Real Life Stories of The Legal Exchange 6-18-17

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Sunday, June 18th
00:54:08

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These are the real life stories of the legal exchange with Susan powers of the Armstrong advisory group and Todd let's just from the love for a month Cushing and Tillman Susan Intel and have been helping people understand and react to legal issues that they're faced with every day and they're here to help you to. If you have a story to share contact us on our web site legal exchange show does come up that's legal exchange showed Doug come. Now here are your posts Todd let's deep and Susan powers. Welcome into the real life stories that we changed I'm Susan Harris and into the eyes of the armed and advisory. And in doing by tablets key partner with a lob from Cushing and talent. With a masters in taxation Todd welcome how are you never better and you I am great thank you how is the week in review maze. It just never yeah good stuff though I mean some real learning things on this mentally off with a start first story. You know why I had met with the the brother and and another brother he brought with them just because he was in town. And really it was thought he was involved in the estate of the brother and I'd be working with. The point of this though isn't isn't any more than the brother that was my client in wasn't gonna become my client. Mentioned about this woman that he had been living had taken in and has been living with for the past year. Couldn't understand why. Except there was an issue regarding our house that she had given to her son I'll leave it at that. And then let you listen for that is why we never give assets are home especially to our children. Huge lesson on this one. Next I'm at what they as a single that is a widow at this time how about four kids. And on eighteen grandchildren. But the biggest issue in this case was hit a couple of properties one in Maine one in mass and and was concerned about how it was gonna leave these assets to his children want to protect them from the nursing home long time listener and certainly we can dual. The bigger issue though was one of the properties. In addition to the ones that we can do away with was set up and in nominee realty trust by his parents. And him and his brother were considered. The beneficiaries. But they really work sought to share with you how the nominee trust works and the problems that we ran into with that nominee trust. And lastly we've got a divorced woman situation. Where she came in and basically had. Two properties that she wanted to protect a third property that she just ended up buying 50% with her his her daughter who. And of course pat is on the know as well with her daughter in its concern about the problems associated with that form of ownership. And I'll share with you with those problems now as well and how to avoid all these problems as well. And of course we have a couple questions from listeners Torre tied and folks if you have not yet done so. I encourage you request a copy of Todd Scott Beattie is written. For the month of June it's the top misconceptions. About Medicaid eerie vulnerable tracks. And while there are many reasons to create your estate clean it seems to me they're even more excuses that we hear and not create needed. Maybe those excuses. Are result. You were misconceptions. About how these Medicaid. Erie vocal trust operate on a day to day basis. Todd has put together a really comprehensive guide they contains more than thirty of the top misconceptions that he is heard. Over the course of his career ended it focuses on areas and topics such as. Giving up control in asking for permission he and folks think in the can't have their income and they can't change that beneficiaries. It covers information about your real estate whether it's a rental property or selling it keeping Neary state tax exemptions. Disney capital gains tax exemptions it talks about income gift and estate taxes. For your assets as well. Call to get your free copy of Todd comprehensive. Top misconceptions. About Medicaid eerie vocal tracks. You can request your free copy by calling 86684. Heat. 5699. At 866. 8485699. You can also download a copy and our web site. Legal Eckstein showed dot com just click on the guidance articles that guides and articles tab. He's for years say it is and if you missed any of today's or our parents she knows. You can also find our podcasts out there. So Susan let's talk about this this this this is one that we haven't mentioned in awhile we have mentioned that in the past it's the biggest problem I see and I don't want people to ever do this. This is a situation where when I was meeting with a one client the client's brother just chimed in with this story. And basically explained to me that. You know this person and oh woman had. You know they had had come in and it to him and he basically felt bad and took Arian. And he's been living she's been living in his house for about a year why is she living there and how did that happen while about a year ago. Or really maybe it was more than a year ago she had given her house to her son thinking it'll be protect. Dead that's nice hair on Sunday you know the drill right. I got that warm Fuzzy feeling it's the right thing to do rule my son have Hollis. And I'll live there and he'll lift Edmonton. And they did. And then he got married. And then not too long after the marriage was finished. I think the daughter in law has had about enough wouldn't of the mother in law living in. There how's. If the. In their house is now her husband said to be in the mountain lions has not. You know so and