Absolute Trust Talk
Absolute Trust Talk is your navigational compass that brings together the business of trusts, estate planning, and aging – your home base to find the knowledge you’re seeking on what lies ahead. With over 27 years of experience, Kirsten has seen her fair share of clients confused and overwhelmed with the complexity of estate planning and the challenges and obstacles that life can throw your way. On a mission to take her vast expertise and experience to a new level, Absolute Trust Talk host Kirsten Howe brings a thought-provoking, approachable, friendly voice to a wide variety of life and legacy planning topics. Through this series of podcasts, the Absolute Trust Talk team will connect with like-minded business professionals, industry leaders, and luminaries to spotlight how listeners can make educated and informed lifestyle and planning decisions. Living your best, quality life while preparing for the future doesn’t have to be stressful or hard, but it does have to be smart.
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175: The Valuation Puzzle: What Your Assets Are Really Worth: Part 2
04/01/2025
175: The Valuation Puzzle: What Your Assets Are Really Worth: Part 2
In this episode of Absolute Trust Talk, host Kirsten Howe continues her valuation discussion with expert Alex Spaete from Bridge Forensic CPAs, exploring the intricacies of asset valuation. The discussion focuses on how privately held assets are valued, particularly examining discount factors applied to LLC interests based on control limitations and marketability constraints. Alex explains how family dynamics influence valuations, especially when implicit control exists despite limited ownership percentages. The conversation covers valuation approaches for unusual assets like promissory notes and accounts receivable, with Alex sharing real-world examples, including commercial rag manufacturing and Weather Derivatives. This show highlights why professional valuation expertise is essential when dealing with complex assets during estate planning, business transitions, or divorce settlements. Time-stamped Show Notes: 0:00 Introduction 2:48 Diving back into the discussion, Alex breaks down the two main components of discounts: control factors and liquidity considerations that affect final valuations. 4:10 Here, we explore how operating agreements significantly impact valuation and what control considerations you should be aware of. 4:49 Gain insights on the fascinating impact of family dynamics on valuations, mainly how they come into play in divorce scenarios. 8:17 Find out whether the IRS requires taking discounts when available and the tax implications of valuation choices. 11:06 Alex explains the complexities of valuing promissory notes and how changing interest rates can dramatically affect their worth. 12:27 Before signing off, you must hear more about Alex's most interesting case studies, including an unusual rag-making business and complex weather derivatives.
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174: Part 1: The Valuation Puzzle: What Your Assets Are Really Worth
03/25/2025
174: Part 1: The Valuation Puzzle: What Your Assets Are Really Worth
In this insightful episode of Absolute Trust Talk, host Kirsten Howe welcomes Alex Spaete, a valuation expert and partner with Bridge Forensic CPAs. In part one of their discussion, Kirsten and Alex explore the complex world of asset valuation, particularly focusing on closely held businesses and real estate holding partnerships. Alex explains why valuing private entities requires specialized expertise beyond what's needed for bank accounts or publicly traded securities. The discussion clarifies the critical distinction between owning a percentage of a business entity versus owning the underlying assets themselves. Alex details the two primary approaches to valuation—net asset value and income analysis—and how they apply to different types of business structures. Whether you're planning your estate or simply curious about business valuations, this episode provides valuable foundational knowledge about how professionals determine what complex assets are truly worth. Time-stamped Show Notes: 0:00 Introduction 3:14 To kick things off, we talk about why asset valuation matters in estate planning, particularly for complex assets. 4:35 Next, Alex explains his focus on closely held companies and non-publicly traded entities. 6:24 Now, we will dive into common valuation scenarios, particularly for privately held businesses and real estate holding partnerships. 8:02 Listen here for an explanation of real estate holding partnerships and how they differ from direct property ownership. 11:07 Learn about understanding net asset value as a critical starting point for business valuation methodologies. 12:54 Discover the important concept of discounting in valuations and why the sum of parts may not equal the whole value.
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173: Stop Family Feuds: Expert Tips for Probate Real Estate Sales
03/12/2025
173: Stop Family Feuds: Expert Tips for Probate Real Estate Sales
In this episode of Absolute Trust Talk, host Kirsten Howe welcomes real estate expert Nathan Jines from Jines Real Estate Group, Keller Williams, to discuss the complexities of selling real estate in a probate or trust administration. When a homeowner passes away, managing the sale of their property presents unique challenges, from family dynamics to market positioning. Nathan shares firsthand insights on navigating these transactions while ensuring a smooth process for grieving heirs. Key takeaways include the importance of professional guidance, how family relationships impact the selling process, and strategies for maximizing property value. Nathan also highlights real-world examples, including a recent case where pre-sale improvements increased a home's sale price by nearly double. If you’re handling a loved one’s estate or considering future planning, this episode provides invaluable insights on protecting assets and ensuring a successful sale.
