0:12

He served at the Pentagon as an army jag. He graduated from Notre Dame

0:17

and has two law degrees from Boston University and Georgetown University. He's been practicing

0:23

law for over thirty years. He's your family's personal attorney. It's time for

0:29

the David Carrier Show. Welcome back to the David Carrier Show. I'm David

0:49

Carrier to your family's personal attorney. Now is the time to give us a

0:53

call six one, six seven, seven four, twenty four twenty four.

0:58

That sixty one six seven or twenty four twenty four and we'll get your question,

1:03

comment or concerned on the air. Now. The question that we're talking

1:07

about here is what if we've got a situation. It's one of our emails.

1:12

Now just kind of go back to the email. Mom's on medicaid.

1:17

Is there a way to keep her house, transfer it to someone in the

1:21

family using the power of attorney before she passes. Know that Medicaid needs to

1:26

be paid back if we have cash, Well, the only way you're gonna get cash is from selling the house. Right and because in most states the

1:34

state will put a Medicaid lean on the property, you don't have any alternative.

1:40

You know, or they'll seize the house one or the other. But

1:44

what if But in Michigan, of course, it doesn't work that way unless

1:49

we're going through probate. Now, what if there's a way to avoid probate?

1:53

And there is usually Okay, if you plan ahead, you can avoid

1:57

probate. But if you don't avoid probate, now you're giving the house if

2:02

mom was on medicaid? What these people says? I have a power of

2:07

attorney, so I can legally sign it. Can I give it to my

2:10

brother? So he wants to assume the loan? Well, it doesn't work

2:15

that way. Okay, the bank is not going to let you just is

2:20

not going to let you just assume the loan. All right, But right

2:23

now we've got to deal with Linda, who gave us a shout. Hello

2:25

Linda, welcome to the David Carrier Show. Hi, good morning. How

2:30

are you? They're just perking and working and having them all. I'll tell

2:34

you happy here. Yeah, me too. I have a question. It's

2:38

a complicated question, and I don't know if obviously a radio show is going

2:42

to answer this. But to make a long story short, my fiance is

2:46

totally blind. I'm also totally blind. And what happened was his father retired

2:54

before nineteen eighty two. And there's some law, and it's the last sentence

3:00

in the last paragraph of the law that says, if your father retired before

3:05

nineteen eighty two, even though you have Social Security Disability not SSI but ASSDI,

3:12

you have to be on a Medicaid spend down. But we've talked to

3:15

a few attorneys and one of his former DHS caseworkers that said when he turned

3:21

sixty two he should be eligible to get off of that spend down, and

3:25

one of the caseworkers signed something that was supposed to get him off. We

3:30

find out now that the home healthcare agency while he was in the hospital on

3:36

Friday, I find this out. Fortunately he's home now hopefully listening to this.

3:40

But when I got home from the hospital on Friday, I got a

3:46

call from the owner of the home healthcare agency that we're using. The DHS

3:50

has not paid the agency for services rendered for two and a half months because

3:54

he's on a spend down and he hasn't met a spend down. Nobody notified

4:00

that he was on a spend down still yet some months he was getting two

4:02

hundred and twenty in food stamps. Other months he was getting twenty. Other

4:06

months he was getting nothing. But nobody's said a word about why. We

4:11

want to know, what, if anything, we can do to get him

4:14

off of a spend down and get him on straight Medicaid along with the Medicare

4:18

Human advantage plan that he's on. Yeah, yeah, wouldn't he? I

4:24

think what I'm what I'm hearing you say, is that the reason. See,

4:28

if you're on disability, you're off of Medicaid and you're on Medicare after

4:32

two years, and so it sounds like it sounds like you got caught or

4:36

he got caught in the switches where he doesn't get on the Medicare. He's

4:42

got to stay on Medicaid. Is that right? He's on Medicare. No,

4:46

he's on a Medicare advantage plan, but supposed to be a dual Medicare

4:51

Medicaid advantage plan in his case. But apparently, you know, sometimes they've

4:58

they've given him full Medicare and sometimes they're not. And he was. We

5:01

were told by a few attorneys that we spoke with that once he turned sixty

5:06

two, which was in twenty twenty two, he would no longer have to

5:11

be on a spendown. He would have straight Medicaid and the Medicare advantage plan

