loader from loading.io

136: Guardianship Explained: Essential Insights for Effective Estate Planning

Absolute Trust Talk

Release Date: 06/05/2024

185: Are You Risking Everything? The Insurance Your Business Can't Operate Without show art 185: Are You Risking Everything? The Insurance Your Business Can't Operate Without

Absolute Trust Talk

Many business owners purchase insurance without truly understanding what they're buying or what critical coverage they might be missing. Host Kirsten Howe addresses this knowledge gap by welcoming Dean Myers, owner of Core Insurance Agency, to reveal the fundamental insurance coverage every business owner needs before opening their doors. Dean, who specializes in errors and omissions insurance for lawyers, accountants, doctors, and professional trustees, breaks down the three critical pillars of business insurance: workers' compensation, general liability, and property insurance.   ...

info_outline
184: From One Direction to No Direction: What Liam Payne's Estate Teaches Us About Planning show art 184: From One Direction to No Direction: What Liam Payne's Estate Teaches Us About Planning

Absolute Trust Talk

In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following One Direction member Liam Payne's tragic death in Argentina in fall 2024. At just 30 years old, Payne left behind a $32 million estate—but no will. His complex assets include performance income, solo artist earnings, brand deals, music publishing rights, and venture investments. Without estate planning, his 8-year-old son Bear becomes the sole intestate heir, inheriting the full amount at age 18. Kirsten analyzes the cascading problems: massive probate fees (at least $376,000 in...

info_outline
183: Beyond Borders: International Estate Planning Essentials for Families (Part 3) show art 183: Beyond Borders: International Estate Planning Essentials for Families (Part 3)

Absolute Trust Talk

In this final installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe concludes her conversation with estate planning specialist Janet Brewer, addressing one of the most common cross-border scenarios: U.S. citizens who own property abroad. Janet, with over 30 years of experience serving Silicon Valley's international clientele, explains why simply leaving foreign property to your US trust won't work, since most countries don't recognize trusts at all.   This episode highlights the crucial distinction between countries that recognize trusts...

info_outline
182: Beyond Borders: International Estate Planning Essentials for Families (Part 2) show art 182: Beyond Borders: International Estate Planning Essentials for Families (Part 2)

Absolute Trust Talk

In this second installment of Absolute Trust Talk's international estate planning series, host Kirsten Howe welcomes back estate planning specialist Janet Brewer to explore advanced strategies for families with cross-border connections. Building on their previous discussion of guardianship challenges, this episode focuses on critical tax considerations and financial hurdles faced by international families. Janet, a certified specialist with over 30 years of experience serving Silicon Valley clients, explains the unique tax opportunities available to visa holders with stock options and RSUs,...

info_outline
181: Beyond Borders: International Estate Planning Essentials for Families show art 181: Beyond Borders: International Estate Planning Essentials for Families

Absolute Trust Talk

In this episode of Absolute Trust Talk, host Kirsten Howe welcomes estate planning specialist Janet Brewer to explore the unique challenges faced by immigrants and international families when planning for their future. Janet, with over 30 years of experience serving clients throughout Silicon Valley, brings her vast knowledge to address the specific concerns of non-resident aliens, visa holders, green card holders, and other international families with U.S.-based assets. As a member of the invitation-only Society of Trust and Estate Practitioners (STEP), Janet regularly prepares estate plans...

info_outline
180: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final (Part 2) show art 180: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final (Part 2)

Absolute Trust Talk

In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert continue their discussion on estate planning during divorce proceedings with practical solutions. Following their previous episode on the potential problems that can arise if someone becomes incapacitated or dies during divorce, they now focus on preventative measures. The attorneys explain how to ensure your soon-to-be ex-spouse doesn't maintain control over your healthcare decisions or inherit your assets contrary to your wishes. They discuss the creation of new healthcare directives, powers of...

info_outline
179: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final show art 179: Divorce in Progress: Safeguarding Your Estate Plan Before It's Final

Absolute Trust Talk

In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert discuss critical estate planning considerations during divorce proceedings. They explore what happens if someone becomes incapacitated or dies while their divorce is still pending, revealing potentially unwelcome consequences if proper planning isn't in place. The discussion highlights how existing estate plans typically name a spouse as the primary decision-maker and beneficiary—a designation most divorcing individuals would want to change immediately. Without written estate plans, the...

info_outline
178: 3 Critical Estate Planning Lessons from Richard Simmons' Legacy Battles show art 178: 3 Critical Estate Planning Lessons from Richard Simmons' Legacy Battles