unfortunately she had given everything away she didn't even reserve a life estate or anything in this transaction. And so. Ultimately though mother in law ended up getting kicked out of the house of our own of her own house that she gave to her son. And so that's how she ended up living witness. Brother of my clients. And and just. One of those stories to you yet hear about and you just can't forget. Yes and you know there are so many downsides and that's what you say never ever I think never ever ever ever ever ever ever. Give your stuff away but there's so many risks even if you have a good kid and he's willing to cooperate in need any kick you out. And he wanted to sell the house where is that many innings now you. I mean if it's to your house and you might need that house till you might need the proceeds of that to live on later in life might be a lot of people's biggest apps and I know people who as they get older decide you know what I'm gonna sell my house. Even though it might reported more of our trust and who. Sell the house the money is now protected so good they're protecting either the money or at how's that and the money is available for them to go rent somewhere don't wanna house. They wanna move into an apartment building or they want a Condo and they just wanna rent. And have no headaches they can then invest the proceeds. Inside the trust even. And used the money that income dividends the interest generated from those proceeds to pay the rent. And so it's it's just horrible in addition to that. You know she gave away the house even if she didn't want salad. You always want to keep something so that your protected like a life estate and retain the right to live there if nothing else although. I wouldn't even do that. But at least if you're gonna do and if she retain the right to live there she could've been thrown. If she doesn't have to ask her kids permission to sell the house that she wants to downsize urges take it and start renting may be attacking housing. There's so many things that come up in mean even if he's not in a divorce and he's more than willing to sell. What this case there was marriage that was the problem what to do his daughter in law they you know Lackey would these traps but there you go home prime objective number one. He can divorce proof your kids and parents you know to put your name. Think about that I mean by keeping it not only do you retain control for it and let states in one of these irrevocable trust. Look at it from not only that client side which is the way we want right. Keep control have retain the ability to sell it when you want to sell and and protect it from your hits creditors not just your creditors think about it from that perspective hey he got married. What if you continue to live awhile and you live long enough to see him get divorced you will if you had put this property like she did. Or like heat in this case she did in his name. What a divorce comes. Even if you were living there he's gonna lose half the house yeah. So I mean there's just nothing good can from it. And just take it right to the degree right. Where you get to a point where. You lived there your whole life. Kid never kick me out like dogs apple everybody lived happily ever raft are. And then. You dot. And then the sun goes to sell the house. Has he wants to move. We didn't get to step up in basis. On the property. Because I gave away the entire property before we died so. You know that ends up causing a potential now he lived there may be you can get some capital gains tax exclusion night I get that but it's still. Creates a potential capital gains tax liability. For the children down on the wrote in nutritious. Nothing can ever come from putting it in the children's hands we go through this all the time but I truly. Cannot think of any thing positive to say about that arrangement. No certainly nodding you know why I hate taxes. But taxes that are unnecessarily. Created by doing something like this they are no war. Call to get a copy of tides bring new guide that he is written for the month of June at the top misconceptions about Medicaid eerie about global track. He is included more than thirty of the top excuses that he has heard over the course of his career. It has information about misconceptions regarding control permission. Your income changing your beneficiaries your real estate whether. Selling it renting it getting that income and how you can change your mind about all of it. Up until you die. You're so much great information included in this guide college and start your educational process now. 8668485699. At 8668485699. If you prefer our. You can always download a copy and our website a legal exchange showed dot com just click on the guides and articles tab. If you missed any of today's show you can always down that are parked and that's why you're out there as well. You're listening to Todd left the apartment with a lot from Cushing in bill. I'm Susan Paris continue to advise him to the Armstrong advisory group we're gonna take a break and will be back in just a few minutes on the real life stories. Of the legally exchange. Securities offered through securities America member finreg SIPC advisory services are with the securities America advisors think securities American misrepresented to do not provide legal advice therefore it's important to consult with your legal advisor regarding your specific situation shouldn't all the strong advisory group real life stories of the legal exchange and 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 it was called Cushing -- Dolan the experts know their 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 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 