Real Life Stories of The Legal Exchange 9-17-17

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Sunday, September 17th
00:53:50

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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 love Cushing and Tillman Susan and John have been helping people understand and react to legal issues that they're faced with every day and they are here to help you to. If you have a story to share contact us on our website legal exchange show does come up that's legal exchange showed does come. Now here are your posts Todd lets Steve and Susan powers. Welcoming to the relay stories of the excuse I'm C comparison thing inch led by Cynthia Armstrong advisory group. I'm doing by Todd lets see a part in with a lot from a coaching and talent with a masters in taxation. Todd welcome how are you know I'm never better and you aimed at thank you look kind of folks did you meet this. Be interesting group of folks. As always is the case now. So a lot. It is strange bit but it's not I mean it when we're dealing with people we always are gonna run into the situation so I mean there's just. Real life things that happened to us every day. It's just that we take the time to report on most people just move on with their life right. So in this case in the first one we had was. You know the kids come in as a widow. Situation and the kids command. And they wanna learn about this existing trust that they had. Right the kid is going to be the trustee when mom dies mom's still living moms you know OK and mom is the trustee on the trust and it owns real estate. And there's a special needs kid and everything's going equally to the kids when they die but the kids aren't getting along well. That future kid is gonna be trustee is wondering. Should I do something is there something I need to know liability etc. Good question it's a good operational situation I wanna share with you folks. Next we have a 73 year old man single but he's got a significant other one child who is estranged from. And all the assets have pretty much designated beneficiaries. The significant other and he thinks because their estranged. That. Didn't have to do winning his Willis Null and void. Oh yeah probably not not the right answer folksy need to think about your situation and plan accordingly. Life changes life events change and need to be on top of that. And explain to you how he should how what he should do and perhaps what you folks can do when you are in situations like this. And lastly a sixty year old male comes in single with two kids. House worked about 240 in a mortgage of 200. All his money 600 grand in an Ira. Very little else. Got some kids. That are necessarily the brightest bulbs on the block he said in a little spendthrift or and in wants to make sure things are easy and protected for them. What does he do and I think this is a great example of a fact pattern where you wonder what kind of planning do you do. When you have those kind of assets to a lot of people have. A lot of money tied up in their qualified plans and nowhere else right so I think this is going to be an important issue. And of course we have a couple questions from listeners or you'd Todd EU and we have talked it is written. For the month of September and I'll tell you what votes if you aren't thinking about. Starting the ST cleaning process this is the fabulous guide for you your request to hot his lead this out it's the back to the basic guide. It is did designed really it's born added. Like eight virtual engagement letters so it DT Els is if you had gone to visit tied for a state cleaning. Talks about all the benefits of all the documents that he would recommend for you how this star valuing your state what's included in the air. Why your agent your family dynamic really impacts the type of plea in the recommend it for you. You can get your free copy of Todd back to the basics guide by calling 866. 8485699. That's 8668485699. Can always download a copy and our website legal exchange showed dot com just click on the guides and. Articles. So Susan let's get back to this first situation where we have the child comes in it's. Apparent writes he she's widowed. And there's an existing trust for people want me to look at existing trusts you know I'm looking at it. You know one for problems. That they're not thinking about chair and then trying to help them understand their situation and what their questions. So obviously the first thing here here is that. That mom is the dole nor the trust it is irrevocable. House has been transferred to the trust and mom is the trustee. So Mike and so I like so folks this is this is what I want sounds like she's listened and learned about a state playing great. I noticed that the says equally to the children. Okay and that's fine that's her wish a lot of people and it says that there's one child with a special needs and so there's a special need share. Built into the trust green. Looking at the child who's come in with a mother and we're saying something so far right I kind of like what I'm seeing here. And and the language. In the trust looked good so you know you always wonder about how it's drafted. So why do I like this were some tips we can get from this. And and before I go there's the child says well. That sounds good toggle we're not the beaver cleaver family. The kids are not getting along in time the child he's topped the child is talking to me. Saying I'm going to be the trusty one mom dies and what do I need to do. To protect myself when am I gonna have to make decisions between. Following that trust and pressure from the you know my siblings and parents am I gonna get sued if I don't do the right thing in. You know. Worried. You know I think to a degree you can worry about that stuff but. But before I get there let's talk a little bit about why this is a great plane. First and foremost. You got a house in a trust five year clock running. Love and make it looks like it's protected from the nursing home. I