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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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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145: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 2
08/21/2024
145: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 2
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 miss the valuable insights in this episode. Tune in now! Time-stamped Show Notes: 0:00 Introduction 1:40 Did you know that when someone passes away, a notice must be sent to beneficiaries and heirs? 3:20 An often overlooked but essential notice must be sent to the Department of Health Care Services, even if the deceased wasn’t receiving Medi-Cal. 5:20 If the estate includes real property, notifying the assessor's office is a must. Press play now for what you need to know. 6:18 What if there are multiple properties spread across different counties? Listen in for Jessica’s key tip on handling this situation.
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144: Navigating Trustee and Executor Responsibilities: Best Practices and Pitfalls
08/15/2024
144: Navigating Trustee and Executor Responsibilities: Best Practices and Pitfalls
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 informed. Whether you’re currently serving as a trustee or executor, planning to take on the role, or considering appointing someone yourself, this episode is not to be missed. Time-stamped Show Notes: 0:00 Introduction 0:40 Jessica begins by explaining the nuanced differences between a trustee and an executor, clarifying the roles of executor and administrator in this context. 1:50 Common misunderstandings arise about family members appointed as trustees or executors, particularly the amount of work involved. 3:22 Jessica highlights the significant level of responsibility that trustees and executors must shoulder. 4:40 While the workload and responsibility are critical, there’s one particular challenge that stands out above the rest. Here’s what you need to know. 7:12 We conclude by encouraging all trustees and executors to take these lessons to heart, ensuring they are fully prepared for their roles.
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143: Can You Avoid Probate without a Trust?
08/06/2024
143: Can You Avoid Probate without a Trust?
Can you avoid probate without a trust? The short answer is yes, but the alternatives can have risks and offer limited control over your assets. In this episode of Absolute Trust Talk, Kiersten Howe and associate attorney Jessica Colbert explore various probate-avoidance strategies, including beneficiary designations, transfer-on-death accounts, and joint ownership. Tune in to gain valuable insights, understand the drawbacks of these methods, and discover more secure ways to prepare for death or incapacity while minimizing risks. Time-stamped Show Notes: 0:00 Introduction 1:00 There are a few options for avoiding probate without a trust, but we don’t recommend going an alternative route unless there are extenuating circumstances. 3:00 One common method is a Transfer-on-Death account, but this type can have many issues. Listen in to learn why. 4:56 Another way to bypass probate without having a trust is through Assets Owned in Joint Ownership. Here’s what you need to know. 6:53 One consideration often overlooked is incapacity planning - a key aspect of estate planning and another reason we don’t like using the Transfer-on-death method. 8:15 Final takeaway: Most of the options for avoiding probate without a trust come with risks because they neglect to consider many common circumstances in future planning.
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142: Navigating Trust Administration with Real Property
07/30/2024
142: Navigating Trust Administration with Real Property
Navigating the administration of a life estate trust with real property can be a complex task. In this episode of Absolute Trust Talk, Kirsten Howe is joined by Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services to delve into the intricacies of life estates involving real estate. They cover the unexpected responsibilities of a trustee, strategies for properly dividing assets, and essential tips to set up your trust for success if you own property. Whether you’re crafting your estate plan, managing one for someone else, or potentially inheriting one, this episode is packed with valuable insights you won’t want to miss. Time-stamped Show Notes: 0:00 Introduction 2:36 Being a trustee comes with a wide range of responsibilities. One important aspect is to examine the terms of the trust to determine what the life estate beneficiary and trustee are responsible for. It’s also very important to consider liquidity. 7:58 What if a beneficiary wants a portion of the trust to go toward their inheritance? Short answer: Trust the trust. 10:30 Many questions and concerns about the property can be eliminated by one action: Getting an appraisal. 11:30 Interested in the appraisal process? Tune in now as Karen and Kathy break it down for us. 16:45 We asked our guests what they wished their client’s trust included. Here’s what our experts had to say about trust inclusions. 17:52 Karen’s time- and money-saving advice: Don’t wait to downsize. 19:00 Thank you to our amazing guests, Kathy and Karen, for sharing such great insights with us!
