137: Maximize Your Wealth: Expert Financial Strategies for Business Owners
Release Date: 06/25/2024
153: AB Trusts After 2013: What You Need to Do Now
Absolute Trust Talk
Welcome back to Absolute Trust Talk! In this exciting episode, associate attorney Jessica Colbert steps into the spotlight for the first time, accompanied by managing attorney Kirsten Howe. Together, they continue the series AB Trusts: Do You Have One? Do You Need One? This episode uncovers the surprising reason many couples have AB trusts without realizing it, and what steps you should take if you find yourself in this situation. You’ll also learn why it might be time to reconsider an AB trust, especially if you are the surviving spouse and want to make changes. Don’t miss out on this...
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152: The Truth About AB Trusts: Will Your Wishes Be Followed?
Absolute Trust Talk
Welcome back to Absolute Trust Talk with Kirsten Howe and associate attorney Jessica Colbert! In this second episode of our AB Trust series, we dive into a vital question: Will your wishes truly be honored? While AB Trusts are a common estate planning tool for couples, they have potential challenges. One significant issue is when the deceased spouse's wishes are unintentionally—or even deliberately—overlooked or altered. Tune in as we explore how and why this happens and, more importantly, what steps you can take to ensure that your estate plan works exactly as intended. ...
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151: Is an AB Trust Right for You? Essential Insights for Married Couples
Absolute Trust Talk
Married couples, is your AB trust still serving your needs, or has it outstayed its welcome? In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert take a closer look at AB trusts, a once-standard estate planning tool. They discuss when an AB trust makes sense and when it might just add unnecessary complexity and cost. Tune in as they explain the key benefits of asset control after death, while also considering the downsides, such as tax filing requirements and maintenance expenses. Whether you're revisiting an existing trust or planning for the future,...
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150: Third-Party Trustees: A Smart Choice for Your Estate Plan?
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert continue their in-depth discussion on selecting a successor trustee, with a focus on third-party options. They explore key considerations when choosing a licensed professional fiduciary, breaking down the advantages and potential drawbacks of this option. Additionally, they provide insights into other alternatives, such as corporate trustees. Whether you're making this decision for the first time or revisiting your estate plan, this episode offers practical advice to help you choose the best trustee...
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149: Choosing a Child as Your Successor Trustee: Key Factors to Consider
Absolute Trust Talk
Are you considering naming a child as your successor trustee? In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert explore the pros and cons of selecting a child for this crucial role. They break down key factors, including whether to name one child or multiple children as co-trustees, and the potential challenges that can arise, from sibling dynamics to administrative complexities. Tune in to gain valuable insights and ensure you make an informed decision about your trust’s future. Time-stamped Show Notes: 0:00 Introduction 1:45...
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148: How to Choose the Right Successor Trustee for Your Trust
Absolute Trust Talk
Are you prepared to name a successor trustee in your estate plan? Don’t worry if you’re unsure—this episode of Absolute Trust Talk will guide you through the process. We’ll break down the most important traits to look for in a successor trustee, such as trustworthiness, reliability, and the ability to seek professional advice when needed. Plus, we’ll share common pitfalls to avoid so you can make the best choice for your family’s future. Time-stamped Show Notes: 0:00 Introduction 0:50 What is a Successor Trustee, and why is naming one essential for your...
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147: How to Legally Access a Loved One's Bank Account After Death
Absolute Trust Talk
Have you ever faced the frustrating challenge of accessing a loved one’s bank account after their passing? You're not alone. In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert break down the complexities of this process into simple, actionable steps. They explain the different types of account ownership—whether joint, trust-held, or individual—and guide you through the specific steps required to gain access to each. Plus, they debunk the common misconception that a Power of Attorney can be used after death, highlighting why it’s not only...
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146: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 3
Absolute Trust Talk
Navigating estate planning as a surviving spouse can be complex, especially when dealing with the intricacies of an A-B trust. In this episode of “Trustee and Executor Responsibilities: Best Practices and Pitfalls,” Kirsten Howe and associate attorney Jessica Colbert focus on the A-B Trust—an estate planning tool that was once commonly used to minimize estate taxes but is often misunderstood today. They explain what an A-B Trust is, why it’s important to address the trust split promptly after a spouse’s passing, and the complications that can arise if it’s delayed. Whether...
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145: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 2
Absolute Trust Talk
Taking on the role of a trustee or executor can be daunting—and for good reason! With so many responsibilities and legal requirements, checking all the necessary boxes can feel overwhelming. In this episode of Absolute Trust Talk, we continue our discussion on trustee and executor duties, focusing on the critical importance of notices. For instance, the trustee's or executor's responsibility is to ensure that all beneficiaries and heirs are properly notified of the decedent’s passing. And that's just the beginning. If you’ve recently been named a trustee or executor, you won't want to...
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144: Navigating Trustee and Executor Responsibilities: Best Practices and Pitfalls
Absolute Trust Talk
When asked to be a family member’s trustee or executor, it’s easy to immediately say yes out of love and a sense of duty. It’s just some paperwork, right? How hard could it be? At Absolute Trust Counsel, we’ve seen the struggles trustees and executors face, particularly when they are family members. The role involves a heavy workload, significant responsibility, and the meticulous task of bookkeeping—often the most daunting part. It’s easy to overlook these critical aspects, which is why our goal for this episode of Absolute Trust Talk is to ensure you’re fully...
info_outlineAre you a business owner or partner? If so, you don’t want to miss this episode of Absolute Trust Talk! We’re exploring all things financial planning for business owners so you can transform your business success into personal wealth. Joining us is Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management, who specializes in tax minimization, asset protection, and fulfilling personal passions. Together, we’ll discuss ways you can maximize your savings, secure your assets, and plan for a successful, stress-free retirement. You can even apply some of these tips to your plan today, so let’s get started!
Time-stamped Show Notes:
0:00 Introduction
0:15 Meet our special guest today, Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management.
1:48 To get things started, Miguel shares why he likes working with business owners.
3:56 When it comes to helping business owners with wealth management, there are some “low-hanging fruits” that can make a big difference, like looking at tax planning, taking advantage of HSAs, and considering upgrading their CPA.
7:32 How your business is registered can also play a role in your wealth management. Learn more in this segment.
8:57 If you have a partner or partners in your business, have you reviewed your legal agreements lately?
10:04 We see it all the time – the business is profitable, but the owner doesn’t keep much of the profit for themselves. Miguel shares key insights on why this happens and how to avoid it.
14:27 When financial planning with business owners, the key is understanding goals and objectives. Here’s what should be considered.
17:17 Thank you, Miguel, and we can’t wait to have you again on our next episode!