133: From Wheels to Waves: How to Fund Your Trust with Cars, Boats, or Mobile Home Assets
Absolute Trust Talk
When it comes to funding your trust with assets like cars, mobile homes, and boats, it can get a little complicated and confusing. For instance, do you know whether or not you need to retitle your cars to your trust? And when it comes to mobile homes, before you can even determine whether you should retitle it, you must first know if it’s registered as a vehicle or a home. And what’s recommended for cars and mobile homes differs completely from boats. In this episode of Absolute Trust Talk, we explore these topics in detail to answer some of our most commonly asked questions so you can be...
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132: Trust Funding in a Digital World: Safeguarding Virtual Wealth
Absolute Trust Talk
One area of estate planning that is largely overlooked is funding the trust. The first step is developing the trust. The second step is ensuring that all the assets you want included are properly transferred over as needed. This can be especially difficult in today’s digital-driven world because there are more and more places where funds can be stored away. Thanks to the advent of the internet and digital banking, funds are no longer just kept in savings accounts and piggy banks. Instead, they are spread across various apps, like Venmo and PayPal, stored in digital savings, like Capital One...
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131: Drafting a Comprehensive Power of Attorney: What You Don't Know CAN Hurt You
Absolute Trust Talk
Typically, when we think of estate planning, we only consider planning for after death. But what happens if you become incapacitated? That’s where a Power of Attorney enters the picture. Incapacity planning is a significant component that is just as important, if not more important, than most other aspects of estate planning. Think about it. If you’re in the hospital, you don’t want to wait for your loved ones to go to court to access your funds to pay for care. You want care right away! So, in this episode of Absolute Trust Talk, we’re addressing all the major ups and downs we’ve...
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130: Exploring the OJ Simpson Estate: Probate and Creditor Claims
Absolute Trust Talk
You know of the infamous murder trial involving OJ Simpson and the Goldman and Brown families that took place in the 90s. And in case you happened to miss the news, Simpson passed away recently, stirring up the family conflicts all over again. Here at Absolute Trust Talk, we have an affinity for celebrity estate drama, mainly because of the important estate planning lessons we can take away. While the exact details of OJ's estate structure remain unknown, the estate will probably undergo probate due to the presence of creditors. Listen in as we cover all the details we know so far and share...
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129: Estate Planning Strategies to Reduce Family Conflict After Death
Absolute Trust Talk
Family conflict after a loved one has passed is very common, but that doesn’t mean it can’t be avoided. In our years of experience in estate planning, we’ve seen many different scenarios play out and have a thorough understanding of the nuances that tend to cause these conflicts. The number one reason for disputes over a trust lies in the feeling that it is not fairly divided. While Mom and Dad or Aunt Sally can set up their estate however they wish, often, a simple conversation with family can go a long way to clarify why certain decisions were made. In this episode of Absolute Trust...
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128: Revocable or Irrevocable Trust: Which is Right for Me?
Absolute Trust Talk
When we first begin working with a client who is setting up their estate plan and, more specifically, building a trust, the number one question we always get is whether they need a revocable or an irrevocable trust. For us, this is always an interesting and fun conversation because as soon as the client hears the difference, they immediately know which tool they need. Not to give it all away, but the standard option is the revocable trust; however, there are certain instances in which the irrevocable trust is needed—there is no one-size-fits-all approach to estate planning. So, which...
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127: Understanding Multigenerational Estate Planning Part 2
Absolute Trust Talk
Welcome back! In our last episode of Absolute Trust Talk, we were joined by expert psychotherapist and certified coach Tess Brigham, MFT, BCC, to discuss the differences between generations and, more specifically, examine the unique dynamics between Baby Boomer parents and Millennial children. In this episode, we continue our conversation with Tess, focusing on the interactions between Gen X parents and Gen Z children. These two generations are very interesting as Gen Xers were heavily influenced by events like the Persian Gulf War, the women’s movement, and high divorce rates. As Tess...
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126: Understanding Multigenerational Estate Planning Part 1
Absolute Trust Talk
The battle between the generations is real and seems to be everywhere. Yes, generational divides even play a role in estate planning. In fact, estate plans nowadays are built around more diverse and multigenerational families than ever before. In this new episode of Absolute Trust Talk, we are joined by psychotherapist and certified coach Tess Brigham, MFT, BCC. Tess specializes in helping young adults discover their unique life path to enter the world and make an impact. Join us as we discuss how the generations are defined, what makes each one unique, and how these factors influence estate...