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141: Managing Real Estate Assets as a Trustee
07/24/2024
141: Managing Real Estate Assets as a Trustee
Managing a trust can be challenging, especially when it involves real estate assets. In this episode of Absolute Trust Talk, host Kirsten Howe welcomes Karen Fisher, founder of Bishop Fiduciary Services, and Kathy Rodriguez, a licensed professional fiduciary and co-trustee with Bishop Fiduciary Services. Together, we will explore the complexities of life estates and trustee responsibilities and the essential steps for protecting and maintaining real estate assets, from securing insurance and handling maintenance to addressing unique challenges faced by elderly inhabitants. Karen and Kathy also highlight the critical differences between professional fiduciaries and family member trustees. Tune in to gain valuable insights and hear real-life examples that will help you manage these responsibilities with confidence. Time-stamped Show Notes: 0:00 Introduction 1:18 Please join us in welcoming Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services! 3:20 To help get us started, Karen and Kathy define what a licensed professional fiduciary does and why they are unique to the estate planning and administrative world. 6:00 Why is it so crucial to evaluate the condition and value of property in a trust? 9:25 There are countless things to think about when you're in charge of someone else's real estate. Here are a few you might not have considered. 13:50 Estate planning can involve some tough conversations. Hear how Karen and Kathy handle these sensitive topics with senior homeowners. 15:50 As professional trustees, Karen and Kathy think about things that family-appointed trustees might overlook, like fire hazards or fall risks. Let's dive into that. 16:35 What should a trustee do when they're responsible for a home that's empty? 19:10 Storytime! Listen to this wild tale about professional squatters moving in overnight. 20:30 Thanks so much to Karen and Kathy for their amazing insights. We can't wait for Part 2 of this conversation!
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140: Navigating Trust Complexities: The Family Home Dilemma
07/18/2024
140: Navigating Trust Complexities: The Family Home Dilemma
To all of our local Bay Area listeners, you may have heard about the recent story of a three-bedroom house listed for $488,000 in San Francisco’s Russian Hill with a tenant renting it for only $417 a month. How is that even possible?! If you’re as intrigued as we are, stick with us for this episode of Absolute Trust Talk, where we will be dissecting this situation with associate attorney Jessica Colbert. Listen in as we explore crucial lessons in trust management, the impact of California's Prop 19 on property taxes, and the importance of updating estate plans as circumstances change. There’s so much wisdom to take away from this episode, so don’t miss out! Time-stamped Show Notes: 0:00 Introduction 1:01 Here’s what we know about the situation around the San Francisco Russian Hill house listed for $488,000. 6:23 What happens to a family home after the homeowner dies can be a difficult thing to navigate. We suspect a few specific issues present in this unique case, including the potential for undue influence. Listen in as we discuss! 9:39 Next, Kirsten and Jessica discuss a few ways the grantor could have avoided the issues seen in the Russian Hill case. 11:47 Under Prop 19, homeowners can pass their homes down to their children without increased property taxes as long as the children make it their primary residence. If Prop 19 had been considered in this scenario, it could have prevented several issues. 15:04 If there is one lesson to take away from this episode, it’s this: When circumstances change, talk to your attorney about how it might affect your estate plan and adjust accordingly.
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139: Optimizing Your Portfolio with Alternative Investments
07/11/2024
139: Optimizing Your Portfolio with Alternative Investments
We’ve all heard the saying, “Don’t put all your eggs into one basket,” which rings true for building your portfolio. The ideal portfolio consists of more than stocks and bonds – it includes Alternative Investments, like real estate, drilling funds, and value adds. In this episode of Absolute Trust Counsel, certified financial planner Miguel Delgado joins us for a third installment of our financial planning discussion to take a deep dive into this invaluable topic. Together, we’ll discuss the benefits of Alternative Investments, the different types, how to qualify, and how you can get the most out of them. These strategies include qualified opportunity zones (QOZ), 1031 exchanges, and so much more. Don’t miss out - tune in now! Time-stamped Show Notes: 0:00 Introduction 1:33 We’ve all heard the saying, “Don’t put all your eggs in one basket,” so to start us out, we’re discussing asset diversification and what it truly means. 2:51 Having a diverse mix of stocks and bonds can lessen your risk to an extent, but at the end of the day, they all belong to the same asset class. That’s why, in this segment, we explore Alternative Investments. 5:40 What makes alternative investments less volatile? They’re not affected by the same risks as publicly traded markets, like stocks and bonds. 8:37 Not everyone qualifies for Alternative Investments. Here’s what you need to know. 11:15 Why are Alternative Investments crucial for a portfolio? The number one reason is spreading out risk. 13:09 Press Play as we explore some Alternative Investments and their benefits, starting with drilling funds. 15:37 A Qualified Opportunity Zone (QOZ) investment allows you to defer taxes for an event where capital gain is triggered. 18:35 A QOZ investment and 1031 Exchange are similar but have key differences. Listen in for everything you need to know. 20:41 While QOZ investments and 1031 Exchanges can both be used on real estate assets, one could be preferred over the other, depending on the circumstance. Here’s why. 22:47 Thank you, Miguel, for sharing your incredible insights with us!