even like the fact that mom set up a special needs. Trust for the child. And remember why is that so important so folks all of you who have special needs children. Notice I said it's as equally to that to the children in the trust. She knows that she doesn't have to dis inherit. Her child right. Just because that child's disabled. And this trust is gonna be designed in a way to allow that child to continue to receive their governmental benefits. Without losing them. Even though there enjoying the assets from the trust so this child who's going to be the trustee I explained to him look. There's clear language in here for you to follow as to how you make distributions to your sibling who is disabled. I don't think you're gonna get degree from that said that sibling will take the money pretty much as you. Give it to them according to the terms of the trust. And as long as you follow the terms of the trust I think you're fine what about the other simply because that seems to be and strike it right and so that there's certain you know this question is you know. What about these other kids you know you know I don't they have it set up in the trusted by the way it is set up a trust where it's held in trust for them. And and for their benefit and I can sold discretionary. So the first thing I recommended is that you don't get on a setup because it sold discretionary. Yeah on the set up an independent trustee to Q out of the equation and the net. Yeah I mean in this case and if you're really trying to divorce proof and in this case spendthrift creditor protect. For the for the children. And that's what moms doing. While the trust was looking good all the way along the two things I didn't like about it was one mom was serving as trustee. And two you didn't happen disinterested trustee. To deal with the distributions. Right now I told the child. That you can continue to serve as general trustee. You can be the one you know managing and investing in buying and selling property in and doing everything you need to do hiring financial advisors EU. Can be the one who does that. For the assets that are held in trust. The one decision that you're worried about is when you are going to make the distribution. What kind of pressure are you going to be under from your siblings. What kind of liability do you have if you don't make the distribution news. The quick cancerous. Put an independent trustee on to make that one decision I make it a lawyer making an accountant take you out of the equation. Now the family dynamics and the emotion that I'm hearing from this child was away. These are now non emotional decisions made by professional and I think you're gonna get better creditor protection that way. By not having a sibling on. We've learned that from some of the cases that have come down especially here in Massachusetts over the last year or so. So that would be my first of deduct all of you when you're doing divorced planning put that in. Nothing you can do is you can always say look if you wanna be trustee pick out what they call you know insurance. Which is errors and omissions insurance chair two things one the trust is going to condemn the fight you anyway. As long as you are following the rules of the trust so follow the rules of the trust. You likely to be identified there's an identification language and all of our trust for trustees'. But not for misconduct you're not being damned mind and I certainly. But sometimes to defend the trust in case a lawsuit has brought. This you know insurance is a great thing to have and we put language in our trust that allows the trustee to use the money to pay for that. You know premiums are. It protects them and allows them to defend them vigorously serve the trust and and our trust cavity in there and those that's how I advised then in this case. Are you know what folks tied threatening guide for the month of September maybe you've been thinking about getting started on your estate plan. This is a perfect place to start with education. He has written a guide it will show you how to begin or know what's the right to speak in for you. It will show you how to value your state what included in the at a state how your family dynamics can impact the right type of plane for you. Call right now to receive your free copy of Todd back to the basic guide 8668485699. 8668485699. Or you can always download a copy on our web site legal exchange showed dot com click on the guides and articles tab. In if you missed any of today's or any of our past shows you can always download our podcasts out there and listen at your convenience. You are listening. To Todd let's ski apartment with a lot from of Cushing and Ireland. I'm Susan powers a financial advisor with the Armstrong advisory group are gonna take a quick break it will be bright act on the real life stories of illegally exchange. Securities offered through 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 real life stories of the legal exchange and securities American companies are not affiliated. If you worked hard and had success in your professional life protecting your wealth and your assets is essential to your ability to enjoy your later years advanced estate planning as many benefits and if you're like me you should -- sound advice on the best way to set up your state hi this is very Armstrong and if you're in need of state planning council or perhaps you just want to take a second look at your existing plan you should call Cushing and -- at 8668485699. And ask for their brand new guide called back to the basics -- -- 8668485699. To get your free guide today the law firm of Cushing handle it has been helping families protect their assets for more than thirty years let them help your family call now for your free copy of -- back to the basics at 8668485699. You can also download the guide by logging on to legal exchange showed dot com. Planning for retirement can be complicated process and I'd like to help make it easier this is very Armstrong from the Armstrong advisory group and if you've been saving money through and higher rate you should know that once you turn seven and a half to our record. Choir to start drawing from that account but how much should you take and where should you take affront if you don't take the required minimum you'll be subjected to a huge IRS penalty call my office at 803934001. Get my brand new free guide and learn all about RA MD's call 803934. Zeros or one to get this free guide and if you'd like we can also set up a free no obligation consultation to review your investment strategy call 803934001. For our new guide about required minimum distributions or you can download it from our website financial exchange show. Dot com securities are for the securities America incorporated members Jenrette SAP C and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. 