loader from loading.io

010: Thinking Outside the Family – Special Needs Trusts & Professional Fiduciaries

Absolute Trust Talk

Release Date: 06/19/2018

076: Don’t Let an Inheritance Destroy Government Benefits Eligibility show art 076: Don’t Let an Inheritance Destroy Government Benefits Eligibility

Absolute Trust Talk

In this episode of Absolute Trust Talk Live, fellow Absolute Trust Counsel attorney Madison Gunn joins Kirsten to discuss different methods to resolve inheritance issues. Kirsten and Madison review and assess a handful of special needs estate planning scenarios highlighting what went wrong as well as how to save benefits. More important yet, this expert duo will share key strategies you can use to prevent future problematic inheritance challenges in your family.  

info_outline
075: Serious Illness or Injury: The Resources We Need to Manage it All  show art 075: Serious Illness or Injury: The Resources We Need to Manage it All

Absolute Trust Talk

In this episode, Kirsten sits down with Roberta Carson, founder of the nonprofit, Zaggo. Roberta and Kirsten discuss her experience caring for her teenage son, Zachary, during his 27-month battle with terminal brain cancer and how it inspired her to start the ZaggoCare System to provide patients and family caregivers with the information and tools needed to better manage a care journey in critical illness and injury.

info_outline
074: Art Therapy and Dementia  show art 074: Art Therapy and Dementia

Absolute Trust Talk

In this episode, Kirsten sits down with the incredible Angel Duncan. Angel is a mental health, art therapist, and research clinician specializing in therapeutic program developments for people with mental health, developmental, intellectual, cognitive, and memory disorders. She works globally with leading organizations on brain health initiatives and is a widely published author and speaker.

info_outline
073: Fading Memories show art 073: Fading Memories

Absolute Trust Talk

Caregiving is certainly not an easy job. Often, caregiving responsibilities are given to family members who are learning as they go—especially with the case of dementia. While caregiving for someone struggling with dementia is no easy task, Jennifer Fink understands and has created many resources to help. After experiencing the difficulties behind being a caregiver for her mother dealing with Alzheimer’s, Jennifer struggled to find a podcast that catered toward her needs as an Alzheimer’s Caregiver.

info_outline
072: Spotlight on Cancer Support Community show art 072: Spotlight on Cancer Support Community

Absolute Trust Talk

In this episode, Kirsten welcomes a special guest, Margaret Stauffer, Chief Mission Officer for Cancer Support Community of the local Walnut Creek chapter. We hope you will tune in to hear Kirsten and Margaret dive into the amazing programs provided by this organization, including how to access these services and how you, as a community member, can get involved too. We LOVE sharing information about good people and great organizations changing lives, and this episode is no exception! 

info_outline
071: For the Caregivers: Support, Compassion, and Resources Just a Click Away show art 071: For the Caregivers: Support, Compassion, and Resources Just a Click Away

Absolute Trust Talk

Listen in to this new episode of Absolute Trust Talk, as Elaine Sanchez, author of “Letters from Madelyn, Chronicles of a Caregiver,” and a co-founder of CaregiverHelp.com, discusses the most common difficulties caregivers come across, as well as what resources are available for those dealing with these situations. Whether you’re a caregiver, know someone that is, or are planning for the future, this is an episode you don’t want to miss.

info_outline
070 Trustee Do’s and Don’ts Part Two show art 070 Trustee Do’s and Don’ts Part Two

Absolute Trust Talk

Being named a trustee is an honor, but it comes with a lot of responsibility. Legal work has to be done, and if you’re not familiar, the process can seem more like a burden. The tasks on hand aren’t necessarily rocket science, but there are things that we see clients tend to miss.

info_outline
069: What We Can (and Can’t) Do with Bank Accounts After Death show art 069: What We Can (and Can’t) Do with Bank Accounts After Death

Absolute Trust Talk

In this episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn to discuss: What happens to bank accounts after death, the different types of accounts, who can access the account, how to protect them from being frozen, why they should be included in your trust.

info_outline
068: What You Need to Know Before Choosing a Medicare Plan show art 068: What You Need to Know Before Choosing a Medicare Plan

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten sits down with Emily Gangaware of The Medicare Coach. Over the last four years, Emily has been changing how people make their Medicare decisions by navigating the rules, insurance company confusion and clarifying what decisions need to be made to protect healthcare rights and retirement savings. No matter what state you live in or how close to retirement you are, Emily has some Medicare revelations you’ll want to hear.

info_outline
067: Estate Planning Challenges with Real Estate show art 067: Estate Planning Challenges with Real Estate

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten welcomes back fellow Absolute Trust Counsel attorney Madison Gunn. Kirsten and Madison dive into this top asset that can cause a world of headaches for beneficiaries and discuss some solutions and workarounds to successfully including residence and other properties in an estate plan. We hope you will listen in and share this with your friends and family no matter where they live.

info_outline
 
More Episodes

In this episode of Absolute Trust Talk, Kirsten welcomes Herb Thomas, founder and principal fiduciary of Herb Thomas and Associates. Herb has a big passion for people, which is shown through his extensive experience serving families throughout California with special needs trusts, public benefits counseling and advocacy, trust/estate administration, and conservatorships. He is also a board member of the Behavioral Intervention Association, which is a nonprofit dedicated to providing intervention services to children diagnosed with autism and their families.

During his conversation with Kirsten, Herb touches on what a professional fiduciary is and what makes the job right for someone who has “experienced a little bit of life.” He addresses why it’s essential for a family to look outside immediate members to a resource such as a professional fiduciary. He also provides actionable guidelines and tips for planning around the proper execution of a Special Needs Trust – everything from organization to the rest of the team involved.

Herb later weighs in on the biggest responsibilities expected of a special needs trustee and how to get started with a licensed professional fiduciary.

 

Big Three From Episode #010:

  1. Choose a trustee wisely – they are the main ingredient of a successful trust.
  2. Have a financial plan set up before you start.
  3. Choose the rest of the team wisely.

 

Time-stamped Show Notes

2:25 – What does it mean to be a licensed professional fiduciary?

4:22 – A professional fiduciary can serve in these various roles.

9:30 – What challenges are faced when administering a special needs trust?

12:41 – Here is why special needs trusts are important – the benefits, and why it’s needed.

15:08 – Here is why you should consider using a professional fiduciary.

24:50 – What is the process to hire a professional fiduciary? How do we find you?

25:47 – Herb discusses who he works with on the trust administration, other than just the beneficiary.

29:40 – Herb highlights the most significant responsibilities of a Special Needs Trustee – consider this when you are deciding whom to choose for your trustee.

 

Episode #010 Freebie: Special Needs Trust Tools – “Trustee Can Purchase” + What to Ask When Hiring a Professional Fiduciary

Assets are important to everyone, whether you have the resources or not. In the case of a special needs trust, the job of a licensed professional fiduciary or trustee is to help protect those assets for as long as possible and to use them solely for the benefit of the beneficiary. It’s vital, going into this process, to have goals to help you achieve what needs to be done for the recipient. To accompany this episode of Absolute Trust Talk, guest Herb Thomas put together a couple of tools to help you get started. “Trustee Can Purchase” is a guide to help the trustee understand what can be purchased for the benefit of the beneficiary. In addition, Herb provided a list of interview questions to ask when you are hiring a professional fiduciary. Above all else, you want to make sure the beneficiary is taken care of adequately and that their needs are met for the rest of their life.

Download these free tools here!

 

Resources/Tools/Links Mentioned In This Episode:

PFAC – https://pfac-pro.org

Professional Fiduciary Bureau of California – http://fiduciary.ca.gov

HerbThomas.com