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138: Beyond Profits: Tackling Key Issues for Business Longevity
07/02/2024
138: Beyond Profits: Tackling Key Issues for Business Longevity
In our latest episode, we welcome back Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management. Miguel previously offered an excellent inside look at financial planning for small businesses, and his insights were so valuable that we knew we had to have him on again. This time, we're diving deeper into the challenges that businesses often face, challenges that might need to be added to your radar. For instance, how can you improve employee retention? And for all the business owners out there, do you have a buy-sell agreement in place in case a co-owner decides to exit the business? Tune into this episode of Absolute Trust Talk to learn from an expert in the field. Miguel's wisdom could be the key to enhancing your own financial and business planning strategies. Time-stamped Show Notes: 0:00 Introduction 1:37 We’re thrilled to welcome Miguel Delgado back to the show as we continue discussing building business longevity. 7:31 Need help with employee retention? Listen now for some fantastic recommendations that can help you keep your team happy and engaged. 9:20 Ever heard of a Golden Parachute Plan? Discover this unique incentive that isn't required for all employees but can significantly boost retention. 11:48 Looking for high-value, low-cost employee benefits? Don't miss this segment, where we discuss options that benefit you and your employees. 13:14 What happens when business owners lack a buy-sell agreement? Miguel sees this issue frequently. Press play to learn what you can do to prevent potential problems. 18:16 Disability buyout insurance—ever heard of it? Neither had we, but it could be a game-changer. Find out if it's worth considering for your business.
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137: Maximize Your Wealth: Expert Financial Strategies for Business Owners
06/25/2024
137: Maximize Your Wealth: Expert Financial Strategies for Business Owners
Are 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!
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136: Guardianship Explained: Essential Insights for Effective Estate Planning
06/05/2024
136: Guardianship Explained: Essential Insights for Effective Estate Planning
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.
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135: Character Matters Part 2: Estate Planning for Community Property vs. Separate Property
05/28/2024
135: Character Matters Part 2: Estate Planning for Community Property vs. Separate Property
If you missed the first episode of our "Character Matters" mini-series, we discussed the differences between Community and Separate Property and why the "character" of your assets matters in estate planning. As a quick recap: Separate Property includes assets owned before marriage or received as gifts or inheritances during marriage, while Community Property consists of assets acquired during the marriage. Now, as we start Part Two, we're delving into the deeper details of property types and how specifically to estate plan for each of them. Join us as we explore important topics such as whether you should consider a pre- or postnuptial agreement, what to consider when signing one, and how the process works. Whether you're single, married, or even remarried, this episode is a treasure trove of valuable information, so don't miss out! Time-stamped Show Notes: 0:00 Introduction 0:45 We’re getting straight to the point: Character matters when estate planning because you can’t give away what’s not yours. Sounds simple, right? 2:55 If you’re interested in estate planning for your second marriage, you’ll want to listen to this portion as we discuss how the type of asset affects what you can do with it. 4:01 Even though you can’t personally choose whether an asset is legally considered Community or Separate Property, you can change its character. Here’s how. 5:39 Is a prenuptial agreement right for you? Here’s an example of when you might want to consider one and what you can include. 6:41 Postnuptial agreements can also be an option if you’re already married. If you’re doing your estate planning with us, we’ll work with a family law attorney who can help navigate the process.
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134: Character Matters Part 1: Understanding Community Property in Divorce and Estate Planning
05/21/2024
134: Character Matters Part 1: Understanding Community Property in Divorce and Estate Planning
Did you know that in California, any property acquired while married is considered Community Property? This means that, regardless of who bought it, the ownership is split 50/50 in the case of divorce. It also means that if you die without valid estate planning documents, your spouse automatically receives 100% of the ownership. If we’re talking about Separate Property, that’s a slightly different story, and of course, there are always exceptions to the rule. This episode of Absolute Trust Talk kicks off our Character Matters series, where we’re diving deep into the important distinctions between these two types of property and why you need to understand this for estate planning purposes. Let’s get started! Time-stamped Show Notes: 0:00 Introduction 0:38 To start, we’re sharing the “celebrity situation” that inspired this new Character Matters series of discussions. 2:26 Before going too far, let’s clarify the basic definitions of our terms. Listen in to learn the key differences between Community Property and Separate Property. 4:35 While Community and Separate Property definitions are straightforward, some situations aren’t. Here’s a great example. 6:33 If you pass away without a valid will or trust, your Community Property automatically goes to your surviving spouse. But what about Separate Property? Here’s what you need to know. 8:38 Did you know you can get a higher tax exemption with Community Property than Separate Property? 10:29 We get asked a lot about the pros and cons of getting married, and even though finances and assets probably aren’t the main factors in determining your relationship, there may be some circumstances where they influence whether you should officially move forward.
