can put together some kind of a bill that. In some way is gonna provide additional protections. For the elderly from financial abuse I'm all about OK and we've reported in California has some I know I'd there's multiple states that have fair to have put in New York ever called it one. So and I think there's a federal one by the way as well the fin rot I think has authorized something. Two allow you financial advisors to you know it just all transactions yet it's a hold harmless for so have we suspect one of our clients is being taken in the antigen financially. You know. I'm feeling that our friend whomever it is we can report that. And not have to worry about the backlash the loss yeah absolutely have to India are listening our our responsibilities to our clients right and and and I think that's that's great and so I not only have states enacted their own rules but I think we've got some guidance at least federally. Or Powell that's federally but it's through an overarching. A group that that sort of monitors financial advisors call in Europe ever so. And so here's Ohio Ohio comes up with this new bill that says right now we know that about two point nine. Billion. With a B. Dollars annually. Art taken. By financial abuse while elder finance I news realise it was that high so that's a big numbers huge and now what this Ohio bill is saying is that if you're a banker. If you're a teller as a matter any kind of a banker. Any kind of a real estate broker. Our accountants. And financial advisors. Are required under this bill not may. They realize Wired News to report. To the adult protection services department in Ohio. If they suspect. Elder fraud elder abuse and and in exchange for that requirement. They will be shielded from lawsuits. That may result from you know what if they're wrong. You know they weren't short but they and they were wrong you can't be sued for light you know liable or or slander or causing somebody a problem. So. So that's encouraging I. Hey if I'm wrong great that means no one was harmed. At the end of the day yeah right you actually take any money you've got to be wrong and right certainly you know and in you know that two point nine billion time. That's probably. The only amount that were reported. In Andre you know so that's probably ozone or the board there. And what I liked most about it is is the fact that it's including all these folks look bankers brokers. I'm bankers. A countless financial advisors real estate brokers yes so to me those are the people that interact with money from every day. Elderly folks so super. Now. Course got to get into it of course having said all that I'm I'm always happy to report it. But not a reason that we always do our estate planning or learn about these trusts understand the trust's. It's not always because of elder abuse. You know what it actually serves as another obstacle. Or another hurdle. That some would have to get over in order to get money out of the trust me if it's held by a trust and the donor or is not the trustee. It's a little harder to manipulate the elder dole nor to get money out when there's another person involved. It is and I wanna dive into that a little further Todd but in the meantime folks I wanna give you the number at your request Todd sky daddy is written. For the month of June at the top misconceptions about Medicaid eerie eagle global trust. It talks about all different misconceptions more than thirty of them regarding. Control permission income changing your mind changing your beneficiaries. How the real estate is owned a you can sell your real estate rental income that's treated. All the tax implications of these trust. Call to request your free copy right now. 8668485699. That's 866. 8485699. Or download a copy in our web site. Legal exchange show dot com when you talk about the checks and balances Todd if you do have a trustee in place with one of these traps and if you want to take some money out of the trust yourself you know. Give me like principle yet you wanna get principal back short you do have those checks and balances because it's trustee. Is banking on any given on the money are at the trustee is just think in outlook mean I've got I've got all the control and the trust imminent right checked myself. I control the purse string yeah. Right yeah it's absolutely can't be done for a couple of reasons and I and I think it's important that we that we note this. That if you have a trustee who you think controls the purse strings one. They are prohibited in our documents from writing a check to themselves so that's out. And if they did that then you have an action that's stealing and reach a fight do Sherry duty it's a real legal action. In which the beneficiary. Can take and the beneficiary would win so there's a there's a protection right there. Separately. If if you needed money so. You have to still talk to the trustees chair. Which to me provides that elder abuse protection. As you know. Hey Danny thirty grand will be needed for debt kind of recede ever asked this. Money from me before it's not something you normally do what's going and you're in trouble did you get hurt in here for doctor don't. Something so at least there's a conversation as you said Susan that that might be facilitated. By the request of the dollars. And I would say. Another thing you have so that's the protection side we're about to control side for a moment that because that's who we care about we keep damage Cheryl. Yeah ask Billy because I need some money you say I need a check for twenty and. Billy then can write the check to Sally. That. Sister via the daughter. And then that check would be sent to dad. Dad would go visit the daughter. Daughter would endorse the check to dad. Dad would then deposit the check in to spend money in one of the daughter says her honest to be able to Meehan taken in and that Susan is exactly. Always my our concern when we deal with clients again how do we keep them in control I think as serious misconception. Here. Is that they do have the control not to mention. Is exactly the same control. That they have today that all of you have today even if you have no trust me this is the control you have you just don't think of it. Here's what you can do Sally. Okay I'm going to now stop payment on the check by calling the bank. In which the check was written from before you get to the bank so when you try to cash the check it won't work so. You're not get in the twenty grand and then you can remind Sally because you retain the power over the trust. As the don't nor as the mom and dad's of the world. To change the beneficiaries. Of the trust. But limited to a class consisting usually up and you pick it when you drafted but usually it's children of all generations and and charities. So you're simply would say you know Billy your brother. And I'm sure he's going to be thrilled. When he gets your half of the million dollars that moment that are worth. So have a nice day. And I'm pretty sure when he Grande or the 500 exactly knocked in the morning Bruno talk therein lies your control to get assets back. When you you can always get them back and so locked to control lots of misconceptions exist with these with these trusts. And you know what folks that's misconception number two when tied to guide my trust is going to be in control not meanwhile Todd just explained how are you. Are actually the one who maintains control of the trust. Not your trusty not your beneficiaries. Call to get your copy of Todd misconceptions. Guide there are more than 32 included in this guide. Regarding doing the topics of control permission income and changing your beneficiaries are real estate taxes. Selling your property keeping your rentals keeping that income from whether it's rental property. Or your investments that are in that tracks. It's all including here including high near homestead not to be that same protection. Coffee your free copy right now 8668485699. 8668485699. Illegal exchange showed dot com you can download your guide you can download our podcasts and you consider me your questions. For Todd as well. Todd black ski. From the laughs from of Cushing and Allan thank you so much thank you Susan always a pleasure I'm Susan powers a financial advisor would be Armstrong advisory group. Thank you for listening today and we will be back again next week on the legally exchange with toddler. 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 Cushing and Allen the Armstrong advisory group to legally exchange in the securities America companies are not affiliated. Hi this is very Armstrong many of my clients are retired or are planning for retirement and if you're like them a new Moody's may be an important piece of your financial strategies annuities can offer guaranteed income for life but there are risks associated with every purchase some annuities have high fees. While others take control of your money. If you're considering buying an annuity call me right now and get my free guide the truth about annuities learned about the pros and cons and educate yourself about these products before you make your decision call 803934001. That's 803934001. Or you can download the guide right now at our website financial exchange showed dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are offered through securities America advisors incorporated Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated guarantees are based on the claims paying ability of the insurer. If you Google asset protection planning to get more than six million results are -- to make sense of all that information the answer is he shouldn't what do you need to -- it was called Cushing and Dolan the experts and elder luck they've written a brand new guide top misconceptions about Medicaid irrevocable trusts this guy details thirtieth the most common misconceptions about using irrevocable -- to protect your assets did your free guide by calling 8668485699. Think you have to ask permission from your kids to use your own money not a chance that you're going to have to pay higher taxes if you wanna make your assets and available for nursing home costs absolutely not there are a lot of so called experts out there but take my word for it to get some information from a law -- that has been helping families like yours for nearly thirty years call for your free guide today at 8668485699. That's 8668485699. You can also download it right now on our website had legal exchange showed dot com that's legal exchange showed dot com.
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