005: How to Help Your Children Own a Home the Right Way with Denae Budde
Release Date: 04/20/2018
147: How to Legally Access a Loved One's Bank Account After Death
Absolute Trust Talk
Have you ever faced the frustrating challenge of accessing a loved one’s bank account after their passing? You're not alone. In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert break down the complexities of this process into simple, actionable steps. They explain the different types of account ownership—whether joint, trust-held, or individual—and guide you through the specific steps required to gain access to each. Plus, they debunk the common misconception that a Power of Attorney can be used after death, highlighting why it’s not only...
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146: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 3
Absolute Trust Talk
Navigating estate planning as a surviving spouse can be complex, especially when dealing with the intricacies of an A-B trust. In this episode of “Trustee and Executor Responsibilities: Best Practices and Pitfalls,” Kirsten Howe and associate attorney Jessica Colbert focus on the A-B Trust—an estate planning tool that was once commonly used to minimize estate taxes but is often misunderstood today. They explain what an A-B Trust is, why it’s important to address the trust split promptly after a spouse’s passing, and the complications that can arise if it’s delayed. Whether...
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145: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 2
Absolute Trust Talk
Taking on the role of a trustee or executor can be daunting—and for good reason! With so many responsibilities and legal requirements, checking all the necessary boxes can feel overwhelming. In this episode of Absolute Trust Talk, we continue our discussion on trustee and executor duties, focusing on the critical importance of notices. For instance, the trustee's or executor's responsibility is to ensure that all beneficiaries and heirs are properly notified of the decedent’s passing. And that's just the beginning. If you’ve recently been named a trustee or executor, you won't want to...
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144: Navigating Trustee and Executor Responsibilities: Best Practices and Pitfalls
Absolute Trust Talk
When asked to be a family member’s trustee or executor, it’s easy to immediately say yes out of love and a sense of duty. It’s just some paperwork, right? How hard could it be? At Absolute Trust Counsel, we’ve seen the struggles trustees and executors face, particularly when they are family members. The role involves a heavy workload, significant responsibility, and the meticulous task of bookkeeping—often the most daunting part. It’s easy to overlook these critical aspects, which is why our goal for this episode of Absolute Trust Talk is to ensure you’re fully...
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143: Can You Avoid Probate without a Trust?
Absolute Trust Talk
Can you avoid probate without a trust? The short answer is yes, but the alternatives can have risks and offer limited control over your assets. In this episode of Absolute Trust Talk, Kiersten Howe and associate attorney Jessica Colbert explore various probate-avoidance strategies, including beneficiary designations, transfer-on-death accounts, and joint ownership. Tune in to gain valuable insights, understand the drawbacks of these methods, and discover more secure ways to prepare for death or incapacity while minimizing risks. Time-stamped Show Notes: 0:00 Introduction 1:00...
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142: Navigating Trust Administration with Real Property
Absolute Trust Talk
Navigating the administration of a life estate trust with real property can be a complex task. In this episode of Absolute Trust Talk, Kirsten Howe is joined by Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services to delve into the intricacies of life estates involving real estate. They cover the unexpected responsibilities of a trustee, strategies for properly dividing assets, and essential tips to set up your trust for success if you own property. Whether you’re crafting your estate plan, managing one for someone else, or potentially inheriting one, this episode is packed with...
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141: Managing Real Estate Assets as a Trustee
Absolute Trust Talk
Managing a trust can be challenging, especially when it involves real estate assets. In this episode of Absolute Trust Talk, host Kirsten Howe welcomes Karen Fisher, founder of Bishop Fiduciary Services, and Kathy Rodriguez, a licensed professional fiduciary and co-trustee with Bishop Fiduciary Services. Together, we will explore the complexities of life estates and trustee responsibilities and the essential steps for protecting and maintaining real estate assets, from securing insurance and handling maintenance to addressing unique challenges faced by elderly inhabitants. Karen and Kathy also...
