The Legal Exchange 8-12-17

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Saturday, August 12th
00:53:50

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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. Tellers. Welcome into the legally exchange with Todd black ski I'm Susan Harris Anthony took sides of the Armstrong advisory group. And in doing by Todd let's keep apart in with the law from a Cushing and talent with a masters in taxation. Todd welcome how are you never better and you I am great thank you what do we have undocked for today. We have three cases that I wanna share with you. Just straight cases there was a lot to get caught up on this week. So this one out of Michigan it's Michigan appellate court case you know it deals with the situation winner. A mother. Two months before she died. Added one daughter as a joint owner and right with right of survivorship on a bank account. While needs to say she died two months later in the other four children who didn't get it get any of that money weren't too happy. He had a lot of people did that thing in the repercussion that's her wanna share with everybody on this case of how joint accounts can I mean. Really make a difference this is the Michigan appellate court case and joint account phones. It's serious business so how you'll your assets very important in and talk about it or an extract a lot from that case. The next one I have is a Kansas. Case. In this case that was the stick it was that many people who were applying for Medicaid it was taking longer than 45 days. To get a Medicaid determination that's actually the rule. Well we're talk about how that rule never seems to apply here in Massachusetts. But it is a rule. And I'm gonna show you what the ramifications. Are. Of that rule on how what can hurt you when really you don't care as long as ultimately you get a pro race and I agree. Is long Asia ultimately get approved we're not gonna push the 45 day rule. But in this case I think we will review and I'll show you why and how that can be important when you're going through the Medicaid application process. And lastly. It's called the Philip Seymour Hoffman's debacle. Twelve million dollar mistake. Now we don't have to deal with 35 million dollar estates like this one is to make a point but this one is at 35 million dollar estate and when explained to you how a single person like fill up. With three kids and a girlfriend would and the girlfriends the mother right. Did well. And that's fit. Interesting. Situation. That we're gonna talk to about bringing it down of course well a more but manageable state. But that concepts. Are the same okay and that's what matters not the size of the estate so all of that and asked Todd Susan. And a vast tied as well as the guiding you know Todd second story today is the second case is about that Medicaid application process. And Todd sky for the month of August that he is written. Is his Medicaid eligibility guide it's been updated effort to when he seventeen. It includes what assets are accountable what assets are not accountable. For both single individuals as well as married couples. It deep hills what can be done last minute to save those assets that we know of that. Your intentions are good to have your cleaning done in ambience you know you've been listening long enough you know it's ideal but we also know that reality. In life seemed to get in the way and you may find yourself in the last minute cleaning situation. Todd Skype will help you. To discover what can be done last minute to save those assets whether it's for help these spouse or maybe for you beneficiaries. Call right now for your free copy of tides two when he seventeen Medicaid guide 866848. 569. Now airing 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 have. And remember if you missed any of today's or any of our past shows you can download a podcast and listen at your convenience. Through your right Susan these these last minute things that come up. I would still say more frequently even and the people to advance planning. We hear so many people that we run into oh I've been paying for the nursing home for a year two years I mean not too long ago. You told me about. Kate's where they were paying too I think he told all of us about. They hit like 250000 dollars and nursing home expenses before they acted any gas crazy just don't write the check I think there's a lot of things that can be done last minute having numbers at hand having you know all the all the new. Newest levels of mass that you can keep him in in Medicaid numbers I think as is gonna be really helpful it's a free call it's a free guide in a very expensive mistake if you know pick up the phone and see if something can be so. Let's talk a minute about this Michigan appellate court case. Folks you know who you are when your listening how many of you have joint bank accounts joint brokerage accounts. With a child who's now let's say your single widowed divorced or what have you you've got to children right. And what happens more often than not. Is they used the word convenience. You'll open up an account. For the convenience. You put a child honor so that child can access the account pay a bill for you run errands do what you need done. And that's why it's done it's not done what the intention. Of just inheriting. The other children from. But guess what folks that's exactly what can generally and will generally happens when it's done. However in this case on the show you the one exception. And by the way I'm not advocating I don't want it to do this here it is two months prior to death. Mom. Course didn't make this notion was I don't know the facts of the case. But I'm gonna assume she did what. Adds a daughter