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171: IRS Audits Uncovered: What Triggers Them and How to Prepare
02/27/2025
171: IRS Audits Uncovered: What Triggers Them and How to Prepare
Few things are as nerve-wracking as receiving an IRS audit notice—but how do audits really work, and what can you do to protect yourself? In this episode of Absolute Trust Talk, Kirsten Howe sits down with Anthony Kim, a former IRS Chief Counsel Attorney with 26+ years of experience, to reveal the truth behind IRS audits. Tony, who has litigated complex tax cases for the U.S. Treasury Department and represented Fortune 500 companies and high-net-worth individuals at Ernst & Young, shares insider knowledge on what triggers audits, the IRS selection process, and how to avoid common red flags. You’ll learn why IRS audits are rarer than you think, the top mistakes taxpayers make, and why choosing the right representative—CPA or tax attorney?—could make or break your case. Plus, Tony drops a little-known IRS tip that could save you from missed notices and financial headaches. Don’t leave your financial future to chance! Listen now to get expert advice on navigating an IRS audit with confidence. Time-stamped Show Notes: 0:00 Introduction 0:57 Meet Anthony Kim: Former IRS Chief Counsel Attorney & tax expert 3:42 What triggers an IRS audit? Common red flags explained. 6:28 Whistleblower reports and third-party mismatches—how they lead to audits 7:46 The truth about audit risk: How rare are they, really? 8:43 Step one: How the IRS contacts you—don’t fall for scams! 10:00 The one IRS form every taxpayer should file after moving 11:00 The biggest mistake taxpayers make—what NOT to say in an audit 15:32 The worst-case audit scenarios and how to avoid them 16:49 Why even a low-risk audit could turn into a criminal case 17:24 Who should represent you in an audit? CPA vs. tax attorney debate 21:38 What happens at the end of an audit—how decisions are made 22:47 How to challenge an IRS audit decision and file a protest letter
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172: IRS Audits Uncovered Part 2: Protests and Appeals Explained
02/27/2025
172: IRS Audits Uncovered Part 2: Protests and Appeals Explained
Intro Summary] In this follow-up episode of Absolute Trust Talk, host Kirsten Howe welcomes back tax law expert Tony Kim to continue their deep dive into IRS audits and appeals. With 26 years of experience working for the IRS, Tony provides invaluable insights into what happens after an audit determination is made. He explains the role of a protest letter, how appeals officers function as mediators, and why IRS litigation can be risky for taxpayers. Throughout the episode, Tony emphasizes the importance of organization, professionalism, and strategic decision-making when dealing with the IRS. He also shares real-world examples of how cases are resolved at different stages of the appeals process. If you're facing an IRS audit or just want to understand your rights, this episode is packed with essential knowledge. Time-stamped Show Notes: 0:00 Introduction 1:33 The protest letter: Here’s what you need to know about how it challenges IRS decisions. 4:20 Appeals officers vs. revenue agents—who decides your case? 6:16 The power of appeals—why 90% of cases never reach court. Here’s why. 8:50 Tax Court vs. District Court: Listen in as Kirsten and Tony discuss the key differences and taxpayer options. 10:44 The IRS attorney’s role—can they make things better or worse? 14:31 Next, Tony is sharing important strategies for working effectively with the IRS—what really works? 19:38 How do you determine what to look for when selecting the right tax attorney? Tune in for key considerations. 23:37 Final advice—why staying engaged in your case is crucial!
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170: How to Secure Your Estate: Insights from O.J. Simpson’s Latest Legal Drama:
02/14/2025
170: How to Secure Your Estate: Insights from O.J. Simpson’s Latest Legal Drama:
In this episode of Absolute Trust Talk, hosts Kirsten Howe and Jessica Colbert delve into the latest twist in O.J. Simpson’s long-running estate saga. The estate’s executor has taken an unexpected step by filing a lawsuit against one of Simpson’s heirs, claiming that a key Las Vegas property was secretly transferred out of the estate’s control. As they speculate on the case, the hosts examine the potential motives behind this action—such as the strategic use of an LLC and homestead exemptions—and the significant implications for addressing Simpson’s mounting debts, including those owed to the IRS. With a thorough exploration of the executor’s critical role in managing and safeguarding estate assets, this episode is a powerful reminder of the complexities and repercussions of poorly executed estate planning. Whether you’re drawn to high-profile legal drama or seeking insights to protect your legacy, this discussion provides valuable lessons for anyone navigating the intricate world of estate administration. Time-stamped Show Notes: 0:00 Introduction 0:38 O.J.’s executor files a lawsuit against his son, Justin, alleging that a scheme was used—via an LLC—to shift ownership of O.J.’s Las Vegas home. 1:44 Next, Kirsten and Jessica dive into the discussion of the executor’s responsibility to marshal assets, ensuring funds return to the estate, and an explanation of why attorney and administrative fees come before creditor and beneficiary payments. 4:18 Do you know about the Homestead Exemption? Listen in to explore how homestead exemptions protect home equity and their potential impact in this case. 6:06 Here, the discussion shifts to whether forming an LLC was a tactic to shield the property from IRS claims and the implications of such a move. 6:45 Finally, Kirsten and Jessica analyze the uncertainty surrounding Justin’s actions and the possible motives behind the alleged asset transfer.