5:15

that whatever one he chose. Well, as it's turning out now, it

5:19

looks like they know nobody notified him that he's still on a spend down in

5:24

the home healthcare agency, which is already ticked off because they're having to do

5:29

above and beyond what they would normally want to do to serve us. That's

5:34

another whole can of worms. But yeah, yeah, but not being not

5:42

getting payment for the services rendered that the agency contracted to do is not a

5:48

good thing, and so it puts a sour taste in everybody's mouth. And

5:53

the poor man's you know, almost died and had to go on an ambulance

5:58

into the hospital hell on Thursday night, and he's got all kinds of stuff

6:03

he's got to do to straighten everything out. He's on the men's but it's

6:06

going to take a couple of weeks for recovery. And I'm trying to figure

6:11

out where to go so we can get this figured out one way or other.

6:15

So why is he on why is he not eligible for the medicaid Medicaid?

6:20

I mean, why are they just going currently. What they say is

6:25

that there's a law that Congress passed somewhere along the line that said when his

6:32

father retired in nineteen eighty one and he applied for Social Security Disability number one,

6:43

his sister and brother in law raised him because their mother passed away when

6:47

he was ten years old, and I guess they applied and got Social Security

6:53

for him. He didn't know about it till years later when he went to

6:57

apply for it for it and they're like, oh, you're already on it.

7:00

But because they applied for it earlier and there was no coding that listed

7:05

that he was totally blind, they can't put the coding in there now.

7:10

But there's this one small paragraph of the last sentence in the paragraph staying that

7:16

once you are on Social Security disability, if you get it, if your

7:23

father or whoever you're claiming it under, your father or your mother retires prior

7:28

to nineteen eighty two, you have to be on a Medicaid spend down.

7:32

But we were told, well, that's my question, how is he violating

7:36

his Medicaid because he hasn't met a spend down and he didn't know that he

7:44

was even still on a spend down. Now he was told he was going

7:47

to be taken off the spend down. Oh, so you were getting So

7:51

he was given advice that would have been okay except that his dad retired before

7:57

the deadline. And because he retired, because the father retired before the deadline,

8:03

the old rule, whatever that rule is about the spend down applies,

8:07

and so he didn't comply with it because he didn't think he had to anymore.

8:11

Is that right? Right? Because he was told that once he turned

8:15

sixty two that was an all and void, and he was never notified when

8:20

he turned sixty two that he was still going to be on a spend down.

8:22

One time he was notified that he was. Then they notified him about

8:26

four months later, said we made a mistake. You're on regular medicaid.

8:31

I guess that's the way to put it, no spend down. And so

8:35

for a while he was getting two hundred and twenty dollars in food stamps.

8:37

Then then it was reduced to like ninety, then it was reduced to twenty

8:41

dollars. And now the last two three months he's been off. No knowledge

8:46

that he's been on a spend down, but the Home health Care Agency hasn't

8:50

received DHS payments for two and a half months for services rendered. Okay,

8:56

we know what. We're right. What you said in the very beginning about

9:01

how it's going to be tough to handle this on the show, you're correct

9:05

at least the first part. First part was right. I mean, there

9:09

are so many different medicaid programs we're dealing with, Like I think we counted

9:13

as over forty four zero programs, you know, with different requirements and different

9:18

benefits and all the rest. So well, you know, being over being

9:24

over fifty five, Well, what's his income? Social Security Disability only?

9:33

I think it's like, I'm just guessing around fifteen hundred. I don't know

9:37

the exact amount. Maybe sixteen hundred a month. That's it. That's all

9:43

he gets. What are the programs have you looked into? I mean,

9:46

have you looked into PACE? No, he was told that he didn't qualify

9:50

for that, so I don't know. Well, I mean there's an age

9:56

where you have got to be over I believe it's fifty five. You have to be older than that for the PACE. He's definitely definitely well within that

10:05

realm. Yeah, what a pay stand for program of all inclusive care for

10:13

the elderly, and it replaces everything, and it replaces everything. Show it's

10:22

alive. Could we contact your portage office? Yeah, just give us.