to a bank account joint with writer survivorship. She dies the other four kids who are now just inherited from that account because joint with right of survivorship means that asset avoids probate rain. And automatically passes to the surviving joint owner group Godard. And so they all claim to wait a minute mom really only set this up for convenience there's the word. Convenience. It was not meant to just inherit the other kids. And they let that testimony. In to the hearing and the probate court with no objection. Understand folks from ruled evidence standpoint that that's hearsay. Kate that does not necessarily come in to prove you can't use an out of court statement to prove this so this would be hearsay. But they let it and if so once it can. The probate court judges allowed to use it right. And in listening to it the conviction. Was such that it really appeared that mom meant to do this for convenience. And so they actually. Overturned. The rule. Of joint with right of survivorship which is always the case. But in this case they allowed four children to share. In that account now. You have specific language in your will your trust that specifically address this issue don't you we do. And and folks this is something that is critical because you could end up putting 345 account you can put your account with one child. But can't thinking it's for convenience and not realizing perhaps that you're just inheriting your other children because of the joint form of ownership. Well. When we see that and we know that we put language in our trust that says. In the trust in the whale in the will cause this is an asset that's in your own name right so the well will address it. The will has languages that Cushing and all and it says with regard to any joint bank or brokerage accounts in. Not 401K designated beneficiaries that's different but it joint banker joint brokerage account. It in the way that says it's my understanding that's the person doing well that I intend this asset to actually. Up go to probate. Not avoid probate and that I am setting it up for convenience only and you are to disregard. The joint form of ownership. While not very clear right we did it for convenience we want it to come into the probate court fine. And we want it to go according to the whale. That weight comes back in our will grabs it deposits into the revoke a bowler irrevocable trust of the individual. And in the language in the trust. Distributes the assets out to the children the way you walk right along with all the other assets that are in fact in the trust. Because if you think Iranian attorneys is gonna put at people's names on this an old they're good kids they'll split it. Boy all bets are rocky drop that had the money on the table you've seen some crazy things happened after mom and dad passed away. And even if you did it and Susan and they were great kids they could be exposing themselves to gift tax problems ray because Vega. And they have to make the gift outright so. Folks joint accounts. How do you avoid it through the will convenience language. Associated with your pore over whale or more likely than not to power of attorney just name a child has powered attorney. And allow them to go in and sign your mind. That's all you need now it's not jointly owned in you don't run afoul of all this. Potential dis inheriting. Issues because I'm sure the Stanley wasn't happy after this lawsuit. All the way up to the Michigan appellate court come on folks now don't know this in a lot. Plan and we know that it's ideal to play in an advanced. But life does get in the way we understand that there are things that can be done last minute if you have a loved one who is going in or is parity in the nursing home maybe you're already writing those giant check expert and 12151000. Dollars a month. And you wanna know what can be done to see those assets last minute. Call right now to receive your free copy of tides two when he seventeen Medicaid eligibility guide 866848. 5699. 8668485699. If you prefer you can always download a copy on our web site. They're legal exchange showed dot com just click on the guides and articles tab. Remember our podcasts are out there as well if you miss any of today's or past shows you're listening to Todd let's keep from the law firm of Cushing in Dolan. I'm Susan powers of financial advisor with the Armstrong advisory group 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 cashing in on the Armstrong advisory group to legally exchange and the securities America companies are not affiliated. As you near retirement age it's very important to make sure that your state is in solid shape hi this is very Armstrong and if you listened to Todd -- he's weekly show the legal exchange you know that he's an expert on -- life and a state planning the Medicaid rules change almost every year and Todd has a new guide out this month that will educate you on the most up to date facts regarding Medicaid it's the 2017 Medicaid planning guide and you can receive it right now by calling 8668485699. Taught in his staff at Cushing and Dolan the exports and elder law will teach you how to reduce your state taxes avoid probate and protect the assets you've worked so hard to -- get their new guide the 2017 Medicaid update by calling right now at 8668485699. Cushing and Dolan has been helping families protect their assets for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legal exchange showed dot com. Your financial strategy has to include a thoughtful insurance plan. 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 84499. Match insure a match works with the leading carriers in the industry Mike Rabelo Plymouth Rock in more. It's just one phone call and one relationship. Well today 844 and 99 match or go online and ensure a match dot com. 