to 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. Hi this is very Armstrong many of my clients are retired or are planning for retirement and if you're like them annuities may be an important piece of your financial strategies annuities can offered 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 learn 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 Finneran 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. George tune into the real life stories of the legal exchange with Susan powers of the Armstrong advisory group and Todd let's keep. From the law firm of Cushing and building if you have a legal issue you like just to discuss on the show send us an email and we may read your story on the air contact us through our website at legal exchange showed does come up that's legal exchange show. Dot com welcome. Into the real experience of them exchange. I'm season powers opinions advise him of the aren't showing advisory group. And joined by Todd let's key apart in with a lot from of Cushing talent with a masters in taxation. On today show we have Todd guide that he's written for the month of June. It's the top misconceptions about Medicaid variable global trust into Hyde has provided the truth about more than thirty of the top misconceptions that he had heard. Over the year it's you can request your free copy right now by calling 866. 8485699. That's 8668485699. I download a copy and our website legal exchange showed dot com. So Susan let's take a look at this situation and and really you know although I'm gonna tell you about the client and the plan we actually did for the client. It's really. I really wanna help the folks listening to this deal what the lesson which comes from one piece of property that. Turns out to really not belong to the plane because of the way it's set up in a nominee realty trust that's the one thing I can't do anything went. But I'll still tell you about the overall state plan so single dad's got like four kids umpteen grand children. Scott property in Maine and property in Massachusetts. And you know the kids and he is trying to figure out how to lead the properties to that children in. And it wasn't just equal thing across the board in had a lot of you know the main property had many acres and he was trying to figure out how to allocate. Acreage is to different people. And and ultimately of course. Having been a long time listener he said he certainly wants to avoid probate in multiple states aren't right Martin and and he wants to you know protect these assets from the nursing home in and it would get them to the children. And one of the children came limped to the meeting and he was explaining to me up for that child how he wanted to. You know that he kept and I want you to have the other half of this piece of property what you have in certain things. And she kept saying no no I don't know I don't want to I don't want I want anything. Could figure out why it first. And then she. Mentioned that she had been separated for thirty years while but not divorce. So they're just separate they just moved out to those occasionally and they just sort of live on their own go about their lives and and that's back then I'm like in she said listen. You know dad the reason I don't want anything is because if I get it I'm will likely to have my husband. File for divorce I'm ready to set well I'm ready to go that are arrogant. Because if you leave it then she could lose half of it and she said that's really why don't want it saws like. Can now understand that I think this is important to talk about right understand. That the reason you don't wanna disclosure freighter was that you really want it. We have to worry about that guys that we can divorce proof everything perfect and I explained to them how to divorce proof the assets so that it would go to her. Other than if if it's not her she doesn't use it during her life that would go to her kids. But it would at least be available. And trust murmur now we won we beat paying it out to hurt that would be back. But we would give it to her when she needs it says she would be able to benefit. In each you buy real estate within the trash or us however she wants she would have seen it definitely gets. Held far away from reach it so I explained how we can and say upon death you know the property that you want. Know client to go to this daughter we can set aside in a share for the benefit of this daughter this dark and be trustee over the share. And can make the buying and selling decisions as you indicated Susan property the etc. But if there's money in there and she needs a distribution she simply just pass to ask a disinterested trustee which. Turns out in this case to beat me so they can certainly just ask me in and I get to decide whether or not we make the distribution. That way she gets it when she needs it. When the divorce comes and they're demanding it I'm fairly certain that that's not going to be a good day for distribution rate it can't see how this is gonna work via. In so therein lies the protection she wants from the divorce while she can benefit from the property. And then when she passes. She you know she wants her children to get it sort of be setup to go in trust's founder her children. S state tax free. Even though she didn't ever own so that's what keeps it out of her estate for estate tax purposes so what she heard that. Dad was happy. Daughter was happy. And we went through and set up the plant perfect all that and that's not even the reason behind this story yet we gotta talk about the piece of property that he doesn't own. Because his parents set up a nominee realty trust yes a nominee realty trust. I want you understand who the beneficiaries are on that trust you know what folks. You can better understand how these Medicaid you're able Kabul trust's operating if you are concerned. About protecting his assets from long term care expenses concerned about. Not in polishing your spouse. You may have put off doing your cleaning because you have certain misconceptions. About. But scary nature of these eerie vocal bull trots well you do maintain control you do not have to ask your kids her permission. You still get all being kind you can change your mind how you leave things you get to buy and sell your real estate to get to invest. Buy and sell your investments the same way you do now. You'd just need to educate yourself on how these trusts operate on the day to day basis call for your free copy. 866848. 