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 buildings if you have a legal issues you might just to discuss on the show send us an email and we may read your story only 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 legal exchange I'm Susan powers of financial advisor to the Armstrong advisory group. And I'm joined by Todd let's ski apart in with the law firm of Cushing and go in with a masters in taxation. On today's show we have Todd sky is written for the month of September. It's back to the basics in its example of a hypothetical client engagement letter. It outlines a typical state claimed the gold this guy was to provide you with a better understanding of the various aspects of the estate and asset protection cleaning process. And outline how to get started in the hole ST cleaning process you who call for your free copy to Todd back to the basic guide. 8668485699. That's 8668485699. If you prefer you can always download a copy. On our web site legal exchange show dot com just click on the guides and articles. So Susan let's take a look at the second situation. This is a 73 year old comes in single guy who generally folks this is really for a lot of you that that you know. Could courted and married. And then divorced or or. You've lost your spouse and you find yourself where a war never married or never married I mean these are all situations that can apply and then I think the next piece of this is that significant other piece. Not a white. Next thing you know you find yourself you know involved. With a significant other but have not gotten married happens a lot with elderly folks are on board for whatever reason sometimes getting married screws up Social Security aura. Or like military pension you lose are starving and they don't wanna do. So but they're living together and in this case he's living their living in his house. He happens to have one child who and he's estranged from. But yet he's got all his bank accounts and investment accounts. Owned. In his name. But with the designated beneficiary. His estranged son okay. And basically has come in wants to know what to do now but his advice or his thought pattern is. I don't really need to do anything because. I'm estranged from my son so that means my Willis Voight. While I've never really heard. Anything like I'll do it yourself legal work. But you know these are the kinds of things that. That you know we may look at and say while that doesn't just make any sense at all but if you're not a lawyer you might think. Great human if you're not in that world you might you might think that's the case. Info in fact folks it is not the case here Willis not. Void because you change your wishes bring. In your mind you all of a sudden don't wanna leave things to your son because your estranged but you never got around to changing your will. I can assure you the whale will still work annual goal to the people that you put in there because no one knows in your mind that you changed your mind. So you so I told me you're not. Good. Are you not good I think the other problem we have here is now that would be what what happened at a house to house is his name it would go to broke. What these other accounts I don't look all your investment accounts in all your your. A bank accounts. You seem to be showing me that there owned with a designated beneficiary your estranged son. It makes no difference what your will cents. You could have in this is something you'll need to go out there you went out of your way and said yeah you know this guy doesn't really get it. I'm of course I would change my whale. May be I would if I'm don't want my son to get my assets anymore I would go ahead and change might well may be put my significant other on. I'm allowed to do that I'm allowed to put anybody I want on here in my well. If so you went on your way into it change your will take your significant other let's just say. That's what you wanted to deal. That he can help. Well it will help for the house I shouldn't say that it will help for the house the house would be in his name and when he guys that will. Would directed to the significant other and maybe he wants her to have a place to list of great. I'm. All the money. Number all those accounts are still sitting in his name. But with they designated beneficiary on those accounts like TOD. Transfer on death POD payable on death something. Took us and share. Folks changing the whale is not going to change those for those accounts those accounts are going to accidentally avoid probate which means there are going to avoid the whale. And the assets are gonna go directly to the designated beneficiary. On the account. So regardless of what he's stated in his well. Those beneficiary designations trump anything at the right that's exactly what happened they would go there. And you know what folks Todd has a big section in the is guided is written for the month of September entitled. Why a year will is really a won't because it does not do any thing. To help you avoid probate it does not do anything to help you reduce or eliminate your state taxes. You need to have a good estate plan in