Jan 7, 2017|
We focus on educating the public on estate, gift and income tax planning matters, asset protection and Medicaid eligibility matters as well as advanced Medicaid planning and the preservation of assets through the use of Medicaid irrevocable grantor income only trust.
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This is the legal exchange which John let's keep from the low for a look Cushing and Dolan and Susan powers of the Armstrong advisory group. Each week Todd and Susan we'll discuss many topics including estate planning how to avoid probate and protecting your money from a nursing home. If you need assistance in any of these areas for have a question about another issue that may affect your future. Call 8668485699. To make an appointment that's 8668485699. Operators are standing by now here are your host Don let's game and the season powers. Welcome into the league in exchange for Todd let's peak buying season Harris a clinging to a size could be Armstrong advisory group. I'm doing by Todd must be a partner with the law firm of Cushing in talent with a masters in taxation. Todd welcome how are you know I'm never better and you I'm great and we're gonna do I mean do you icy trying to settle it here to the new year which we're doing just fine I believe and and yes I had another round Greta do it for another year in and quite frankly I thought the way we would begin the year. Is with a complete review. Of the prior year rate and we haven't done that much in the past but I thought this year was was in you know important to do that. Because there has been a lot of changes we've had decision that the decision the decision come away. Through the course of the year and it seemed like every other thing. It was a victory if you will for these for these here eagle quibble here and I think it's important to go back to the beginning of the year. And really even the tail end of the prior year. In its talk about the challenges that these trusts were pacing and let the legal community sort of wise. And how that pendulum has swung. Throughout the year and we're gonna talk about the closing. Things that happened to the proposed regs at the end of the year to see how the state is kind of pushing back. And we're gonna show you even up to the beginning of this year's show how. We're still pushing forward so I think lots to talk about lots that can help people understand what's been going on. And you know what I think is great tied I think that doing this year ring me view talking about all of the positive fair hearing decisions that have come out all the approvals that you received with these trust. Is important for those folks who may happen. Putting on they're plane so what better day. Didn't start be here then with debris and you guys did Todd has written injecting you know. He is ours subject matter expert key in the attorneys at Cushing and Alan. Have been doing this for more than thirty years helping families like you are as. Protect their assets in the guided he's written for January. Is nursing home cleaning. Procrastinate there we don't want you to do it but we know it happens would know it certainly does happens so do you find yourself in a situation where you would have your mind your dad your spouse a loved one going into nursing round in in the what Todd I mean the aperture single constant here in Massachusetts are 13540000. Year yes so it's not short money you need to do something to protect your assets and taunts I think really outlined. All of the benefits in doing selling you can request this brainy guy. By calling right now to 8668485699. That's 866. 848569. Earning if you prefer you can always download a copy on a web site. Legal exchange showed dot com just click on the guides and articles have an if you missed any of today's or any of our past chants. You can also finer podcasts on our web site and you can listen at your convenience. It's well you know. Susan as much as we say you know this is a guide to procrastinate and planning I I do want people to know that. You know we don't want it to procrastinate but we also know that there are many times where. What kind of sneaks up on you don't think about it or someone has a stroke her to a sudden. An ailment. That requires potentially nursing home care and so in the last thing we want you to. So it not do is think there's nothing can be done right. There are things that can be done last minute planning techniques exist so I want to explore them even though I don't want to encourage. You don't want to rely on them because there are so many changes that we've seen come through that you know eat unique to just get your cleaning antsy or kept a wary about. The shenanigans. And of dealing with that year your party so emotionally stressed having a loved one go into a nursing home. You don't have to deal with all this stuff on the side at the same time so. I think that's right thing to do and I think as people and show you now though is let's take a look back at 2016 really you know the end of 2015 beginning at 2016. Nowhere was the you know communities a legal community the elder law legal community act. Around that time. And and I'll tell you some stories about what I was hearing in what I would seem. I was at a point where everywhere I went people would say while I was told that you know these are vocal trusts don't work anymore. This would be what I'd be hearing from from other clients that would walk in and wanna do this or. I was heard these trusts are being challenged all the time. An end even one step further I can tell you that I've heard lawyer I've heard from clients that said. They've gone to other lawyers in fact there was one not too long ago that that. Didn't hire me. A year and a about a year ago he didn't hire me. But he came back. In after he came back he said I had gone to three or four lawyers since you. I don't know if you went shopping looking for to share opinions price checking whatever but he was told. By almost all of them that you don't really need your vote Coble trust or you know I'm not comfortable drafting the revoke of trust or. You know these irrevocable trusts are being challenged anyway you know wide Bob I mean this is. Coming from Lloyd