5699. That's 8668485699. You can also download a copy on our website legal exchange show dot com. Just click on the guides and. Articles. So let's talk about what I'm really upset about. About me this all fixable explained to them out we can take care of our gonna set up an irrevocable trust well avoid probate in multiple states protect the assets from the nursing home. Father's love in this whole plan that your. And so we're gonna use one of these exact irrevocable trust that you were just speaking about Susan. Well that is great. But then they said Tom there's this one rental property apparently as one of the bigger properties in his state. And I didn't include as part of the 700000 dollar. Asset list in for him. He says toddlers is on the property that we've been collecting rent on who knew me and my brother. We've been collecting rent on it ever since our parents died and who are parents have set this up and a trust and I want it take a look at a 'cause I think we'd like to change. I said okay we take a look at it sure enough I look at and it's the XYZ nominee realty trust him like oh boy. I said let's go take a look and folks. Any of you listening out there that have nominee realty trust here's yet another example. Of how miss understood. These documents far. And so eyewitness said let's take a look at the schedule beneficiaries which we. Flip to that I read only at 50% brother 150%. Brother to. Okay well brother once my client brother to sitting there 'cause he was visiting wouldn't. Suggest you you're both to beneficiaries but when you read on it says that you are the owner of that you are a 50% beneficiary of the trust. For a life. Up on your death remainder interest. Right then two children. So it sounds to me like and there's multiple I mean he's got multiple grandchild on the other multiple grand children listed. Right to number parents sent this outbreak these are the kids the Brothers on the kids. I said OK well how do you wanna change it because right now Euro life ten. Which explains why you've been collecting the written because that's a life Tenet of the remainder in all of these kids these grand kids which are probably your children. Your respective children or nieces and nephews as the case may be. You really can't kick out. You can usually you can live there you can collect the rent. And pay the bills. Wonderful that's what you've been doing. She'll really. Englewood if we wanna sell. You can't really sell the only way that that even though your trustees' brother won in two. You can only sell it as trustee if you are directed to do so by the beneficiaries. Screen kids and that's what a nominee realty trust us when you need to be directed trustee by the beneficiaries who are really the owners of that property right now so they we need to sign off on changing or selling or selling right. So I said selling is not an option it even if you did Sally you'd have to do a calculation based on your advanced stage you would get a small amount of the money. As a life ten. The older you get the amount of the proceeds from the sale you get is small. Not to mention the fact these are we really don't want all of those people getting the property when we got. I think you can't change it unless you ask all of them they're not gonna will agree you know so I say you're in really big trouble. In that regard not to mention the fact just play out the straight and there's about eight or nine beneficiaries. Can you imagine all of them owning this piece of property when you dine together. That's a recipe for disaster in and of itself. Folks. Nominee realty trust hard just. With problems you really got to understand the beneficiaries and make sure it's not somebody you want to not get the property. Yup folks just need to understand how these Medicaid revoke Coble trust operate because of their mom and dad and put the property into one of these tracks. They wouldn't be dealing with this situation right now. Find out how these trusts operate on day to day basis including here is what you can do with your real estate after you've transferred it in. Which is selling it which is buying new a which is not restart in the five year clock we need to use now. Get your free copy of Todd misconceptions guide by calling 866. 8485699. That's 866. 8485699. You can also download a copy on our web site. Legal exchange showed dot com that's where you can also go to submit your questions for tide which is what we're gonna talk about. When we return. You're listening to Todd let's keep a partner of the with a lot from Cushing in Dolan I'm Susan powers. A financial advisor with the Armstrong advisory group will be back in just a few minutes there on the relay stories of illegally exchange. 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 edged. 