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140: Navigating Trust Complexities: The Family Home Dilemma
Absolute Trust Talk
To all of our local Bay Area listeners, you may have heard about the recent story of a three-bedroom house listed for $488,000 in San Francisco’s Russian Hill with a tenant renting it for only $417 a month. How is that even possible?! If you’re as intrigued as we are, stick with us for this episode of Absolute Trust Talk, where we will be dissecting this situation with associate attorney Jessica Colbert. Listen in as we explore crucial lessons in trust management, the impact of California's Prop 19 on property taxes, and the importance of updating estate plans as circumstances change....
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139: Optimizing Your Portfolio with Alternative Investments
Absolute Trust Talk
We’ve all heard the saying, “Don’t put all your eggs into one basket,” which rings true for building your portfolio. The ideal portfolio consists of more than stocks and bonds – it includes Alternative Investments, like real estate, drilling funds, and value adds. In this episode of Absolute Trust Counsel, certified financial planner Miguel Delgado joins us for a third installment of our financial planning discussion to take a deep dive into this invaluable topic. Together, we’ll discuss the benefits of Alternative Investments, the different types, how to qualify, and how you can...
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138: Beyond Profits: Tackling Key Issues for Business Longevity
Absolute Trust Talk
In our latest episode, we welcome back Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management. Miguel previously offered an excellent inside look at financial planning for small businesses, and his insights were so valuable that we knew we had to have him on again. This time, we're diving deeper into the challenges that businesses often face, challenges that might need to be added to your radar. For instance, how can you improve employee retention? And for all the business owners out there, do you have a buy-sell agreement in place in case a co-owner decides to exit the business?...
info_outlineIn this episode, Kirsten talks to Denae Budde, managing shareholder of Budde Law Group, a niche practice that focuses in on handling either transactions or litigation in the real estate and business.
During her conversation with Kirsten, Denae discusses the rising trend of parent/child real estate transactions. Denae highlights some of the unique things that parents are doing to ensure their children are living in the home or area they want. Denae addresses some of the challenges and roadblocks that face these types of deals and offers effective strategies that can be used to make intrafamily real estate transactions more successful.
Top Two From Episode # 005:
- See your attorney before any decisions are made
- Communicate with your family members and loved ones – those the transaction could affect
Time-stamped Show Notes:
2:04 – Kirsten and Denae discuss techniques regarding parent/child real estate transactions
3:50 – Denae shares the most challenging real estate transaction – house swapping – and highlights roadblocks of this type of deal
6:15 – Denae offers parents a reasonable alternative option to help parents help their children
6:55 – Kirsten and Denae discuss children purchasing the home that the parents are living in
7:40 – The best way to make this deal favorable if there is more than one child in the family
8:28 – Kirsten and Denae discuss the importance of family harmony and communication to aid in the smooth sailing of these types of deals
11:15 – Denae highlights an important point – make sure your landlord actually owns the property you are about to rent
13:19 – Kirsten and Denae discuss challenges surrounding commercial leases
15:40 – Denae gives advice of protection to those who own rental properties that are investment properties and not intrafamily rentals
17:56 – Kirsten and Denae discuss an LLC versus a Corporation
24:40 – Denae’s parting wisdom on business deals
Episode # 005 Freebie:
As a parent you’ll do anything for your child, but how far would you go to make sure your child has the type of home they want or is living in the location they want to be in? Many people jump in not wanting to spend the extra money on the front end to protect their transactions and make sure that no surprises arise. Absolute Trust Talk guest Denae Budde recommends talking to an attorney first and to remember that the upfront costs will save you more on the back end. Denae offers listeners this exclusive tool “Consider This – A Brief Guide to Owning and Renting Property,” that takes you through the considerations, questions like “How should we own our rental property?” and “What’s involved in setting up an LLC?” The guide lays out clear actionable steps and what you have to pull together to get started. In addition, she talks about things to consider when you’re thinking about leasing a property.