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015: Kids in the Business: When Personal Estate Planning and Business Succession Planning Collide

Absolute Trust Talk

Release Date: 09/04/2018

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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126: Understanding Multigenerational Estate Planning Part 1 show art 126: Understanding Multigenerational Estate Planning Part 1

Absolute Trust Talk

The battle between the generations is real and seems to be everywhere. Yes, generational divides even play a role in estate planning. In fact, estate plans nowadays are built around more diverse and multigenerational families than ever before. In this new episode of Absolute Trust Talk, we are joined by psychotherapist and certified coach Tess Brigham, MFT, BCC. Tess specializes in helping young adults discover their unique life path to enter the world and make an impact. Join us as we discuss how the generations are defined, what makes each one unique, and how these factors influence estate...

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125: Cher Files for Conservatorship of Son Elijah Blue Allman Over Alleged Substance Abuse show art 125: Cher Files for Conservatorship of Son Elijah Blue Allman Over Alleged Substance Abuse

Absolute Trust Talk

Recently, the entertainment world has been abuzz with numerous high-profile conservatorship battles, and the latest to emerge involves iconic singer Cher. She has initiated a conservatorship petition concerning her son, Elijah Blue Allman, aiming to oversee the financial benefits he inherits from his father, the late Greg Allman's trust. Legal filings state the urgent need for a conservator to safeguard Elijah's estate against potential damages or losses, citing his inability to manage his finances due to significant mental health and substance abuse challenges. Tune into a new episode of...

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More Episodes

In 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:

  1. Start with goals and objectives – normal planning goals and processes
  2. Solve for what mom and dad need or must get
  3. 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