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008: Financial Planning for Families with Special Needs Individuals

Absolute Trust Talk

Release Date: 05/15/2018

136: Guardianship Explained: Essential Insights for Effective Estate Planning show art 136: Guardianship Explained: Essential Insights for Effective Estate Planning

Absolute Trust Talk

Have you ever considered what would happen to your children if you passed away? It can be daunting and hard to think about; no one wants to plan for the possibility where they aren’t around to see their kids grow up. We often talk to clients who follow that old superstition that if they don’t think about it, then it won’t happen to them, so why plan, right? In our opinion, that isn’t the best course of action. While it's rare for a child to lose both parents and be taken in by a guardian, it does happen, and it's crucial to be prepared. Fortunately, guardianship is an element you can...

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135: Character Matters Part 2: Estate Planning for Community Property vs. Separate Property show art 135: Character Matters Part 2: Estate Planning for Community Property vs. Separate Property

Absolute Trust Talk

If you missed the first episode of our "Character Matters" mini-series, we discussed the differences between Community and Separate Property and why the "character" of your assets matters in estate planning. As a quick recap: Separate Property includes assets owned before marriage or received as gifts or inheritances during marriage, while Community Property consists of assets acquired during the marriage. Now, as we start Part Two, we're delving into the deeper details of property types and how specifically to estate plan for each of them. Join us as we explore important topics such as...

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134: Character Matters Part 1: Understanding Community Property in Divorce and Estate Planning show art 134: Character Matters Part 1: Understanding Community Property in Divorce and Estate Planning

Absolute Trust Talk

Did you know that in California, any property acquired while married is considered Community Property? This means that, regardless of who bought it, the ownership is split 50/50 in the case of divorce. It also means that if you die without valid estate planning documents, your spouse automatically receives 100% of the ownership. If we’re talking about Separate Property, that’s a slightly different story, and of course, there are always exceptions to the rule. This episode of Absolute Trust Talk kicks off our Character Matters series, where we’re diving deep into the important...

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133: From Wheels to Waves: How to Fund Your Trust with Cars, Boats, or Mobile Home Assets show art 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 show art 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 show art 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 show art 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 show art 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? show art 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 show art 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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In this episode of Absolute Trust Talk, Kirsten welcomes special needs financial planning expert Jon Elfin into the studio. Jon has over 35 years of experience in the financial services industry and focuses on processes and expertise to help clients understand their options and more importantly take action when it comes to building and preserving wealth for families with special needs dependents.

Jon and Kirsten break down what exactly special needs planning encompasses and discuss the processes that Jon goes through with each of his clients. More importantly, Jon discusses a few of the biggest mistakes he sees when clients come into his practice and also highlights effective strategies that a special needs family can take now in securing the future of their dependents. As Jon is also a parent of a special needs child, throughout the interview he weaves in topics of transitional life experience from his own personal perspective.

Big Three From Episode #008:

  1. Start early
  2. Don’t be overwhelmed
  3. Utilize your resources!

 

Time-stamped Show Notes:

1:50 – What exactly is Special Needs Planning?

2:48 – How Jon got into Special Needs Planning

4:00 – The complexities of Special Needs Planning

7:00 – Jon highlights common mistakes he’s come across in his practice when working with clients

8:05 – Jon and Kirsten discuss a few of the biggest benefits/acronyms that people miss

10:42 – Kirsten discusses Special Needs Planning from the estate planning point of view and a special provision that should be put in all estate plans

11:37 – Jon addresses why ages 18 and 22 are important ages for special needs people

13:30 – Jon defines “transition class” and its extreme importance

15:35 – What a regional center is and how it helps special needs families plan the next step.

16:20 – Don’t leave all the money for a special needs family member to a sibling!

20:14 – A special needs person can save money in these accounts too – Big win for the disability community

25:15 – The other important strategy for special needs individuals according to Jon is life insurance 

Episode #008 Freebie:

No matter where you are in your journey as a special needs family know that there are things that can be done to help build and protect the future of your special needs dependent. During this episode, Jon mentioned a few of the common mistakes well-intentioned special needs families make. To help educate listeners on what to look for he outlined and is exclusively sharing with us a few more! In addition, Jon is also offering a FREE 90-minute consultation. So if you’re a special needs parent or caretaker who is worried or doesn’t know where to start, call Jon. He will cover all of the basics and see if he can be of further service in making your special needs life transitions go as smoothly as possible.

 

Resources/Tools/Links mentioned in this episode:

Special Olympics

Sunflower Hill

Disability benefits 101 - https://ca.db101.org/