Wright. So ill that I hope sets the stage. For where we entered 26 team. Tied keeping you might be because there. You know if you look at the elder arm mean Ian and how many just look at our demographic shirt I mean there is such Damian for alkaline at this point. Do you think it's because there are a lot of attorneys out there that this isn't their primary focus that they're seeing you know like me I eat. Dip my toe in the water a bit so they're not as comfortable with the eerie to think that I think that the ones that are saying you know I'm not comfortable drafting he's for you are being very honest in saying you know lesson. I hear they're being challenged and because they're being challenged if I'm not an expert at drafting it I'd probably not too for you right. And so I think those layers are being you know upfront. About their skill set. It and quite frankly that it's it's a very good point you bring up Susan because quite frankly I think a lot of that challenging that's been going on by this state. Against the east irrevocable trusts as we sort of entered 2016. Was that was because of that very fact that a lot of lawyers weren't getting into the field. Because as you said Susan that demand is so high. Getting into the field and wanting to try it. And not really drafting them properly. In so the state started picking up on. And saying you know what we gotta we idol examine every trust that comes through. Because if they're not drafted right work and pounce on it again and say here's how it violates the regulations because you didn't draft. So I think that leads into where we began 2016. As a starting point. What are thinking you got to understand where was Cushing handle on what we preaching through this whole. But a push back. That we were getting from the legal community. We kept on saying. These trusts work. You just need to make very sure that you understand that. Regulations. Income tax rules that gift tax rules the state tax rules not just the Medicaid regulations. And that you drafted document to fit every one of those rules everyone of those situations. And you know as much as we kept preaching in doing that and we've done it and I'm gonna show you the results as we move through you know the year. The one thing that came back that was one of the most you know I was really honored when I when I. Heard this one of these attorneys in the field who Wiig do seminars for you know on a regular basis. Basically. Wrote back when they when they heard one of our decisions had gone through. Had it was actually he had used our trust and put it through and he wrote back to share with us that. The Medicaid trust that he used from our seminar. Had worked yet applied for Medicaid misses and no early 26 team and that. They had been approved and at the very end this comment was. Todd I guess you're right all along. And don't make you feel good not just because you're happier doing things right guys I have to election oh. You know we sweated out. We don't just say we we say it but you know eat your own cooking you sweat it out if you're not right you know you're you know you're gotta you gotta gotta swept through those times and and and I think that's what we aren't coming back you know from the break and share with you that's where the year started. That's where we stood and we still stand as these irrevocable trust seemed to work an enemy to show howl. The irrevocable trust planning sort of played. Throughout the year great. Hey you know what folks maybe you've been thinking about doing your cleaning but for one reason aren't on a life got away. And you never got your cleaning done in maybe year at a point now unfortunately. Hopefully not that you may be at a point where you've got a loved one going into a nursing home in your starting to write those chat expert and 1214. We've seen him you know over 151000 dollars a month here in Massachusetts. The air is likely something that can be done not only weed your illiquid assets in your primary residence but also your rental property your vacation property. There are things that can be done last minute they did a working now you shouldn't rely on down the crowds and is also information and Todd new guided it's written. Planning for procrastinators. About that advanced cleaning as well get your copyright now at 866. 84856998668485699. Or download a copy on our web site. Legally exchange show dot com you're listening to Todd let's keep me a lot from Cushing Dolan. I'm Susan how the financial advisor from the Armstrong advisory group we'll take a quick break and we'll be right back here in the legal exchange with Todd black ski. Securities offered through securities America ink member and that SIPC an advisory services offered through securities America advisors think securities America in its representatives to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation Cushing and Allen the Armstrong advisory group to legally exchange in the securities America companies are not affiliated. 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Subject to credit approval leader bank a step ahead according to Genworth the average cost of a private room at a nursing home in New England is 126000. Dollars per year in this average cost is expected to increase to 169000. By the year 20/20 six how quickly would your assets be depleted if you read to write checks to the tune of 141000 dollars every month. Well it's certainly a deal to develop your asset protection claim in advance life tends to get in the way. If you were a loved one are faced with an unexpected nursing home stay and you haven't done your planning before you write that check pick up the phone and call 8668485699. It's an expert advice from the law firm of Cushing and Dolan which has been helping families just like George protect their assets for more than thirty year. They have put together brand new guide for Tony seventeen called planning for procrastinators. You can not put off this call any longer get your free guide today to learn how to protect your assets 8668485699. That's 8668485699. Or download the guide right now from our website legal exchange showed dot com. George tune into the legal exchange we've done let's do you and Susan powers if