058: The Importance of Guardianship in Your Estate Plan
Release Date: 02/24/2021
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...
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119: Understanding the Basics of Probate Accounting
Absolute Trust Talk
If you’re someone who is serving in the role of trustee, executor, conservator, or guardian, acting as a personal representative for someone’s estate in California, did you know that the state has specific guidelines for probate accounting? According to section 16062, the California probate code requires representatives to provide an accounting at least once a year. The purpose is usually two-fold: to show beneficiaries what assets exist, how they’ve been handled, how much is left to be divided up, and to show the individual in control of the money is doing their job. ...
info_outlineIf you have minor children, nominating a guardian for them in case of your death or incapacity is one of the most important reasons to do an estate plan. For many families, the choice is not easy, and they end up procrastinating. Think of it this way, do you want a judge, who may know nothing about your children or your family, deciding who your child will be raised with without knowing your preference? Parents have the opportunity to make a choice, and we can help.
In a new episode of Absolute Trust Talk Live, Kirsten discusses the different types of guardianship in California, the process of guardianship, factors to consider when choosing a guardian, and more. Naming a guarding for your child(ren) and the work that goes along with it is largely misunderstood. Tune in to get the facts and find the right next steps for including guardianship in your estate plan.
Big Three from Episode #058:
- Parents can nominate someone for guardianship, but only the judge can appoint someone.
- As a parent, make sure your wishes are clearly expressed in your estate plan; otherwise, you will have absolutely no say in the matter.
- Choose potential guardians that you can trust to make sure things get done.
Time-stamped Show Notes:
2:30 – These are the two types of guardians in California.
6:17 – This is the process for how guardianship works.
7:51 – This is why, as a parent, you want to express your wishes for a guardian.
8:37 – Estate planning can help you avoid going to court. Here’s how.
9:54 – Utilizing a Letter of Intent can act as a helpful guide for those who are nominated as guardians
11:40 – Does a guardian get paid?
12:07 – What can someone do if there is a family member they do not want to be the guardian?
13:20 – What happens if the guardian dies?
When it comes to guardianship, a Letter of Intent can be an essential tool in your future planning. It can serve as a guide for those who may become responsible for decisions regarding your child(ren) and that person’s role as their guardian. But what information should be included? Download our free resource guide for more details on building the right Letter of Intent for your plan.
[Ad] Choosing the right guardian for your child(ren) can be a difficult decision and it’s one that shouldn’t be taken lightly. If you need help determining the right choice for your estate plan, we can help. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.