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 and don't delay. Coleman at 8668485699. And let us help guide you through the process while protecting your assets that's 8668485699. Welcome back into the legal exchange with Todd let's keep. I'm Susan powers of financial advisor to the arms and advisory group. And I'm joined by Todd let ski a partner with a lot from Cushing and Allen for the masters and taxation. On today's show we have Todd diabetes written for the month of August. It's his 2017. Medicaid eligibility guide. In it we'll show you what can be done last minute to see your assets for both in married individual. And if things on the excuse me married couple into single individual if one of you are going into the nursing home. It discusses pooled trust than. And it discusses how to save not only your primary residence but your rental property and yes even your vacation home. Call right now for your free copy 866848569. Anger at 866. 848569. Inning if you prefer you can always download a copy on our website legal exchange showed dot com just click on the guides and. Articles tapped. So Susan let's go to Kansas. If you will I know we're not being honest and our line knew it was coming. So this is an interesting case because it's actually. More of a class action than anything else where people. In that in the nursing hallmark or applying for Medicaid program so all of you folks listening out there who have loved ones that are. Entering in nursing home and you're wondering about this application process for Medicaid eligibility. That's really what this is about right. One of the things that happened we always tell you please don't do it alone because it's. You just just don't there's so many tricks. That you have to know when you're going through the application process 'cause they pushed back. Will they push and you need to know how to push back right and and the lawyers that does elder law for you will be able to do. Here's one of the things that have come up. It's a 45 day rule. Now it's weird because no one really push this button but these people sued the state because they said state. You are violating. Hard to process. And you are. In in not following your own 45 day rule. What is a 45. When you apply for Medicaid and you file that application. Within 45 days of the filing of the application they are supposed to issue you a determination. Of eligibility or not. One way or another then you need to know. While that's not happening. It's taking a lot longer but there's no one ever complain usually right I can tell you here in Massachusetts. You're lucky if you get it done in ninety gates. Yes but they have a certain amount talented. Respond at all they passed it's usually does it within thirty days rate something not the way we work here that this 45 year old is a federal rule. You need an eligibility determination from the state yes or no. In Massachusetts. You know we applying about thirty days later we get a notice saying we want more information and then they give us thirty days to respond to that notice that another thirty days later we might get a decision. So that's ninety days. So at a bare minimum it's ninety days now we don't complain a lot. About them missing their 45 day year old. As long as were approved. Because it's retroactive write the day you apply so you're not they take all the time they want plunge in approved rate and that really is the trick in a source they don't trying to file on this just one of the tricks you're right. As long as you met your eligibility requirements financially say today. And you don't kick your approval letter for ninety days. It will be retroactive back to that day and could you satisfied. York financial eligibility and medical eligibility that day while financial for sure right. That's true so you're not paying an acute as long measure approved nobody really complaints we don't complain a lot about it right. Part in this case they went through and they said it must have been harming them in some way but the court dismissed the action and said no. You can't bring any action against that Medicaid here why because. There's no equal protection violation everybody was treated the same movie you were denied Medicaid eligibility because of your disability. And there was really no failure of due process so there was no reason. For them to allow the case to go forward. While so I don't quite understand why they didn't enforce the 45 day role. But I still wanna give you more information about how this 45 day rule. Can't hurt you during the Medicaid application process I would think they'd be like pocono Boehner. Like let either I know I know I'd be like as Hispanics are waiting until we do you know if were approved who cares yet and there should be like a disclaimer under I can evil Knievel stunt saying do not try this at home on your now. If the hole and keep process can be overwhelming it can be confusing Yury dealing with the emotional side. Of having a loved one in the nursing home. You need some expert advice as to what can be done to protect those assets for healthy spouse. You don't wanna impoverished your spouse and learn that there was something that could have been done. Call right now for your free copy of Todd sky is 2017 Medicaid eligibility guide. 86684. Heat 569. Earning. At 866848. 