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169: Understanding Probate Part 3: How to Get Your Will Admitted to Probate
02/11/2025
169: Understanding Probate Part 3: How to Get Your Will Admitted to Probate
In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert explore the critical steps in getting a will admitted to probate. They explain why lodging an original, properly executed will with the county superior court is essential, and how witness testimony can authenticate the document. They also examine the pitfalls of relying on a photocopy—or finding out too late that the original has been lost or destroyed. Finally, they underscore the importance of keeping your estate documents organized to avoid future probate headaches. If you’re preparing your first will or need to update an existing one, don’t miss this critical conversation on ensuring your final wishes stand up in court. Time-stamped Show Notes: 0:00 Introduction 0:40 When lodging the original will, did you know that you must submit the current wet-signed will to the county superior court (not an older or photocopied version). 1:48 Next, Kirsten and Jessica discuss how an attestation clause (witness statements under penalty of perjury) helps ensure the will is recognized by the court. 3:45 If your will is holographic (entirely handwritten), it requires an additional step: someone familiar with the testator’s handwriting must confirm its authenticity. 6:37 If only a photocopy exists, the court may suspect the original was revoked or destroyed—making it crucial to keep track of the original.
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168: Understanding Probate Part 2: What Exactly Is a Will?
02/06/2025
168: Understanding Probate Part 2: What Exactly Is a Will?
In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert continue their deep dive into probate fundamentals by focusing on wills. They clarify what makes a will legally valid, why a handwritten (or “wet ink”) signature is still required, and how witnesses play a key role in safeguarding the document’s authenticity. They also explore the differences between a holographic will and the more formal, witnessed variety. This insightful conversation offers a clearer view of one of the most essential components of the probate process. Time-stamped Show Notes: 0:00 Introduction 1:24 Jessica defines a will as a written, hand-signed document created by the testator. 2:16 Next, Kirsten and Jessica discuss how a testator who cannot physically sign may use a mark or direct someone else to sign on their behalf. 2:36 Did you know just how important witnesses are in validating a will? Also, in California, an ink signature is still required. 3:14 Finally, Kirsten and Jessica explain holographic wills (fully handwritten) versus standard wills (requiring witnesses).
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167: Understanding Probate: A Closer Look at the Personal Representative’s Duties
01/30/2025
167: Understanding Probate: A Closer Look at the Personal Representative’s Duties
In this episode of Absolute Trust Talk, Kirsten Howe and Associate Attorney Ariana Flynn shine a light on the often misunderstood world of probate. They discuss why estate planners typically seek to avoid probate, the situations that make it unavoidable, and the key role of the personal representative—whether executor or administrator—in guiding the process. By exploring how the court appoints someone to oversee an estate, they underscore the importance of having a well-crafted plan in place. If you’ve ever wondered about the nuts and bolts of probate or questioned whether your own estate plan is up to date, this episode offers valuable clarity and peace of mind. Time-stamped Show Notes: 0:00 Introduction 0:20 To get things started, Kirsten and Ariana explain why probate can be so costly and time-consuming and reveal why it’s still sometimes necessary—especially when someone has passed away or become incapacitated. 1:44 Next, they address the common misconceptions surrounding probate and set the stage for this mini-series dedicated to probate basics. 2:20 Listen in as Kirsten and Ariana break down the role of a personal representative, clarifying how an executor differs from an administrator. 3:27 In this part of the show, they detail the formal process of becoming an executor or administrator, including the court petition requirements. 6:05 Finally, they explore the concept of a “special administrator,” explaining why this interim role might be needed in urgent circumstances.
