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...
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122: The Costly Truth of Ignoring Estate Planning Like Jay Leno
Absolute Trust Talk
You may have heard the recent news that Jay Leno filed a conservatorship over his wife, Mavis Leno’s estate. The couple does not have an estate plan, and his goal is to gain special permission from the court to set up a plan for both of them. As Kirsten and Madison point out, the main issue is not what happens if Mavis dies but instead if Jay were to die first. Given that Mavis is already incapacitated, who will manage their assets and decision-making? We hope you will join us for this discussion that underscores just how important it is to have an estate plan in place to avoid the costly...
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123: Why Can't I Change My Trust After My Spouse Passes Away?
Absolute Trust Talk
At Absolute Trust Counsel, one of the pieces of advice we like to shout from the roof tops is that people need to keep their estate plans up to date! We constantly find people who fail to do so. In many cases, we can fix the challenges that arise, but sometimes, it may not be possible, and we must navigate a more difficult path. In this specific episode, we are going to focus on AB Trusts and the issues that typically arise. It happens more than you might think - often, when a spouse dies, the widow(er) later finds out their joint trust is set up in a way that requires them to split the trust...
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121: What Happens When a Trustee, Executor or Beneficiary Dies?
Absolute Trust Talk
If you’ve been following along with our show, you know that we can’t stress enough the importance of estate planning and setting up a trust to make things simple, cost-effective, and less time-consuming for your heirs. But even with the most comprehensive and well-thought-out estate plan, wrinkles can be thrown into the plan. It’s a lot of information for all parties involved to consume, and there are many moving parts. One curveball we’ve seen a few times before is a beneficiary, trustee, or executor dying before the will or trust is enacted. Everyone tuning in to this podcast has...
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120: Solutions to Common Real Estate Issues
Absolute Trust Talk
Have you ever had a pesky neighbor encroaching on your land? Or perhaps they have decided to put a cell tower in that directly blocks the beautiful view that you bought your property for in the first place? Or maybe you’ve recently inherited the family home but share it with your siblings and cannot agree on what to do with it. How do you resolve these types of challenges? Do you have a friendly conversation? Do you engage a lawyer and go to court? In this podcast episode, we sit down with Steven Kahn, a civil litigation attorney who focuses on real estate and business disputes involving...
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!