Real Life Stories of The Legal Exchange 8-20-17

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Sunday, August 20th
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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 and John have been helping people understand and react to legal issues that they're faced with every day and there are here to help you to. If you have a story to share contact us and our web site legal exchange showed dot com that's legal exchange showed does come. Now here are your posts Todd lets Steve and Susan powers. Welcome into the really stories of the I'm Susan Harris and into the eyes of arms and advisory group. An engine by Todd left the apartment with a lot from Cushing and Allen with a masters in taxation. Todd welcome how are you. I'm good Susan and you name great seeing you we have for review of your week so far well we have. Quite quite a few stories. Let me just tell you this first one I really love because hundred in two year old dad. Two great I guess but he is he felt is in the nursing home now companies trying to recover. And gave way is how seven years ago has some money left and they basically are wondering you know what can we do and could last minute case of the next what is really actually because husband wife married forever long time everything's fine wife does everything. Husband doesn't doing the bills and this doesn't really deal when he stopped it there worried you'll steal money but she came in and she's like. Listen I don't mind giving him the virus when we die but off the five million you can have a million the other formula and we got to give directly to my children are children. If I die first the wife and then they can take care of him. Wow that's fraught with problems and I said even though you have a great family they said we have a great handling not worried about anything. Maybe you should be worried about things that are not in your control and so I wanna explain how estate planning works for them. And really for all of you who might have that situation. Where. You know if you're a little worried about one spouse not being good with the money. Like people they're doing yourself for as that one doesn't mean this poston and anything with hits now. Certainly concern. I agree. And then this last situation where. You know mom turns out that kids come in months as they can and they say problem has about six months to live she still very competent handling dollar bills she's got a property. A rental property and and it and a Condo. Now that she owns outright. And and that she wants that known out this point. It just has a well and they want a change. Exactly orders that are listed on the well. The one son wants and be the executive or not the sister and daughter. Anyone know can we do that without a voice while avoiding probate. Someone explain to you how'd matters Wrangler gruden exact areas and whether you avoid probate or not and really what they can do. So lots to talk about today. And I also have a few questions for you from listeners ties he and you mentioned this last minute planning story you've heard dad coming up first here. Our guide for the month of odd is it's tides 2017 Medicaid update. It's a complete guide that's going to help you understand Medicaid eligibility. And last minute cleaning techniques they can be used. If someone is in the nursing home that someone is going into the nursing home. Where there at the single individual where you're trying to protect assets for the family. Or it's a married couple where you're trying to protect those assets. For the healthy spouse there is likely something that can be done to protect your assets regardless of what type of asset it yes. Call right now for your free copy of tots guide his Medicaid died 866848. 569. And that's 86684856. 99 if you prefer you go to our web site legal exchange showed dot com. Just click on the guides and articles tab and you can download your copy right away if you miss any of today's or any of our past June. You can always download a podcast and listen at your convenience. So Susan let's take talk about this first 102 year old guy again yak just amazing for all World War II veteran. Ninety you don't you know how many of those DCI don't meet many of them anymore really exciting and and so you know. What do you do I hear from the the sun comes and and says look. Dad got about 200000 dollars in bank. And really that's wouldn't he gave away my house seven years ago to the kids. And now he's got pneumonia and he's in a rehab and the objective obviously is to still bring it home they want to bring them home I think in the heart of hearts that's what they wanna do but at the end of the day. The sun is realistically saying. I don't know from there. And I would like to begin the Medicaid application process. If there's a way to slow down the bleeding. Of the 200000 dollars. Now folks what I wanna tell you about this case. Is think about your situation and if you're faced with somebody going in the nursing home. You can't look at all the facts before you decide to apply for Medicaid and so I asked me as a 102. How does he have to live rainy. You know. I would think the short run rather than in the long run that's okay we need to make sure one that he's coming that he's not coming home and true. If that's the case to we think he'll be in there even if he does come home is he going to be in there more than at least two months. Because it takes about two months to breakeven. On private pain vs paying somebody do. A Medicaid application there to the costs about one month. In a nursing home until apply for Medicaid. So you want to make sure that there's an economic benefit share to the family. Before they would enter into this. He's tonight he's 102 east. Got a better chance of making a 103 that you are hi Susan he's defied the odds and don't share so you know. We think that yes and we got past that we said yes we think she's. You know easily going to be in there even even with the rehab it probably taken at his age 345 months to get better and enough to come home. If he comes home. You know like 141000 a month but 200000 in the bank you don't wanna spend. 