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166: Don't Fall for Disaster Scams: Tips to Safely Support Fire Relief Efforts
01/22/2025
166: Don't Fall for Disaster Scams: Tips to Safely Support Fire Relief Efforts
In this episode of Absolute Trust Talk, Kirsten Howe and Jessica Colbert discuss the ongoing Los Angeles fires and offer practical advice on how to help victims without falling prey to scams. From identifying legitimate charities to safely navigating crowdfunding platforms, they outline actionable steps to ensure your generosity has a real impact. The episode also highlights essential disaster preparedness tips, including safeguarding your pets during emergencies. We’re thinking of everyone and hope you all stay vigilant, give wisely, and can help make a meaningful difference in times of crisis. Time-stamped Show Notes: 0:00 Introduction 0:53 To kick things off, we’re discussing why scams skyrocket during disasters and how to protect yourself while helping support others. 2:13 Next, we highlight actionable tips for identifying trustworthy organizations, avoiding unsolicited donation requests, and recognizing red flags in emails, texts, and calls. 5:18 Press play now to hear more about the risks of platforms like GoFundMe and how to verify campaigns to ensure your donations actually help the intended cause. 8:28 Listen in as Kirsten and Jessica talk about why financial donations are often the best way to help—and how to ensure your gift is tax-deductible and goes to legitimate causes. 10:03 Kirsten shares practical tips for pet owners, including microchipping and emergency planning, along with heartwarming stories of reunifications. 12:45 Our final call to action: Stay vigilant, protect your generosity from scams, and be part of the solution.
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165: When ‘I Wish’ Isn’t Enough: Precatory Clauses and the Mangione Family Estate
01/13/2025
165: When ‘I Wish’ Isn’t Enough: Precatory Clauses and the Mangione Family Estate
If you’ve been following the news lately, chances are you’ve heard of Luigi Mangione, the man at the center of recent headlines for allegedly shooting UnitedHealthcare CEO Brian Thompson. While the criminal case has drawn widespread attention, what caught our interest is a surprising detail about Mangione's personal life: he’s reportedly listed as a beneficiary in his wealthy grandmother’s estate. Even more intriguing, the will allegedly includes a precatory clause—or “wish language”—suggesting that beneficiaries charged with a felony could forfeit their inheritance. In this episode of Absolute Trust Counsel, host Kirsten Howe and attorneys Jessica Colbert and Ariana Flynn dive into the concept of precatory clauses, their potential legal implications, and what this could mean for Mangione. Don’t miss this fascinating discussion! Time-stamped Show Notes: 0:00 Introduction 1:40 Unpacking Luigi Mangione’s Inheritance: Discover how Luigi Mangione’s grandmother’s estate entered the spotlight and why estate planners like us find it so intriguing. 2:25 Has anyone actually seen a copy of the will? We reveal what sources are saying and why there’s still plenty of missing information. 3:38 A term every estate planner (and beneficiary) should know is Precatory Language. We break down what it means and how it can affect your inheritance. 4:50 If you rely on non-binding language in your will, you could invite costly disputes among your heirs. Next, we explain how to avoid this pitfall. 6:48 With limited information available, we still offer insights into what might happen next with Luigi’s share—and how you can protect your own estate from similar issues. 7:22 Thanks for joining us on this deep dive into estate planning and real-life drama. We hope you enjoyed it and picked up tips for your own estate plan. Stay tuned for our next episode!
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164: Shielding Your Legacy: How to Avoid Estate Litigation Pitfalls
01/03/2025
164: Shielding Your Legacy: How to Avoid Estate Litigation Pitfalls
Welcome back to Absolute Trust Talk for Part 2 of our exciting deep dive into estate litigation with our associate attorney and former litigator, Ariana Flynn! In this episode, we’re exploring the steps you can take to prevent challenges to your estate plan after you’re gone. Ariana shares valuable insights from her experience, including how writing explanatory letters to explain tough decisions and how receiving a neuropsych evaluation can also make a difference. We also discuss how working closely with your estate planner can help protect your wishes, with tips on handling co-trustees and ensuring your plan is rock solid. If you want to avoid potential litigation and secure your legacy, then this is an episode you won’t want to miss! Time-stamped Show Notes: 0:00 Introduction 0:55 Should you be worried about someone disputing your estate plan? Here’s what our former litigator, Ariana has to say. 3:09 Completing a neuropsych exam could help if someone attempts to claim the decedent was mentally incapacitated. Listen in as we discuss. 4:52 When it comes to litigation, an attorney’s testimony is highly important. Tune in at this moment as we explain what you should do, as well as the extra precautions we take for you. 7:24 As estate planning attorneys, it’s our job to be as thorough as possible. Here’s a sneak peek of what that can look like. 7:51 Is having co-trustees really that bad? Ariana shares the truth about how this decision can leave a lasting impact. 10:08 We hope this episode was just as eye-opening for you as it was for us. Be sure to tune in next time!