10:28

I'll tell you what. Give us a call tomorrow morning, right six one

10:33

six six one six one six three six one eighty four hundred. Yeah,

10:39

I believe written down. I will call you tomorrow. Yeah. Do that.

10:45

Do that well, at least we'll get to the bottom of it. Okay, okay, thank you so much, Thank you Linda, Thanks for

10:52

colling. Thank you're listening to the David Carrier Show. I'm David Carrier,

10:58

your families personal good old me any more, not turn twenty one in prison,

11:07

in life without blow. This hour of the David Carrier Show is pro

11:18

bono, so call in now at seven four. This is the David Carrier

11:24

Show. Welcome back to the David Carrier Show. I'm David Carrier, your

11:28

family's personal attorney. We're talking talking about what happens. We've got the house.

11:37

You know, parent is in the nursing home. Got the house.

11:41

One of the kids wants to buy the house. We don't want to sell

11:45

it right now because if we did, we just turned the proceeds over to

11:48

the over to the nursing home. Right, and so the question is can

11:52

we sell the house to one of the kids? Well, good question,

11:56

right, If you have your own question, give us a call six one,

12:01

six, seven, seven four, twenty four, twenty four. Even

12:05

better, you can come to one of our free three Secrets workshops. These

12:09

are the workshops we do every single week, the good Lord break, whether

12:13

it's in Holland, Portage Kalamazoo, which is I guess it's sort of portage

12:20

up in the up in Norton chores, or of course in the Grand Rapids

12:24

we're doing. You know the idea. Somebody said, hey, you do

12:30

too many workshops. You should do fewer workshops. And my thought is that

12:33

when you have a need, it's kind of tough to wait till the circus

12:37

comes to town, you know what I mean. So we do these workshops

12:41

pretty regularly in order to serve the need when you have it. Okay,

12:48

So when you're wondering about this stuff, it's always a great time. You

12:52

can call us at the office. Just go to the website David Carrier Law

12:56

dot com and sign up for a workshop. Were a phone appointment coming into

13:01

the office, Yeah, that's fine too. So here's the deal. Mom's

13:07

got a house, mom's in the nursing home, there's a mortgage on the

13:11

house, and one of the kids wants to buy the house. And then

13:15

the question is should we do that now while mom is still alive? And

13:18

the absolutely is absolutely not, No way, no how. There's all kinds

13:22

of reasons that's a bad idea. One of the reasons is that you would

13:28

now have to pay the mortgage off. So whatever the mortgages, you've got

13:33

to pay it. You can't just assume mortgages. I mean, sure,

13:37

we used to do that back in the eighties, but that was a long

13:39

time ago, you know. Okay, we did it routinely. Assumable mortgages,

13:46

faha, were all assumable. Va were assumable, easy to do.

13:52

Long gone, not happening anymore. Okay, well, you know that's why

13:58

we didn't have quite so many people in the country. Also, that was

14:01

another thing. But anyway, the assumable mortgage is a thing of the past.

14:07

It's oh, guys, there's so many things that are things of the

14:13

past, but that's one of them. Good things that don't work anymore.

14:16

It don't happen anymore. And that's as I say, that's one of them,

14:20

all right, So you can't assume the mortgage. But after mom dies,

14:24

they can't call the mortgage either, okay. In other words, the

14:28

mortgage does not do when mom passes and someone else gets the house, so

14:35

long as the mortgage payments continue continue to be made, all right. So

14:39

the death of the barrower is not will not trigger the due on sale,

14:46

the du on sale clause, and the mortgage. So you don't want to

14:48

do it now if you want to keep that mortgage. Here's the other thing.

14:52

If you did it the way you're talking about, then mom's got a

14:56

pile of cash. Well, if you're you're on Medicaid and you have a

15:01

pile of cash, they want your pile of cash. There's no more cash.

15:05

And in most states they will already have their hooks into the house,

15:11

you know, by doing a medicaid mortgage, basically a lean against the house.

