Real Life Stories 2-12-17
Feb 12, 2017|
A show about every day people just like you who have run into legal problems or encountered legal issues because of circumstances that they either didn't plan for, or were subjected to.
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
These are the real life stories of the legal exchange with Susan powers of the Armstrong advisory group and Todd let's keep from the low for a month pushing and Coleman Susan Intel and have been helping people understand and react to legal issues that they're faced with every day and they're here to help you to. Be a part of the show by emailing your story this Susan powers that Armstrong advisory group dot com that season powers that Armstrong advisory group dot com. Now here are your host John let's team and seasoned pro bowlers. Welcome into the real life stories of them. I'm Susan Harris if they need to advise it would be Armstrong advisory group. And and doing bite must be a partner with the law firm of Cushing and island with a masters in taxation. Todd welcome how are you I'm never better and you name great thank you how is the week in review how we can review is always interest. And tell me share couple these with you today in the first one is folks apparently did some planning back in 2001 husband wife. Re vocal trusts and a one irrevocable trusts lit three trust my guess how many have more funding. Nine. Nothing was either one of them there were about one point five million wife has died. What do you do him what are you going forward do you settle her state what are the next steps on mean folks lots of lessons and learn from this thing. Second one existing client are probably working on something on 066 years maybe more trying to get this finished. Started with era vocal trusts and switched to revoke double trusts and then still stuck on that revoke Coble trust that question I mean. This is going to be a great example. Of how one size does not at all. And and we we pride ourselves on that we don't just do one thing. And in this has a lot of family issues and bring up and and sort of explained you. How and why that differences are between revote baloney herbal trucks perfect and I actually out yet you've got one. I have me am I realized story for you as well I got a call from one of my clients. Who's about his 93 year old sister and lying and trying to. Talked into doing some type of cleaning she passed away. No preening in place she's the widow new children in sibling I wanna Todd notes through both siblings I wanna talk through though. And no legal document. Kind of the pitfalls of harper crass addition. Hopefully have a B add an example of what not to you know I'm sure that's a reason to not her state apparently it's certainly it's a and don't end up like car. I also have a couple questions from listeners as well Fareed Todd he and folks if you are not yet requested titles are written every new guide for the month of February. It's the top ten reasons to create in this state plane and there are so many reasons to do it Todd has narrowed down into the top ten most condoning it includes. Reducing or eliminating taxes long term care expenses. Keeping your assets and your blood line need you want to avoid probate. Yeah how returning here health care proxy. Protecting from future divorces protecting your kids from themselves. If they are spend threats media special needs concerns or. Mean you have rental properties and you wanna know the best way to on them and incorporate an inch humorous statement he's also included. You can get your free copy of this bring you died by calling 8668485699. That's 8668485699. Or download a copy on our web site legal exchange showed dot com. Just click on the guides and articles ten. Todd you wanna go first and charge in Germany and my client. Story BUN and we went first and that shall I go just with users go with the flow in the air and a moon on the fly here okay. So my client called me and his 93 year old sister in line he's been trying to work with car to get her to do an in state. 93 something 93 years collegiate way sister and I'm married his brother. He has since passed away so she is widowed when. They did not have any children or for the once you're working with a 93 year old is now deceased in 93 year old has passed way. And never got around it never got around to doing completely and she did not having children achieve an apple will she did not have a will she had. Not being in place says she's got no kids she has no spouse. No sit length no nieces and nephews. In its not that you see nephews again so it's not that he had siblings that have passed away that she had siblings she was an only tie. That's problem so what happens. Well let's let's let's explore this and am gonna assume that he said there's no well no well when she was worth around two. Two million wonderful. So here here's the situation folks 'cause. You can really address this and learn from it it and a couple of manners one. It's if you're gonna die without a whale. If at least had siblings or nieces or nephews are children the likelihood is even with no planning and you know where you are. You would have probably had either designated beneficiaries. On the counts in two or more likely than not. You would have had it joint owner. Okay right you noticed that niece or nephew on for convenience to help pay him tailored helped do something or. Or you would've stuck a sibling or a child's name on again. She asked to help you. You know pay bills and and and for convenience purposes even though you were thinking about it from an estate planning standpoint yeah. And what would that have done for you so all of you that are in that situation that have done no planning but at least. Have. And again no well but have at least what. Names on accounts are designated beneficiaries account. Lot better than this wouldn't because in that case. At least those assets and how the designated beneficiary or that our joint. Are going to end up going to that person or those