5699. If you prefer if you are you writing those giant checks you may wanna download a copy of this guy right away. You can visit our website legal exchange showed dot com and click on the guides and articles. So Susan let's let's see why I I understand there there Neal upset this about the 45 day oral. Because when you do these Medicaid applications and that's why this guy is really timely because it's really effective for this case right. This is a last minute situation room and you need to know these little options that are available so when we're applying for Medicaid for a husband wife let's say. And there's been no planning done. One of the things that we would end up doing is fine indicated it would. For the help these re right. What that means an English as we would end up going in. And and taking all the assets that are north of 120900. Dollar amount. And then they allocate to the community spouse as her community spousal resource allowance they giver. Rain everything else left on the table is excess assets you're denied Medicaid until you spend that down. Well. We don't wanna spend it down we need to help these vows not to be bankrupt ready. We need that help you spouse to continue to live. So we're gonna reach in grab that money and buy a Medicaid annuity for the healthy spouse thereby effectively converting it. Q a stream of income news. And the income for the help these now she's allowed it to happen unlimited amount of income. And the moment you do that she's eligible for Medicaid. Okay what they're doing now is number we bought that annuity today. You know. Sixty days the first payment comes out and then ninety days and next in the thirty days later the next payment comes out right and if they still haven't got us an eligibility date another month goes by another month goes by. What's happening. We're building up money. Assets in society that this 120000. Dollar number is now going to be bigger ray and 120000 dollars. And they're making up this argument I don't think it's of a good one I think it's an invalid argument. We have to deal with a primarily because they went over their 45 day rule. 9020. Whatever it is right. They've given us a decision 45 days would have no trouble because the first annuity payment does not need to come out until sixty days after you buy it. We have never have trouble right. But we've had this trouble. Bottom line is they're saying now when you're going through this now you're denied because you're over such you know a 120 days inn rate they send you a letter saying oh well look. These most recent bank statements show us that you're now over assets and you've gotten five payment of five grand I hit 30000 over the 120 so because of their off and near delay I catchy and then we have to tell what note these are annuity payments there income you can't count them. So we have to now go through this argument that says look there's a regulation that says. The moment you spend down the money went out creating a disqualifying transfer. Your financially eligible who who OK we did that day one. Where it day hundred. Now the fact that we have annuity payments coming in. And puts us in your eyes over assets we're not over assets as we showed you the moment we will under mental war problem. And number two there's another regulation that says. Community spouse's income is not available. For the institutionalized. Spouse. Well then you have to ignore this buildup has this buildup is technically income race from the annuity to the healthy spouse so. There you go. That's the kind of arguments we have to come up with that trying this on your own you'll you'll go to make. But that's how this 45 day rule can hurt you. And that's why they're mad. Writing you know what you may be able to win the application and get that. It's the follow up in the coming back going into a fair hearing in that entire process that. You absolutely need some expert advice do not try this on your own folks. The Medicaid and nearly that Todd is referring to the community spousal resource allowance. The minimum maintenance amount batted all included in his bringing guide it is written. For 2017 it's is 2017. Medicaid eligibility guide you can get your free copy of this. Just a valuable information in here call right now 86684. He. 569. Airing at 866. 8485699. Or. Visit our website legal age genes show dot com click on the guides and articles tab you can download your copy right away. You can also click on the asked Todd cat and submit hits questions. That hopefully will be able to get to insert on the on the air which is what we'll be doing when we get back from a quick break. You're listening to Todd black people a lot from an Cushing and Alan I'm season powers of financial advisor with the Armstrong advisory group. We'll be right back and illegally exchange with Todd black ski. Time now for Wall Street week in review a look back at the market's performance last week here is Susan powers and Michael Armstrong. Like a lot of investors are pretty nervous about potential installations around North Korea and how that could impact the markets. Can you tell us how geopolitical events have historically impacted the market. There's a very ancient study done this year by LPL Ned Davis Research looking at dozens appealed. Geopolitical events post 1950 in the reaction of the Dow Jones Industrial Average in the seven months after its. The study looked at everything from Nixon's resignation to the gulf war right up to the Boston Marathon bombing and the result for pre interest. The study found is that the immediate reaction to large events like this can be quite native intact. The average first day decline was four point 6% so you know that's pretty substantial. But what it found over the longer term ended measure this after the first month trading so 22 trading days. The Dow tend to increase by three to 5% from enlargement lightness and today it was even stronger over longer periods of time. So what conclusions can investors dropped from the staff at the bottom line is that markets are resilient