you're dealing with a loved one who may need nursing home care. Don't delay Coleman. At 8668485699. And let us help guide you through the process while protecting your assets that's 8668485699. Welcome back into the legal exchange with tot he. Nine season parents I think into it ties in with the arms on advisory group and doing by Todd let's key apartment with a lot from pushing and Allen with a masters in taxation. Until they shall we have a green new guide for the month of January. It's nursing home cleaning for procrastinators. In its complete guide to and understanding. How to protect your real estate injured liquid assets last minute. Including information on many techniques such as pooled trust personal care contracts and Medicaid annuity. It will show you all the information that you need if you put off doing your leaning. Don't just write those checks every month folks are doing and copy get a copy of tides pleading for procrastinators died. Rate now at 866. 8485699. That's 866. 8485699. If you prefer you can always download a copy under our web site. Legal exchange showed dot com and click on the guides and. Articles. So Susan now that we've sort of set the gloom and doom part of that of the year which is what was I mean yeah I mean it lists. It was getting pretty pretty bad out there people or were questioning everything. But I I think as we move forward and we and we preach that you know these trusts are are really still the only game in town. When you think about it and and really I mean what are your options if you're not gonna do this. I guess you just throw in the towel and say you know I'll just I'll pay the nursing home I don't think that's an option I wanna give any of mark Klein. It's where you know I don't publisher spouse and that's really at this all of this planning about protecting each other for some what for the kids you beneficiaries on the road great. But it's about protecting yourself and each other far directory. And and so taking care of each others the way the way you you presented force sure. And and so. January 27 start running through this so now as the year goes on January 27 we had another approval. Right so in this case you know the donor or reserved a special power of appointment. Meeting with they could appoint property to charities and children gold trust in the like and the issue that the state had also was that the trustee could get compensation. And that you had this uniform principle of income that and the ability to purchase an annuity which what you can allocate principle on a trust to income. So they were basically taking a position that well hey I houses and their salad. By an annuity and have the annuity pale in come out to the individual there for all the assets are at risk. Folks none of that carry any weight and I mean basically they said you could buy an annuity all you want but at the end of the day. The money that you used to when you bought the house when you sold the house to buy the annuity is still principled. You know annuities don't generate a lot of income you know not when they are an immediate pay out now very low personal time for the money to generate the income Mittal return a principal. In the court reasoned benefits return of principal and there's no access to principal. And you can't get it even if you're sold out so that argument at work and they said trustee compensation is is earned income not a beneficiary distribution. Of principle it's entirely different. You know getting compensation vs earning compensation vs. You know receiving a a under distribution of principle is different. And so and the ability to pay money to children during the life. It did not mean that somehow you could get it to the don't know war or to the apple ranked. Even though they made these arguments so at the end of the day all those arguments. Out went away and we were approved the trust war similarly on February 4 two when he sixteen. Another trust had gone. We had applied for Medicaid for an individual that we had done the trust for all of these by the way were way more than five years ago. Unlike the procrastinate and planning that we're talking about you know this this month which we know people have. These are the situations where people have stepped up to the plate and did their planning well in advance which we always know is better. Wellness trust the distributions they had that same ability to pay out money to children while living. They had ability to paid a charities are pooled trust. And they had the removal and replacement of a trustee in there and they had the uniform principal then come back the ability to again out Kate prince income. Similar arguments constantly making them. At the end of the day the only ones that were different here was removing and replacing a trustee. They say it doesn't matter who the trustee is as long as it's not the don't know our share and even if it is the donor or didn't matter they said. Because she can't distribute principle to yourself. Not a lot so even though the trustee was that don't know are turned out in this case not to be a problem. And the other arguments were the same as the ones that came up in January. 27 decision. At the end of the day here. Another approval. These trust assets were all protected so advanced planning works the trusts are working we're starting to gain some traction. In the trust world but I do know there's a lot of people who need last minute planning as well. In you know like keep in mind folks that you have already done urine being explaining that may be other assets that you haven't put into here trust because one you didn't want to wart you. You Clinton still meet you've done your trust planning you might even be asked that by your look back. But maybe not a lot of retirement money assets that. Couldn't go into the trust without triggering a big tax that kind of stuff it's also explain what you can do last minute. With those retirement accounts in the guy in terms of what your options are. Call to get your copy of tides bring new guide for the month of January. Nursing home cleaning for procrastinators. You can get your free copy by calling 866. 848. 