456. Months of private pain yet it on Medicaid. If you can you will stretch those dollars out now let me explain how that works and why there it can make sense. So in this case. There's really nothing you can do with a 200000. Other than a pooled trust to write. An annuity. Just isn't gonna work for a 102 year old person down most companies won't issued them after answer me a lot of folks that's somewhere in the mid eighties. Yeah or really early nineties yen last meant yet so you're right and not to mention the fact that. When you were to if you were to do one of these medicated annuities. To convert this ascent of 200000. Into an income stream that would pay out to dad in this case. The a term of that annuity would have to be not longer than his life expectancy according to tables for me. I'm sure his life expectancy according to cables is probably a year. Yeah you know candy gast chair and an annuity companies are not an issue an annuity for one year. If they did it hit they'd be giving you back 200000 which would be willing governing needed to be an and it's a really good point and it took 200000 divided by twelve months. Now you're getting back every month is going to be over that can be private network yeah to be more than 141000 dollars so. So the in new ways just don't work for someone this old. What does work. Trusts in you could take these dollars. Immediately move them into what is known as a pooled trust that we don't create them. But they are managed by a nonprofit. In Massachusetts I think it's called plan of Rhode Island and Massachusetts. They are the ones that that would be trustee. On the pooled trust they would actually create the pooled trust. And this company I think it's called Cambridge apple can trust. Other ones that manage the money that would be invested in the name of the pooled trust. The way it works as the moment those dollars going to that pooled trust it is not considered a five year disqualifying transfer. It's a permissible transfer them. Crank. So the moment they go in there they now are no longer that. Dad will look like he's got less than 2000 dollars 'cause we'll keep like 15100 dollars in his bank account up. All the rest will be transferred into the pooled trust. Good so now he's immediately eligible for Medicaid. And up pooled trust is designed in a way that says hate the money that's in there if you want. You can actually use it to provide a better life for that. Whatever biased you know bring in little companionship. What have. So that's sounds great and and life would don't want. And he'd be on Medicaid and the rate of believing of this money would go from 141000. Down to six and in the state gets paid app and that's the last kicker on this is the state gets paid back whatever was paid out on behalf of the of their dad in this case and a little piece goes to charity 10% if he's in there more than a year 20% if he's in I'm sorry less than two years. Over two years 20% when deal I not a bad deal. But I'm glad the sun came in because there is something that can be done last minute perfect great technique. You know what folks that year. In a last minute situation where a spouse or loved one is in a nursing home or is going into nursing home. There's likely something they can be done to save those assets last minute whether it's liquid assets. Investments towards real estate the primary residence vacation property. Rental properties something can be done hoax call right now to get your free copy of Todd 2017. Medicaid update it. 866848569. Iron and that's 866848. 5699. If people are very pales download a copy. On our web site legal exchange showed dot com just click on the guides and articles tab. And if you miss any of today's or anywhere past choose you can always. Download a podcast and listen at your convenience. You're listening to Todd black ski apart with a lot from of Cushing in Dolan. I'm Susan powers of financial advisor with Armstrong advisory group will be back in just a few minutes here in the real life stories of illegally exchanged. Securities offered through securities America member finreg SIPC advisory services are with the securities America advisors think securities America 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 American companies are not affiliated. There are two types of municipal bonds and both can be an effective investment tool but if you're in the market for them take the time to learn the pros and cons hi this is very are strong and 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 whether it's general obligation bonds or revenue bonds these investments can be highly effective specifically when it comes to tax on interest earned but they may also have risks that can have an effect on your financial strategy call my office today at 803934001. And request your free guide municipal bonds one of one and educate yourself on the value of these investments that's 803934001. Or you can download the guide right now at financial exchange showed dot com. Securities offered to securities America incorporated members in SIPC