shirt dated a volatility can be severe and frightening but generally speaking. The markets tend to track much closer to business cycles than they do any assertive you know single large geopolitical event. The key take way that I have from the study is diversify your portfolio and not just from stocks and bonds. But you know specific sectors geographical regions and rebalance that portfolio ready if you're not a 100% comfortable doing that. Then consider working with professional. Thanks Mike if you have a question about the economy about your portfolio the impacted geopolitical events on your investments. Or advice you've been given. Email Michael at Armstrong advisory dot com. You've been listening to Wall Street week in review with Michael Armstrong no back to the legal exchange with time muskie and Susan powers. You're listening to the legal exchange and its time. Four 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 let's key in season powers. Welcome back kind of a few questions from listeners for you first question is from calendar in Brockton mass and Eleanor rights. And 72 years old in and contemplating getting married to my long term partner. We will have a pre nuptial agreement that will protect each of our respective asset in the event of a divorce will this also protect your assets from the others. From the others about entering a nursing home. While getting married 7204. I think they would of learned by now now shifted and you better hope your right stuff listening on this issue. May be laying up. So so okay. The quick answer is no. But I think we need to explore this a little bit. You know the pre nuptial agreement is is so Cain and they work by the way I wanna let you know that they are effective of course it's never. Fund enter into those when you're getting married but but they do work. And and that will protect their assets in the event of a divorce. However they've gotten more than just nursing home concerns they've got death concerns. And whenever I hear a second marriages I always tell people that there's a whole host of other. Reasons to playing here. Other than just nursing homes and we say that about every share it's not just for a second marriages of course. Add to the whole picture. You'll see in my next. Segment we talked about Philip Morse Hoffman or Seymour Hoffman and his mistake. That there's a lot to do with even if you're single. And have a significant other. You need to think about dine so on the dying part here you know. You know Allen or I don't know if you ice soon. You have children of your own otherwise you wouldn't care about a green chair so that being said you know you have to think won a few times. What are your assets go. I think gonna go to your spouse is your married now in fact you can't just disappear your spouse away yet yet you have to be aware that. You got to figure out a way through the estate planning process through trusts of some sort to profile right for your spouse. But then have that ultimately revert back to your side of the family if that's what you've agreed to share but you need to look into and he would need to do the same thing. You need to take care of each other are. From a dying standpoint. While preserving the assets for your side of the fan in these trust can absolutely do. The other problem is like she mentioned. Forget the dying part for a minute let's let's back up and say we're living but he has a stroke and goes in the nursing home. Well. If you're married. Then like you learn in the guide write what happens. All the assets are thrown on the table and who it doesn't matter Ella nor that you kept all your assets in your name and you. Kept your bank accounts your brokerage accounts. Separate. You might have even met and married filing separate tax returns. You're mayor ray. And what they're gonna say is. Group all dump all the assets on the table his and yours. Regardless of the name on the account or the type of countless its retirement with then retirement accounts that criminals are. The IRA you're on Atlanta's yeah IRA thing to talk to my own retirement account now doesn't matter. Don't put on the table and then Allen or they'll allow you to reach in and this is for everybody listening right. If you're in this situation. Fill out US and as the healthy spouse. To reach into the pot in take out a 120900. Dollars not a partner unmarried. Outing Larry got to be married now. If you're if you're just living together. You escaped it's been viewed as long as your assets are separate. Now their joint got different problem so right even if you're saying even if you're not married and you have joint account to be careful who might. He keeps a suing America. And then all the other assets that are on the table left there Allen or after you take out your piece. Belong to the sick spouse. Those could be your assets right so you're absolutely not protected. In case you're married and one if you get sick but if you get an irrevocable trust you can stats that clock. In this case is that you're actually right 'cause Elin are what the irrevocable trust that you both could do. Here not only will you be avoiding probate and protecting assets from the nursing home. But you'll be also when you die able to provide for each other like we talked about in the beginning. So that the assets that are left in New York trust after you die can be controlled by you from the grave. For the benefit of your spouse. While preserving any ensuring. That if you get sick they don't take it away from your kids in that when he dies and ultimately goes to your kids. By not allowing him to the ability after you're dead to change the beneficiary designation on the trots right. Huge win. Huge winning you know what Eleanor wedding you decide to get married or not. The guy that Todd is written for the month of August it's his Medicaid eligibility guide it'd dresses last minute cleaning for both married couples as well as single individuals. It discusses how you can go about saving those liquid assets as well as your primary residence your rental property and even your vacation home. Call right now for your free copy of this guy. 8668485699. At 866. 