569. Airing at 8668485699. You can always sound and a copy. On our web site legal exchange showed dot com just click on the guides and. Articles tap you know and then came that Crandall crown. April 2016. The appellate court system here in Massachusetts one below the Supreme Court. Came out what the hanging decision. That basically said hey these trusts if there drafted right work. Stop asking us to rebuke them yeah I mean there are kind of disgusted. With the fact that they had to review these trusts again. Basically the issues the three arguments that were shot down. That that that court struck the state arguments down meaning good news for the people yes. Was having a limited power of appointment the ability to make distributions to children during life. Perfectly allowed the court said hey that's no different than if you gave it away directly to the kid without a trust. It doesn't mean that the assets are at risk for the nursing home just as you could do that. Anti that's why it allows you if you're using an Indy theory vocal trust and you put that the globe bucket of money in the they you can gifted kids from that's for sure Iraq that's what allows you to make those gifts out continued living like as for you wanna pay for their education and grand kids education there's still waste it to do it. I am but not my whole point there was that that didn't make it at risk. And then they said the right to remove and replace the money with equal amount of money. Now we don't do that I don't put that language and our trust but nevertheless that language was deemed to be no different that if you sold a house and got money. Right he just converting the type of acid is like if you saw a stock still sold my company got asked by the different coming. It's no different no different than that so they said just because you can remove all the money all the principal. And put it back with something of equal value. That makes it a grant toward trust for income tax purposes which is why it's in there but the state decided what that means you have access to principal. No the court said that's no different like you said that if I changed assets are sold something. And puts something of equal value back and from what I sort of form. Doesn't change the fact that the principle that and the trust what ever it's now been converted to. It's still not available still not cable which is why you're allowed to. Sell your house and doesn't restart your clock when you're when you're Kaplan college and very flexible you can sell that house buying another house that does not Reese that the clock and it does not make the asset payable. Or accountable for Medicaid eligibility determination. And the last argument that the pain and appellate court struck down was this idea of selling a house taking the money buying an annuity. And then converting all the money from the annuity allocating the principal to income. Because of the uniform transporting them. They said no that's governed by strict rules of accounting trust accounting rules and has to be done on a reasonable basis. In you can't just lump it all over there which is the same as January and February's shot down right right in January February we had those decisions that we won at the fair hearing level before the hanging decision. And so it's nice to see that the appellate court followed some of the fair hearing decisions. That were already coming down so that hanging decision rarely sent the ball rolling in favor of the people. And sort of pushing the pendulum away from the state. And in Medicaid planning world we were thrilled when this came down and we still are so here we are now past the first quarter of 2016. And we see traction. Being gain that these Iran applicable trusts work. Just make sure they're drafted properly that. Change well that's three down folks there are five more decisions that Todd has to share with you I don't know we'll get through all of them today he always says. Great expectations of what will be able to cover in the show. But in the meantime. We have great expectations of you to get your leaning down and finally you know what maybe this is the year he says I'm going to get it then maybe that was last year. Not your feast or a situation where you need to start writing those checks for the nursing home or maybe you're caring for a loved one in their home. There's information in here about personal care contacts what has to be done to you don't get in trouble and they go into the nursing home in Iran. Your free copy is waiting for UAE 8668485699. At 866. 8485699. Or download a copy and web site. Legal exchange showed dot com. You're listening to Todd black peep from the block from Cushing and Alan I'm Susan powers of financial advice to would be Armstrong advisory group. We've got your listener questions coming up next here in the legally exchange with Todd black ski. According to Jen whereas the average cost of a private room at a nursing home in New England is 126. Now. Well it's certainly a deal to develop your asset protection claim in advance life tends to get in the way. If you were a loved one are faced with an unexpected nursing Homestake and you haven't done your planning before you write that check pick up the phone and call 8668485699. At. It's an expert advice from the law firm of Cushing and Dolan which has been helping families just like George protect their assets for more than thirty years. They have put together a brand new guide for Tony seventeen called planning for procrastinators. You can not put off this call any longer did your free guide today to learn how to protect your assets 8668485699. That's 8668485699. Or download the guide right now from our website legal exchange showed dot com. If you're thinking about retirement soon it's time to make some big decisions do you know if you should roll over your employer sponsored retirement plan into an IRA how about changing your investments to an income focused portfolio do you know win the optimal time to collect her Social Security is hi this is very Armstrong and there's so much to consider before you stop working my firm the Armstrong advisory group has put together a 2017 retirement guide to can help and it's yours by calling 803934001. You worked your whole life saving towards retirement