persons. Whose. And we'll get there house of probity you know so you accidentally avoided probate that you at least directed. Where you wanted your assets to go oops that's at a bare minimum at least helpful. Doesn't talent this person did and you know and not having that nieces nephews that siblings no wonder really. Yeah on account in her brother and mom my clarion. He didn't want to be on the county did get a power to train health care proxy for car which is good but they end. And dad so he was citing checks for her he was her convenience. Didn't one felony counts 'cause he's done his own estate meaning he's older and he didn't want those assets coming to him. Because he's not good in you know attention because one of the. Reasons for doing a state plan is in it talks about at least having a whale. Even though wells oftentimes alone at least is a reason you have to do an estate and indeed it well and at least pass and that's what happened here right. The 93 year old at not having anybody any really close and we. Probably had no designated beneficiaries who know when joint on the account. And therefore all of these assets are likely to go to probably number one now. Let's talk about where they're gonna go. Well. It's gonna go through in what we call the interstate. Six session statue every Statehouse news. It basically as a twinkle board OK it tells you where to go. Right so in her case they would say first look to parents not we. Look to children and none looked as siblings. Now not looked at nieces and nephews nine. Now you get to cousins. So there may be some connected cousin is somewhere. But what is important is. Husbands. Siblings and nieces and nephews are not. Her ancestors OK so even though he was very involved my Clinton's very involved with our. Has no standing because he's in prep in Los. They're not therein lies their outlaws there again they're out there so. So I mean I think ultimately this twinkle board will probably find the next closest next of kin all the way it will be a stretch rain. Here. So that's what ultimately happens again no direction was provided therefore no ability. To who you know even. See what you have to go I have to say that the last. The last peak. I would want deciding where my money goes in ST I agree. I agree and on long lost cousin is like monopoly board it's entirely and really where your head you know could be some you know it's worlds and ends up. But the other issue you have here's not only did did this person not get the ability to say where she wanted to go people with two million dollars of assets and. And really don't have any immediate family usually. I say usually the they have some charitable inclination she was she was very charitably inclined to have pets that I love for animals or something. And so she could've at least I know will that said. I leave the house from my assets to the charities and half from my assets tonight cousins or wherever she wants to leave it with that would have given her. That would have at least eliminated the Massachusetts a state tax now seen. Because now there's a 100000 dollars doing taxes because of this. But if she gave away a million to charity that's a dollar for dollar deduction. Against that the state. So now she would have ultimately ended up dying with a million of whom she's got a million dollar exemption. Therefore we eliminated the estate taxes we have helped charities get something and we are also able to direct where it would go at least if you had a whale who's oh. Oh well something is better than nothing I guess is unless your follow. And there. And you know what folks there are lots of reasons to create your state plan and throw a number eleven out there is so the state doesn't decide who we are your assets go. You can call to get a copy of tides bring new guide for the month of February at the top ten reasons to create your estate plan. You will call for your free copy right now 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 tab. In if you have missed any of today's nor any of our questions for that matter you can always download our podcasts on the web site is well. While he put being your questions for Todd on the house tied tab. You are listening to Todd let's keep the law firm of Cushing and Dolan. I and Susan powers a financial advisor with the Armstrong advisory group we have lots more coming up for you with tied to real life stories. When we return in just a few minutes on the real life stories of the legally exchange. Securities offered through securities America member finreg SIPC advisory services are with the securities America advisors think securities 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 America companies are not affiliated. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Workers at leader bank dot com. Member FDIC equal housing lender and the lowest number 449250. 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And Susan powers at Armstrong advisory group dot com that's Susan powers at Armstrong advisory group judge Joseph. Welcome back into their real life stories of legalese means I'm Susan Harris have financial advisor to the Armstrong advisory group. And I'm joined by Todd lucky apart in with the law from the Cushing and Allen with a masters in taxation. On today show PM Todd to bring you guide that he's written for the month of February if the top ten reasons to create your estate cleaned. Maybe you're concerned about having your Feely avoid the expensive time consuming process of probate. Maybe you're concerned about taxes I hate taxes did you know that it's possible to eliminate your estate taxes if you have your your state clean and place. Call for your free copy of this bringing guy. 8668485699. That's 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 an. Articles ten so Susan with a look at this case and this is probably the accurately cholera a crass the nation problem because it's it's not it's. It's more of an implementation problem. It's a situation where the person did the