15:18

But in Michigan and several other states, just a few, the good

15:22

news is that they only come after the house if you go through probate.

15:28

So let's avoid probate. But it doesn't make any sense to avoid probate.

15:33

I don't think if you lose the house to foreclosure if you lose the house

15:39

to taxes, and you don't want to do that either. Plus you don't

15:43

want to be spending right the money for the mortgage just hoping that eventually you'll

15:50

get it get the house. So here's what we do. We put another

15:54

mortgage on the house in favor of the person of the kid, usually one

16:00

of the kids, right in favor of the kid who's willing to step up

16:04

and say, I'll make the mortgage payments, because if I don't make the

16:07

mortgage payments, then we lose the house. You don't want that, then

16:12

I assume you don't want that, okay, So one of the kids says,

16:18

I'll make the mortgage payments. That's great, and I want to get

16:22

paid. Oh by the way, I'll also make the insurance payments. Oh

16:26

by the way, I also maintain the property. Oh by the way,

16:29

I'll also pay for the insurance on the property. All right. By the

16:34

way, I also pay for the utilities that go to the property. So

16:37

all these things are being paid for by somebody. And if we've got one

16:42

of the kids can step up, then we'll give the kid basically a mortgage

16:47

on the property. So that the kid gets their money back. Nothing else

16:52

happens. At least the kid gets their money back plus interest, very important.

16:57

Plus. If we wait till mom passes right, then we don't have

17:03

to pay the mortgage. I mean we do have to pay the mortgage.

17:07

What I mean like that, there's no free lunch. You got to pay

17:11

the mortgage, make the mortgage payments. But at least you don't have to

17:14

pay the mortgage in full right now today, that's the point, Okay,

17:18

So if we wait till mom passes right, you can be sure you're going

17:25

to get your money back. By put the mortgage on the house. We're

17:27

not going to lose the house, which we would lose it if we sold

17:32

it for fair market value. So you don't you don't do that because always

17:37

you lose the house, lose all the value that's built up in the house.

17:41

But we have to come up with the way so that someone will pay

17:45

the taxes until he's upkeep. We have to come up with the way so

17:49

that we can get the mortgage without having to pay it off because we don't

17:53

want brother to have to pay off the entire value of the of the property.

18:00

So the way we do that is we give brother who wants to buy

18:04

it. Presumably, now we have to find out if this is true.

18:08

But we presume that he's willing to pay the ongoing meet and then send up

18:12

keep that kind of thing, all right. If he is willing to pay

18:15

that, great, let's have him pay it. But let's put a mortgage

18:19

on the property for brother. You say there's no bank involved here. Brother

18:26

is the bank. Brother bank is the one. The kid is the one

18:30

who's going to be putting the money up. But that kid, in order

18:33

to be protected against the state blombing onto it, against foreclosure on the underlying

18:40

mortgage all the rest of the stuff, he needs to put his own mortgage

18:42

on top of it so he gets noticed and so that nothing goes sideways.

18:48

Also, one more thing. Not only does Brother get to keep the mortgage

18:56

intact all right, he doesn't have to pay it off. Not only that,

19:00

but he also gets a stepped up. He's also treated as if he

19:04

paid fair market value. So this works out for tax purposes. Because Brother

19:11

is a relative of the first degree, there's no uncapping of the property.

19:17

He gets to keep the mortgage in place, right, and we're not giving

19:21

all that value all that money to the long term care facility. We're not

19:26

depriving Mom of the assets of the excuse me, of the benefits, right,

19:32

We're not going to deprive Mom of the benefits she earned. She paid

19:36

in for all those years through her taxes. So Mom gets her benefits,

19:41

brother gets the house, the bills get paid, the thing doesn't become an

19:45

isore in the community. We don't call the loan right away. There are

19:49

so many good things that come together if this is done correctly. But if

19:56

it's done the way you propose, which is frankly pretty typical, that's what

20:00

people will do, all right, then you lose everything. And I'd rather

20:07

I'd rather get the good stuff then lose it all. I don't know how

20:12

you feel about Maybe you feel a little bit differently about that. But you

20:18

know, obviously mom and dad or mom and then his Mother's Day. You

20:22

know, she paid for the house, she kept it up, She did

20:25

borrow some money against it, but for years she'd been making those mortgage payments