place where do you start start I educating yourself. Call for your free copy of tides back to the basics guide right now. 8668485699. At 8668485699. Or download a copy on our web site legal exchange showed dot com and select the guides and articles tab. So the designated beneficiary counts Todd those kind of supersede that whatever is in the well what about if you have a tracks did they also do the same thing don't wouldn't you're trusses you know. Superior document if you will. Override everything that's out there in your life. Well it certainly will and and I think that's really where we need to spend the rest of this segment because. That's the situation he came to us when it. And you know in his mind he thought he could just do some letter or something that would fix it and it's not folks in this case. You know who knows if he's not that old seventy threes he lives another twenty years. Eighteen years whatever. You know you can't just. Think that maybe you'll get back with your son who know her estranged now maybe you patch things up and who knows. I'm but you also have a significant other that you wanted to caricature but maybe you wanna leave that idea of take opportunity to get. Neil Stanley back in your life in your life. I would've set up a trust here. If for nothing else you gotta protect your significant other. So in this case I said look one we can fix it we can put together a trust we can make sure your estranged it is Al if you want and how. The real way the right way not. This patchwork that you're trying to do. That's number one and number two why don't we think about your significant other if that's important to you. Why me why I what I mean by that is. Look if you're 73 and you get sick and go to nursing home annual in the house and you'll in the bank accounts. And she is and you're not married to her. She has no right to any of these actions these assets would go to the nursing home. You could make her homeless if she's now living with you she could end up. With nothing. If you want or at least make sure she's protected and folks this actually applies to husband Y it's not just significant other you want to often times. When we do our state plan you want to oftentimes protect each other not just the children share. And so here I explained viewers won't take your house and put an end to a irrevocable trust I get it hits a single person irrevocable trust. You could be the don't know or and you would need to decide who you want to beat the trustee. Perhaps the significant other in this case would work. On and get that house protected after five years from the nursing home. So if you got sick nevermind you're strange child for a minute if you got sick at least the house would not be at risk. And you could have language in there that says the house and is used continues to be available. For your significant other significant other can live there can pay the bills. He might wanna put language in that says yes to maintain its property and whatnot. And then you need to talk about those bank accounts. I mean those bank accounts. Personally got to change that the DOT in the POG you can't have it the sun if you don't want to go to the sun because even if you trust. Those designated beneficiary they're outside the problem here state when it comes to where things and I don't trust and they're not in the well you're actually right it doesn't matter that is a trust. You've got to read title goes to the trust if you want him to be in the trust and governed. By the trust and protected from the cost of long term care we would re title lows to the extent we're not gonna re title all of them which we won't. And you need to make sure you put a different designated beneficiary on how about the trust. Let it get to the trust when you pass. And that way at least it'll be protected for whom ever you want it to go to. And these Tressel always allow you the opportunity to change beneficiaries among children of all generations you can define that classy could add back in. Your child if you have that opportunity to reconcile. Her so. You know what folks and educate yourself on the process Todd guide that he's written for the month of September. It's back to the basics and it is truly a complete guide to help you understand the state an asset protection planning. We'll show you how you're feeling can avoid costly costly process. A probate how to reduce or eliminate your estate taxes. Why here well is really a well the difference is between revoke bowling eerie about global trust. In it talks about those basic document to power returning your health care proxy in living well. Get this guy right now by calling 8668485699. At 866. 8485699. Can also download a copy on our website legal exchange showed dot com just click on the guides and articles tab. You'll also see ask Todd cap about the air which is where you can go to submit your questions for Todd. Which is what we're gonna do when we return from a quick break you're listening to Todd let ski apart with a lot from Cushing in Dolan. I'm Susan powers of financial advisor with the arms to an advisory group and this is 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'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 online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. Planning for retirement can be complicated process but -- like to help make it easier this is very Armstrong from the Armstrong advisory group and if you've been saving money through and higher rate you should know that once you turn seven and a half who are required to start drawing from that account but how much should you take and where should you take it from if you don't take the required minimum you'll be subjected to a huge IRS penalty call my office at 803934001. Get my brand new free guide and learn all about RA MD's call 803934. Zeros or one to get this free guide and if you'd like we can also set up a free no obligation consultation to review your investment strategy call 803934001. For our