planning was had the foresight and a you know ability to say you know what that knowledge to Sam and gorgeous estate planning in 2001. Now granite at sixteen years ago. Probably worth upgrading and checking into anyway but but. Big ticket to revoke a bull trusts again sixteen years ago so I don't know how old they wore at the time but you know. And now and they also get a you revoke or trust as well okay so to revoke a bowl and won irrevocable. And guess what was never done in this is the implementation problems never and nothing was right which it wasn't nothing is. And so they never got around to funding it now necessarily blame the individual so much there I blame the lawyer. So I mean that should be funded we'd do the best weekend to make sure these documents are funded. Oh win there when they're sign at Cushing handle. Now having said that it does this problem gets worse. She died. Went out anything. Like these documents were in place. But it was hurt death that prompted the the calm discussion right what do we do now how does her stake it settled. And what cannot do as a single person now going foe where they over a million. Yell at one point five million. So. Mitt maybe we should address that first yes so that's the tax problem here right so. Again not to procrastinate shin was done here but when people don't plan this happens. Or when people plan. And don't follow through we don't put the assets in the trust right. They are married couple you guys know who you are as a married couple out there you probably own everything jointly. Or have designated beneficiaries on these accounts or have IRAs that designate your spouse as the beneficiary. It's very common wouldn't. It's not surprising. And and so what happens. Even though they have the trusts in place. By owning things jointly and with designated beneficiaries. They accidentally avoided probe rain and they also accidentally went completely. Owned. There trust said he she got more than modeling and time ago. To come and go back and fix things that you have a certain time to settle with his money to do disclaimer added. I Baghdad it was its been over nine months so there's really no way as you rights is no way to go back and sort of doing disclaimer. War. Try to fix this what they call post mortem plane. At about nine months to do that. So this case it was a long enough ago that the that the estate is so. So now what well. Because of that we avoid probate by. If they had gone through probate at least there was there was a pour over will. The well for her awarded grab stuff and her name and at least deposited in her trust. Which we do the pore over Wales as a safety net. What does at least grabbed some assets and put them in her trust to help reduce the estate tax what state tax. One point five million there over a million here in mass that is the only exemption we have ray. The reason their ovaries because I'm not funding trust and leaving everything joint when she died he would have to do anything. And everything. And now he's worth one point five. And he has a million dollar exemption and I said if you die tomorrow. The kids are gonna pay about 65000. Tax. Which was unnecessary. Had trusts and find it. Yeah and you know what folks there's information in Todd guide number one is reducing and eliminating estate taxes number five is avoiding probate. All of this information. And much more is included in his new guide for the month of February it's the top ten reasons to create your estate plan. This is not a quick hit top ten list it is they comprehensive. Guide that will educate you on what needs to be done and why. You should create your estate plan. You can call to request your free copy right now at 866. 8485699. At 8668485699. If you prefer you can always download a copy or web site. Legal exchange show dot com just click the guide an. Articles ten. So let's take a minute and figure out how that would not have been a problem right if they had the trust in place. And eight or the oral well and they got. Even even half the one point five. 750. Into into her trust the re vocal track and nevermind irrevocable unfunded saw in an inning for the rain. If they would it got at 750 into the revoke double trust. That trust what do Benny would have been designed to shelter the assets for estate tax purposes it would have been designed in a way to. To say this is available now for the healthy spouse you can use it you can enjoy it. You don't own it and if you don't know when you get around that dining healthy spouse surviving spouse in this case. You're assets were only be the other. 750. So that's 750 is less than your million note tax and on the death of the first spouse. The 750 would've been taxed in her state again. Under the million no tax so eliminating. 65000. Dollar bill and not only eliminating tax but eliminating a completely. Voluntary tax. Unnecessary it to get gift to the state no thanks and so while we hate taxes we hate those kind of taxes. Even more news and so that's a big problem and that is the number one reason in our state planning guided explain see how that works but again there's lots of other reasons you mentioned probate. Now I explained to him as a survivor. We need to do something just to avoid probate for you so we're probably gonna throw a lot of things into a trust. Whether it be revoke a bull or irrevocable. To be dependent on what they wanna accomplish. I'm guessing that we're gonna end up with the irrevocable trust in this case because he's gonna wanna protect some of these assets. From the nursing suited he actually had to start over so even though he created is your evo global trust act in 2001. You know I'm he's gonna have to send that trust in for meter read I doubt very much that it's an irrevocable Medicaid trust me because you usually don't do an irrevocable Medicaid trust coupled with revoke trusts right it might have been some kind of an eye lift or something for life insurance users on the so I don't know that it really qualifies as a Medicaid