Absolute Trust Talk

In this episode of Absolute Trust Talk, host Kirsten Howe examines the estate complications following Richard Simmons' death in July 2023. She details the ongoing legal dispute between Simmons' brother Leonard (named trustee) and Teresa, his housekeeper of 30 years who briefly served as co-trustee before a contested resignation. The conflict centers around approximately $1 million in personal property—primarily jewelry—that Teresa allegedly took when evicted from Simmons' home. While Teresa claims Simmons gifted her the jewelry in 2014, Leonard argues documentation proves otherwise....

info_outline
177: Inside the Heated Padres Inheritance Feud: What It Teaches Us About Sound Estate Planning show art 177: Inside the Heated Padres Inheritance Feud: What It Teaches Us About Sound Estate Planning

Absolute Trust Talk

In this all-new episode of Absolute Trust Talk, Kirsten Howe and her associates, Jessica Colbert and Ariana Flynn, delve into the complex estate battle surrounding the late San Diego Padres owner, Peter Seidler. The MLB team finds itself at the center of a legal dispute as Seidler's wife, Sheel, contends with his brothers over control of the franchise. With allegations of breached trust, fraud, and self-dealing, the case highlights the intricacies of estate planning for high-net-worth individuals and the potential pitfalls of ambiguous or informal documentation. While largely speculation,...

info_outline
176: Behind the Headlines: Gene Hackman's Estate Plan and What We Can Learn show art 176: Behind the Headlines: Gene Hackman's Estate Plan and What We Can Learn

Absolute Trust Talk

In this episode of Absolute Trust Talk, Kirsten Howe, managing attorney at Absolute Trust Counsel, and associate attorney Jessica Colbert examine the estate of beloved actor Gene Hackman. They meticulously analyze the available court records from Santa Fe County, New Mexico, and contrast them with California's probate procedures. The attorneys skillfully debunk sensationalized headlines about Hackman's will, explaining the mechanics of pour-over wills and why media claims about his children being "cut out" are potentially misleading. While much of the discussion is speculation, they provide...

info_outline
 
More Episodes

Have you ever considered what would happen to your children if you passed away? It can be daunting and hard to think about; no one wants to plan for the possibility where they aren’t around to see their kids grow up. We often talk to clients who follow that old superstition that if they don’t think about it, then it won’t happen to them, so why plan, right? In our opinion, that isn’t the best course of action. While it's rare for a child to lose both parents and be taken in by a guardian, it does happen, and it's crucial to be prepared. Fortunately, guardianship is an element you can include in your estate plan and a planning element you should take action on.

In this episode of Absolute Trust Talk, we're joined by Lara Heisler, a seasoned Bay Area attorney with over 25 years of experience specializing in conservatorships and guardianships. Together, we'll cover everything from the legal responsibilities of a guardian and the process of becoming one to how to have essential conversations with your family and avoid the risk of foster care. If there's one key takeaway from this episode, it's this: The more uncomfortable family conversations you have when life is comfortable, the better prepared you'll be when life gets challenging. Let's get started!

Time-stamped Show Notes:

0:00 Introduction

0:55 Please join us in welcoming Lara Heisler to the show!

3:02 Guardianship – It’s a term we’ve all heard, but not everyone knows what it truly means. Here’s what you need to know.

4:55 How can someone obtain guardianship of a child?

8:43 In this segment, we examine an extreme guardianship case and then discuss some of the more common guardianship scenarios.

11:43 When nominating family members for guardianship, it's essential to explain your reasons for doing so, so they aren’t left guessing.

17:03 It may also be important to name people you don’t want as your child’s guardian.

19:04 When it comes to guardianship, who steps into the role first matters, especially under extreme circumstances like the court case discussed.

21:16 “What happens if…” It's a conversation none of us want to have with our family and kids, but here’s why you should.

26:18 While parents of children under guardianship still have many rights, enforcing those rights can be challenging.

28:40 Have you ever wondered about the visitation rights of grandparents and other family members of a child under guardianship? Lara will answer all your questions here.

30:36 Next, we’ll discuss the procedures for ensuring the child’s wishes are considered in a guardianship case.

33:48 In this segment, we explore what happens if a child has no relatives in the US and what you can do to prepare for this situation.

37:41 While conservatorship does not provide long-term oversight, the courts have a rigorous process to ensure the guardian is someone the child will be safe with.

40:08 If there’s one piece of advice you should take away, it’s this: The more uncomfortable family conversations you have when life is comfortable, the better off you are when life gets very uncomfortable.