new guide about required minimum distributions or you can download it from our website financial exchange show. Dot com securities offered to securities America incorporated members in SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong represented if Armstrong advisory group in the securities America companies are unaffiliated. You're listening to the legal exchange and its time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process. Once again here's Todd lets PN's Susan powers. Yes welcome back kind of a few questions from listeners or you. First question comes from Paula in hitting a math and Pollard right my mother has her estate clean and place including a living well. She calls this her pulled the plug paper it was my understanding that Massachusetts doesn't honor these documents. Is that true is there something else that we should happen in order to make her wish is clear that we'll steamed up legally. You know it is true let me explain what a living will. EU's. Because most of the country. Acknowledges them. It's a lie it's a last minute two with a life directive it's it's basically. Used signing something and it says. If all hope is lost we've tried everything. And I'm terminal or on the on a machine are you know there's money conscious. And permanently on you know. They don't want that of one IBM machine please don't to let me go that's what that's sort of living well is designed to teach your wish. Now in Massachusetts they don't we dorm because they do provide guidance nevertheless an and I am still hopeful that one day Massachusetts will join the rest of the union. And so you'd think you'd get them out earlier statements and I I do I do I I I put them in there because again those are the reasons I think that they provide good guidance. And and I and I do think that that they will be honored to guidance more for the point. What your intentions and doctor. At least tickets CN culture whether you're gonna follow it and an act on that particular document I don't know but you can't un see it. Once we show until ray right so that'll help with the doctor's actions but yes to her other question. You know. Is there something else that we should do that was completely yes that would be your health care products and mean these are I can say simple documents week we tend to gloss over them a lot but. Yeah you need health care products health care proxy is a much longer document. Ban the living well it is your wish. That you appoint somebody else. To make a whole bunch of financial this is on site legal a medical decisions for. Likewise. Yes one of the decisions that you want somebody else to make for you is this. Decision regarding ending life. Like the living well when all hope is lost when I am no longer I'm only on a machine among Contra. All that is listed and no known in the health care proxy. With the directive that somebody else. Make that decision. For me to your health care proxy. Only happens when you become competent that'll rights act helped rights of that and another thing it's important health care proxy it. It only really takes affect. When you are no longer effective OK so if you're competent. They're gonna talk to you. Militant public knew if you want pulled me Europe they're docking your yeah. Any decision right and so until you are and they. To make medical decisions. Your health care proxy war commute that they actually have to. You sort of engage the healthcare proxy once the doctor makes that determination that you are no longer. Able to make those decisions and then they talk to the age. Whoever you listed a child spouse. Whomever might beat. But I also know that the health care proxy makes a lot of other decisions not just that one okay. Ill they might say yes we need consent first surgery to save the life of person. Yes I want you to give you know of prescription drugs. Yes I want painkiller medication given yes I want the physical therapy yes I need to admit her or him to a nursing home and these are all decisions. That are beyond just life chino whether or not a lot of hoopla so to speak so I want to know the healthcare proxies a much bigger. The dynamic in how is that different from the hip priorities. In the hip or at least. In the medical you know you can have hip or released to the health care agent and you can have medical records released to the health care agent as well. So that does work through your health care proxy do you have being confident. But that's the point at the difference you still have to be incompetent and have engaged the health care proxy. Otherwise the health care agent cannot get the medical records. That is true. So that's why we do a separate form called a hit a form which says a effective that day you sign it whether your incompetent or not. You can always send somebody listed in your health care proxy to go get medical records for you. Even though your competence sell more of a convenience document than anything after not mobile. I might not be mobile you might be you know it would broken arms or legs in a hospital or on the and you need someone to go get it send. Someone with him before so. And you know what folks these are basic documents that week ten to gloss over pretty quickly because you know on the healthcare proxy they had a relieves the living well. Even your town returning all of that information is included. In Todd sky beauty is written for the month of September. It's back to the basics they'll also show you how to avoid probate how to reduce or eliminate estate taxes how to protect from nursing home without concern for you. Call for your free copy right now. 8668485699. That's 8668485699. To get your free copy. Or downloaded online legal exchange showed dot com. Todd next question comes from lower not in Centerville mass loner rights. My husband and I are going to them be meeting with in this attorney seemed to do our state cleaning. Well I would like to protect their assets from our nursing home I'm concerned we'll have to settle for