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 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. Your financial strategy has to include a thoughtful insurance plan. Insurance exists to protect your assets our friends at the insure a match agency can prepare personalized plan that gets you the best coverage 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 in carriers and 844 and 99 match let's 8449. B nine match insure a match works with the leading carriers in the industry like our bella 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 managed dot com. You're listening to the legal exchange and its time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process. Once again here's Todd lets PN's Susan power. Welcome back tot and a few questions from listeners. First question comes from Kelly in carver massing Cali right. My mom is currently in assisted living for dementia and she'll soon be transferring to their skilled nursing facility. They have a home to commercial properties an around 500000. In cash in near Ricoh global trust I'm assuming they is almond death. Is there anything they can be done to protect the assets from my dad. If my mom is in the nursing home for a long time. Absolutely but again this is this is as you know initially if I'm listening this is a scary fact pattern. Right look at all those assets and been right and you're saying mom. In his first all the fact that she was an assisted living for dementia and they didn't do any planning right after that happened it kind of makes me. Wonders so first lesson we learn from this listeners. Is it learned from Cali here that. If you have a loved one who has some kind of a medical leave it like diagnosis of dementia. I think reduced to playing you never know how long it'll be from the time of diagnosis. To the time of needing long term care nursing home could be a long time. I don't want to think to get in did you won their era yeah. Do your planning so one that would have recommended advance planning at the moment. Mom was diagnosed with dementia even before she moved and the assistant living that would have been yet another red flag. But by the time that happens it's getting a little harder to to win the game. OK so I'm looking at the spectrum saint how are we gonna get her on Medicaid and save these assets for dad. But we do have a healthy spouse and whenever we have a healthy spouse folks that should be your. Green light if you will to say. Could we can do something let's go find an elder law attorney you certainly have more options when there's a healthy spouse namely it's just single part that absolutely. So let's get. So that. Elder law attorney right away not applying our own okay why. Well because in this case were one I would say their home because it's as they have a home. The home is going to be protected. No matter what no valuation limit. Applies. When this house that helping spouses living there. And there's an old lean so the first thing we do as we get house moved over to. Double the husband just in the other things. That's protected. The two commercial properties you must rent there already rent at their commercial properties the income generated from that is gonna be at risk. For the nursing home but the assets will be considered non accountable provided they're located here in mass. So that they on those two commercial properties together which or in nearly mobile trust wood down caffeine can be at risk. They did it yeah I would say at least half the income would be at risk yet for sure in the other half Whitney. But either way you know what to the extent possible might wanna you know you can't move those those need to remain jointly owned and yet they're gonna put a lien on them. But they're going to be non accountable for Medicaid eligibility purposes which is great news. That's off the table. Now I got 500000 in cash well when we do. He's allowed to keep he got healthy spouse is allowed to keep a 120000. Bucks. The arrest he will then buying into before we can transfer the assets between spouses. There's no five year waiting period and we will use the excess money. Over the 120000. Dollars to buy one of those Medicaid. Immediate annuities for the healthy spouse. And that that moment they'd buy that Medicaid annuity will be the moment it looks like. That. Dad or I should say mom in this case has satisfied Medicaid eligibility requirements. She now we'll have 2000 dollars or less. He will have a hold. A 120 grand in the bank and this Medicaid annuity kicking out income to him every month. All of which is permissible. And allowed. And it would make mom eligible. Medicaid says she qualifies but now dad can't rest on his laurels he needs to do planning for himself. He does but make sure we don't do any planning until we get that Medicaid approval letter from. The state. No planning for dad until. Approval. Exists. You know what folks he can't try this stuff on your home when you need acts birdied by ace. Where he go where do you start well if you're not in this last minute pickle situation. You start by educating yourself doing your planning it'd be incident maybe you've heard. Different things about how these trusts are. You know ski area you can change your reminding you give up control in your giving away your assets and your trusty easing controlling you have to ask your kids permission. These are all misconceptions. About how these Medicaid carry the Coble trust operate. And Todd has written a guide for the month of June they contains more than thirty of the top misconceptions. That he had heard. Over the year you can request your free copy of this guide by calling 866848569. Earning. That's 8668485699. If you prefer you can always download a copy. On our web site legal exchange showed dot com just click on