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163: Courthouse Confessions: Inside Trust and Estate Litigation
12/30/2024
163: Courthouse Confessions: Inside Trust and Estate Litigation
In this episode of Absolute Trust Talk, managing attorney Kirsten Howe welcomes associate attorneys Jessica Colbert and Ariana Flynn to discuss common issues in trust and estate litigation. Drawing from her experience as a litigator, Ariana highlights three major themes that often arise in family disputes over estates: undue influence, lack of capacity, and complex family dynamics. These challenges can lead to costly and emotional battles over a loved one's assets, making it crucial for individuals to understand the potential pitfalls. Tune in to hear valuable insights on how to navigate these difficult topics and prepare for the future. Plus, stay tuned for our next episode, where we’ll continue this crucial conversation! Time-stamped Show Notes: 0:00 Introduction 1:30 Ariana starts us off by sharing the most common family litigation issues. 2:45 In this segment, we discuss the most common issue: Undue Influence—what is it and how does it happen? 5:58 Not all influence is considered undue influence. If you’re as curious as we were to discover where that line is, tune in here! 6:35 Another common issue we see is a lack of capacity. Press play here to find out how this can be a major issue in estate planning. 7:30 Anyone can file a lawsuit at any time. Keep an eye out for our next episode where we’ll explore the details of such a scenario.
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162: Untangling Community vs. Separate Property Issues in Estate Planning (Part 2)
12/19/2024
162: Untangling Community vs. Separate Property Issues in Estate Planning (Part 2)
In this episode of Absolute Trust Talk, host Kirsten Howe welcomes back accomplished estate planning attorney and litigation expert Ruth Kohler Burke for part two of their deep dive into community vs. separate property in estate planning. Together, they unravel the complexities of property characterization and highlight how proper planning can save you from expensive, stressful situations. From intestacy horror stories to blended family challenges, Ruth shares real-world examples and valuable insights gained from her 25+ years of experience, including representing Fortune 500 companies. Whether you're managing family dynamics, navigating divorce, or ensuring your legacy, this episode provides actionable advice to help you avoid estate planning pitfalls. Time-stamped Show Notes: 0:00 Introduction 1:10 Welcome back, Ruth Kohler Burke! We’re kicking off the conversation with why property characterization matters when someone dies without an estate plan. 2:31 Why is differentiating separate and community property from each other so critical? Understanding this distinction is key to effective estate planning. 5:09 What happens when a minor inherits property? Let’s dive into the complications and the role of guardianship. 6:20 Horror story: Avoid this estate planning nightmare! Listen as Kirsten and Ruth talk about an example of intestacy gone wrong and how it could have been prevented 7:50 Sometimes, separate and community property isn’t a simple black-and-white matter. Here’s what you need to know. 10:32 Key takeaway: Don’t die intestate—the essential advice to avoid unnecessary complications for your loved ones. 11:40 We hope you enjoyed this episode with our special guest, Ruth Koller Burke! Get in Touch with Ruth! Koller Herlihy LLP Email: Phone: (925) 954-1268
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161: What’s Yours, Mine, and Ours? Untangling Community vs. Separate Property in Estate Planning
12/13/2024
161: What’s Yours, Mine, and Ours? Untangling Community vs. Separate Property in Estate Planning
In this episode of Absolute Trust Talk, host Kirsten Howe is joined by the accomplished Ruth Koller Burke, Partner at Koller Herlihy LLP, whose 25+ years of experience span estate planning, trust administration, and probate litigation. Ruth’s dual expertise as both an estate planner and litigator—gained through years of representing Fortune 500 companies and managing high-stakes family dynamics—brings an invaluable perspective to this discussion. Together, Kirsten and Ruth dive deep into the complexities of community and separate property in estate planning. From clarifying what distinguishes assets owned before marriage from those accumulated together, to understanding the role of trusts and navigating pre- and post-nuptial agreements, they leave no stone unturned. Whether you’re planning for a first marriage, a blended family, or any unique scenario, this episode offers actionable advice to help you safeguard your legacy and avoid future complications. Time-stamped Show Notes: 0:00 Introduction 1:28 Meet Ruth Koller Burke and learn how her dual expertise as an estate planner and litigator provides unique advantages for estate planning clients. 3:15 What’s the difference between community and separate property? Ruth and Kirsten explain these terms and why aligning estate planning with prenuptial or postnuptial agreements is critical. 5:20 How do prenuptial and postnuptial agreements influence estate planning? Get expert insights into how estate planners approach these agreements. 8:40 Second marriages and commingling assets can complicate estate planning—hear a real-world example of how to handle these situations effectively. 10:28 Should married couples have separate trusts, a community trust, or a mix? Ruth and Kirsten delve into this key question and offer tailored solutions. 13:12 Protecting separate property from being unintentionally commingled is crucial—press play for practical tips on keeping assets clearly defined. 16:38 Thank you, Ruth, for sharing your insights! Don’t miss the next episode, where Kirsten and Ruth dive into estate planning horror stories and how to avoid them.