sub standard care if we using very vocal contrast. Is there wait to ensure that we go to a facility of our choosing. Yeah I that there definitely is an and we'll talk about the out of course I see a lot of other issues here that I think we need to address as well. And and I think a lot of that might might be some stuff to work that you know. Promoting and our guide tube because this is really an example that ties right in the guide to these people are getting started. Right they're going to be going to meet a lawyers so I think the first thing that Lauren is not asking. But I think we should address for Lorna and for everybody else. Is you know you're going to be a lawyer you need to be armed with some ideas that you want objectives that you wanna accomplish you know. Things about how to pick a lawyer I know you're gonna go to one but how do you know that's the right lawyer you need to make sure you know so I think tips like that. Are really what were offering and that's that's a great you need to know. What to be ready for when you go into that lawyer's office. So so first and foremost wanted to mention that. Value objectives. You know what your assets are how their own and all these things. Tell the lawyer what you wanna do. And see what kind of feedback you get it would be helpful. I'm also. You know Kenya are you gonna get substandard care well I think first and foremost. I don't leave if you get subs can you you know it can happen I I do. I do hear that sometimes but really folks once sure picked your nursing home in New York in there. And you're in that room whether it's a shared room or not. The person coming to provide you with the care. Doesn't really know. What the Euro on Medicaid. Or whether you are private pain patient. I think doubt that downstairs. Accounting office. No news share. The billing office knows. But I don't think that the care provider knows or cares re really. I mean if they're truly care providers they are gonna do what they can to make you comfortable. And care for you that's that's their job so that's my feeling is it possible I suppose it is. But not probably no different than the person next to you in the ground attack if it's gonna be subs in it because place not because of being and I think that's probably that the better answer here so. So I wouldn't not doing my planning because I'm worried about back. You know you remember you need to think about each other protecting each other taking care of ultimately a family. You know I would not do my planning because. You're worried about substandard care. And you know is there a way to sort of picture facility because that's really as you said Susan. Where you're gonna get your cushy chair bad care it's that choosing of the facility that matters. You're going to picket if Fella I've got clients calming our goal into the nursing home which we put on the application. They've done no planning right or even if they've done planning legal thought it out till everything you've got. Get him. Once you're in. Then you can make a move to Medicaid and they're not gonna take you out right where they may tell you there's no Medicaid beds if you go in and say I've got no Medicaid I've got no money. So that's kind of the approach you wanna do to make sure you get. You know better better care. Folks if you have a question you would like to ask Todd visit our website legal exchange showed dot com and click on the asked Todd camp. Maybe will be able to read your question on the air and hopefully his answer will stop you from being one of his next real life story is. In the meantime in talks guide to these written for the month of September. We'll show you how to get started in the estate planning process. What's included in your state how to value yours state how your family dynamics whether it's a second marriage or your Ager bloodline cleaning her concerns for me be. A spendthrift child may be concerns that that little gold and daughter Barack. All of that is addressed in pods guide. Call for your free copy right now. 866. 8485699. At 866. 8485699. If you prefer you can always download a copy. On our web site legal exchange showed dot com just select the guides at articles tapped. And remember if you missed any of today's or any of our passengers you can always download a copy. Of our podcasts. And listen at your convenience. You're listening to Todd let's keep from Cushing in Dolan I'm Susan Harris of the need to advise him with a Armstrong advisory group. A quick break and we'll be right back you were the real life stories. The leader exchange. 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 -- savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there -- no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice -- 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 -- and no minimum balance and remember this product is only available online so logon to leader bank dot com right now -- leader bank dot com -- -- a step ahead. Planning for retirement can be complicated process but I like to help make it easier this is very Armstrong from the Armstrong advisory group and if you've been saving money through and higher rate you should know that once you turn seven and a half who are Rick. Choir to start drawing from that account but how much should you take and where should you take it from if you don't take the required minimum you'll be subjected to a huge iris penalty call my office at 803934001. Get my brand new free guide and learn all about RA MD's call 803934. Zeros or one to get this free guide and if you'd like we can also set up a free no obligation consultation to review your investment strategy call 803934001. For our new guide about required minimum distributions or you can download it from our website financial exchange show. Dot com securities are for two securities America incorporated members in there SAP C and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. You're listening to the real life stories of the legally exchanged we Susie powers and Todd let's game. 