8485699. Or visit our web saint legally changed to dot com and click on the guides and articles tab and you can download your copy right away. Jim Todd next question comes from Brian. In Chelmsford mass. And Brian writes what is a reasonable amount of reimbursement for me as an agent under power returning. Who is paying bills picking up prescriptions and going on doctors' visits and trips. To buy groceries from my elderly. You know that's an interesting question Brian because I don't think I have ever. Have. Heard of a power of attorney. Being paid. For being power of attorney. K that doesn't mean you're not entitled to be paid here ray. But I don't think it's because. Your power to turn because he's wearing attorney. Right so so like my answer is I don't believe there's any reasonable compensation. Because your power return. And a couple of reasons one if you did that announce what you were cleaning. I'm not comfortable. That that money transferred from your mother to you might not be viewed. Or might be viewed as. As a gift. From mom do you. Which would end up hurting mom from the Medicaid eligibility standpoint on the road while I realize you're doing everything you can't beat keeper at home. It may be that. If she does get sick they're gonna have. Disqualifying transfers associated with the money going from hurting you could he do a personal care contract in this situation tied. And that's exactly where I was going with the issues and I definitely think though when I say you can't get paid. They'll wait to get paid and a better way to get paid is not to because you are power of attorney. But in fact because you are providing care for your mother. And there you lies what you said Susan dot personal care contract is something that should be used here. A personal care contract is one that you need prepared by the Turk by an attorney. And it should lay out in there you know exactly what you're doing well here. Picking up prescriptions are probably administering the Drudge or cooking or cleaning your IP bathing your paying bills here. Running errant list. All the things that you do. In there. Keep track of your time. How much time you spending in the contract itself Puerto term. In the contract itself what how you're gonna get eight within a reasonable hourly rate for something like this time so that part is question I'd say. For a non. Clinical. And non nurse the person. Twenty bucks an hour. Probably will will will get to there so twenty bucks an hour you keep track of now you know the amount but you also put in there you know I get paid. Bimonthly. To like get paid every week rail. Put it in there. In addition to that contract. And in addition. To keeping a log. Which you showed on your own just to prove what you're doing. You must take the money that your mom now page you Brian or anybody under these personal care contracts and reported on your income tax returns as basically job. It's a job and those three things are gonna clan is that the situation in those gifts will now not be gifts. And they will not be disqualifying transfers from Medicaid eligibility. No five year waiting period associated win it you'd get to keep the money. In the issue is if it's if someone goes into the nursing com that's right uniqueness anybody out there listening who's providing care for their parent. Take this segment and make use of it because that's the best way to go and you should get paid your parent wants to pay you and I'm sure they do just do it right. If you have a question you would like to ask Todd visit our web site legal exchange two dot com and click on any asked Todd cap. Maybe will be able to read your question on the air and hopefully his answer will stop you from being one of his next realize stories. In the meantime Todd guy that he is written for the month of August it's his 2017. Medicaid eligibility guide any deep kills the accountable vs non accountable ascent. And last minute techniques and how to knock him publisher's post how to save both those liquid assets in their real estate. From married couples as well as single individuals. It discusses hall of the last minute cleaning techniques that are available TU. If you find yourself writing a chat. For a loved one or hearing about a coworker or neighbor summary US someone who's in the nursing home. Call right now for your free copy 866848. 5699. At 8668485699. Of course you can always download a copy. On our web site legal exchange showed dot com just click on the guides and articles tab you'll also find their podcasts out there if you missed any entity show. You're listening to Todd blood scheme from a lot from of Cushing in Dolan. I'm Susan powers of financial advisor with the arms on advisory group and will be back in just a minute on the legally exchange with Todd black ski. 