trust so what we'll look at over but. If not I think we'll probably end up creating room I just with all excuse me yeah and all the drafting problems we have. I would much rather just rely on my own 20 shore shore so we'll certainly do that he got probate got a state taxes. We can at least help what the probate we can also protected now from the cost of long term care going forward. And and we also explained to him what they lost when she died laws you know half step up in basis so he lost that because. Well I actually he would've got half step up your right. But not a whole. So now we wanna still preserve the step up wanna protect them from the nursing home wanna avoid probate and we wanna keep him in control. That's irrevocable Medicaid trust. Oh these are this is one of those called to action. Yeah that if you're out there and you're listening and you lost a spouse. Now when you think you need to do anything or not if you have legal documents. You gotta collier attorney and see if you have to do anything because look it if they call their attorney who created these documents even though their unfunded. There could have been something with a nine month within nine months time he could do something absolutely. So always call on these life events happened even if you're not sure. Just call and find out right. May be some postmortem planning could've been done. When you have documents or not and here's a quick one for all of you they have done trusts already you're sitting there saying yeah I've got done I don't know if they're funded. Call the lawyer and say can we just confirm what's in the trust and what's not in the trust. If you don't know yeah they could save a big headache going forward. You know what folks. Educate yourself on how the entire estate planning process works. In what ten of the most common reasons are to create your estate Leonid it's taxes nursing home. You don't wanna pop that your spouse that's included in times guide. Bloodline cleaning figuring out when your kids or receive it weird they will receive it a holiday will receive it protect them from themselves as well as feature divorces. Call 8668485699. To request your free copy. A tides bring you guide the top ten reasons to heat in this state plan. That's 8668485699. You know when a week to have your copy Neel T you can always download a copy. Right away on our web site legal exchange showed dot com just click on the Guidant articles tab. You are listening to Todd black ski from the law firm of Cushing and Alan. In Susan powers of financial advisor from the Armstrong advisory group we have your listener questions coming up next here on the real life stories of the legal exchange. Each week on the legal exchange Todd let's keep my apartment with a laugh from a crushing him Dolan educates you on what you need to know about estate planning and wells and now you've got a chance to attend a special seminar that Todd is holding on Thursday February 16 at 9 AM one win did waved at the Wingate residences in Needham mass Todd is an expert in educating the public and estate gift and income tax planning matters if you need information on these topics this is a seminar that you'll want to attend. Recent reports show that six in ten Americans don't have all will. Protecting your assets couldn't be more important so if you're one of those people this seminar can provide new valuable information that will help you with your claiming space is limited so don't wait to register. Thursday February 16 at one win gave way a 65 plus community for living independently in Needham mass number to call. 781 or 55 at seven they won the 45580978104558090. Hi this is very Armstrong the advisors at my firm the Armstrong advisory group have over 110 years of combined experience in the financial services industry and whether you're working with another advisor or not want to give you some free advice finding the right advisor is not always so easy I've written a guide to help you through this difficult process it's the top ten questions you should ask your financial advisor is your advisor a fiduciary does he sell financial products what other fees will he charge you these are critical questions that you should have answers to before you make your decision call my office right now -- 803934001. And request a copy of this guide the top ten questions you should ask your financial advisor don't delay get your free guide today by calling 803934001. That's 803934001. Or download it on our website financial exchange showed dot com. Three suffered to securities America incorporated members in SIPC and vice reserves as the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and our two 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 let's key in season powers up. And backed out of a couple questions and questions from listeners for an easy for me is right or. First question comes from Bob in Hartford Connecticut in Bob writes I in 87 years old and my wife is 78. Our income doesn't meet our needs in our daughter has offered to help. And we have discussed lending our savings to curb business long term at 10% in trust which would be taxable income to laughs. She's also willing and able to get some money back to us if needed. Can we do this if our savings are currently in our eerie vote Coble trust anything we need to be wary. So. It sounds like it's it's that the interesting thing here is that seems inconsistent they say their income is meeting their needs. But they have assets available to land. Well so why aren't there goes that that's generating enough income. Will it sounds like their savings it sounds like it's in the bank not making any and so they can go from 1% to 10% yeah. By Len that's the that's why I'm assuming based on how they're they're saying it's eating. And it's interesting so okay so those assets could possibly be earning. More. Income. Which would increase more interest and dividends which would increase their income. Couple at their social security and pension and and they do