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160: Celebrity Probate Case Files: O.J. Simpson
12/05/2024
160: Celebrity Probate Case Files: O.J. Simpson
In this special Absolute Trust Talk episode, Kirsten Howe and associate attorney Jessica Colbert step into the captivating world of celebrity estates, taking a closer look at the probate of O.J. Simpson. Unlike traditional probates, where assets are distributed to heirs, O.J.'s estate paints a very different picture—one dominated by overwhelming debts, including a $117 million judgment. From the auctioning of memorabilia to an intriguing home equity dispute, this episode uncovers the complexities faced by executors in balancing creditors' claims and legal obligations. Whether you're a legal enthusiast or just curious about the challenges of high-profile estates, this episode is an entertaining and insightful dive into the world of probate law. Tune in to discover what happens when there’s nothing left for the heirs—and how even celebrity estates must follow the same rules as everyone else. Time-stamped Show Notes: 0:00 Introduction 2:04 Learn about the executor’s efforts to auction O.J.’s personal belongings, from memorabilia to household items, and the challenges involved in organizing the sale. 3:34 Next, we dive into the details of the executor’s attempt to include home equity in the estate, despite complications involving a property jointly owned by O.J. and his son. 5:38 Discover the role of O.J.’s pour-over will and the trust it references, and why certain details of his estate remain private. 6:40 Kirsten and Jessica reflect on the unusual nature of this case and its educational takeaways, teasing more engaging episodes to come.
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159: Trustees' Checklist: Essential Notices You Can't Afford to Miss
11/27/2024
159: Trustees' Checklist: Essential Notices You Can't Afford to Miss
Trustees, are you confident you’ve completed all your legal responsibilities? This final, crucial question is one every trustee should ask—but the answer is rarely simple. In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into the often-overlooked legal notices trustees are required to send before making final distributions. They discuss the critical 120-day notice to trust beneficiaries and heirs, informing them of their rights to contest the trust. They also cover essential notifications to the Department of Health Care Services and the county assessor’s office. Missing these steps might seem minor, but they can lead to significant delays and legal complications. Tune in to learn more about these requirements and why addressing them early is essential for a seamless trust administration. Time-stamped Show Notes: 0:00 Introduction 1:15 Picking up from our previous episode with the fourth and final question for trustees: “Have I done everything I’m required to do?” 2:00 Next, let’s explore the first of several common notices that trustees often overlook. 2:30 The 120-Day Notice to Beneficiaries and Heirs: Why this written notice is crucial and its specific language requirements. 3:38 There are beneficiaries, and then there are heirs. Here’s what you need to know about notifying each as a trustee. 5:00 Have you filed a notice to the Department of Healthcare Services? We discuss why it's an important step, even if you believe it doesn't apply. 6:30 If the decedent owned any real estate, you’ll need to submit this to the county assessor’s office. Listen in for more details. 7:10 The final takeaway: Ask the questions we covered today sooner rather than later to avoid complications.
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158: Avoiding Trustee Liability: Critical Steps Before Distributing Assets
11/20/2024
158: Avoiding Trustee Liability: Critical Steps Before Distributing Assets
Being named a trustee is a significant responsibility that demands careful attention, time, and effort—and missing critical steps can lead to complex legal consequences. In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into real-life cases where trustees overlooked essential duties. They discuss three crucial questions every trustee must ask before making final distributions: 1. Have I done everything necessary concerning income taxes? 2. Is there a supplemental property tax bill coming? 3. Do I need to provide an accounting to the beneficiaries? With practical guidance on navigating these often-missed steps, Kirsten and Jessica equip trustees with the knowledge to handle their responsibilities smoothly and avoid personal liability. Whether you're a current trustee or might become one in the future, this episode is packed with essential insights you won't want to miss.
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157: Avoiding Probate Hassles: Understanding California's 2025 Law Change
11/12/2024
157: Avoiding Probate Hassles: Understanding California's 2025 Law Change
A significant shift in California probate law is on the horizon, promising to make estate transfers more accessible for many homeowners. In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into a game-changing legislation effective April 1, 2025. This new law allows for a simplified transfer of primary residences valued up to $750,000 to heirs—without the need for probate or a formal estate plan. They discuss how this expansion of the small estate affidavit and petition procedures can ease the burden on families, making property transitions faster and less complicated. Tune in to learn how these upcoming changes might impact you and your loved ones. Time-stamped Show Notes: 0:00 Introduction 0:58 Discover how the 2025 revisions to the small estate affidavit could benefit you and streamline estate transfers. 3:10 Navigating Estate Transfers Under the New Law: Listen as we break down the process of how estate transfers will work with this legislative change. 4:00 Even with increased limits, a small estate affidavit option may not suit everyone. 5:20 Thank you for listening. We look forward to connecting with you in our next episode!
