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064: Trust Failures: Don’t Let This Happen to You

Absolute Trust Talk

Release Date: 05/13/2021

065: Diablo Valley Foundation for the Aging: A Valuable Community Resource show art 065: Diablo Valley Foundation for the Aging: A Valuable Community Resource

Absolute Trust Talk

In today’s episode of Absolute Trust Talk, Kirsten sits down with Jody Iorns, Executive Director of the Diablo Valley Foundation for the Aging (DVFA). DVFA is a nonprofit that has been providing services to seniors in Contra Costa County since 1975. Kirsten and Jody dive into the organization’s history and break down all the benefits and support provided to seniors and their families to maintain quality of life. Where you’re local to the area or not, this is an episode you don’t want to miss.

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064: Trust Failures: Don’t Let This Happen to You show art 064: Trust Failures: Don’t Let This Happen to You

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn. As a fellow expert, Madison joins Kirsten to discuss some of the most common trust administration failures and what you need to do to avoid these issues with your own estate plan. No matter what stage of the trust administration journey you’re in, you’ll want to listen to this podcast and protect the future of your legacy and your beneficiaries.

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063: Aging in Place: It Takes a Village show art 063: Aging in Place: It Takes a Village

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten sits down with board-elected president Larry Toy of Lamorinda Village. Lamorinda is a 501(c) (3) non-profit developed as a community-based network of people ages 55 and older that offers support and connections to help older adults stay connected and thriving while aging in place. Larry and Kirsten dive into the programs and services that the village offers as well as how people can join and get involved.

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062: Hiring Home Caregivers: Know the Law show art 062: Hiring Home Caregivers: Know the Law

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten sits down with Jon Babione of Ferber Law. He practices in a broad range of employment matters, including discrimination, harassment, wrongful termination, and wage and hour claims, in the state and federal courts and the office of the Labor Commissioner. Jon and Kirsten discuss the requirements involved, and Jon provides some best practices to follow when hiring a caregiver to avoid any legal issues.

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061: Keys to a Successful Transfer of Wealth show art 061: Keys to a Successful Transfer of Wealth

Absolute Trust Talk

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, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality.

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060: Navigating the World of Senior Living Communities show art 060: Navigating the World of Senior Living Communities

Absolute Trust Talk

In a new episode of Absolute Trust Talk Live, Kirsten sits down with placement expert Juliane Bigelow, founder of CareQuest, a local placement agency helping families in Alameda and Contra Costa counties. Listen in to hear a thorough discussion on all the options available, what kind of care is available, general costs, and more. No matter where you are in the planning or decision process, this episode will highlight all the factors you should consider.

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059: Resolving Family Conflict Through Elder Mediation show art 059: Resolving Family Conflict Through Elder Mediation

Absolute Trust Talk

In a new episode of Absolute Trust Talk, Kirsten sits down with Katharina Dress, MA. A mediator and facilitator who specializes in helping families understand each other’s viewpoints, reach an agreement, and ultimately make the best decisions about care and planning for aging loved ones and their families. Listen in to learn more about the issues Katharina sees among family members, what causes tension, and some of the approaches she uses to resolve conflict successfully.

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058: The Importance of Guardianship in Your Estate Plan show art 058: The Importance of Guardianship in Your Estate Plan

Absolute Trust Talk

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.

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057: Estate Tax Returns: Why You Might Want to File Anyway show art 057: Estate Tax Returns: Why You Might Want to File Anyway

Absolute Trust Talk

In a new episode of Absolute Trust Talk Live, Kirsten sits down with CPA Margaret Schopp. Margaret’s firm, Schopp & Co., focuses on trust and estate tax returns, including Form 706 for (portability). Listen in as Kirsten and Margaret break down the estate tax return process, discuss how to calculate it, and review the significant benefits as well as some common mistakes to avoid. Even if you don’t meet the current estate tax exemption, you might want to file anyway.

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056: 5 Mistakes to Avoid When Moving Senior Parents  show art 056: 5 Mistakes to Avoid When Moving Senior Parents

Absolute Trust Talk

In a new episode of Absolute Trust Talk Live, we are thrilled to welcome Seniors Real Estate Specialist Dayna Wilson of Keller Williams. Dayna and her team have over a decade of experience providing comprehensive senior-friendly transition services, handling virtually every facet of the process. Today, she dives into what that process looks like, why and how to start planning now, tips on communicating with parents, and strategies for a successful move.

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More Episodes

At Absolute Trust Counsel, in nearly 100% of the trust administrations, we’re hired to execute, there is a least one failure that could have been avoided. Some of these failures are small and simple to fix. Unfortunately, the majority are much more difficult to rectify. In this context, difficult also means expensive. As a trust grantor, it is vital to review your estate regularly, especially if there are significant life changes. Talk to your estate planning attorney and keep your documents up to date to ensure your wishes and promises to your beneficiaries are kept.

In a new episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn. Madison joined the firm in 2019, bringing extensive legal background and experience, starting as an intern and working her way up to attorney at law. She has a passion for helping seniors, individuals, and their families prepare and protect legacy over the last few years in all aspects of estate planning and trust administration. As a fellow expert, Madison joins Kirsten to discuss some of the most common trust administration failures and what you need to do to avoid these issues with your own estate plan. No matter what stage of the trust administration journey you’re in, you’ll want to listen to this podcast and protect the future of your legacy and your beneficiaries.

Big Three from Episode #064:

  1. When it comes to real estate and your trust, make sure you know how everything is titled.
  2. If you’re going to make promises to potential beneficiaries and inheritance, be sure to talk to your estate planning attorney and get things in writing.
  3. Keep all your documents up to date, and be sure to dot all your I’s and cross all your T’s to make sure your estate plan truly follows your wishes.

Time-stamped Show Notes:

4:09 – Madison and Kirsten jump right into discussing the most common failure they see, which has to do with funding a trust.

4:56 – Madison shares a couple of things that can cause real estate to fall out of a trust. 

10:04 – This is what happens to the trust when real estate falls out – hint, it can be frustrating and expensive!

11:57 – Like the failure of funding, Kirsten and Madison discuss another common failure – a lack of beneficiary designations.

16:26 – Another common failure has to do with your current living arrangements.

18:21 – Kirsten shares a scenario where this failure comes into play.

23:52 – Should you put real estate that’s located out of state in your trust?

25:10 – Can you name your trust as the beneficiary of your IRA?

26:24 – Should your trust own safety deposit boxes?

[Ad] Planning for the future 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.