that. Well the nice part about it is now that I. Better understand the facts. It's easy answer yes okay so. That the trust has the ability at least our trust that at Cushing and all week. We have the ability when we draft the document to lend the money to anybody other than that don't know more. OK so you can't land to the don't Gorbachev could land to. You know siblings children nieces nephews who never. And they can be secured or unsecured you can take back a note. Did it have to be too appealing them now because in the skins and if it's at that blending into our business. Now long term and I don't know I would say that you can you can make loans. And so in this case it it really becomes an investment decision of the trustee. OK and so the trustee can say. Look I'm getting. One or half a percent in the bank. And I don't like the stock market. And so what I'd really like to do is take this money and lend it which is an investment to say future. Landed invest in if you will this company. And take back a promissory note at 10%. A little high on the great white and she's probably just being generous standards in this case then so will happen is that that. Technical will happen with who and then the company will be making what they call. Interest and return of principal payments to the trucks. To the extent to trust receives that in com. Interest. Is in fact income. Well the trusts are trusts say. All of a trust income belongs to the deal or in this case mom and dad in the 87 year old in the 78 year old wooden so as those checks come from the company. Two without trust. The trust. Bank account can then kick. Them out to. Two mom and dad because income because that thing and yes they would have to pick it up on their income tax return. But so what they would of had to do that with the investment and so there's no downside. To doing that if that's what they wanna do so let me put. Lil twist on this Todd because not a lot of folks will be lending money to a business that's own by their child and more than likely meant it to their China. So if it were just straight to the daughter in this case. In they've said loading it long term there RD 87 and seventy so I don't know how long term that is. Is there anything that pass to be in that loan document like and they say oh it's forgiven upon our gap because it's. It's really gonna be her parents that she's landing back to us. Certainly you can always adjust what happens to bet that you can have a cancel it death a really affect EE probably what can you don't want a self canceling installment note. But what you probably will what will probably happen is if she's the beneficiary. It'll just. Go on collected because she'll end up taking money out of one pocket and put in the other rights are you know it pay packet and I get it so. It really would end up washing itself out. So I don't think that's a problem. And and yes you could lend directly to the child even if it's long term group and the nice part about this whole discussion I think. And again one of the things it that we put in our guys protecting assets. From the from the nursing home as as one of the benefits of doing a one of the reasons to do an estate plan. Shows the flexibility. Of an irrevocable trying look at all these things that they wanna do in my answer to every one of them was. Yes. You can do. In the it has to have that payback revenge needs to leave lending like illegal act and you can't just say. On any given tonight yeah you don't have to get me payments and it'll be forgiven upon death definitely put put the proper paperwork together. The paper the transaction OK okay perfect. Next question comes from Brian in Somerville mass and Brian writes can in nursing home refused to allow my feeling to transfer my father to another facility. If I have power returning. We were told because my sister placed in the air I could not have been transferred until she approved. And that's that's an interesting question it sounds like it's more of about nursing home by nursing home you know concern but it's it's played out. It would seem to me whoever the health care proxy issues sounds like it might be the sister she's in the pleased and there could be. It would probably be up to that health care. Agent. If that's been invoked assuming in this case that. That mom mom in this case father father. In in this case of father cannot. Make a decision on his own and the power of attorney has been invoked. Then I think it's up to the medical decision maker to decide. Where that person should get care. Sounds like in my peel faintly strike coming in this situation where meaty Brian's not getting with his sister making its decision item and I think. I think there should just be a family discussion here I mean. Is this nursing home treating them badly. Do you find that care as horrible as it dirty as it not you know take a look at or. No treatment finding its goods good cooking good meals. You know he seems to be happy very Saturday and the question I would come back to Brian on his prime why do you wanna move right you know is everything working out well is that a good location where and the members can visit them I mean. I would think that their needs to be some. You know underlying reason. Why you Brian wants to move this purse so what about Todd we've talked about how important the health care proxy in the patent attorney is in fact it's number six and seven in your top ten reasons and the guide. What if Brian didn't hang out. A puppy healthcare proxy. That dad never issued one knees in the nursing home can someone move him if there's no health care proxy in place at hall. Well I mean arguably you might need it guardianship. You know war yet guardianship over the person to be able to make decisions that person in that comes through the courts currently have to apply the courts after against someone appointed and you have to explain of the judge why this is in the best interest. And the judge has okay move on the mean it's it's a big process. That you have to