and advisory services are for your securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. You've heard -- talk about -- let's be in his law -- -- -- -- and for years taught as an expert in elder law and he has helped families like cures for more than thirty years planned for later life hi this is very are strong here to tell you that Todd has a brand new -- out this month with an update on Medicaid the debate over health -- remains in the news and Medicaid is a huge part of that discussion -- take the time right now to get your free guide call 8668485699. The elder law expert -- -- and -- have updated all of the pertinent facts and figures in their 2017. Medicaid planning guide called now for your free copy at 8668485699. -- -- and -- do for you what it -- done for so many others protect your family and its assets call now to get your free -- 8668485699. That's 8668485699. Or download it right now by visiting their website legal exchange showed dot com. You're tuned 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 buildings 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 back into the real life stories of the leveraged James and Susan powers of Benin to advise him to be earned on advisory group. And joined by Todd Lipsky a partner with the law firm of Cushing and Allen with a masters in taxation. On today's show we have Todd sky these written for the month of August it's his 2017. In Medicaid update guide. In it describes what can be done last minute in terms of cleaning techniques to save those assets. For a healthy spouse or the family of a single in an individual. You call right now to receive your free copy of Todd Medicaid guide. At 8668485699. That's 8668485699. Or download a copy on our website legal exchange showed dot com just click on the guide. And articles ten. Susan let's let's talk about the second situation had last week. Here. And folks I don't know what apply this to you. You know who you walk right husband wife that's who we have here of these people are work about five million. They've got about 250000. Dollars of income between Social Security pension and interest and you know and brokerage and yet. So. That may not be you. It but it won't be the dollar amount isn't what's important someone's as as the concept. So like in my household. My wife. I was very lucky and Smart to hire plot out higher to ten Marius CPA. So she pays all bills she managed money should take. Great tax returns. Awesome. This husband in this situation. Also doesn't doing it. And so this is gonna be you found. And Jessica many years down the gran oh. But they're worried that the wife is worried about the husband that if the wife dies first husband you know really doesn't get involved in the money and outwardly you know. Well it's a much. He doesn't following he has invested he has an interest in it. It just to worried about it being at risk subject. So she her plan was gonna come in and I'm gonna have it set up with a are high rise combined are worth about a million. I'm gonna have that just go to my husband a fight first and let it happen. But everything else if I die first. Should go to our children. We have the greatest fan and this is beaver cleaver family room and she's telling me. And the kids that we'll just hold the money and take Caridad. That way we don't have to worry about the money I'm like. Because this is just brought. What problems this whole idea in the I get it that your family's good I understand that your theory here beaver cleaver and again it. Isn't the issue here. Here's the problem approach let's think about what is really happen one. On a five million dollars stated again it's not the money folks it could be a two million dollar estate. Not so much that I'm worried about federal estate tax as I am state to state tax movement right. If you do this and you die as a married couple and you believe as the surviving spouse is alive. But you leave as the decedent. More than a million dollars here in mass it's a 1000005 in Rhode Island it's. Two million in Connecticut I mean it just varies. If you leave more than a million dollars in Massachusetts. To someone other than espouse. And there's attacks too on all of it and you lose your exemption. So that would mean I told her on the first death. If you leave four million dollars to your kids not only in my eight. Pondering the fact that if I'm the husband I just got this inherited right. And there may be some rules against this inheriting a spouse as well. Only if he brings that up obviously he might not care. The kids have to write a check for about 300000. Dollars in tax wow. I'm not sure that's a good idea whereas if I can do some estate planning with a trust even had joint re vocal trust forget nursing homes now on an issue here. And again the death part is the same. Whether it's revoke a bowler your vocal. So even if I set up a trust your at least on the first death. The money that instead of going to the kids. Would be held in trust for the benefit of the surviving spouse yeah you know those marital and remainder shares that we talked about in sign aid. Of these revoke able trusts. That would be the case. So now. Not only did not go to the kids there's no ax to. On the first death in. And we utilized. A million dollars of the estate tax exemption. Of the first spouse to the which will reduce the amount of the state tax do win the surviving spouse dies then. Because they'll be less assets available for taxation. And this is why you wanna work in an attorney and has the masters in taxation because it's a way above our pay grade. Is one problem yet and that was just then