the guides and articles tap in if you are in one of these last minute situations. Get the contact information on our website pick up the phone and get some advice and find out what can be done. To save those assets for your family. Todd next question comes from so feat in Manchester, New Hampshire and soapy rights. I have a daughter with special needs and I recent emit when an attorney that suggested ice that that I suggested I create a special needs trust. Four car. I recall you mentioning once that you don't recommend a special needs trust be created until I die. Why wouldn't other attorneys suggest I create one. Well I guess I'm not entirely sure why they would I guess I would need to tock with used Sophie. And ask you a couple of questions I guess the most important one would be. Do you feel like if you create that special needs trust now for your your child. That your actually gonna reach into your bank pull money out and put money into it now. Because obviously if you wanna give your child money now you would need to give it to a special needs trust and not. In their hands a little even putting their hands is gonna cause them to lose their government benefits. So we we wouldn't wanna do that right so I guess that would be the only reason I can think that that Sophie you would need that. Aid test and very true our not just made a special needs trust created right now what about if via worm. A lawsuit and the guys like immediate need be she especially that the result of something there's lots HE. Receipts of payment or maybe she's been receding inherit something like that would that be reason to create or in mine yes of this would be another situation I guess so another question to Sophie would be. Sophie to unique to court for false Sophie wouldn't be the one creating so if that. If that's special needs. Resulted from an accident and then. And then there's a lawsuit and settlement. As a result of the accident rate. And now all this money is coming true. This daughter who will then the daughter needs to create. The special needs trust or the mother on behalf of and a daughter who needs to create. The special needs trust to put the settlement money. That really belongs to the daughter into that special needs so that would be another reason some good good point on that Susan. But I'm getting the impression that that is what's going on on getting the impression that Sophie just wants to do Harris they planned route and told the attorney that I happened to have any child one of my children who is special needs. And therefore needs. To have a special needs trust now. If you're just doing your own estate planning and if you're out there have special needs children are there in children or grandchildren. The message is you don't have to dis inherit those people. Just don't leave the money out right to then leave it in a share. With the New York trust that you're creating. And that share will be designed to BA special needs share. Or a special needs trust built into your. Estate planning trust. And that trust can be a revoke of trust or one of these you're vulnerable Medicaid trust either way that same language can be there for that child. I don't really see that. The burning need. To do it now. So not necessary if funded Darren life figure would catch some inheritance if you will and won't put those government benefits that rent so correct good for you so fever get a second opinion because something didn't seem quite right TO. If you have a question you would like to ask Todd you know my rule of Molly's happy give out tides free legal advice. Visit our website at legally exchange showed dot com and click on the asked Todd tab. Maybe we'll be able to read your question on the air and hopefully his answer will stop you from being one of his next real life stories. While you are out there click on the guides and articles tab and you can download his guide that he is written. For the month of June it's the top misconceptions. About Medicaid eerie able Kabul traffic. It has information about so many misconceptions more than thirty of them are out there. On the topics of control permissions year income changing beneficiaries. You're realistic whether it's rentals are selling it there or mean any net capital gains tax exclusion amount. All of that information and much more is out there you can call to get your free copy 866848. 5699. At 866. 8485699. Don't forget when you're out and I went saint legal exchange showed dot com. If you miss any of today's show or any of our passion as you can also download our podcasts and listen at your own convenience. You're listening to Todd lucky. Apart in with a lot from Cushing and Dolan. I'm Susan powers of the need to advise him at the arms on advisory group. We're gonna take a quick break and we'll be right back in just a few minutes here on their real life stories of the legally exchange. 