005: How to Help Your Children Own a Home the Right Way with Denae Budde
Release Date: 04/20/2018
155: Spousal Property Petitions: An Easier Alternative to Probate
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert delve into the spousal property petition, a vital tool that offers a faster and more cost-effective way for surviving spouses to claim assets from a deceased spouse's estate. They break down the legal nuances, sharing practical examples of how this process works and how it can sometimes be used even after both spouses have passed away. With real-world scenarios and expert advice, this episode sheds light on probate alternatives that can ease the estate administration process for families. Whether...
info_outline
154: Unlocking Assets Without Probate: The Benefits of Using a Small Estate Affidavit
Absolute Trust Talk
Navigating the probate process can feel overwhelming, so what if there was a way to avoid it entirely? In this episode of Absolute Trust Talk, associate attorney Jessica Colbert and managing attorney Kirsten Howe introduce the small estate affidavit—an often overlooked yet highly effective tool for bypassing probate when certain conditions are met. Together, they break down what it takes to qualify for this process, explain how it works to transfer personal property without court involvement and point out some important details and potential challenges. Don’t miss this insightful...
info_outline
153: AB Trusts After 2013: What You Need to Do Now
Absolute Trust Talk
Welcome back to Absolute Trust Talk! In this exciting episode, associate attorney Jessica Colbert steps into the spotlight for the first time, accompanied by managing attorney Kirsten Howe. Together, they continue the series AB Trusts: Do You Have One? Do You Need One? This episode uncovers the surprising reason many couples have AB trusts without realizing it, and what steps you should take if you find yourself in this situation. You’ll also learn why it might be time to reconsider an AB trust, especially if you are the surviving spouse and want to make changes. Don’t miss out on this...
info_outline
152: The Truth About AB Trusts: Will Your Wishes Be Followed?
Absolute Trust Talk
Welcome back to Absolute Trust Talk with Kirsten Howe and associate attorney Jessica Colbert! In this second episode of our AB Trust series, we dive into a vital question: Will your wishes truly be honored? While AB Trusts are a common estate planning tool for couples, they have potential challenges. One significant issue is when the deceased spouse's wishes are unintentionally—or even deliberately—overlooked or altered. Tune in as we explore how and why this happens and, more importantly, what steps you can take to ensure that your estate plan works exactly as intended. ...
info_outline
151: Is an AB Trust Right for You? Essential Insights for Married Couples
Absolute Trust Talk
Married couples, is your AB trust still serving your needs, or has it outstayed its welcome? In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert take a closer look at AB trusts, a once-standard estate planning tool. They discuss when an AB trust makes sense and when it might just add unnecessary complexity and cost. Tune in as they explain the key benefits of asset control after death, while also considering the downsides, such as tax filing requirements and maintenance expenses. Whether you're revisiting an existing trust or planning for the future,...
info_outline
150: Third-Party Trustees: A Smart Choice for Your Estate Plan?
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert continue their in-depth discussion on selecting a successor trustee, with a focus on third-party options. They explore key considerations when choosing a licensed professional fiduciary, breaking down the advantages and potential drawbacks of this option. Additionally, they provide insights into other alternatives, such as corporate trustees. Whether you're making this decision for the first time or revisiting your estate plan, this episode offers practical advice to help you choose the best trustee...
info_outline
149: Choosing a Child as Your Successor Trustee: Key Factors to Consider
Absolute Trust Talk
Are you considering naming a child as your successor trustee? In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert explore the pros and cons of selecting a child for this crucial role. They break down key factors, including whether to name one child or multiple children as co-trustees, and the potential challenges that can arise, from sibling dynamics to administrative complexities. Tune in to gain valuable insights and ensure you make an informed decision about your trust’s future. Time-stamped Show Notes: 0:00 Introduction 1:45...
info_outline
148: How to Choose the Right Successor Trustee for Your Trust
Absolute Trust Talk
Are you prepared to name a successor trustee in your estate plan? Don’t worry if you’re unsure—this episode of Absolute Trust Talk will guide you through the process. We’ll break down the most important traits to look for in a successor trustee, such as trustworthiness, reliability, and the ability to seek professional advice when needed. Plus, we’ll share common pitfalls to avoid so you can make the best choice for your family’s future. Time-stamped Show Notes: 0:00 Introduction 0:50 What is a Successor Trustee, and why is naming one essential for your...
info_outline
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...
info_outline
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...
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.