trying to do a little Dewey your spelled the state planning here. You know what both when you're in any kind of situation and fortunately for them they're doing advance planning and they're seeking out. Expert advice before they meet these changes. You may find yourself in a last minute cleaning situation and again we encourage you. Gets an expert advice as to what can be done last minute to protect assets. If you have a spouse or loved one going into nursing home. Call right now to request Todd 2017. Medicaid upbeat guy at 8668485699. At 8668485699. Or download a copy and our website legal exchange two dot com just click on the guides and. Articles. Okay so I'm like all bent out of shape over this one issue Yan is more to come out here so let's keep thinking about this are well it's your right. Wife in this case and you wanna leave the assets to your children and you don't care about pain at 300000 dollars in tax. What else we have a problem. Well who won't all these assets now who almost four million dollars two million teach the kids the kids. Life goes on dad's living. Nevermind the fact that dad now has asked permission from his children anytime he might need money. Again he does have a million in an IRA I get at least and that fur steaming out wanna recognize the following year. Very good point. So sitting side. Don't have a problem okay. This money is being held by the children who are in a beaver cleaver family for that dad. And one of them get a divorce yet. Won't well they are losing dad's money and because of the divorce because they own. You can't be helpful. Right again back to the trust if it's held in trust. You could have the money's still tucked away in this trust that you put together. It's now irrevocable because one of the spouses died. Let's say it's her share. Then you can have dad. And a child serve as trustee so dad feels more involved he's not left out. You have the child involved as trustee and it says that the actions by the trustee. Must be done by majority vote. I'll while there's too rank so they you have that checked in the balances. On data in case there's been a problem with him not paying attention to money or blowing money or or what might be the case yes. But you can also put language in the trust that says hate the income belongs to that no questions asked. Saw it that feel better already yet to. The principal can go to data as needed to maintain his standard of living. Hey if this is what I was used to doing you kid can't say no yeah that's and and she can't avenue car yeah right gene that can't doesn't happen so. It really provides the protection that the wife was looking for while ensuring that we've got. The estate tax under control and avoiding probate and since two kids don't know yet. There's no risk of the kids getting a divorce and losing the money. Think given the problem. What are the kids during their life not only get divorced but. They're just living. And they want to make large distributions to dad to take care of as a gift tax problem. Me if the kids don't they're using up their gift tax exemption. Or there and state tax exemption or really both. Every time they would make a gift that exceeds 141000. Dollars a year. And to inherit a sizeable estate like that they'll likely be an issue for them from a gift tax perspective though. Certainly a real consideration who knows what they're doing in their own right. We we would have no generation skipping tax problems this revealed by the kids when they die it's going to be subject to a state tax in their own statement. Maybe we could skip that what the trust yet and divorced proof it for the kids down the road so that we don't have to worry about their future divorce. Lots of reasons. That don't trying to yourself and make it quick fix. It can be accomplished with a trust almost anything yet expert advice is your key votes and whether it's dealing with it Meehan explaining which is included in Todd guide for the month of August. Or last minute plane which is also. The primary focus of Todd 2017 Mickey cupcake guide. It includes. All kinds of information on understanding Medicaid eligibility. In several last minute cleaning techniques they can be used to save those assets for the family. He single individual or are. The healthy spouse and a married couple call right now for your free copy 866848. 5699. At 866848. 5699. Or download a copy on our website. Legal exchange showed dot com just click on the guides and articles have. C'mon you're out there click on the outside dad and you consider the Euro listener questions that hopefully will be able to insert on the air. You're listening to Todd let's keep the law firm of Cushing in Dolan. I am Susan power is a penny to advise and the arms trying advisory group to take a quick break and we'll be right back on the relay stories of the legal exchange. You've heard me talk about Todd -- -- and his law firm Cushing and dole and for years taught as an expert in elder law and he has helped families like cures for more than thirty years planned for later life hi this is very are strong here to tell you that Todd has a brand new guide out this month with an update on Medicaid the debate over health care remains in the news and Medicaid is a huge part of that discussion to take the time right now to get your free guide call 8668485699. The elder law experts like Cushing and dole have updated all of the pertinent facts and figures in their 20s17. Medicaid planning guide called now for your free copy at 8668485699. Let. Let Cushing and Dolan do for you what it is done for so many others protect your family and its assets called now to get your free guide 8668485699. That's 8668485699. Or download it right now by visiting their website legal exchange showed dot com. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking with a one point 15%. Annual percentage yield this is an online product only and there's no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice that don't delay logon to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available on line so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. You're listening to the legal exchange and it's time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process once again here's Todd lets PN's Susan powers. Welcome back touted a few questions from listeners for you. First question comes from living. Kevin in Lynn Mann I think Kevin writes. My second wife passed away a few months ago before she died we created in Erie vote global trust. All of the assets in our trust will be divided equally amongst our four children. Two are 92 or her is both prior marriages. Her children have now been asking for their inheritance thinking you would receive it when she passed. We plan to take care each other while we're living and then the kids would receive their money. Is there anything that they'll be able to do to fight this it was not our intention to distribute funds until after we both path. So second marriage different dynamic beats a fullness at a problem. Yeah I think that's really the key here I think for all of you listening I mean that's really what it comes down to when every cut second marriages. You really have to look at things. You know from yes the standard probate and taxes and nursing home protection and all that stuff is important. She got to support the dynamic about being it would take care of each other went out allowing the other one to this inherit the other ones kids. And after one dollar range and so that can be accomplished so kudos to them for doing the trust's. Because that was a huge step in the right direction. Now in answering these questions first and foremost we've got to kids who are fighting saying you know we want our money we would. Well because they did that planning. I'm guessing without reading that trust of course that the language in the trust says that the money is held in trust. For the benefit of the surviving spouse yes. Probably says that income can be used for the spouse for life and principal. Either it says for their standard of living. And it could still come out or there's a prohibition on the distribution of principle. Because they were trying to protect foreigners and and they did say eerie vocal ball Tressel let's make an assumption in this case I think that's fair let's assume that it was designed to also protect it from the nursing home even of the surviving spouse because they probably didn't want their kids' inheritance being at risk. There step mom or step dad back going into nursing so again I think with all that said yes this is a great plan this does that. And so forth that kids I think you are out of luck. Here. I think here well obviously you can never stop a child from filing a claim. They're welcome to file. I don't know if it has any of them no contest language in the trust which usually helps prevent. The kid from filing. That no contest language means generally that if you final. And you get nothing. Now execute and test it. Enough yet so so I mean that could be in there as well but even if not if they did file I think it's going to be hard pressed. For the judge. To allow the money to go out to the dis inheritance of surviving spouse. Especially when you've got all this money spent in planning Don and effort put into. There's a plan. Remember the standard for the judges. The judge sits there and says I want to do what the decedent wanted done right. You have to really convince me why I shouldn't do. What the decedent spent so much time and effort. Wanting to accomplish. It's not an easy standard rate and an easy win so. I think they're gonna be OK I think surviving spouse. Step mom. You're gonna be okay. In this in this case. Now remember I'm guessing at their probably similar in age one of the other things you have to consider. And I don't know that that's the case here but one of the things you have to consider with second marriages just expanding on the facts to anybody listening is. What if you got one of those where the surviving spouses you know 1520 years younger. He so could be quite a long time where get their inheritance then you got to think this through a little bit and say boy my children could die before they would get their inheritance re. So that might make a difference in terms of designing that trust as to how you wanna leave the assets. You might wanna leave a little something out right to the kids. Right away empowered the older spouse. Just because of that dynamic but I think overall the planning they did here is is a home run. It's gonna protect the spouses. It's gonna protect it from the nursing home. Looks like it's gonna care for each other and it's gonna keep the kids from both sides of the marriage act pay. But you can tell them to rest assured. That the dynamics that are in the trusts are also preventing the stepmother. From wasting the trust assets and so there's a much better chance that there will be assets left. For the children wearing the surviving spouse dies perfect good job good job. Hot guy that he is written for the month of August it's his two when he seventeen Medicaid update in it describes in great detail. What can be done last minute. If you have a spouse for a loved one who is going into the