20:29

against the house. Why would you want to lose it? Now? Are

20:33

you the kind of people who would let your mom throw her money away and

20:36

lose everything? I don't think so. You've been listening to the David Carrier

20:41

Show. I'm David Carrier, your Families Personal I showed a young brother in

20:48

love, I moved off and started really everything they'll drop the David's got the

21:00

how to you're looking for. Just call seven seven four. This is the

21:07

David Carrier Show. Welcome back to the David Carrier Show. On David Carrier

21:12

your family's personal attorney. You found a place where we talk about a state

21:18

planning, elder law, real estate and business law. So I will state

21:22

planning. That's all that wills, trusts and probate stuff. Where does my

21:26

stuff go when I die? Right? That's important? You'd like to know

21:30

that, wouldn't you? Would you like to know where your stuff goes when

21:33

you're when you're no longer among the among the suffering, you know when you've

21:40

passed on, well, who knows depends on how you spent your time on

21:42

this side right whether you're still with the suffering, But anyway, when you

21:45

passed on to your to your reward, be nice to know where your stuff

21:49

goes right on the way out. I imagine when your show up there,

21:53

it's not going to matter one way the other, but it would be nice

21:57

for now. The second part of that, and I think the most important

22:02

part, as you know, is how do I make sure that your stuff?

22:06

How do you make sure that your stuff lasts as long as you do?

22:10

How do we not just give it away? A lot of people do

22:15

just give it away. A lot of people don't make sure that they're still

22:18

you know, fifty to seventy five trillion dollars. If that's a lot of

22:23

money, I understand even with inflation, A trillion dollars still is something.

22:30

Anyway, The idea is that there's all this money that's going to go to

22:37

the next generation, that baby boomers are going to leave all the stuff to

22:41

the millennials and the gen xers or whoever they are. But that ain't going

22:45

to happen. I mean's pretty clear now that that money is going to healthcare,

22:49

that's going to long term care. So what does that mean? What

22:55

I think it means is that any advantage that you can give to your kids

23:00

is going to translate into a much bigger advantage for your kids. Because most

23:07

kids, most children, most you know, millennials and baby boomers or you're

23:14

the baby boomers, but most I should say, we're the baby boomers.

23:18

But most of those kids aren't getting anything. You know, they may be

23:22

counting on it, but that doesn't mean they'll get it, and they probably

23:26

won't get it. The reason they won't get it is long term care healthcare.

23:30

Right, that's where the money's going unless you do something about it.

23:37

Okay. Now, it doesn't take a lot of money to have a profound

23:41

impact on family members. It doesn't. It doesn't take a lot of money.

23:45

And according to the Federal Reserve, about half of the money, about

23:49

half of the savings that people have comes not from money that they save from

23:53

their paycheck, but from gifts or inheritances. Now, Bill Gates his kids,

24:00

I'm sure got plenty from in it or will from gifts and inheritances.

24:06

What about your kids, you say, Oh, well, I don't have

24:08

one hundred million, billion jillion. However many I don't have that much.

24:12

Yeah, okay, great, so you can't give that much. How much

24:17

can you give? Right? Give them to it? Give to her doesn't

24:22

hurt at all. I don't want you to. I don't want you to sacrifice for yourself or I don't want to sacrifice your own life choices. What

24:29

I want you to do, though, is be smart about what you have

24:32

already done. Be smart about it. That's all this is a that's what

24:37

this is all about. Okay. It's not about mystical magical stuff. It's

24:42

not about oh, you know, I didn't know that this would happen or

24:48

whatever else. I mean, everybody knows that this is going on. Okay.

24:52

Everybody knows that you're going to need long term care. Federal government knows

25:02

that. And you say, oh, I might not need so much. Oh, it's only seventy eighty percent of folks who need it. Maybe,

25:07

yeah, sure, the whistling past that graveyard when don't you don't do it?