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 relate stories of the weekly exchange. I'm season powers that financial advisor with the arms trying advisory group. And I'm doing by Todd lacking a partner with the law firm of Cushing and Dolan. With a masters in taxation. On today show we have tot that it is written for the month of September it is back to the basics and it's a complete guide to understanding EST in asset protection cleaning process. It will show you how to get started in the process how to pick your attorney. We'll show you how with the use of traps. Your feeling can avoid the costly and time consuming process of probate how you can reduce or eating eliminate your estate taxes. It discusses why your will is really a woman in you cannot rely on just who will as your steeply. Call right now for your free copy of Todd back to the basic guide. 8668485699. That's 8668. Porky. 5699. If you prefer you can always download a copy on our web site legal exchange showed dot com just select the gifts and articles. You know Susan this is another real life story that really fits in well with the educational piece we're giving away. I mean this one is really about getting started in and I think what you need to remember about the the article is. Take your fact pattern. And put it. In turn this engagement letter and see if this recommendation it's made works for you. That's really what we'd like to say and that's really what I'm gonna gap in this case 'cause you know not everybody who's doing planning either A needs it. Barbie. Knows what kind of planning needs so check let's take a look in this case. It's a sixty year old male single to kids. Got home about quarter million. Got a mortgage about 200000 so there's. Not a ton of equity. There are needed to keep that in mind. When you're when you're doing your plane into all of you you really need to sit back and how you. Your assets look at what you have what you were doing here itemize them out. Figure out how they are owned and what they're worth and what kind of assets they are like this individuals other asset as and I were. Hardly has anything in the bank. It's only our and that's it. You know so he's got about. 850000. Dollars gross. So total value and it Aires in 1950 in his town. Less of course with the mortgage Libya I would very. So so you know the question then becomes you know OK now I know my assets are. That's gonna help me determine. What kind of objectives I'm gonna have and that I need to write down in no. What I go to my lawyer I'm gonna pick my lawyer go to my lawyer wanna be armed with some knowledge and naturally what we're trying to teach. Here OK so I've got this he comes and he says. I got some kids took it. Not really that bright and definitely not that great with money. And they tend to be spent threats and and sometimes too generous for their own good and you know all these things that are not good with money. Good people. Just not good with. Understanding finances and and and married by the way so now it's a good. Good kids but I wanna make things easy for them. So yes. He said yeah I'd like to protect things from the nursing home as well but but really making things easy for them is is more important. And anything that's kind of has an elite protecting them from an apartment and into perspective definitely. And maybe divorce. But again that's why they come to the lawyer I mean you have some objectives when you go there. But a good lawyer that's that's meeting with you was gonna add to your objectives and give you some other things to think about that you might not have thought about going in. Yeah because doing nearly person you're going and you're not saying this is what I need for a legal acting in their team. This is lithium easily concerns about how to light you know accomplish these goals and it's you're job. As the estate planning attorney to say this is how we legally accomplish those objectives and and that's and that's from recommend. At least. I knew you wanna avoid probate and protect gas partners and you said look it's not the most important thing but but it is and and by the way you don't have any state tax problems because your under the exemption so looking at the value gives you your first look at saying. Our taxes are death taxes an important thing for me. Really for this so that's good and I said quite frankly to protect your assets from the nursing home. Right now you only have 50000 equity in your house in the Iran can't protect anyway. You can look at that table I cannot protect the Ira because the Bible the I were out of the I Iraq. Into the trust you're gonna have a 600000 dollars of taxable income you know. That's a big number year to 39 you're at you're gonna be paying tons of money in taxes captives. And you know what votes tides guy did he's written for this month it's back to the basics it chilly you. Heidi gets started in the process title accomplish all of those objectives regardless of what they hour he's covered them all and he also talked about all the different documents. The different components of your state plane. Call right now for your free copy. 866848. 