go through so. So yes I think you can still do it but it's going to be harder so. When we talk about a reason to do it state plan in the guide this is it. In what about if it where someone's spouse in the nursing home is it a different situation in terms of the spouse making a decision if there's a proxy like what ultimately happens. Is if the spouse tries to do it on his own I do think you still need. The guardianship legally. Times in nursing home might say final will let you move on the organ and what you movement against medical advice. So they would is they would may be signed the release to discharge. The individual from the nursing home but they're gonna say we're doing it against medical advice. The trying cover. There what's behind yeah rates so. I think that really becomes the the issue in in lesson doctor orders that they go into nursing home. A spouse can't just check them into nursing home in Maryland car racked like if they were gone from home to a nursing home they need to pound that health care proxy I think they need the health care proxy for short of the wood up. Put somebody in nursing home otherwise here and in the guardianship court arena again so. Certainly in good reason Ted Ted doing a state plan even if we're not doing wills and trusts. I mean if we're not doing trust we can at least Google will the health care of the power returning you know those are important documents well you're living to help. Yet if he did nothing else those basic documents we've seen the nightmare cases I remember case where. You had a the only way to apply for guardianship and conserve it or ship for their mom and she ended up pass a new way. Before you again and appointed him. You know so they could nutrients for the home out and they were caretaker children's owed him nothing good comes from just airing at the scene and in having nothing. In place and remember I think also you'd when you're admitting some into the nursing home even with a health care proxy. Just got to make sure they're sick enough they qualify so that's that daily living needs got a hat right help with either cooking or bathing or boiling your transcript. That make sure they actually qualify. Listen folks if you heavy question you would like to ask Todd I am more than willing to give away it's free legal advice what else in the visit our web site illegally exchange showed dot com and click honey asked tied tab. May be will be able to read your question on the air and hopefully his insert will stop you from being his next real life story. While you're out there you can click on the guides and articles tab and you can download his free guide is bring you guide. That he is written for the month of February at the top ten reasons to create in this state clean and maybe you would have special needs children or green in children and you want to protect those assets. Without having them lose benefits that they may be receiving operating from the government. That information is in here along with so many other reasons to creating a state plan. You will call right now at your request your copy at 866. 8485699. That's 8668485699. To request your free copy. Of the top ten reasons. You're listening to Todd let's key partner with the law from Cushing in Dolan I'm Susan powers of financial advisor with the Armstrong advisory group. In will be back in just a few minutes. He or on the real life stories of the legally. Change why should you do estate planning have you ever heard a nice story about probate its long expensive and it delays when your family will receive their inheritance type folks this is very Armstrong each Saturday on the legal exchange Todd lets be a partner with the law firm Cushing and Dolan tells us the horror stories of what happens if families don't invest time in a state planning this include spouses impoverished by a long term nursing home stay unnecessary estate taxes paid and folks who have given their home to their child just to have it taken away in an unexpected divorce Todd has put together a brand new guide the top ten reasons to do estate planning get your copy now by calling 8668485699. Or you can download it right now on their website legal exchange showed dot com Cushing and dole can help you protect your assets 8668485699. That's 8668485699. Securities offered to securities America incorporated member can rest IDC in advisory services are for securities America advisors incorporated Barry Armstrong represented Armstrong advisory group cushioning Dolan and the securities America companies are unaffiliated. If you're looking for a great vacation spot to get away from the New England cold call the buccaneer beach and golf resort in saint Croix US Virgin Islands. Clearly owned and operated since 1947. The buccaneer rougher spectacular views of the Caribbean and is a fabulous destination for romantics families for executive corporate meetings enjoyed three gorgeous beaches finding casual dining scuba diving and snorkeling plus golf tennis and spa services. All right now and mentioned Berry's name Barry Armstrong and you'll learn a 250 dollar resort credit mainstays of five minutes or more. Call today 80255. Created one or email them and reservations at the Buccaneers dot com. Don't forget to use Berry's name and give you 250 dollar resort credit and a stay of five nights or more. The buccaneer and saint Croix. Gracious elegance legendary. Book your trip today and 80225. Created one that's 80225. Created one. Or email them and reservations at the Buccaneers dot com. You've got Susan powers of the Armstrong advisory group. And Todd lets you from the love to remove Cushing and Dolan on the relay stories of the legal exchange they can help you the way they've helped so many others call 8668485699. And then make an appointment. That's 866848569. Welcome back into the real life stories of her legal team. I'm season powers that things inside there with the served on advisory group. And injuring by Todd left ski apart with a lock from Christine and Alan with a