25:14

Okay, there are things that can be done, right, there are

25:17

things that should be done, and if you do them, the primary beneficiary

25:22

is going to be you. Because if when you do need long term care,

25:26

which is I say seventy eight percent chance depending on your age, and

25:29

just keeps going up, right, you're gonna get everything that you need based

25:34

on the work that you've done. You're not going to give away your money.

25:38

You're not going to do that because you're not that kind of person.

25:41

There are people, you know, there are people don't plan ahead because I

25:47

don't know what do they do anyway? Right, that's the issue. So

25:52

that's why we do the Three Secrets Workshop. That's why you should go to

25:55

the Three Secrets Workshop. Find out just how bad it really is, because

26:00

it's worse than it is. And that's that's a major reaction we get at

26:03

the Three Secrets is how could it be so bad? Well, because it

26:08

is. Let's get to another email. Someone asked, my father died without

26:14

a will, and my half sister is claiming she was adopted. How can

26:18

I check it? Let's say, only in difference, how can I find

26:22

out my father adopted half sister. Never heard anyone say anything about this until

26:26

I sold his land. Both parents are deceased. Well, here's the thing,

26:33

and it's so when they say half sister, right, I assume,

26:41

I assume. But let's let's just break it down every which way. So

26:45

if someone's your half sister, or you're saying half sister like number one,

26:49

nobody recognizes that anyway. So if they say, what your meaning is that

26:56

you have the same mom but not the same dad, Okay, that that

27:00

would be a way for it to happen. Okay, that same mom,

27:07

different dad, and now dad dies. Mom has already died. I'm guessing

27:11

they weren't married. Mam has died, and now dad dies. Okay,

27:15

well, she may be your half sister, but she's not dad's daughter.

27:21

Okay, and this whole half thing doesn't count when you're divvying stuff up right

27:27

now, it could be, it could be right, and in fact,

27:33

things favor inheritance. Right, So let's say that this half sister, and

27:41

let's say it was You know you are sisters. I mean you're treated as

27:45

sisters for all intents and purposes, right, So for all legal purposes,

27:48

you're treated as sisters. But your sister, who was you or mom's daughter

28:02

but not your father's daughter, could inherit from your mom but not from your

28:07

father. Okay, right, somebody doesn't get to inherit from your parent just

28:11

because they happen to be your sister, does That makes sense? That's how

28:17

that works. But here's an interesting thing. So let's say let's say that

28:22

mom your mother, whom you share with your sister, but you don't share

28:27

fathers. Let's say that your father adopted your sister. That could happen.

28:37

Now you're saying it didn't happen. Here, which, okay, fine,

28:40

then she doesn't get she doesn't take from him. But let's say he did,

28:44

so that she does take from him. What about her actual father?

28:48

What about the biological father? What then? Well, under Michigan law,

28:53

you can go and have termination of perennial rights for adoption and all the rest

28:59

of this, so that now your sister, and she is your sister,

29:06

but your sister would be treated as your father's daughter. What about the actual

29:11

biological father, right, what about the actual biological father? Well, different,

29:19

because she can still inherit. Your sister would still inherit from the biological

29:27

from her biological father. You say, well, wait a second, how

29:30

does she get to do that? How could she inherit from two fathers at

29:33

the same Yeah, well that's the way it works, all right. He

29:37

would have to specifically disinherit her all right, in order to break that chain.

29:45

Okay, so will your sister, who is not the daughter of your

29:52

father, inherit from your father? No, is she treated as your you

29:56

know, and generally speaking, unless see, unless there's been a finding a

30:02

paternity in somebody else, she is going to be treated as the child right

30:07

of the husband. Even if she's not the child of the husband. Okay,

30:14

if you want to find out if someone's adopted, you just go to

30:17

the county where they live and you can look up the records. You know,

30:21

those are those are still those are still available. But but that's how

30:26

it's kind of confusing, but it works out if you follow followed down far

30:32

enough. You've been listening to the David Carrier Show on David Carrier your family's

30:37

personal maternity, David's and working and taking your calls. Now this is the

30:56

David Carrier Show. Welcome back to the David Carrier Show of the special Mother's

31:03

Day notion of the of the David Carrier Show. And so what could you

31:10

do for your mom? What would be a great thing for you to do your Oh yeah, take her to a three secret workshop. Yeah, that's

31:15

what she's been wanting to do. Well, why not? I am executor.

