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?
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
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
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
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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124: Beach Boys Founder Brian Wilson Suffering from Dementia as Reps Seek Conservatorship
Absolute Trust Talk
When you think of the Beach Boys, what comes to mind? We’re betting it’s not a complicated conservatorship case. Unfortunately, that’s what’s happening with the Beach Boys Founder, Brian Wilson. Mr. Wilson’s long-time wife had been his healthcare directive, but with her recent passing, it was discovered that no one was ever named as a backup. Now, the question is not only who will pick up her role as Mr. Wilson’s healthcare directive, but how. With Brian Wilson being considered unable to make these decisions for himself due to dementia, the solution is not a simple one. Tune in to...
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122: The Costly Truth of Ignoring Estate Planning Like Jay Leno
Absolute Trust Talk
You may have heard the recent news that Jay Leno filed a conservatorship over his wife, Mavis Leno’s estate. The couple does not have an estate plan, and his goal is to gain special permission from the court to set up a plan for both of them. As Kirsten and Madison point out, the main issue is not what happens if Mavis dies but instead if Jay were to die first. Given that Mavis is already incapacitated, who will manage their assets and decision-making? We hope you will join us for this discussion that underscores just how important it is to have an estate plan in place to avoid the costly...
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123: Why Can't I Change My Trust After My Spouse Passes Away?
Absolute Trust Talk
At Absolute Trust Counsel, one of the pieces of advice we like to shout from the roof tops is that people need to keep their estate plans up to date! We constantly find people who fail to do so. In many cases, we can fix the challenges that arise, but sometimes, it may not be possible, and we must navigate a more difficult path. In this specific episode, we are going to focus on AB Trusts and the issues that typically arise. It happens more than you might think - often, when a spouse dies, the widow(er) later finds out their joint trust is set up in a way that requires them to split the trust...
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121: What Happens When a Trustee, Executor or Beneficiary Dies?
Absolute Trust Talk
If you’ve been following along with our show, you know that we can’t stress enough the importance of estate planning and setting up a trust to make things simple, cost-effective, and less time-consuming for your heirs. But even with the most comprehensive and well-thought-out estate plan, wrinkles can be thrown into the plan. It’s a lot of information for all parties involved to consume, and there are many moving parts. One curveball we’ve seen a few times before is a beneficiary, trustee, or executor dying before the will or trust is enacted. Everyone tuning in to this podcast has...
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120: Solutions to Common Real Estate Issues
Absolute Trust Talk
Have you ever had a pesky neighbor encroaching on your land? Or perhaps they have decided to put a cell tower in that directly blocks the beautiful view that you bought your property for in the first place? Or maybe you’ve recently inherited the family home but share it with your siblings and cannot agree on what to do with it. How do you resolve these types of challenges? Do you have a friendly conversation? Do you engage a lawyer and go to court? In this podcast episode, we sit down with Steven Kahn, a civil litigation attorney who focuses on real estate and business disputes involving...
info_outlineMany people are lawful owners of firearms. And if you are the lucky inheritor of a firearm in the state of California, it is your responsibility to ensure the transfer is handled legally – within the scope of state and federal laws. Interestingly enough, rules regarding such transfers largely depend on your relationship to the testator and the type of firearm bequeathed.
In today’s episode, we are excited to welcome associate attorney Joseph Fenton of Campbell Green LLP to the show. While Joseph represents clients in probate, trust administration and litigation, protected proceedings, and elder law, he also has unique expertise in the laws governing ownership and transfer of firearms.
Unlike other assets you list in your estate plan, you might not be able to simply give a beneficiary a firearm, even if it’s been legally documented. Joseph and Kirsten discuss the specific rules that need to be followed to properly transfer firearms in the state of California and how firearms are included in an estate plan. Joseph also defines the many potential problems that could arise, and the careful consideration that needs to be made when the executor is handling the firearm.
Whether you are a gun owner, a family member of someone who is, or the representative of an estate that involves a firearm, this podcast is the resource you need to make sure all processes and procedures remain compliant with the necessary laws.
Big Three from Episode #031:
- If you have firearms and believe in the right of firearm ownership for whatever reason, and you want to pass your firearms on, it’s essential to understand that you must legally do so. And if you can’t legally do so, you shouldn’t try to work around the law. It’s to the benefit to all who enjoy firearm ownership to realize that we have to follow specific rules.
- Always have your Firearms Safety Certificate. If you don’t have one, take the test. It is a simple test that anyone can pass. Anyone and everyone who touches a firearm in California should already have this!
- If you don’t know how to handle or proceed with a firearm, seek help.
Time-stamped Show Notes:
3:48 – What is the key difference in these terms – firearms vs. guns?
4:03 – What rules do you need to follow to transfer firearms in California?
4:21 – Where do firearms fall into an estate plan? How should it be included?
5:26 – Joseph recommends using this specific language as a “plan B” if a firearm can’t transfer as planned.
6:38 – What is a gun trust? What is the problem with gun trusts in California?
8:51 – So, what happens to firearms after someone passes away?
10:25 – As soon as you recognize a firearm is included in an estate, you should first do this before proceeding.
11:51 – How should one go about securing a firearm? NOTE: You CANNOT learn this on the Internet!
12:34 – Joseph discusses the importance of cataloging the firearms that are part of the estate.
13:57 – It’s important to recognize the places you cannot have firearms stored.
14:40 – Is a preowned gun worth less than a new one?
17:12 – What four things do you have to do to get rid of an assault weapon when someone passes away?
20:26 – These documents from the Bureau of Firearms will aid you in transferring firearms, other than assault weapons.
20:40 – What happens if you find evidence of firearms but you cannot locate them?
24:20 – How do you properly transfer firearms to another person?
26:30 – How do you transfer firearms specifically to the immediate family that has a right to own them?
29:04 – So, what happens to the gun after transfer?
Episode #031 Freebie:
Are you an executor of an estate that includes a firearm? While they do require special consideration, it is possible to safely and legally transfer possession. Normally the transfer of gun ownership is handled by a Federal Firearm Licensed (FFL) dealer. The gun is held by the dealer during the mandatory 10-day waiting period and the parties are required to complete a Dealer’s Record of Sale (DROS). That initiates a background check with the state Department of Justice. In addition, gun purchasers are required to secure a Firearm Safety Certificate before taking possession of the gun. However, those rules do not apply to the transfer of a firearm by gift, bequest, intestate succession, or other means if specific requirements are met. Click here to download your FREE copy of Stick to Your Guns: How to Handle Firearms in an Estate checklist to understand what these requirements are and to help get the process started. If you’re new or inexperienced with handling firearms, then you’ll definitely want to have this resource on hand.
Resources/Tools/Links Mentioned in This Episode:
CA Department of Justice: https://oag.ca.gov/firearms
The Following Forms Mentioned in This Episode Can Be Found Here: https://oag.ca.gov/firearms/forms
- Bureau of Firearms Form 53 – Automated Firearms Request Form
- Bureau of Firearms Form 4546 – Notice of No longer in Possession
- Bureau of Firearms Form 116 – Personal Firearms Eligibility Form
- Bureau of Firearms Form 4544A – Interfamilial Transfer Form
Firearms Safety Certificate Program FAQs: https://oag.ca.gov/firearms/fscpfaqs
Blog Post: https://absolutetrustcounsel.com/california-regulates-the-inheritance-of-guns/