doesn't make sense to get professional advice to make it last call us right now at 803934001. That's 803934001. Or download a copy from our website at financial exchange showed dot com it's. Juries 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 representatives of securities America do not offer legal or tax advice always seek the advice of a professional familiar with the laws in your state. You're listening to the legal exchange and its time for. Ask. The segment where time will answer your questions about anything and everything that's included in the estate planning process once again here's Todd lets PN's Susan power. It's welcome back top of the key question through this news for you. First question comes from Mary in Rhode Island and Mary writes I have four children in and trying to decide who should serve as trustee. Can you provide me with any guidelines of who would best fit this girl. You know this is a great question effect ran into a situation recently where this trust the issue came. And that the family that we met had three children. He won all three service trustee. Unlike lesson can't you do that. This is the guidelines and giving it can you do eyes trustee yup it's you can have as many trustees as you want serving together. New user of their some language in the document that says the majority of the trustees need to act. In order to doing things so if you got three need to. Not for you need to worry but I'll tell you one thing Todd when you open investment accounts that brokerage house date typically will every signature and I can't clients with three trustees that all lived in different states tonight at the mile and circulate people work. It tonight me getting things done that isn't in even then I show people in our trust situation we have a section that says with regard to him opening accounts. Only the signature of one trustee is required you know I don't know if they show you back until onion back so. That's in there that's the best we can do we can't guarantee that it's not require all three. So I try to tell people look operationally. It's not the way to gulp ray. Can you do it yes you can you know unlike a health care agent you can only have one at a time ray you got three kids I don't care. Only ones getting listed at a time. So. And one of the reasons we don't do judiciously use chrome to get three signatures now ray to open up every account to eat. The majority of the signatures to executed transaction. Yeah when it's. So it becomes administratively. Operationally. To (%expletive) But it can be done title like number one number two. Sometimes happen even act. Citing meeting with the clients. All the kids don't come right now he got on nail everything out to the you know to the trustees'. Again at witnessed again again. A a notary. And at all Don and send it back. Takes time. Takes time so I I think that the concept I'm com or the message I'm sending here Mary is. I would. You know not worry about offending anybody. Yeah you're putting more than one person on. Some people credit default to the the oldest child. Not always the best knowledge about to be the oldest child ducts but Timmy whoever you end up picking and don't do it based on age or or you know. Pick pick somebody. Because you think they're the ones that can do that she didn't you know they're responsible they got their head on they do this stuff. Pick that person and please don't worry about offending the other kids because they were chosen. For that job. Because I can tell you that if at the end of the day you're treating children equally in New York trust me. Don't care now. They don't care I would say OK since you weren't all just get my inheritance eventually that is why now that's what I want yeah let me have no job. You know but I can tell you that usually make it up so you you put one on as trustees and different one on for the medical decision right right different one on me before they executor of the will. Spread the wealth that way. Do you typically trying Todd that people who choose their trust the use that same person as there how returning so kind of like. Then. Fighting and stuff vs the health care stopped kind of the same person usually could be I would say that would make sense I mean I'm picking the person who's best able. Managed to trust assets that would also be the person who could handle the financial decisions yeah personally. So yeah are returning the trustee oftentimes the same person but. The person who's better emotionally equipped to handle the medical decisions might be right if that's how you balance things. My parents they're lucky nicest designers they have her for the health care of me for the tiny perfect out there off that perfect lucky parents right. Let's say and remember the you can always change your trustee that's all part of these here eagle global trust that you have the ability to change your mind about things. But what you should not change your mind about is actually doing your cleaning. In picking up the phone to get some expert advice in tough guy his brain you guided he's written. For the month of January it's nursing home cleaning for procrastinators. And you may find yourself in a situation where you beloved one going into the nursing home. Or you may find yourself caring for a loved one and they want to pay you for your services there's information in Todd guide. About what to do last minute to protect assets from the nursing home. About how you should clean and to pay your loved ones they care for you if there be providing care in your home. Call right now to receive your free copy of tides bring you guide. His planning for procrastinators died at 866848. 5699. At 866848. 