31:22

Here's another email. I am executor to my sister's estate. One of

31:25

the heirs her son is not to receive his inheritance in a lump sum,

31:30

okay, but to receive monthly payments till the money runs out. What type

31:33

of bank account should I set up for this? Okay? So here's the

31:37

idea Mom in this case does not trust Sonny boy with the money all at

31:41

once. She doesn't trust him, or she doesn't want him to get it

31:45

all at once, or you know, you can make up whatever story you

31:48

want about about why why she's doing this? All right? Why is mom

31:55

requiring that Sunny Boy get the money and stream of payments? Like who knows?

32:00

And is she giving any discretion? But this is typical, right,

32:05

People don't frequently frequently people do not like think through this thing. And by

32:10

people I mean lawyers. I know it's a stretch sometimes, but anyway,

32:15

the point is you say, oh, if I stretch the payments out for

32:17

ten years, that'll be a good thing. Well, it might be a

32:21

good thing. It might also be a terrible thing. It might also be

32:25

the invitation to a creditor to attach the account, to show up every third

32:31

Thursday or whenever and take the money away. It might also be away for

32:37

the kid, you know, if in bankruptcy or something like that. It

32:40

might It might not be what you think. Okay, but let's just say

32:45

you're confronted with this situation where you're required to do it. You're required to

32:51

pay the kid a certain amount of money. Let's say it's five hundred bucks

32:54

every once in a while. Okay, fine, So how do you meet

33:00

that obligation? There's no discretion involved. That there should be, but there

33:05

isn't. Let's just say that's how and they were written like that all the

33:07

time, So let's let's go with that one. It's a fairly realistic thing.

33:12

Pay Sonny boy five hundred dollars a month until there's no more money.

33:16

Well, listen, you got a life to live. You don't want to

33:20

be listening to a Sonny boy banging on you. Where's my five hundred bucks?

33:22

Or Sandy didn't get it? Or now he gets hit with some sons

33:27

to worry. You don't want that. So here's what you do. You

33:30

go to your local insurance company, right, your financial advisor, whoever,

33:36

it doesn't matter, if you don't have one, it doesn't matter. You go to I don't care, New York Life Mass Mutual, Tom Dick and

33:44

Harry's insurance shop, you know whoever, go and buy an annuity, because

33:50

you can buy an annuity for whatever amount of money it is, right,

33:53

and you say, okay, how long will this spit out? Five hundred

33:57

dollars a week, a month, a year, or whatever over the kid's

34:01

life expectancy, and you just buy the annuity and there it is okay.

34:07

Now that kid will get a check and you can set it up so they can't so offly stream you know, the JG. Wentworth problem. But that's

34:15

what you want to do. You want to I would suggest if you're required

34:21

to give a stream of payments, right, no discretion. The kids in

34:27

a tough spot. You can't give them more, you can't give them less,

34:30

whatever. You just give the kid the money in installments, which for

34:35

some reason people think is a good idea, and it's probably better than give

34:37

them a lump sum, but it's not as good as a real solution anyway.

34:43

The answer, if you're stuck in that situation, the answer is by

34:45

an annuity, a single premium immediate annuity that incorporates what your sister wanted.

34:53

You know, whether it's however long it is, whatever the period is,

34:59

whatever the number of whatever the number of payments are. You just do it

35:04

that way and get yourself out of the middle. I would not recommend that

35:07

you be in the middle. Now, Is that the good way to do

35:09

it? The answer is no, you should give the kid a trust and

35:14

propose that a certain payment be made, but leave it. Leave it up

35:20

to your discretion. But if you have no discretion, that's more work for

35:23

you. If you've got discretion, But if you're not given any description discretion

35:29

just by the annuity, they'll waste it. But at least you'll be out

35:32

of the way. That's what I'm suggesting. Let's see, property has not

35:39

yet gone to probate, but I want to rent the property out now to

35:43

get back some of the money I put in the home. Well, number one, you may not get any money back that you put in the home

35:49

unless you have a written contract, which you probably don't, but maybe the

35:52

siblings will go along with that. But you can't legally rent it out.