nursing home maybe there are Eddie in the nursing home. He had information in here about saving those liquid assets whether it's year bank accounts at investment accounts retirement accounts. Could be cash value life insurance plan. As well as those hard ask that's your real estate the primary residence the vacation home the rental property. Call to get your free copy of Todd guide right now 8668485699. At 866848569. Hanging if you prefer you can always download a copy on our website legal exchange showed dot com. Just click on the guide. And articles ten. Tighter next question comes from Bob in Bridgewater men who own ten. Bob writes I am single and happy new children I have won a close friend who is an Italian resident who had like Timmy my beneficiary. Is this possible if he isn't a US citizen. You know the quick answer to this question is yes I mean think about how many immigrants. Might be in this country. As citizens. Their families. In the old country. Well. If that's the case if you couldn't do this you wouldn't be a go to. I hear and leave money to your family rate he'd be stuck so the answer is yes Bob you can leave it to a putt on nine. US citizen. But I think from an educational. Standpoint which is what world about we should expand this to include not just. Single. Citizens of this country with no family room. What about when you've got a married couple where one as a spouse is a citizen and one is not share. I know it well them so. You know in this case my wife is Canadian. Well. Not a citizen right so how do you do the planning and there's a lot of rules for that right you wanna take you know how one week when we talk about. Doing estate planning. To utilize these exemptions so that we can reduce estate tax liability yes. So that allows like if if we're married to a citizen you have a million I have a million. Force stayed up Massachusetts purposes we can shelter up to two million for state taxes federally weakened shelter up to almost eleven million. Nowadays for a state tax purposes. Through the use of trusts and that works great as long as you're both citizens. But when one is a non citizen. Resident alien even. You don't get that seemed luxuries. An M tying it into this to give you the analysis as to why it doesn't matter for Bob. Is he single and leaving it to a non US citizen but if you're married. So if I died. And I wanted to use my exemption. And then. Passed it to my wife. I couldn't do that. Without paying taxes. First the whole thing would be subject why are at least on my if my peace. Why because if we sheltered as far state taxes and leave it to my to my spouse is. Under the unlimited Maryland action and I don't pay any tax then no one pays any tax. What they're worried about is the surviving spouse then saying. You know I don't really have any family here my family's in Canada tackle behind our whenever I totally right I'm gonna move. Out of the country. And maybe give up my citizenship. And returned to the homeland. And die there. Well then Massa then not just Massachusetts but the federal government misses out on taxing the money they're hoping is that if you lead over the years house. When the spouse dies they get a bigger bite of the Apple Newton that might not happen at the spouse leaves. That's why this citizen question is important but Bobby in your case go ahead and do it mainly because. The taxes will be paid on Bob Dyson perfect. If you have a question you'd like half Thai and visit our website it legal exchange showed dot com and click let me ask Todd tan. Maybe you'll leave it to reach your question on the air and hopefully. His cancer will stop you from being his next real life story. In the meantime I do you encourage you if you are concerned about protection from those long term care expenses. If you are married if you are single if you have a parent a spouse a loved one. Who is in the nursing home or might be going into the nursing home. Request a copy of Todd sky he's written for the month of August it's his 2017. Medicaid update. In it deet tails all of the last minute cleaning techniques that are available. To save those assets of liquid or really stayed. From those long term care expenses call right now 866848. 56998668485699. Or download a copy and a website. Legal exchange showed dot com you're listening to Todd black ski a partner with a lot from Cushing and Alan. I'm Susan power is a penny to a guys it would be Armstrong advisory group. We're gonna take a quick break but we'll be back in just a few minutes on the real life stories of the legally exchange. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I'd been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in -- savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there's no minimum balance required so log -- to leader bank dot com and sign up today this rate may change without notice that don't delay log -- to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage -- and no minimum balance and remember this product is only available -- -- so logon to leader -- dot com right now -- leader bank dot com -- -- a step ahead. Member FDIC no minimum balance fees may reduce earnings rates subject to change without notice and may change after an account is opened. There are two types of municipal bonds and both can be an effective investment tool but if you're in the market for them take the time to learn the pros and cons hi this is very are strong and 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 whether it's general obligation bonds or revenue bonds these investments can be highly effective specifically when it comes to tax