The Legal Exchange radio show is designed to provide you with information and a better understanding of the estate tax and elder law planning issues, as well as guide you through the complex rules of Medicaid planning and Medicaid eligibility. Todd will also address ways to avoid the probate process, and will discuss estate, gift and income tax concerns. In addition, Todd will bring on a guest attorney that specializes in other areas of the law in an effort to provide you with a wide range of legal information and do so in a way that is easy to understand.
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November 5, 202654 min
Could Your Estate Plan Be Costing Your Family Thousands in Taxes?
An estate plan is supposed to protect your family, but poorly written documents and costly mistakes can create serious financial and legal problems. From nursing home arbitration agreements to disputes over inheritance, understanding how your estate plan works can help prevent unexpected complications. Todd Lutsky and Susan Powers examine two court cases involving nursing home agreements and undue influence in estate planning. They also discuss how joint revocable trusts can simplify estate planning, help avoid probate, and potentially reduce estate and capital gains taxes. Plus, Todd answers listener questions about inherited property, life estates, and the tax consequences of transferring assets to children.
October 30, 202654 min
How to Protect Your Home and Family Business From Estate Planning Mistakes
Could a nursing home stay put your family home at risk? What happens when a family business is passed down without a clear succession plan? And could gifting assets to your children actually create more financial problems than it solves? In this episode of The Legal Exchange with Todd Lutsky, estate planning attorney Todd Lutsky and financial advisor Susan Powers examine real court cases involving Medicaid estate recovery and a family business inheritance dispute. They also answer listener questions about second marriages, protecting retirement income from nursing home costs, and the tax consequences of gifting assets later in life.
October 22, 202654 min
Estate Planning Mistakes That Could Cost Your Family Thousands
Estate planning isn't just about who inherits your money. The way you structure a trust, name beneficiaries, and transfer assets can determine how much your family ultimately keeps. In this episode of The Legal Exchange, Todd Lutsky and Susan Powers discuss the costly consequences of delaying estate planning, how trusts can protect inheritances from divorce and creditors, and why beneficiary designations can override a will. They also explain annual gifting rules, the tax consequences of giving away appreciated assets, and how irrevocable trusts can provide more flexibility than many people realize.
October 16, 202654 min
How Divorce Can Put Your Inheritance at Risk
In this episode of The Legal Exchange, Todd Lutsky of Cushing & Dolan and Susan Powers of Armstrong Advisory Group discuss how to protect inheritances from divorce and creditors, why second marriages require careful estate planning, and what happens when someone remarries without a legally finalized divorce. They also answer listener questions about protecting assets for siblings, using trust funds to improve property, and the risks of adding children as joint owners of bank and investment accounts.
October 9, 202654 min
Estate Planning Mistakes: Wills, IRAs, Creditors and Gifting Assets
In this episode of The Legal Exchange with Todd Lutsky, Todd Lutsky and Susan Powers examine two court cases involving disputed inheritances and creditor claims against an IRA. They also answer listener questions about gifting assets to reduce Massachusetts estate taxes and discuss how trusts can help protect wealth for future generations.
October 2, 202654 min
Should You Gift Assets Before You Die? The Tax Mistakes to Avoid
Giving assets to your children may sound like a simple way to reduce your estate, but the wrong gift can leave your family with a much larger tax bill. The type of asset you give, its cost basis, and when you transfer it can completely change the outcome. Todd Lutsky and Susan Powers examine the estate planning and tax consequences of gifting assets during your lifetime. They discuss real court cases involving inheritance and real estate, answer listener questions about Massachusetts estate taxes, and explain why gifting cash can produce a very different result from giving away appreciated property. They cover: • Why gifting assets before death can mean losing the step up in cost basis • How a poorly drafted estate plan can create unintended inheritances when beneficiaries die first • Why trusts can provide greater control and protection when leaving assets to parents, children, or grandchildren • What happens when real estate is sold below market value and becomes part sale and part gift • Why gifting cash may make sense in situations where gifting appreciated investments does not • How vacation homes and rental properties can create significant capital gains and depreciation recapture issues • When paying Massachusetts estate tax could actually cost less than giving appreciated property away during your lifetime • How spousal lifetime access trusts can help certain higher net worth families move assets outside an estate while retaining indirect access through a spouse The key takeaway: Just because you can give assets away does not mean you should. Effective gifting requires comparing estate taxes with potential capital gains taxes, considering the cost basis of each asset, and determining whether an outright gift or a properly structured trust better accomplishes your goals. The right strategy can vary dramatically depending on whether you are transferring cash, investments, real estate, or other appreciated property.