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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 it's innovated to see rent payment platform leader bank has a team of business bankers that are 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 their banking partner or call 8776917. -- 900 or email -- BO at liter bag dot com for more information member FDIC equal housing lender. You're listening to the real life stories of the legally exchanged we Susan powers and Todd let's keep. Susan until they've been helping people solve their legal problems for years and they can do with presumed to. Be a part of the show by emailing us your story on our website at legal exchange showed Doug come on that's legal exchange show Todd come. Welcome back to the real life stories of illegally jeans buying season Paris of financial advisor with the Armstrong advisory group. And I'm doing by Todd black ski a partner with the law firm of Cushing and Dolan with a masters in taxation. On today show we have talked ideas written for the month of June it's the top misconceptions. About Medicaid Gary vulnerable trust. Those misconceptions content to be translated into top excuses as well. And tied his giving you so much detailed information about more than thirty. Of the top excuses that he has heard through the course of his career you'll find information out here about giving up control not not a true thing. He don't have to ask your kids for permission you can change your mind how you leave things you can still sell your home. After it's in the trust in it does not restart that five year look back period. Call for your free copy right now. 8668485699. At 8668485699. You can also download a copy on our web site legally exchange show. Dot com just click on the guides and articles. So Susan let's talk about this last situation. We had a single. Woman come in a single she's she's divorce has been. She has two properties and their nice about. 08 it's about one point two million combined. For the two properties. And 150000. Dollars and an IRA 105000. Dollars in investments bought sixty grand in the Bancshares to kids. And several grandchildren. And she so she she actually has a third property and we talk about a minute but two properties plus this third one that's kind of a half ownership interest. And you know she came in because she really was concerned about. Equalizing Harris stayed in was concerned about how she owns this third properties. He owns 50% with their children. With her one daughter excuse me. And that I want you folks to listen to that fact pattern that I just put together and see if you fit into. And let's go through what her concerns war. So she comes in and I and I learned about the two properties that she does have and I say you know it's fine we can certainly take care protecting that and you know and we'll talk about the money in a minute but. Think she shows me she was what really concerned what really brought me in here is that. I gave my daughter a down payment to a gift of some money so that she could buy a house that her and her husband are now living it. And so turns out that. My giving that money allowed her to get on a mortgage of course I had to be on the mortgage too and she was an owner right so. She now is a 50% owner I am a 50% owner by being a client who is a 50% owner. And there's this mortgage. In Todd. What are the what are the concerns that I have with this arrangement. Never mind anything else and and assuming his husband that lives there with the daughter as well so boy talk about a muddy little pool there. Yes so absolutely that that. Rises raises some some issues for me source OK listen. One I don't love the arrangement and you know if if you wanna sell because maybe then mortgages not being paid in your kitten. Worried about it is I can't handle it. She's gonna need to sign off in order to sell which may or may not be something she's interest in doing now I get it even though you can't. You know forced her to sell you can file a petition to partition but now you're talking about litigation. And the judge would force the sale so ultimately you can't force a sale here but idol wannabe in that position he'd. And so. Alternately I think that's a problem. I'm not also entirely sure what it's a course exposed to her divorce that could happen right because it's in her name team. I get maybe she wanted to feel like she's an owner of my house I don't know so that's why did it. But those are concerns that I would have when setting it up this way. And and then I started thinking about. You know that's one view. The other side of the coin is. I said well let's assume that that marriage is gonna last and and that you know you're buying your daughter's earnings some you know building her credit line building her credit by paying off the mortgage. She does have an ownership interest in the house and everything is going along fine. And then I looked in my Klein nice reward if you get sick and go in the nursing home. Now you need to be aware of the fact that if you get sick and go in the nursing home. Your daughter. Is gonna have to buy out your hat. Of that house or run the risk of losing it. To the nursing know what in any manner so that's not great so we need to actually protect your half of the house along with the rest of your properties which I'm coming back to now. In if you wanna help your kids out after you've already done your trust meaning folks he still Kiev out of these eerie evil Coble trust. That's one of the misconceptions that folks can't help the children on during their lifetime. If they put their house at community's trust. Find out more than thirty other misconceptions by requesting Todd sky for the month of June the top misconceptions about Medicaid eerie book global trust. Get your free copy by calling 866. 8485699. At 866. 