35:57

You've got to get letters of authority. You have to have, Like I

36:00

said, you have to have the authority to rent out the house before you

36:04

can rent it out. Now, the personal representative, the trustee, the

36:08

person who's administering the estate, they can rent it out. And if you're

36:14

the only heir, then you just tell them, hey, look, I want you to rent this thing out, and you can give them a You

36:19

can give that person and effective release or release that's uh, that's really gonna

36:24

work. Let's see, dad wants to give property to brother and put it

36:30

in his name. How can we go about getting this done? Well,

36:34

it depends on how old that is. Right, it's probably a really bad

36:37

idea. You can do it, you know, go to a lawyer and

36:39

go to a title company whatever. If all you want to do is need

36:44

the property over, okay, blunt force. If that's all you want,

36:49

if nothing else matters, then it's not hard to do. Okay. A

36:53

lot of this stuff. People are, oh, I want to avoid probate.

36:55

Easy, give all your stuff to your kids today to probate. Oh

37:00

yeah, but now its yeah, I know, but you said you wanted

37:02

to avoid probate. Right. The thing is, this is a process.

37:07

This is why we do the Three Secrets. This is why you should go

37:09

to the workshop. Because if you think that this is easy, simple,

37:15

direct stuff, you're not thinking about it, right, You're not thinking period.

37:21

And I understand that most people by which I mean by whom I mean

37:24

financial advisors, lawyers, accountants, you know, they're human beings too,

37:29

and they think about this the same way you do, which is they don't

37:32

think about it. They seize on something that you see you say, you

37:37

say to them, well, I wanted to go to my kids. I want it to be easy and I don't want to go through probate. And

37:44

so your financial advisor says, oh, we can do that real easy. The attorney, the attorney you know, who's got no ethical, moral,

37:52

legal obligation, legal entitlement to give you such crappy advice, goes with it

38:00

goes along with what you said. Well, you said you want to avoid

38:04

probate. This avoids probate. Yeah, but look at all the other consequences,

38:09

right, the other consequences. There won't be anything there that you'll be

38:14

given to their creditors with iras. God forbid you do this, but you

38:19

will because people do right with the iras. Now you're laying the kid in

38:23

for tax bill with no money to pay the tax bill. But that's the

38:29

that's why coming to the three Secrets workshop, right, start with the problem,

38:36

not with the solution. You see people say, oh, i'll do

38:39

a lady birdied, I'll do beneficiary designations. I'll just do a will.

38:44

You're starting with the solution instead of figuring out what the real problem is.

38:50

Right, it might be easier than you think. It may more maybe more

38:52

difficult than you think, but it's probably quite a bit different than you think.

39:00

And that's why we do the That's why we do the Three Secrets That's

39:04

why you should go to the Three Secrets Workshop. That's why you should find

39:07

out, Well, what should I be planning for? You know, people

39:14

don't like it. We say, oh, well, what are you concerned about? Oh? I haven't a care in the world. I'm not concerned

39:17

about anything. What are you afraid of? Oh I'm not afraid of anything.

39:22

Oh God bless you for that. Good for you. You're not worried

39:27

about anything. Okay, Well that's not an answer. Okay, that's just

39:32

that's just denial. So then I go to the Three Secrets Workshop. You'll

39:37

be glad you did. You've been listening to the Day Carrier Show. I'm

39:39

being Carrier. Your family's personal something. You've been listening to the David Carrier

40:07

Show a lively discussion addressing your questions and concerns, but not legal advice.

40:13

There is a big difference. So when making decisions that affect your family,

40:16

your property, or yourself, the best advice is to seek good advice specific

40:21

to your unique needs. If you missed any of today's show, or would

40:24

like additional information about the law offices of David Carrier, please visit Davidcarrier law

40:30

dot com.