masters in taxation. On today's show we have tides bring new guide Diddy is written for the month of February it's the top ten reasons to create your estate Korean. Could be here concerned with reducing or eliminating the state taxes you may be concerned with the nursing home expenses and on and pop rushing your spouse. Maybe bloodline cleaning protecting those assets from that gold Aegon dot Aaron money you know contrast. That might be your primary concern protecting against those treated divorces. There are many reasons and Todd has included ten the most common you can call to get your free copy of this brainy guy. 866848569. Earning. That's 8668. Or 85699. Are you prefer. Can always download a copy on our web site legally Eckstein showed dot com just click on the guy. And articles and so Susan let's talk about this this just real life story is one that it. It's really more about helping. You understand that the lawyer's job. Is to make sure that the individual has the right plan OK for them. For their family for their situation. And their family dynamics. You name it. Right for their own personal. Dynamics. Sometimes. Doesn't happen all that often but but you know I think that's important I want people to know that that's one of the things that we strive for right. This case has Bennett Klein and 94 well I'm six years. But haven't signed any document. Six years so you started the process five or six years ago yeah OK yeah we're not there yet we're not trying to OK so. And listening at the procrastinating. Issues now. I think again it's more of that that the type of work that date they did for a living in and there. It's sort of flows over into this. Tough to trust somebody who situation and I get it I mean it's you know it's not easy for everyone to do that but we worked about three million dollars or their ill. Early mid sixties southern tunnel and the time is it necessarily killing them here. And so. What about three million a million or so about in an IRA for him okay. And we met and conversations explains situation talked about it your vocal trust gas protecting us it's avoiding taxes probate all good stuff and some of the nursing you know all the stuff back and then. Six years ago. Send out documents. At all. Irrevocable trust it I mean line by line it is a big stack Yang and line by line they went through. Well pink mainly eat it. And just you know a lot of questions a lot of concerns I think some trust issues that understandable on everybody trusts him but he. And so that went on for about a year year and a half two years and we don't work in with a Portland and finally I think we met said. Just think that it. Panel to panel little respect I don't think that. But irrevocable trust is right for you or. Namely dynamics for your personality Finland and everything yeah yeah and he's a guy I agree I L I don't want to Europe and that's fine. Everybody doesn't need. Then explain to but what let's step back and re look at your objectives right in this is something that all of you can be doing it you can be listening to this. And thinking about yourself. And your fact pattern in your asset list. And I said so let's revisit now what the objectives are. When he worked three million so you still wanna reduce estate taxes yup we'd like to avoid probate Aaliyah. Oh we'd like to provide some kind of blood line controlled divorce proof arena for that kids. Okay and keep a 100% control over the assets Leo that. Absolutely that should relieve the burden. You can now do everything you could do before you had the trust just the same way. After you have a trust as long as it's revote couple. Right so it's revoke all your good to go I thought. And and needing to name the the recall exactly like having a contract Gary. I thought it done but then we set up to revoke or trust and the same amount of questioning and concerns and couldn't quite get them to. I guess except that there really I shall on the paragraph that says look. Tomorrow you've put this together you fund the whole trust to put everything in it and it turns out to you really hate it here's the paragraph that says you can re okay. Paired up take everything out put it back in your name and move forward. Summaries that wasn't wasn't helping him. But I'll tell you what can get them off the dime finally. Oh good well he probably had a good reason that you debut. Shed little light on media spotlight. In you know what folks you have your own reasons probably isn't the only behind every ST cleaning me be here concerned with your family dynamic. Maybe you're concerned about future divorces may be have a special needs child and green in child he won a provide for. Maybe you're just concerned because you want to protect your children from themselves. You can do all this and much more are. It's not always about the nursing home folks could be taxes probity you know I. What ever your reason is Todd is included top ten of them most common reasons. And I bet some of your reasons are in this guide it is not just a quick hit top ten list of this is a comprehensive. DT LD guy. Call for your free copy of this brain new guide right now. 8668485699. At 866. 