September 25, 202654 min
Why Your Estate Plan Needs the Right Words
Estate planning mistakes often come down to ownership, beneficiary language, and whether the documents clearly define who should — and should not — inherit. In this episode of The Legal Exchange, Todd Lutsky and Susan Powers discuss two real-life cases involving jointly held accounts and a child born outside of marriage, showing how unclear planning can create disputes over who receives assets. They also explain why convenience language matters for jointly held property, how a lack of planning can complicate wrongful death and estate claims, why nominee realty trusts can accidentally give away control of a home, and how testamentary trusts may help married couples address IRA planning, estate taxes, and nursing home protection.
September 18, 202654 min
Why Giving Assets to Your Kids Can Backfire
Giving property or money to children may seem simple, but it can create major problems when marriages, taxes, creditors, or family disagreements get involved. In this episode of The Legal Exchange, Todd Lutsky and Susan Powers discuss two real-life cases that show why giving assets away during life can go wrong, especially in second marriages, divorce situations, and life estate planning. They also explain how trust planning can help protect children from disinheritance, why a life estate can leave parents without control over their home, how adopted children and stepchildren are treated differently without proper planning, and why naming your estate as the beneficiary of an IRA may help address income taxes, estate taxes, and nursing home protection.
September 11, 202654 min
Second Marriages, Trusts and IRAs: Estate Planning Mistakes to Avoid
Second marriages can make estate planning significantly more complicated. Without the right plan, state law may determine who inherits your assets, potentially creating outcomes you never intended for your spouse or children. Susan Powers and estate planning attorney Todd Lutsky examine how second marriages, trusts, divorce, and retirement accounts can affect an estate plan. They also explain why choosing between a revocable and irrevocable trust depends on your goals and how certain IRA beneficiary strategies may provide additional tax and asset protection opportunities. They cover: What can happen when someone in a second marriage dies without a will How intestate succession can divide assets between a surviving spouse and children How trusts can provide for a spouse while preserving assets for children from a previous marriage Why trusts can offer greater control than simply naming beneficiaries on individual accounts How divorce can affect an existing estate plan When a revocable or irrevocable trust may make sense based on estate planning and nursing home protection goals Why IRAs present unique income tax and estate tax planning challenges How a testamentary trust can be incorporated into an IRA beneficiary strategy while providing additional protection for a surviving spouse The key takeaway: Estate planning becomes especially important when second marriages, children from previous relationships, retirement accounts, and long term care concerns are involved. A properly structured plan can provide greater control over who ultimately receives your assets while addressing probate, taxes, family protection, and nursing home risks.
September 3, 202654 min
How Trusts Can Protect Your Assets From Probate and Creditors
A handwritten note, a family business, a trust, and a disputed estate all demonstrate how quickly estate planning can become complicated when the right protections are not in place. Todd Lutsky and Susan Powers examine two court cases that highlight the importance of proper estate planning, trust funding, beneficiary designations, and business succession planning. They also explain a strategy involving IRAs and testamentary trusts that may help certain families address nursing home exposure, estate taxes, and asset protection. They cover: What happens when a handwritten note appears to contradict an existing will How undue influence can create problems when family relationships and inheritances collide Why business owners should consider succession planning before a family dispute occurs The difference between probate assets and assets that pass through a trust How trusts and beneficiary designations can affect creditor protection Why properly funding a trust is just as important as creating one How inherited IRAs can create tax and estate planning complications When naming an estate as an IRA beneficiary may be considered alongside a testamentary trust How a trustee can handle the sale of a home after the trust creator dies The key takeaway: estate planning is about more than deciding who inherits your property. How assets are titled, where they pass at death, how beneficiary forms are completed, and whether trusts are properly funded can affect probate, taxes, creditor exposure, and ultimately how much control and protection your family has after you are gone.
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