5699. If you prefer you can always download a copy on our web site. Legal exchange showed dot com just click on the guides in articles. Tied next question comes from fraying in Boston in Frey writes. I'm aware aware with only one son who is irresponsible with his finances than I created an eerie vocal contrast years ago and put my home in. The majority of my money around 800000 dollars is in my high array. Can I make money eerie book double trust the beneficiary of my hiring rather than playing it out directly to my son if so is there a downside to doing. Well you know frank I'm gonna give you a quick answer and the quick answer is yes you can do it and no there's really no doubts. But let me explain. Right as to why because IRAs folks I don't point around out there and say while odds it. You know IRAs are really a complicated asset. When it comes to estate planning you need to figure out that there are income tax issues and estate tax issues that go away. Now why am I so quick to answer the question yes yes for frank. While one he's a little more. At the big deal. So in other words there's no spouse to leave the asset to them if there's a spouse to leave the asset to. Generally this mouse is the best. Primary beneficiary. Well on and I are okay night they can roll it over they can and make him put in their own name they don't have to take it out till they're seventy and a half. They can then named either trust or that children. As beneficiaries so because she's a widow or we don't have the spouse are around to take it out. Or to give it to. I'm OK with leaving it to the trust and also because he's a winner or I don't need to worry about the estate tax planning implications. Of the IRA either being taxed now. Or being taxed later when the surviving spouse would die okay right so because I don't have those considerations. Unable to say. There's no income tax negative and there's no state tax negative. On the back up just a minute and say. I don't even though the trust is irrevocable. There's no. Medicaid negative here because they remember it will not give in to this trust. Until he dies okay so when he dies this money can flow and this trust. It's gonna when I say there's no income tax negative the only issue that could possibly be there is. Depending says this is only some so we don't even have that negative meaning. If he had two children. That ten year age spread. Might make a difference why is that because when the money goes into the trust it must come out. Over the oldest. Life expectancy. Beneficiary. So if you had a child in me be agreeing child. She makes it bred big spreads gonna come out over the oldest child's life expectancy so it's gonna come out. A little quicker and Asia are being able to stretch it. But in this case no negative we've got one song. So that's probably the oldest beneficiary of the trust. And it woods it would put a damper on him just reaching in and taking it all out at once we acknowledge if you control it because the way the trust to set up is it still. The IRA will stay in. In. In the father's name right. But the minimum distributions will come out to go trust no you know trots out and then the trust rules can govern its distribution. So it'll still be. Pac ten hits the trust in them but they don't necessarily have to come out of the trust to the child who is apparently financially. Irresponsible okay. So I think you have a huge wing here of countries still have income tax stretch over that person's life expectancy which isn't horrible. No adverse estate tax consequences because it's included anyway. And then. Control over the distribution to a child who's not burst. Which is important you know if you have a question you'd like to ask Ty and visit our web site legal exchange showed dot com. Include Connie asked Todd tan in me he will be able to read your question on the Aron hopefully. His answer we'll stop you from being tied next real life story. While you're out there you can also down lies download tots Rainier guide for the month of cheating during its nursing complaining for procrastinators. It's gonna show you what can be done last minute to figure liquid assets for both married and unmarried individuals. It talked about the various strategies available to see your primary residence your rental property. And yes even your vacation home in it discusses the importance of having a personal care contract in place. They can help transfer assets to a family member without qualify without causing disqualifying. Treat terrorists from Medicaid. Call to get your free copy right now 8668485699. 8668485699. To get your free copy of tides bring it Guy Ritchie January. Cleaning for procrastinators. You listening to Todd let's keep me a lot from Cushing in Dolan. I'm Susan parents of financial advisor to the Armstrong advisory group. We'll take a quick break and we'll be right back here in the legally exchange with Todd black ski. If you're thinking about retirement soon it's time to make some big decisions do you know if you should roll over your employer sponsored retirement plan into an IRA how about changing your investments to an income focused portfolio do you know win the optimal time to collect her Social Security is hi this is very Armstrong and there's so much to consider before you stop working my firm BR strong advisory group has put together a 2017 retirement guide to can help and it's yours by calling 803934001. You worked your whole life saving towards retirement doesn't make sense to get professional advice to make it last call us right now at 803934001. That's 803934001. Or download a copy from our website at financial exchange showed dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of the professionals familiar with the laws in your state. The holidays are over the new year is underway and now is a perfect time to reset your schedule and its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture -- part of that for me was reviewing my insurance plants hi this is Jason Wolfe of the financial exchange radio network if you're like me and needed to reset on your insurance policies I want you to call the insurer matching agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car for my older daughter because lord knows she didn't want to wait around anymore to borrow mine call insure a match today at 844 or 99 match that's 844 and 99 match and through their Massachusetts division and charter let them research and present you with information that is bound to help you I saved over a thousand dollars a year in minute deal and I know they'll try to do the same for you call today at 844 and 99 match that's 84499. -- or visit them online at insure a match dot com. You're listening to the legal exchange with Susan powers and Todd let's game. Understanding how taxes can affect your estate plan is critical to building a successful plan if you need help in this area told us right now and make an appointment. 