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Hi this is very are strong this month my firm the Armstrong advisory group is offering a free guide to help you understand the benefits and risks of investing in municipal bonds these bonds are debt securities that provide investors with a relatively safe way to invest and receive tax free income if you're a high tax bracket municipal bonds are investments you might want to review because the federal government is unable to tax the interest earned on these locally issued debts conversely municipal bonds are fixed income securities and thus when interest rates fluctuate so does the value of the bonds if you're considering investing in municipal bonds call my office and my free guide municipal bonds one of one and 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 members and SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. You're listening to the legal exchange with Susan powers and Todd let's game. Understanding how Texas can affect your state 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 league in exchange with tot he ninth season parents I think into advise him with the arms on advisory group. And doing by Todd let's keep apart with a laugh from Cushing and talent with a masters in taxation. On today show we have talked guide is written for the month of August it's his 2017. Medicaid eligibility I. In this ID details of what can be done last minute to see if your assets for both unmarried individual. Ian he's single individual. It discusses pooled trust the details of how that strategy work. In it also issue teach you how to seek your primary residence your rental property and even your vacation all. Call right now for your free copy of tides 2017 minute he died 8668485699. At 8668485699. Or you prefer you can always download a copy on our web site legal exchange showed dot com just click on the guides and. Articles. That filters and we're gonna now go to this Philip Seymour Hoffman. Twelve million dollar mistake. Like. Our report fill up. But it had legal advice apparently yeah this this is unbelievable apparently you know he you know he was very successful and he didn't want his children should be trust fund babies which. We can talk about him and I can explain you why they don't need to be and I can do incentive trusts and whatnot. But he was single Japanese had three kids and was living with his girlfriend. And yes the girlfriend was the mother. So. You know it's an interesting arrangement the kids were 107 and five. So small. And he's worked 35 million. And he decided that through his CPA. Hewitt just duel will shame on him. So they do well. And basically it's simply was to say that it's to provide for the kids in case they you know as they grow up and and to use the money. I actually sees that apparently to expose. Them to the arts. And take him to you know the different. Events and the arts. OK. You guys just the the arts so you know different. I guess maybe ladies and yet but it is restricted it into people college and things like that don't know yeah I don't but. You can't really wanna have to is unaware that life that I wasn't that I get I world and other errors can use a minute but. And and so. So we look through this. And what happened here folks this is why don't don't get hung up on the 35 million dollar item here this can be anybody over me. Right Massachusetts is exemptions and you're married you pay taxes if you're over that unnecessarily. You're single you pay taxes bureau that the estate tax exemption federally as five million and change. Or we might as well. Make sure we don't necessarily pay taxes there. But in this case what happens when you Donnie. With a whale. Regardless of 35 and I am trying to keep it so everybody can understand this. And your got married. I remember if you're married to get this thing called the marital deduction so even if you don't play and you can accidentally knocked hate taxes on the first half nude right. And I'll explain that in a minute you don't have that as a single person. So 35 million. Minus. 5000004249. Deal forget that minus five million at least thirty million. Times. 40%. Twelve million dollars. In taxes and taxes. So and that's June 9 months after the date of his death. Because there's no spouse who's now folks let's talk about this. And nevermind the fact that now we've got this mouse. Who got all these assets. Were the problems there what about the kids who as a oh come come back to that. Just remember folks if you're married in your living in Massachusetts. In your worth north of a million. By doing planning we can completely eliminate your state taxes writer less than two less than two. We can completely eliminate your state taxes no reason to pay them right but if you're married. And Europe and it lets say your your married in your worth up to two. Even in this case is Philip was married wouldn't. And you do know planning not to make all you married couples and mass that are worth two million or less panic if you're not married. It I mean if you're married and you die. The money would just go to the spouse most likely you around Leona everything jointly you probably have designated beneficiaries on your count. There's going to be no tax do at least on the first death and that the surviving spouse can at least planned to avoid taxes on their death not for felt. Don't make a mistake folks it's going to really leave your spouse in a pick well and you don't know if you die but you know like you'll know out here in the nursing home. If there was something he could've done to protect those assets for your spouse. Learn what can be done last minute if you are do you have a spouse in the nursing home a parent and neighbor a loved one anyone. Request this copy of tides two when he seventeen Medicaid eligibility guide and find out what can be done last minute to save those assets. 