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  • A Simple Estate Planning Mistake Could Cost Your Family Everything

    A Simple Estate Planning Mistake Could Cost Your Family Everything
    2026/11/13
    What happens when a stepchild claims an inheritance after a divorce, or a surviving spouse discovers their marriage may not have been legally valid? Todd Lutsky and Susan Powers examine two real-life court cases that reveal how unclear estate planning documents, second marriages, and dying without a will can lead to costly legal battles and unexpected inheritance outcomes. They explain why properly identifying beneficiaries and updating estate plans after major life changes are essential to protecting your family's financial future.

    The discussion also explores how joint revocable trusts can help married couples avoid probate, potentially reduce estate taxes, and maintain control of their assets. Todd answers listener questions about protecting inheritances for minor children, lending money to a child without creating family disputes, and forgiving loans through an estate plan. He also explains how joint trusts work, which assets belong in them, and how proper planning may provide significant tax advantages for surviving spouses and future generations.
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    54 分
  • Could Your Estate Plan Be Costing Your Family Thousands in Taxes?

    Could Your Estate Plan Be Costing Your Family Thousands in Taxes?
    2026/11/05
    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.
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    54 分
  • How to Protect Your Home and Family Business From Estate Planning Mistakes

    How to Protect Your Home and Family Business From Estate Planning Mistakes
    2026/10/30
    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.
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    54 分
  • Estate Planning Mistakes That Could Cost Your Family Thousands

    Estate Planning Mistakes That Could Cost Your Family Thousands
    2026/10/22
    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.
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    54 分
  • How Divorce Can Put Your Inheritance at Risk

    How Divorce Can Put Your Inheritance at Risk
    2026/10/16
    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.
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    54 分
  • Estate Planning Mistakes: Wills, IRAs, Creditors and Gifting Assets

    Estate Planning Mistakes: Wills, IRAs, Creditors and Gifting Assets
    2026/10/09
    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.
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    54 分
  • Should You Gift Assets Before You Die? The Tax Mistakes to Avoid

    Should You Gift Assets Before You Die? The Tax Mistakes to Avoid
    2026/10/02
    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.
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    54 分
  • Why Your Estate Plan Needs the Right Words

    Why Your Estate Plan Needs the Right Words
    2026/09/25
    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.
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    54 分