8485699. If you prefer you can always download a copy on our web site legally exchange showed. Com just click on the guides an article. So where are what what happened but it due to get him to go forward. When we got back a hot hot poker and we don't do that don't or after the do things. And I finally said it another meeting and we. Had to get together again to discuss you know the re total trust and try to animal that that anxiety that her. I said to him you know what I think just trust in general rate for. And you may be the only in the first line I've ever had where. I'm saying I just don't think you should do try it just it's just not right for your. Personality your your dynamic he couldn't get he couldn't you are right. It took an idol I stop trying I don't wanna foreshadow what Romulus here and. Convinced you to do something and then you're not comfortable do that I'll feel like you're not comfortable doing what he said the most important thing to me is I just want to make sure when I die I think I'm gonna die first and. My wife just needs to be able to be completely Andes and have no headaches no worries and and that's really what I care most. Like that somehow meaning that he doesn't need to trust me convincing himself in when he got done saying that I said. Well if that's what you want and that is the single thing that you are absolutely insuring your not doing. By not signing this document. You are absolutely now basically condemning her. To a much more difficult process. Then would be the case if you sign these revote trust me he said well. But when you lengths behind the right because people don't realize an inning and he did care about taxes and probing and all those. Other points. Are still going to be made when he signs these documents but it really came down to being out his personality in about his stand in them and making sure that at least Pakistan. And by getting that done. Were also gonna take care of the kids the divorce proving all that's going to be Hilton. So it works out. And folks I just I think this is a prime example for you if you've been listening to see where you might come down on the revoke abort the Euro vulnerable side of me. Yes there irrevocable but when you get them listening. You're the boss you remove the trustee you invest the money how you want you pay your income taxes you buy and sell your property. If you really are in charge of the irrevocable trust. But if you can't get there and you're not comfortable that even though there's about a 5% loss of control. Then go to the revoke able to something. And then the revoke of all you can do everything you mean. Everything there's absolutely nothing different you do other than the fact that you will see your. Bank statements your brokerage statement shall real estate tax bills. Coming in the name of that trust. It maybe you'll need one maybe it would be like mind now let's keep family trust let's call. That's the only thing you'll see coming in now you're listed as trustee is your wife is listed as trustees. You don't even have to file a separate income tax return. And if you hate it you can. Throw away tomorrow. Very important you understand that distinction but pick one. You gotta do something pokes and in start educating yourself and Todd sky. That he is written for the month of February his brain to guide the top ten reasons to create in the statement. It runs the DNA of why you need to have a plan. It talks about reducing or eliminating your estate taxes it addresses those long term care expenses and how not to impoverish her spouse. It talks about bloodline innings so the you can determine. When your children receive their inheritance how they received their inheritance you can even divorced prove their inheritance. You can make sure they avoid probate you can make sure that if you have a special needs children are green and child and they can be taking care of if he's also included information. On the right way to own your rental property with the use of LLC's. Calling now for your free copy. 866848. 5699. At 866848. 5699. Or go to our web site legally change showed dot com you can download your copy you can listen to our podcast. You're listening to Todd black ski apart and with a lot from Cushing in Dolan thank you so much tied processors and thank you always a pleasure. I am Susan power as a financial advisor with the Armstrong advisory group. We've thank you for listening and we will be back again next week on the real life stories of the legally exchange. Securities offered to securities America member finreg SIPC advisory services are with the securities America advisors think securities Americans represented just 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 America companies are not affiliated. Each week on the legal exchange Todd let's keep my partner with the law from Cushing in Dolan educates you on what you need to know about estate planning and wells and now you've got a chance to attend a special seminar that Todd is holding on Thursday February 16 at 9 AM one win gave way but the win gave residences in Needham mass Todd is an expert in educating the public and estate gift and income tax planning matters if you need information on these topics this is a seminar but you'll want to attend. Recent reports show that six in ten Americans don't level will. Protecting your assets couldn't be more important so if you're one of those people this seminar can provide new valuable information that will help you with your claiming. Space is limited so don't wait to register. All right now and reserve your spot for Todd let's key seminar and a state claiming wells Thursday February 16 at one win gave way a 65 plus community for living independently in Needham mass. Number to call 781 or 55. At seven they won the 4558097. Made 104558090. Hi this is very Armstrong the advisors at my firm the Armstrong advisory group have over 110 years of combined experience in the financial services industry and whether you're working with another advisor or not want to give you some free advice finding the right advisor is not always so easy I've written a guide to help you through this difficult process it's the top ten questions you should ask your financial advisor is your advisor a fiduciary does he sell financial products what other fees will he charge you these are critical questions that you should have answers to before you make your decision call my office right now at 803934001. And request a copy of this guide the top ten questions you should ask you or financial advisor don't delay get your free guide today by calling 803934001. That's 803934001. Or download it on our website financial exchange showed dot com. Three suffered a securities America incorporated members in SIPC and by reserves is our securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and our two companies are unaffiliated.