on interest earned but they may also have risks that can have an effect on your financial strategy call my office today at 803934001. And request your free guide municipal bonds one of one and educate yourself on the value of these investments that's 803934001. Or you can download the guide right now at financial exchange showed dot com. Securities offered to securities America incorporated members Jenrette SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are on the show. You're listening to the real life stories of the legally exchanged we Susie powers and Todd let's keep. Susan until they've been helping people solve their legal problems for years and they can do for you to. Be a part of the show by emailing us your story on our website at legal exchange showed dot com that's legal exchange show time job. Welcome back into the relay stories of them because that means I'm Susan power as a financial advisor with the Armstrong advisory group. And I'm joined by Todd lets be a partner with the law firm of Cushing in Dolan with a masters in taxation. On today's show we have Todd scud he's written. For the month of August it's his 2017 Medicaid upbeat any deep skills how to protect assets last minute. When you have a spouse parent sibling and neighbor or a loved one anyone who is in the nursing home or going into the nursing home. This guy deet tails how to save those assets be it joint bank accounts. Individual bank accounts investment accounts retirement plans life insurance the primary residence. The vacation home the rental property you name it it's covered in this guide how to protect those assets last minute. Call for year free copy right now 8668485699. That's 8668485699. Or download a copy on our website legally exchange showed dot com just click on the guides an. Articles tapped Susan and I got this last situation. Canada. It was it was strange because it just shouldn't say it reminds us of how well. Basic things. We take for granted because we practice in the field. That we need to remember that other people don't know right in so in this case. You know son. And mom comment on not doing well but it's cancer it's not that she's not competent. So she's fine except for that. And I guess she's got like six months to live and she you know she basically has three children a son and two daughters. And turns out that that their daughter is the executor on on the whale. And there isn't an alternate listed a tank which is kind of strange folks what that means she's always have an alternate in case something happened and assistant there should be an alternate could be this with mr. that the alternate as it was originally husbands and maybe they just in deacons basic docs win you know her husband passed way. Could be. And then they started asking me questions about. What to do the right turns out she's she's got. A Condo. And a home that she owns rather and and some money in violation still on top of smaller bills she pays dollar bills and instill confidence everything's cone pines and she's on top of that. But it says that that the sun says that my younger sister wants me to become power of attorney for the whale. And when I hear that unlike. I don't think that really makes any sense I retain them okay so they've got some terms confuse right you can become power of attorney for mom. Well moms living sounds like moms comp and I talked to or she looks fine. Now barring that. Health related issues but she's top. I think we can do a power returning putting your sign on as power of attorney. Well you're living that has nothing to do with the whale. I think all of you folks need to know that that a power of attorney. And will are two entirely separate documents yet. So much so that the power of attorney works well you're living with but not when you're dead. And the will operates. Only when your dad right and not when your living. So they are two separate things in fact the power of attorney terminates. As soon as the individual who granted it dies. OK so I think I get that so I say we can put China's power returning that waits on you can. Access some bank account she can pay some bills you can do financial things at for your mom. On any account without having to change the account. As so many people tend to add that particular child as a joint owner and then when you die everything goes that join that one child rain. Which is I I warned them is not what you want you know. Fisher went on to say well the will that I have does leave everything says I'd like to split and divide everything up three ways from my children. And then the question became what we got over that depression became well okay the other thing is that we would like to do is we really would like to switch executives. I sister comes out and I go on as exact there on the whale can we do that without going through probe. The next confusion right folks what does that mean. Well I can tell you first of vault that. Who's the executive or is on the will. Has nothing to do with whether you go to probate or you don't go to probe. Dell will is going to go to probity and past you right there's no way around back. So that's gonna happen. So let me explain to you what the processes for changing secular and avoiding probate before you do that tied if I could just him and real quickly. Folks if you are dealing with a last minute cleaning situation. In this case there are doing now they're not consume the nursing home but. Maybe you army do you have a spouse or loved one. Who is going into the nursing home maybe there are eaten there and you are writing those giant checks every month. You need to pick