8485699. Or download a copy on our web site legal exchange showed dot com just click on the guides and. Articles ten. So Susan let's talk about that last situation right so what's the plan for her she understands the risks and we're not gonna change and I get. You've already done it it's set up this way let's move forward. And how do we protect her now and view and more importantly she's also concerned about. However I cannot balance the estate. Because I've already given me my one daughter some assets and she said I'd like to give my other daughters and assets right now and I said. Look we already made the mistake once let's not remake the mistake again. By giving your other daughter money now but let's explain how we can in shore in that trust. Upon your death. That we create equality right then. Rather than now so the windows and an anti taxer divorce problems. Down the road for your other daughter Mary great toe Harley proceed. So I explained her let's take let's take your York to proper all three of your properties that to the don't know a 100%. And the one that you won't 50%. And stick it in a Medicaid irrevocable trust. Number one. I also suggested your 105000. Dollar investment portfolio. Going to the trust didn't. Keeping count your sixty grand in the bank and your 150000. In the IRA we. Leave that'll. That should just be yours to play when it. Instead look once it's in the trust let's talk about your life how is that gonna work. So that they felt comfortable myths again this means it happens again yeah so one I said you can live in any one of the properties. You can pay your bills you can rent any 11 fact was that she owned completely. I said. None of that changes she says it's all that until you come and still collect a rental income he still pay your taxes. Like you used to on your own right you're not incurring any increase tax liability. And you're gonna reveal. An even the money she can talk with you Susan g.'s financial needs financial advice. On the money it it certainly can be managed Hershey can collect the income and again paying the taxes on the interest in the dividends. In a similar manner that she was before. Said the most importantly we've avoided probate and we've started that all important five year clock to protect the assets from the nursing home not just. For you but you've got that one daughter who won't 50% would get really got to protect. Not one right. And life will go on far. Insert here's where the balancing comes right when we go to when you pass away we can say first and foremost. Value of the property located at XYZ. And one half of that value. You now need to allocate that amount of assets or money I don't care it's real estate or money. To share for your other daughter. So at that moment we're now equal right we reached into the pot allocated money to the other daughter share and now worry. Then you can allocate the 50% interest for that daughter. That it has the house to share for that daughter who don't get the torque for a share for the daughter so now. The daughter that you wanted to have a house has the house we've equalize the estate everything else gets divided equally. Into these two buckets in the trust. Divorce proved her so at least half the property even if they got a divorce would still be protected. And for the other child all the assets and her share. Would be protected so he stood that your divorce planning is still equalize the state protected it planning Steele worked for her. So many benefits to creating near a state clean and folks it's not just about the nursing home it's about the family be hanging it. The estate planning you know what maybe you're thinking geez I'd really like to protect these assets so they're not at risk so that I and leave them tonight feeling so that I can carve them on in nature that that special needs child. Where special needs greens child it's taking care of after I'm gone. You can accomplish on this votes but you need decree in steepening in order to do so if you're thinking about the theory vulnerable trapped. Request Todd top misconceptions. About Medicaid Erie will Coble trust in get rid of all the skews it all of the excuses out there for good. Call to request your copy 8668485699. 8668485699. Visit our web site legally exchange showed dot com where you can download your guide. You can download our podcasts. Talk let's keep a lot firmer Cushing in talent thank you so I'm not thank you Susan always pledge. I'm Susan powers a financial advisor would be Armstrong advisory group we thank you for listening to the show today and we will be back again next week. On the real life stories of the legally exchange. Securities offered to securities America member finreg SIPC advisory services are with the securities America advisors think securities America and its representatives do not provide legal advice therefore it's important to consult with your legal advisor regarding your specific situation she named all the Armstrong advisory group relayed stories of the legal exchange and securities American companies are not affiliated. If you're -- real estate or property management company -- -- -- banking partner that has all the right tools to keep your operation efficient -- bank is one of the premier banks in the property management and real -- -- offering a suite of unique products and cash management services to help you collect -- managed Condo association payments and digitize paper -- -- bank utilizes state of the art technology to offer convenient banking services to its real -- clients such -- -- payments mobile banking remote check scanners and its innovative -- rent payment platform -- bank has a -- of business bankers that are on call to help -- 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. -- 900 find out why many of greater Boston's premier property management and real estate companies -- -- -- as they're banking partner -- call 8776917. -- 900 or -- -- -- -- -- dot com for more information member FDIC equal housing -- 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 it was called Cushing in Dolan the experts know their luck they've written a brand new guide top misconceptions about Medicaid irreparable 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 rest 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.
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