8668485699. That's 8668485699. Welcome back into the league in exchange how lucky I'm Susan power is that they need to advise him with the Armstrong advisory group. And enjoying a Todd left the apartment with a lot firmer at Cushing and Allen with a masters in taxation. On today's show we have tides bring new diabetes written for the month of January it's nursing home cleaning for procrastinators. It's a complete guide to understanding. How to protect your real estate including your primary residents your vacation home here rental property as well as your illiquid assets including. Some of those retirement assets that you have out there. There are things that can be done last minute if you are feast with the writing that check for the nursing home whether it's for you for your spouse for a loved one. Pick up the phone and get some expert advice Todd sky will help be do that you can get your free copy of this planning for procrastinators guide right now. By calling 8866848. 5699. At 866. 8485699. Or you can always download a copy on your website legal exchange showed dot com just click on the guide. And articles task. Can't believe it's another new guide and the new month new year while near new diet and here we are walking through the new year and we've gotten really. Really up to like the middle a year may June we got past our arcane decision I explain what a huge win that was an outpost really for that for the people. You know. Of a Massachusetts really for the people everywhere because it's big get cited in other states as unknown you know working on some New Hampshire cases. It can't cited there. So so it's it's a really boost to everybody and then. Really the pendulum kept swinging in favor of the people in May have 2016 we had no no less than two positive decisions that came out. Again same kind of arguments you're seeing over and over right you know. You know did you know income to the donor or not so K. The power of appointment to charities and pooled trust the removal and replacement of a trustee argument. You know the game making unsecured loans. Argument buying the annuity selling everything in buying the annuity and allocating everything. All the principal to income argument. Living in the property paying the bills therefore it's available there's a new one right to use and occupy arguments. Well folks. And then they. Fair hearings that we won all those were brought up in one decision. And the nice part about it is again at ball comes down to drafting the document. In our case the trustee compensation argument had been addressed earlier. Not a problem. That buying the annuity and allocating addressed earlier we don't need to discuss it not a problem the new ones they brought up here was. Making unsecured loans and borrowing money. While we have a paragraph and our document that allows the trustee to make unsecured loans and lend money and borrow money now. But the very end of our trusty power section in very bold letters all capitalized we have a us that you a paragraph that says. Notwithstanding. The foregoing. That none of the powers listed above. In any way are to be interpreted to allow the trustee. To lend money to that don't know war to a mom and dad whoever created the tracks yeah. The don't know are the applicant mama don't know or don't know our spouse cannot borrow money. I'm from the trust period. So even though they they didn't read the whole. To find that I can't do it. Rate so we do you know we won on that front as well you know it and that's important for folks because how many people you ran into that say well yeah I you know I linked my son or my dotted its money to buy a house had started as the answer to do sure XY and Z and they want it. Continue to have the flexibility. To be able to do that and you trust allowed for that actually you could landed daughters should Atlanta sons and cousins and grandchildren. Absolutely. That's a trustee investment decision. And that's permissible rate which can't lend to the dollar war right you know or the donor or spouse that's not all out. OK and so again back when that was brought to the attention of the fair hearing officer. It was fine and they agreed and so the rest of these are arguments that we saw before so there's two more decisions. All home run. Assets in the trust were protected and and we get to August. Same thing. No new arguments were brought up here arguments the same thing. The buying the annuity and allocating everything all the principled income to fly trustee compensation. Didn't fly. Power to appoint a pooled trust her charities. And fly right for all the same reasons that they were denied earlier. It is a little frustrating that they keep bringing up the same arguments they should be. But what bass are stopping. Bringing up is the argument that came out in the paint decision so nice to see their following that. But the kibosh on them a cut that unlucky lie beyond sad. But you know what folks these trust work. Maybe haven't had the chance to do you trust planning it couldn't be it might be for it not for a lack of wanting to be a cleaning. But you know what late gets in the way sometimes people get ill. Or. And disabled a lot sooner than we would anticipate that they would. So you maybe feast at the last minute cleaning situation. Todd brainy guy Getty's written for the month of January is nursing home cleaning for procrastinators. In its complete guide to learning how to protect your assets last minute including real estate. As well as your illiquid assets. Also has information in here important information about developing a personal care contract if you want to pay each family member to provide care for you. Get your free copy break now at 866848. 