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156: Probate Alternatives: Real Estate Affidavits and Succession Petitions Explained
11/06/2024
156: Probate Alternatives: Real Estate Affidavits and Succession Petitions Explained
In the third episode of their probate alternatives series on Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into two streamlined legal procedures that help families avoid the costly and time-consuming probate process when transferring small real estate estates in California. They explain an affidavit procedure for properties valued under $61,500 and a petition for determining succession to property for estates under $184,500. The discussion covers the requirements for each method, including waiting periods, the role of a probate referee, and when each procedure is applicable. This episode offers essential insights into navigating these simplified legal paths. Plus, stay tuned for a sneak peek into significant probate law changes coming in 2025. Time-stamped Show Notes: 0:00 Introduction 0:55 A small estate affidavit only covers personal property. However, there is another way to bypass probate, even with property—listen in! 2:15 A small estate affidavit requires the appraised value of the property to be less than $61,500. Learn more about the requirements here. 2:52 What is a probate referee, why do you need to know, and who can be one? 4:22 Looking for a non-probate alternative that allows for an estate worth over the $61,500 threshold? Consider a succession petition. 7:24 We’re expecting legal changes next year concerning probate and personal residence.
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155: Spousal Property Petitions: An Easier Alternative to Probate
10/28/2024
155: Spousal Property Petitions: An Easier Alternative to Probate
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert delve into the spousal property petition, a vital tool that offers a faster and more cost-effective way for surviving spouses to claim assets from a deceased spouse's estate. They break down the legal nuances, sharing practical examples of how this process works and how it can sometimes be used even after both spouses have passed away. With real-world scenarios and expert advice, this episode sheds light on probate alternatives that can ease the estate administration process for families. Whether you’re dealing with estate planning or curious about alternatives to probate, this episode offers invaluable guidance. Time-stamped Show Notes: 0:00 Introduction 1:30 Spousal Property Petition Explained: Jessica introduces the spousal property petition, explaining how it helps surviving spouses claim assets while avoiding the complexities of probate. 3:15 Learn how a spousal property petition differs from a small estate affidavit, particularly with no asset value limits. 4:20 Jessica shares a case example where the petition was used by a surviving spouse’s representative, simplifying a complex estate situation. 6:00 Closing Thoughts: Kirsten and Jessica discuss their passion for solving complex cases like puzzles, and how their legal expertise helps families find the most efficient solutions.
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154: Unlocking Assets Without Probate: The Benefits of Using a Small Estate Affidavit
10/23/2024
154: Unlocking Assets Without Probate: The Benefits of Using a Small Estate Affidavit
Navigating the probate process can feel overwhelming, so what if there was a way to avoid it entirely? In this episode of Absolute Trust Talk, associate attorney Jessica Colbert and managing attorney Kirsten Howe introduce the small estate affidavit—an often overlooked yet highly effective tool for bypassing probate when certain conditions are met. Together, they break down what it takes to qualify for this process, explain how it works to transfer personal property without court involvement and point out some important details and potential challenges. Don’t miss this insightful conversation that can make estate planning more manageable, quicker, and less stressful. Listen now! Time-stamped Show Notes: 0:00 Introduction 0:45 Understanding the Small Estate Affidavit: What it is, how it works, and how it helps avoid probate. 2:20 Did you know? The total value of assets must be less than $184,500 to use a small estate affidavit. 3:12 Next, we’re discussing the eligible signers responsible for signing the small estate affidavit and ensuring compliance. 5:47 Don't forget this important document: A certified copy of the death certificate is essential to the process. 6:30 Can a bank refuse to honor a small estate affidavit? Discover what happens when an institution refuses and how to address it. 8:24 Thanks for tuning in! Next time, we’ll dive into another probate alternative, available only to surviving spouses.
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153: AB Trusts After 2013: What You Need to Do Now
10/15/2024
153: AB Trusts After 2013: What You Need to Do Now
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 crucial discussion! Time-stamped Show Notes: 0:00 Introduction 0:57 Many couples have an AB Trust structure and don’t even know it. In this segment, we explore why this situation is so common. 2:11 Here are two reasons why you may no longer need an AB Trust structure. 2:54 Thinking about updating your trust? The first step is to talk to your attorney. 4:00 An AB Trust only becomes “irrevocable” once a spouse dies, so it’s important to make any changes now while you still can. 4:52 Is "irrevocable" truly unchangeable? Listen as we explore what "irrevocable" means in practice and the options available to modify the trust.
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152: The Truth About AB Trusts: Will Your Wishes Be Followed?
10/08/2024
152: The Truth About AB Trusts: Will Your Wishes Be Followed?