the phone gets an expert advice because there aren't things that likely can be done. To save those assets last minute whether there illiquid assets or its realistic. Regardless of the tie. There are likely things that can be done call right now for your free copy of Todd 2017 Medicaid upbeat guy. 86684. T 569. Now. 8668485699. If you prefer you can always download a copy and our web site. Legal exchange of dot com just click on the guy and articles. So let's get back to the probe age you so first and foremost here folks remember. Changing executives on a whale. As or they call personal or present. Has no bearing on probe can you do it without going to probate absolutely. All you do is scum and I told that the white mother she's there idol we can drop a new whale. And have a new executive listed and into alternate means your health as an alternate in the sun as the primary put the daughter on as an alternate. And your often run. That itself is. S state planning. That is one it's very basic but it. That is estate planning to go to probate she still live. Probate does not exist until you die. Now once we have the sun on I explained as the new. Personal representative on the whale. I said that's great but when your mom passes. All of these assets that home you have that Condo. And a money. It's gonna prop. Why. Because you own. Right now mum owns those brokerage account in her bank accounts in her own name. And the Congo. Is in her own yeah. So I said. Those are gonna go to probate what I recommend here is while those are great questions that your asking. I think the reason your in front of me is that you're looking perhaps. For some counsel on what might make sense for you. Worrying about changing the executor on the whale is the least of our concerns. What we should do is especially since we know that there's roughly six months left to live. We know nursing homes are not a concern. We don't have to worry about era vocal trust I said let's just take a very simple revoke a gold trust situation. Instead of worrying about the will put everything into a revoke Campbell trust. Mom you sign is dole nor mum your trusty. Name and alternate trustee to beat us on if that's who you want here put this on on as the alternate trustee. Then let's fund the trust let's get our house transferred into the trust. Let's take the brokerage and bank accounts and put them in the name of the trust. Very easy to do and moms competent so mom can do it well. Though will then would be a completely different will and her simple well it would be called a poor over will. And it would simply say that in case there's something we missed. Those assets would be picked up by the whale and deposited into the trust. In this case I don't think there will be anything left we can take care of it all there's only so much time left for her. So let's get everything in the trust life goes on for her now. When mom passes. On telling the sun and the children we can still divide everything up equally. We can divorce preferred if we want to a few kids don't want it right away and there will be no probate re so regardless of with the executives. That's really what I recommend for someone in this situation. And you know what folks there are a lot of times where you thought about doing your cleaning in the dance but late inning gets in the way. May be you are surprised to find your cells whether it's a spouse or parent or loved one who have our. Is going into the nursing home war they are party they're in you are writing those checks for 1012141000. Dollars a month. There are things they can beat down last minute to protect those assets to save those assets. Be it for a married couple to protect them for the healthy spouse or first single individual to save those assets for the family. I encourage you to pick up the phone right now in call to request a copy of tides 2017 Medicaid update it. Which speech heals all of these last minute cleaning techniques. 8668485699. That's 8668485699. Visit our web site legal exchange showed dot com out there you can download our podcast you can download a copy of this guy. And you will click on the half Todd tap in Sydney your questions where hopefully will be able to read them on the air. And he answers some some issues for you. Todd black ski from the loft from Cushing and Allan thank you so much thank you Susan always a pleasure I'm Susan powers in the Armstrong advisory group thank you so much for listening will be back again next week on the real life stories of the legally exchange. Securities offered for 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 America companies are not affiliated. 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You've heard -- talk about Todd what's he and his law -- -- and -- and for years taught as an expert in elder law and he has helped families like cures for more than thirty years planned for later life hi this is very are -- here to tell you that Todd has a brand new -- out this month with an update on Medicaid the debate over health -- remains in the news and Medicaid is a huge part of that discussion -- take the time right now to get your free guide call 8668485699. The elder law -- -- -- and -- have updated all of the pertinent facts and figures in their 20s17. Medicaid planning guide called now for your free copy at 8668485699. -- -- and -- do for you what it -- done for so many others protect your family and its assets -- now to get your free -- 8668485699. That's 8668485699. Or download it right now by visiting their website legal exchange showed dot com.
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