5699. At 8668485699. Our download a copy and our website legal. Exchange note dot com so now as we approach the end of 26 team gets exciting but and the state. Can tries to claw back. Right in saying enough is enough let's make some proposed changes to these regulations. To try and defeat. The arguments that we've been making as a legal community. And winning. Mike on etiquette matter waiting. It's a matter fall in the law I don't like to say one I think we just follow the guidelines that the state provide it and and there implemented correctly. Well so in December we found these proposed regs that have come out when they now wanted to do away with pooled trust altogether. If you're over 65 no more pooled trust under 65 and disabled yeah that's okay. But if you're over 65. They wanna do away now and our guide we talked about port trust because as of now they still exist one. And and then they another change that they wanna get rid of is is private annuities. By making you probed by B. Beneficiary designation form from the financial institution that you bought the annuity from them trying to elude to the fact that if you did a private annuity you wouldn't have such a form any. And that's wrong and the other thing they're doing is they're saying you know they're trying to change idea. The real estate laws in Massachusetts so that there are different for Medicaid purposes. In real estate world when you sign indeed. And deliberate I signed my deed at my house to you Susan you give me money. And I deliver the DTU. You'll in the house OK even though you haven't recorded at the registry DJ. You won't take effect you better have your homeowner's insurance and placing case that thing burn down over the weekend as you are. Well. They're trying to say that now the five year clock does not begin to run on the day you sign the deed. It's on the day you record indeed and it is today but that's not the real estate line Massachusetts. Soul you know to me. That's kind of a yeah so. There are these there's been some other ones we don't have the time to go through ball but. But there's been some other changes they're trying to I implement and there was a public hearing. On these in late this mid December and took a day off and went. And I voiced my opposition. To these regulations. Literally running regulation by regulation. Comparing the federal to the state. In acknowledging that as a state you cannot implement these changes if they are more restrictive than the Fed. And they were and I showed how they war so my feeling is. All. All issues aside. Just can't do it right. And so if it's more restrictive so hopefully now they are reviewing these in their thinking about it and we don't have a decision as to how they're gonna. Act once they heard the public outcry. Nevertheless January 2017 we get through the year we get another another fair hearing decision that came out and it was wonderful because it was a trust. And an annuity. Assets in the trust in 2007. No fair hearing. Just approved right at the case worker level they finally said look we've seen this trust enough times. That we don't need to have a fair hearing over it and lose again. Just approved yeah income blood skiing no forget it felt the good news folks is nice I think changes are always a foot will keep you posted. But full steam ahead do your planning and if you haven't please don't procrastinate. You know call to get a copy of tides bring it guide for January it's his cleaning for procrastinators guy. Not only did that tell you how you configure acid last minute but he can help you hotter. Tell you how to prepare it'd be ants using me carry the Democrats will also show you why it's so important to have a personal care contract in place. If you are paying a loved one to care for you and provide caring your home. Call to get your free copy right now 8668485699. That's 866. 8485699. Or download a copy or web site legal exchange showed dot com just click on the guides and articles tan. Todd let's keep me a lot from of Cushing and Ellen thank you so much thank you Susan always a pleasure. And Susan powers of financial advisor would be Armstrong advisory group. We thank you for listening and we will be back again next week on illegally exchange with Todd black ski. Securities offered through securities America ink member and that SIPC an advisory services offered through securities America advisors think securities America in its representatives to not provide legal advice therefore it is important to consult with your legal advisor regarding your specific situation cashing in on the Armstrong advisory group to legally exchange and the securities America companies are not affiliated. The. Holidays -- over the new year is underway and now is a perfect time to reset your schedule and its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that for me was reviewing my insurance -- hi this is Jason -- of the financial exchange radio network if you're like me and needed to reset on your insurance policies I want you to call the insurer -- agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car -- my older daughter because lord knows she didn't want to wait around anymore to borrow -- call insure a match today at 844 -- 99 matched that 844 and 99 match and through their Massachusetts division -- charter let them -- present you with information that is bound to help -- I saved over -- thousand dollars a year -- minute deal and I know they'll try to do the same for you call today at 844 and 99 match that's 84499. Match or visit them online -- insure a match dot com. If you're thinking about retirement soon it's time to make some big decisions do you know if you should roll over your employer sponsored retirement plan into an IRA how about changing your investments to an income focused portfolio do you know win the optimal time to collect her Social Security is hi this is very Armstrong and there's so much to consider before you stop working my firm BR strong advisory group has put together a 2017 retirement guide to can help and it's yours by calling 803934001. You worked your whole life saving towards retirement doesn't make sense to get professional advice to make it last call us right now at 803934001. That's 803934001. Or download a copy from our website at financial exchange showed dot com it's. Juries are for two securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated representatives of securities America do not offer legal or tax advice always seek the advice of the professionals familiar with the laws in your state.