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. Time-stamped Show Notes: 0:00 Introduction 0:20 Recap: A quick refresher on what AB Trusts are and why they’re such a critical part of estate planning for many couples. 1:07 Many couples believe their AB Trust fully protects their estate, but here’s why that might not be the case—and what you should look out for. 1:56 Concerned about how your trust will be managed after you’re gone? Discover key safeguards that can help protect your estate plan from unwanted changes. 2:48 When is it time to consider hiring a professional trustee? This segment breaks down the scenarios where expert help is essential. 3:23 The bottom line: Every estate plan is unique. Be sure to consult with your attorney to ensure your AB Trust is tailored to your specific needs and offers the right protections for your family.
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151: Is an AB Trust Right for You? Essential Insights for Married Couples
10/01/2024
151: Is an AB Trust Right for You? Essential Insights for Married Couples
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, this episode offers practical advice to help you make informed decisions. Time-stamped Show Notes: 0:00 Introduction 1:07 What exactly is an AB Trust? We break it down here. 2:47 Understanding how an AB Trust works. You may have heard it called something else. 4:18 Why might a surviving spouse want control over the decedent’s trust? Here's how AB Trusts make that possible. 5:35 The downsides of an AB Trust: from annual tax returns to high maintenance costs. 6:29 Could there be a simpler alternative? We discuss potential options.
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150: Third-Party Trustees: A Smart Choice for Your Estate Plan?
09/26/2024
150: Third-Party Trustees: A Smart Choice for Your Estate Plan?
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 for your unique needs. Tune in now for expert guidance! Time-stamped Show Notes: 0:00 Introduction 0:40 What is a Third-Party Trustee? Kirsten and Jessica explain the role of third-party trustees, focusing on licensed professional fiduciaries and why they might be a great option for your estate plan. 1:53 Curious about the advantages of naming a licensed professional fiduciary as your trustee? This segment highlights the key reasons why it could be the right choice for you. 4:19 Every option has pros and cons—here’s what you need to consider when thinking about selecting a licensed professional fiduciary. 5:48 If family members or third-party trustees aren't ideal, there’s another route: corporate trustees. Learn why this might be a good alternative. 8:43 Key Takeaways in 60 Seconds: Pressed for time? Get the most important advice from this episode in just one minute.
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149: Choosing a Child as Your Successor Trustee: Key Factors to Consider
09/16/2024
149: Choosing a Child as Your Successor Trustee: Key Factors to Consider
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 What’s better—naming one or multiple children as your successor trustee? We discuss the pros and cons, starting with the advantages of naming just one child. 3:40 There are potential downsides to naming a child as your successor trustee. 5:42 After discussing the issues with naming just one child as trustee, here’s what to consider when naming multiple children as co-trustees. 6:55 Can siblings truly collaborate effectively as co-trustees? Hear our thoughts in this segment.
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148: How to Choose the Right Successor Trustee for Your Trust
09/09/2024
148: How to Choose the Right Successor Trustee for Your Trust
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 estate plan? 1:37 Trustworthiness is a critical quality when naming a successor trustee. Learn why it’s so important. 2:30 The next trait to consider in a successor trustee is often underestimated. 3:05 Does your successor trustee need to live nearby? The answer might surprise you. 4:20 We’ve covered the must-have qualities, but here’s a major red flag to avoid: Ego.
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147: How to Legally Access a Loved One's Bank Account After Death
09/02/2024
147: How to Legally Access a Loved One's Bank Account After Death
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 ineffective but illegal. Whether you’re managing a joint account, a trust, or an individually owned account, this episode provides the practical advice you need to navigate these tasks smoothly and avoid costly complications. Time-stamped Show Notes: 0:00 Introduction 0:40 What happens to a decedent’s bank account after they die? The process depends on how the account was held. 2:25 In this segment, we dive into the steps you can take to legally access a loved one’s joint bank account after they pass away. 3:08 Accessing a Pay on Death (POD) account follows a process similar to joint accounts. Here’s what you need to know. 3:40 Is the bank account titled in the decedent’s trust? If so, there's a different process you need to follow. 4:35 Now for the complicated one: The decedent owned their bank account outright. Here’s what to do. 6:00 Did you know that if the total value of the decedent’s bank account is less than $184,500, you might be able to avoid probate?
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146: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 3
08/28/2024
146: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 3
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 you’re a trustee, executor, or simply looking to better understand how to protect your assets, this episode offers clear, practical advice to guide you through the process. Tune in to learn the essential do’s and don’ts for surviving spouses handling an A-B trust. Time-stamped Show Notes: 0:00 Introduction 1:11 Curious about how an A-B Trust works? Press play here for a straightforward explanation. 1:52 Did you know an A-B Trust might not be the best tool for avoiding estate taxes? 3:14 Ever heard of a “stale trust”? This is what happens when you wait too long to address your trust after a loved one passes. 4:14 If you have an A-B Trust, splitting it when your spouse passes is required—but there is a potential workaround. Learn more here.
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