866848569. Earning. That's 8668485699. Our download a copy on our web site legal Eckstein issue dot com just click on the guides and articles ten. So you know Susan that the the big problem here is so that's that's the big problem marital deduction they weren't married date didn't get it back taxes. So problem here is now let's bring it back down to earth to to all the rest of us right that don't have 35 million dollars what what. What can we do well. Think about not just the taxes that he incurred here. But he's got a 107 and a five Euro to move and he's got a girlfriend not. A spouse but then girlfriend the mother of the at least the girlfriend the mother. Problem is. The girlfriend can remarry right. Now all these dollars are going to be exposed to some new gold digger so to speak right finds out she's. Widow or not went out single all this money not trust her kids and trust for the kids to start and protect it for her. From her creditors spray which it could've been rude if it was in a trust like this. And so you've got all those exposures he said he wanted to care for the children well. You know if nothing else even with a little bit a planning you could've taken five million dollars of your generation skipping tax exemption. And allocated eight to eight trust just for the grandchildren just for his children. Right away just give it to the children's trust on your death and that's not even a generation down there his kids. He could've just done that. And that would be forever outside of the estate of the wife Europe are the girlfriend who would have been. Protected from the girlfriend creditors in would have been available at and protect it from the kits creditors. You could of divorce proof that five million. After his death for those kids. In new credible out that children. You could've allowed to spy out that girlfriend to be trustee to make distributions out in the trustees' discretion for them. Rain now you've got. Divorced proof protection for the kids creditor protection for the kids and money available for the kids. But not ever taxable. In their state when they die and then you could use it for the arts you could put incentives in there. Whatever you want to be Kennedy said he didn't want to have trust. That would have been so much better than not having money for the kids so went with the incentive. In for me the incentive clause that you happen you can have a say you know go get a W two and presented to the trustee every year and whatever W two you present will match. OK so the money out as they work in the earn their money they match that that's one option what they worked and when they get rights wanna one great option. In this what do still lift thirty million. Available for her again and they should have been married so there'd been no tax left for her to do her own plane. Great. Yet it floors me all the famous super wealthy people who did die with a well I can't kick it over and folks for you guys for almost on earth that's what we want. We wanna be able to take especially second marriages horse significant others who do we need to take care of each other and we need to provide for our children. Right in this is a way to do it the trust can do it otherwise you got her creditors. You've got kids creditors you've got the possibility of that spouse who might take all the assets they remarry and never finds its way. To your kids. So. I think planning in advance. Yeah really helps you in the long run you know I and other folks think about. All the people that you're now that have someone in the nursing home whether it's a family member or are Neve. Do you the favor and request this guy there's also information in here about advance planning. But this guy primarily focuses on the last minute cleaning techniques. To save those assets whether it's for a spouse or your beneficiaries. It has what can be done in here for single individuals as well it married couples. It discusses the liquid assets that discusses the primary residence the rental property that vacation property and they are all treated. The very differently when it comes to the nursing home expenses pokes. Calling now for your free copying 86684. Heat. 5699. At 866. 8485699. Visit our website legally exchange show dot com you can download a copy of this guide. By clicking on the guides him articles tab if you miss any of today's show or are past shows. You can download our our podcast and a listen at your convenience. In if you have a question you would like to ask Todd click on the house tied tapped as you now and always happy to give away tides free legal advice. And hopefully will be able to read your question. On the air. Todd let's keep from a lot from of Cushing and Allan thank you so much thank you Susan always a pleasure I'm Susan power as a financial advisor with the arms to an advisory group we thank you for listening and we'll 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 African securities America advisors think securities America in her presented as to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation Cushing and Alan Armstrong advisory group to legally exchange and securities American companies are not affiliated. Hi this is very are strong this month my firm the Armstrong advisory group is offering a free guide to help you understand the benefits and risks of investing in municipal bonds these bonds are debt securities that provide investors with a relatively safe way to invest and receive tax free income if you're a high tax bracket municipal bonds are investments you might want to review because the federal government is unable to -- interest earned on these locally issued debts conversely municipal bonds are fixed income securities and thus when interest rates fluctuate so does the value of the bonds if you're considering investing in municipal bonds call my office and get my free guide municipal bonds one of one and 803934001. That's 803934001. Or you can download the guide right now at our website financial exchange showed dot com. 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