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_outlineFor any business owner who’s taken a PPP Loan, you know exactly how challenging the application process was. Now that you may be looking to get that loan forgiven, unfortunately, the forgiveness application isn’t any less challenging or confusing. On top of that, if you don’t apply correctly, you will have to pay all the money back.
In a new episode of Absolute Trust Talk LIVE, we are happy to welcome guest Ed Gines, PPP Loan expert, and founder of Strategic CFOs. As the top resource supporting small business leader clients with high-level accounting supports and insights, Ed brings a wealth of information on each step of the PPP Loan forgiveness process like specific time limits, forgiveness percentage calculations, income caps, and more. If you feel like you’re lost in the process, unsure whether a PPP Loan is right for you or need help with the forgiveness application, this episode is for you. Ed’s expertise will ensure your loan is forgiven in full. Listen In!
Big Three from Episode #046:
- Look out for the words FTE Reduction Quotient – Watch out for these words and ask your accountant!
- Remember “Safe Harbor 2”
- PPP Loans and Loan forgiveness is complicated, but there is help – don’t struggle, get the forgiveness you deserve and ask for professional help.
Time-stamped Show Notes:
4:26 – What are some basic things that businesses should know about PPP Loan forgiveness?
6:22 – When is the ideal time to apply for forgiveness?
7:55 – Ed discusses how to calculate or figure out what percentage of you PPP Loan can be forgiven
10:48 – What is a cover period vs. a comparative period?
14:15 – What requirements – calculations, information, and data are required for forgiveness?
17:20 – Ed and Kirsten discuss the importance of spending the minimum amount of money on payroll in a specific 24-week time frame
23:20 – These are the application forms that you should know about for PPP forgiveness
27:18 – When does a business have to repay the portion of a PPP Loan that is not forgiven?
28:22 – How does an employee who was laid off during COVID and didn’t come back impact your forgiveness?
29:50 – Do bonuses paid out to employees’ impact percentage of forgiveness?
31:03 – Do employer 401k’s count in the forgiveness calculation?
Episode #046 Freebie – Paycheck Protection Program Phases & FAQs
Did you know that over 80% of businesses are confused by the entire PPP Forgiveness application process? Yes, that’s right; you are not alone. Today’s guest, PPP Loan expert, Ed Gines, gives exclusive access to his Paycheck Protection Program Phases & FAQs resource guide. This checklist breaks down the process and answers some of the most frequently asked questions about each step, helping you understand the process more thoroughly. Download your free copy now!
Resources/Tools/Links Mentioned in This Episode:
Strategic CFOs
[Ad] A lot of time and effort goes into building your business, and it’s important to not only protect it but clarify what will happen to it when you’re gone. An estate plan will address all issues involved and protect current and future owners if it is passed down. Schedule a free discovery call today, and let’s discuss the ins and outs of protecting your business and your needs.