015: Kids in the Business: When Personal Estate Planning and Business Succession Planning Collide
Release Date: 09/04/2018
185: Are You Risking Everything? The Insurance Your Business Can't Operate Without
Absolute Trust Talk
Many business owners purchase insurance without truly understanding what they're buying or what critical coverage they might be missing. Host Kirsten Howe addresses this knowledge gap by welcoming Dean Myers, owner of Core Insurance Agency, to reveal the fundamental insurance coverage every business owner needs before opening their doors. Dean, who specializes in errors and omissions insurance for lawyers, accountants, doctors, and professional trustees, breaks down the three critical pillars of business insurance: workers' compensation, general liability, and property insurance. ...
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184: From One Direction to No Direction: What Liam Payne's Estate Teaches Us About Planning
Absolute Trust Talk
In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following One Direction member Liam Payne's tragic death in Argentina in fall 2024. At just 30 years old, Payne left behind a $32 million estate—but no will. His complex assets include performance income, solo artist earnings, brand deals, music publishing rights, and venture investments. Without estate planning, his 8-year-old son Bear becomes the sole intestate heir, inheriting the full amount at age 18. Kirsten analyzes the cascading problems: massive probate fees (at least $376,000 in...
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183: Beyond Borders: International Estate Planning Essentials for Families (Part 3)
Absolute Trust Talk
In this final installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe concludes her conversation with estate planning specialist Janet Brewer, addressing one of the most common cross-border scenarios: U.S. citizens who own property abroad. Janet, with over 30 years of experience serving Silicon Valley's international clientele, explains why simply leaving foreign property to your US trust won't work, since most countries don't recognize trusts at all. This episode highlights the crucial distinction between countries that recognize trusts...
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182: Beyond Borders: International Estate Planning Essentials for Families (Part 2)
Absolute Trust Talk
In this second installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe welcomes back estate planning specialist Janet Brewer to explore advanced strategies for families with cross-border connections. Building on their previous discussion of guardianship challenges, this episode focuses on critical tax considerations and financial hurdles faced by international families. Janet, a certified specialist with over 30 years of experience serving Silicon Valley clients, explains the unique tax opportunities available to visa holders with stock options and RSUs,...
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181: Beyond Borders: International Estate Planning Essentials for Families
Absolute Trust Talk
In this episode of Absolute Trust Talk, host Kirsten Howe welcomes estate planning specialist Janet Brewer to explore the unique challenges faced by immigrants and international families when planning for their future. Janet, with over 30 years of experience serving clients throughout Silicon Valley, brings her vast knowledge to address the specific concerns of non-resident aliens, visa holders, green card holders, and other international families with U.S.-based assets. As a member of the invitation-only Society of Trust and Estate Practitioners (STEP), Janet regularly prepares estate plans...
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180: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final (Part 2)
Absolute Trust Talk
In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert continue their discussion on estate planning during divorce proceedings with practical solutions. Following their previous episode on the potential problems that can arise if someone becomes incapacitated or dies during divorce, they now focus on preventative measures. The attorneys explain how to ensure your soon-to-be ex-spouse doesn't maintain control over your healthcare decisions or inherit your assets contrary to your wishes. They discuss the creation of new healthcare directives, powers of...
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179: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final
Absolute Trust Talk
In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert discuss critical estate planning considerations during divorce proceedings. They explore what happens if someone becomes incapacitated or dies while their divorce is still pending, revealing potentially unwelcome consequences if proper planning isn't in place. The discussion highlights how existing estate plans typically name a spouse as the primary decision-maker and beneficiary—a designation most divorcing individuals would want to change immediately. Without written estate plans, the...
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178: 3 Critical Estate Planning Lessons from Richard Simmons' Legacy Battles
Absolute Trust Talk
In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following Richard Simmons' death in July 2023. She details the ongoing legal dispute between Simmons' brother Leonard (named trustee) and Teresa, his housekeeper of 30 years who briefly served as co-trustee before a contested resignation. The conflict centers around approximately $1 million in personal property—primarily jewelry—that Teresa allegedly took when evicted from Simmons' home. While Teresa claims Simmons gifted her the jewelry in 2014, Leonard argues documentation proves otherwise....
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177: Inside the Heated Padres Inheritance Feud: What It Teaches Us About Sound Estate Planning
Absolute Trust Talk
In this all-new episode of Absolute Trust Talk, Kirsten Howe and her associates, Jessica Colbert and Ariana Flynn, delve into the complex estate battle surrounding the late San Diego Padres owner, Peter Seidler. The MLB team finds itself at the center of a legal dispute as Seidler's wife, Sheel, contends with his brothers over control of the franchise. With allegations of breached trust, fraud, and self-dealing, the case highlights the intricacies of estate planning for high-net-worth individuals and the potential pitfalls of ambiguous or informal documentation. While largely speculation,...
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176: Behind the Headlines: Gene Hackman's Estate Plan and What We Can Learn
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe, managing attorney at Absolute Trust Counsel, and associate attorney Jessica Colbert examine the estate of beloved actor Gene Hackman. They meticulously analyze the available court records from Santa Fe County, New Mexico, and contrast them with California's probate procedures. The attorneys skillfully debunk sensationalized headlines about Hackman's will, explaining the mechanics of pour-over wills and why media claims about his children being "cut out" are potentially misleading. While much of the discussion is speculation, they provide...
info_outlineIn episode 15 of Absolute Trust Talk, Kirsten welcomes financial planning and investment professional John O’Dea of Summit Financial Group to the show. John’s focus is the wealth accumulation and protection needs present for individuals who own and operate a business. He has over a decade of experience working to simplify investment, insurance, and succession planning concepts.
Kirsten and John start out by discussing how to begin business succession planning for parents who own a business and want to transition it to their children but may not have planned for it yet. The discussion then dives deep into analysis of each step – valuation of a business, what the parents need to retire comfortably, how to add other professionals into the mix, and how to make the process fair for children who might not work in the family business.
Big Three from Episode #015:
- Start with goals and objectives – normal planning goals and processes
- Solve for what mom and dad need or must get
- Then indicate key paths to take
Time-stamped Show Notes:
2:46 – John jumps right into discussing how he gets started when helping clients transition a business.
6:24 – John shares how vital the EBITDA/MEBITDA calculations factor into cash flow.
8:45 – Kirsten asks John to share what other surprises arise in this planning.
12:12 – What comes after figuring out what the parents must get in order to step away from the business?
16:25 – What happens if there is a gap between what a client wants vs. what value there really is in their business?
18:10 – John discusses how to close a gap ensuring that assets last as long as needed.
28:07 – John shares how to communicate or incorporate transitioning parties.
31:53 – What are the most common conflicts in this process?
38:45 – How exactly do you transition a company to a new generation?
43:09 – John shares a couple of other common surprises uncovered when doing the business transition and succession planning.
Episode #015 Freebie: The Retirement Income Challenge
Retirement is something that individuals and couples work their whole lives for. When you stop working, you still need to live – there are still monthly expenditures, but that paycheck disappears. In conjunction with this episode, Absolute Trust Talk guest John O’Dea shares a key tool that he uses in his practice, The Retirement Challenge white paper. This document helps prospective retirees understand some of the challenges they are up against and describes some of the strategies available to address these challenges. Click here to gain exclusive access to your own copy of The Retirement Challenge white paper.
Resources/Tools/Links Mentioned in This Episode:
Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss and Tahl Raz