5699. And 8668485699. If you prefer you can always download a copy on your website. Legal exchange show dot com just select the guides. And articles. So sort of I tell my two well do you really need to irrevocable trust to protect from the nursing home when you really can't protect your Ira anyway and again it's costing and whether or not you know. With media you don't need to just become decline in need to. Make sure there's a benefit to the family of what we're doing first before we decide to spend any money. And and I looked at this and I said well the house is generally protected anyway and they can put a lien on a leash could still get on Medicaid right. Because that your primary residence in the Ira I can't protect anyway. However for gonna do it trust which I think we will. A for them and you expect that the equity will get bigger as you pay off your mortgage to he's only sixty chair. You could still do the irrevocable trust and we'll have to talk about whether we do that we don't do that but you need to understand that dynamic. And so ultimately you could be protecting more equity and home in overtime from an arsenal. But I said either way you're gonna need a trust whether it's revoke a bowler irrevocable. We can weigh the pros and cons. Of doing that based on this type of passage have. In the reason you want to revoke abolished because not everybody goes in the nursing home. But everybody dies. And what are your bigger concerns was making sure your children. Are protected. Easy you know want to get the assets we wanted to be protected not only from their future divorces of their spouses perhaps news. 'cause 600 grand 600 grand and it could be 800 or more depending on what's left on the mortgage when you got. And you wanna make sure that they're protected really from themselves and their own. Creditors but how would you protect them with that has the bulk of the estate isn't there any money so they would have a beneficiary of the kids witnessed. Great question in this is really where the IRA's. Have to be analyzed. Your right Susan we cannot put the IRA in the trust today. That would create a huge. Income tax problem. Whether it's revoke a bowler your vocal can't go in. You can't make the designated beneficiary. On an IRA after you die. A trust. And. Asked to be irrevocable at that time which would be. Even the revoke the becomes irrevocable when you die yeah. So it's okay. And then you have to either be a conduit trust or an accumulation trust. Which is fancy tax language two up allowed the IRA cannot create a huge income tax problem. With the trust as the beneficiary. Sort accumulation trust is what I propose for here if I had it going directly to my kids. Am I gonna get any of that divorce protection or any of that protection from their own spendthrift. Designers. And now. I wouldn't lose so I'm gonna make the designated beneficiary on the IRA. That trust OK and that would be an accumulation trust in the way that's designed is that the Ira would still remaining in dad's name in this case. When he dies. But they'll minimum distributions that have to come out of the IRA once he's deceased. Would come out over the child's life expectancy scale. I can set up in the designated beneficiary separate shares inside the trust for these kids. So that the Ira you would reach into the Ira pull out your minimum distribution. Flunked it into the trust and hope there. And then it would be divorced proved in creditor protected for the child they can still access it as needed through the independent trustee. But it would be protected right in the end if it doesn't come out yes the income tax on that distribution. Would be taxed at the trust level I get it but at least not all of it. Right would be tax it could still come out over their lifetime so. Wonderful idea there. There's a lot to learn folks and Todd guy really does a great job educating you on how to start. The benefits the family dynamic high your age plays a factor. Maybe those objectives you want accomplishment there's a special needs child agree and child maybe you wanna divorce troop maybe you too. Want to protect your children from themselves financially. All of that can be accomplished but you need to have a trust in place. In order to do so Todd guide for September back to the basics is yours it's a free guide folks in the free call. Right now you can dial 86684. V I 699. That's 8668485699. I encourage you to visit our web site legal Eckstein issue dot com. There you can find the guide you can download one you can find our podcast if you missing need to these are caches and you can listen your convenience. You can also submit your questions for Todd hopefully we'll read your questions on the air so you cannot become one of Todd next real life story is. Todd that's key from the lot firmer Cushing and don't thank you so much thank you Susan always a pleasure ion season parents a financial advisor with Armstrong advisory group we thank you for listening today and we'll be back next week. On the real life stories of the legally exchange. Which. Securities offered through securities America member finreg SIPC and 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 shouldn't all the strong advisory group real life stories of the legal exchange and securities America companies are not affiliated. Planning for retirement can be complicated process but I like to help make it easier this is very Armstrong from the Armstrong advisory group and if you've been saving money through and higher rate you should know that once you turn seven and a half into our record. Choir to start drawing from that account but how much should you take and where should you take affront if you don't take the required minimum you'll be subjected to a huge -- penalty call my office at 803934001. Get my brand new free guide and learn all about RA MD's call 803934. Zeros or one to get this free guide and if you'd like we can also set up a free no obligation consultation to review your investment strategy call 803934001. For our new guide about required minimum distributions or you can download it from our website financial exchange show. Dot com securities are for two securities America incorporated members in SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong represented if Armstrong advisory group in the securities America companies are. Unaffiliated 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 -- 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 -- 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 -- savings account that has a one point 15%. Annual percentage -- and no minimum balance and remember this product is only available online so logon to leader -- dot com right now its leader bank dot com -- -- a step ahead.
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