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125: Cher Files for Conservatorship of Son Elijah Blue Allman Over Alleged Substance Abuse
Absolute Trust Talk
Recently, the entertainment world has been abuzz with numerous high-profile conservatorship battles, and the latest to emerge involves iconic singer Cher. She has initiated a conservatorship petition concerning her son, Elijah Blue Allman, aiming to oversee the financial benefits he inherits from his father, the late Greg Allman's trust. Legal filings state the urgent need for a conservator to safeguard Elijah's estate against potential damages or losses, citing his inability to manage his finances due to significant mental health and substance abuse challenges. Tune into a new episode of...
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124: Beach Boys Founder Brian Wilson Suffering from Dementia as Reps Seek Conservatorship
Absolute Trust Talk
When you think of the Beach Boys, what comes to mind? We’re betting it’s not a complicated conservatorship case. Unfortunately, that’s what’s happening with the Beach Boys Founder, Brian Wilson. Mr. Wilson’s long-time wife had been his healthcare directive, but with her recent passing, it was discovered that no one was ever named as a backup. Now, the question is not only who will pick up her role as Mr. Wilson’s healthcare directive, but how. With Brian Wilson being considered unable to make these decisions for himself due to dementia, the solution is not a simple one. Tune in to...
info_outlineIn this episode of “Absolute Trust Talk,” Kirsten talks to Maureen Richardson, Certified Financial Planner and sole practitioner at Richardson Elite Financial Strategies. Richardson is also Amazon bestselling author of “‘Til Money Do Us Part: Financial Planning for Couples.”
The topic of conversation is, of course, financial planning, but not just any financial planning, the focus here is on couples. Maureen highlights how money is not necessarily the root of the problem and addresses the missed or overwhelming signs that a partner ignores and the reluctance that couples have to sitting down and laying ALL their cards out on the table.
Maureen shares how her book was born out of the real-life personal experience of being married to a financially irresponsible spouse, and even though she was financially savvy as a person in finance, it destroyed her marriage and her life. Richardson shares how to get the ball rolling when it comes to planning and also weighs in on what to do if you're already married and in a financial bind.
Big Three From Episode # 01:
- It’s not about the MONEY itself
- Leave no skeletons in the closet, talk about EVERYTHING in your financial history
- Get organized, make a plan
Time stamped show notes:
3:32 – It’s not about the money it’s about the values – Money is the symptom
4:35 – Who cares if you’re in finance! What’s going on at home?
6:20 – Maureen talks about the why behind her book, “Till Money Do Us Part”
8:45 – The topics that couples overlook when they are heading to the alter
9:32 – The top two things couples should disclose during the financial discussion
11:45 – Did you know poor credit = this?
13:10 – Now that everything’s out on the table, what do we do next?
15:37 – How are you protected? Maureen had three people discover this about not having the proper insurance when needed.
16:45 – Do this now!
17:25 – What if you’re already married and in trouble?
18:22 – The number one thing you need to track to get out of trouble.
Episode # 01 Freebie:
When you think about planning for marriage what comes to mind? Planning a big wedding, going on your honeymoon, finding a place to live, building a family… the list goes on. But, when it comes down to it, finances are behind it all, right? There’s no magic fairy dust, no magic eraser, your financial history follows you right to the altar. Did you sit down with your partner and hash out the details? Did you reveal debt, your taxes, your insurance even? If you don’t talk about it before you tie the knot, when will you? When you’re in line to see the divorce lawyer? In “ ’Til Money Do Us Part” Maureen Richardson breaks it all down and walks you through a productive and healthy discussion of money. Money is difficult to talk about, which is the reason why money is the leading cause of marital problems and divorce. People seem to think that by ignoring money, it will somehow work itself out. It doesn’t. You don’t need to be a financial genius. You don’t need to have a ton of money. You just need to be smart, know the warning signs and address them before it’s too late. “’Till Money Do Us Part” is simple, relevant and straight to the point, and we’ve got a special excerpt just for you. Click here to download your free chapter and if that leaves you wanting MORE get this bestseller on Amazon now! https://www.amazon.com/dp/162865032X/ref=cm_sw_su_dp
Resources/Tools/Links mentioned in this episode:
'Til Money Do Us Part: Financial Planning for Couples
Visit Maureen’s Facebook Page, https://www.facebook.com/TilMoneyDoUsPart/ to keep up with the latest resources and articles all about managing finances in a relationship.
Use Quicken to track every single expense for your spending plan!