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...
info_outline 125: Cher Files for Conservatorship of Son Elijah Blue Allman Over Alleged Substance AbuseAbsolute 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...
info_outline 124: Beach Boys Founder Brian Wilson Suffering from Dementia as Reps Seek ConservatorshipAbsolute 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...
info_outline 122: The Costly Truth of Ignoring Estate Planning Like Jay LenoAbsolute 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...
info_outline 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...
info_outline 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...
info_outline 120: Solutions to Common Real Estate IssuesAbsolute 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_outline 119: Understanding the Basics of Probate AccountingAbsolute 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_outline 118: Do You Need an Estate Plan for Your Furry or Feathered Family Members?Absolute Trust Talk
You’ve probably heard stories of celebrities leaving their fortunes to their beloved pooches and thought, “How silly!” Sure, it’s unlikely that an animal needs millions of dollars - after all, what will they do with it? But if you’re a pet person, have you stopped to consider what will happen to your sidekick after you’re gone? People don’t think about how long animals can live. Dogs can live anywhere from 8-16 years, and cats from 12-18. And those are your household four-legged friends. What about fish and birds? Koi fish live anywhere from 25-35 years, and parrots can live up...
info_outline 117: Celebrity Estate Planning Lessons: Senator Dianne FeinsteinAbsolute Trust Talk
You may have heard that Senator Dianne Feinstein passed away on September 29, 2023, and there is pending litigation between the Senator and her deceased husband, Richard Blum, as well as some new litigation regarding her estate. Two petitions have been filed by the Senator’s daughter, Katherine Feinstein. The first petition concerns the joint revocable trust between Senator Feinstein and Richard Blum. Katherine is alleging that the joint trust held between Dianne and Richard was not split, and she is also requesting that the court permit the trustees to sell one of the four properties in...
info_outlineUnfortunately, many today see money as a solution to problems, but that is not always the case. In fact, wealth can be quite damaging to a family dynamic. Planning, in this instance, is vital. When family members have prepared and have learned how to work together, that’s when wealth and inheritance can be used as a tool to benefit a family for generations to come.
In this Absolute Trust Talk episode, Kirsten sits down with Richard Del Monte of the Del Monte Group to discuss the underlying reasons why wealth transitions so often fail. They also look at the tools and processes he recommends for families who want to avoid that fate. With more than 35 years of experience as a Certified Financial Planner and Certified Wealth Consultant, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality. This is an episode not to be missed.
Big Three from Episode #061:
- Teach your heirs ahead of time how to handle wealth successfully.
- Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around.
- Have the family find a shared purpose for using their wealth as a tool.
Time-stamped Show Notes:
5:57 – How often do these wealth transfers fail?
6:41 – What do these failures look like?
8:19 – Richard shares eye-opening statistics about what causes wealth loss from generation to generation.
9:32 – When do families get in touch with Richard? How does he get involved?
12:37 – What does Richard’s process look like when working with clients?
13:22 – What happens when we think we’re right.
16:00 – Richard shares so examples of unprepared heirs and how to change that situation.
22:02 – Kirsten and Richard share a couple of his tools for getting a family to work as one.
27:09 – What do parents need to do to help their children grow up with a work ethic?
29:43 – This is Richard’s process to encourage someone to attend a meeting if they don’t want to.
30:50 – What is the first step in implementing these types of techniques with full-grown siblings?
FREE BOOK OFFER:
Did you know that when wealth is transferred from one generation to the next, 70% of the time, that generation loses the wealth by the end of their lifetime? That’s HUGE. How does that happen? Unprepared heirs and lack of family connection and communication.
Wealth can damage relationships and cause rifts within a family that have devastating consequences for all. To help you dive deeper into this topic and build a better plan for the future, Absolute Trust Talk guest, Richard Del Monte, is offering a FREE copy of his book “Endless Inheritance.” This book will help you avoid discord, conflict and create fulfillment and harmony, ensuring your wealth will live on. To order your free book, you can call the Absolute Trust Counsel office at 949.943.2740 or email us at [email protected].
[Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.