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133: From Wheels to Waves: How to Fund Your Trust with Cars, Boats, or Mobile Home Assets
05/14/2024
133: From Wheels to Waves: How to Fund Your Trust with Cars, Boats, or Mobile Home Assets
When it comes to funding your trust with assets like cars, mobile homes, and boats, it can get a little complicated and confusing. For instance, do you know whether or not you need to retitle your cars to your trust? And when it comes to mobile homes, before you can even determine whether you should retitle it, you must first know if it’s registered as a vehicle or a home. And what’s recommended for cars and mobile homes differs completely from boats. In this episode of Absolute Trust Talk, we explore these topics in detail to answer some of our most commonly asked questions so you can be more knowledgeable about properly funding your trust. After all, your trust’s effectiveness is directly tied to its assets. So, listen in now! Time-stamped Show Notes: 0:00 Introduction 0:36 The first asset we’re starting with is cars. Should you retitle them? Here’s what you need to know. 2:48 Bonus Tip: Here’s a way to retitle your vehicle without visiting the DMV. 4:11 Mobile homes—are they a vehicle or a house? The answer varies, and therefore, so does how you include them in your trust. 9:24 If you have a boat and would like to include it in your trust, you don’t want to miss this segment.
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132: Trust Funding in a Digital World: Safeguarding Virtual Wealth
05/07/2024
132: Trust Funding in a Digital World: Safeguarding Virtual Wealth
One area of estate planning that is largely overlooked is funding the trust. The first step is developing the trust. The second step is ensuring that all the assets you want included are properly transferred over as needed. This can be especially difficult in today’s digital-driven world because there are more and more places where funds can be stored away. Thanks to the advent of the internet and digital banking, funds are no longer just kept in savings accounts and piggy banks. Instead, they are spread across various apps, like Venmo and PayPal, stored in digital savings, like Capital One or Ally, and even invested in cryptocurrency. As we kick off our mini-series on funding trusts and managing assets, we’re dedicating this one to all things digital assets and how you can ensure your heirs can access them after you’re gone or in the event of incapacity. You don’t want to miss out – Tune in now! Time-stamped Show Notes: 0:00 Introduction 1:45 In this episode, we’re putting an emphasis on digital assets, and to start us off, we’re looking at apps designed to move money around, such as Cash App, Venmo, and PayPal. What happens if you still have money in these accounts after you die? 5:15 Every platform has its own set of procedures, so it’s important to know how they operate to ensure proper planning and the protection of your funds. 7:11 If you have any cryptocurrency, you’ll want to tune in here as we discuss how you can ensure your investments don’t become forever inaccessible. 9:51 Our last word of advice on the topic is to write down your login information and ensure someone else knows how to access your digital assets.
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131: Drafting a Comprehensive Power of Attorney: What You Don't Know CAN Hurt You
04/30/2024
131: Drafting a Comprehensive Power of Attorney: What You Don't Know CAN Hurt You
Typically, when we think of estate planning, we only consider planning for after death. But what happens if you become incapacitated? That’s where a Power of Attorney enters the picture. Incapacity planning is a significant component that is just as important, if not more important, than most other aspects of estate planning. Think about it. If you’re in the hospital, you don’t want to wait for your loved ones to go to court to access your funds to pay for care. You want care right away! So, in this episode of Absolute Trust Talk, we’re addressing all the major ups and downs we’ve seen our clients face when navigating Powers of Attorney. Listen in to learn how to avoid the most common mistakes and ensure your Power of Attorney is ready to go if it is ever needed. Time-stamped Show Notes: 0:00 Introduction 0:55 To start, we’re covering the basics: What is a Power of Attorney? 2:55 There are two types of Power of Attorney – springing and immediate. Here’s what you need to know. 3:40 Did you know that many Power of Attorney agreements include requirements such as getting two doctors to sign off on your incapacity “under penalty of perjury”? 5:35 You can have more than one Power of Attorney, but it’s best only to have one. 8:45 An Institutional Power of Attorney only applies to a specific financial institution for which you sign the papers. 10:11 Next, let’s discuss how to make updates if you have multiple Powers of Attorney and want to change who has access to what.
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130: Exploring the OJ Simpson Estate: Probate and Creditor Claims
04/23/2024
130: Exploring the OJ Simpson Estate: Probate and Creditor Claims
You know of the infamous murder trial involving OJ Simpson and the Goldman and Brown families that took place in the 90s. And in case you happened to miss the news, Simpson passed away recently, stirring up the family conflicts all over again. Here at Absolute Trust Talk, we have an affinity for celebrity estate drama, mainly because of the important estate planning lessons we can take away. While the exact details of OJ's estate structure remain unknown, the estate will probably undergo probate due to the presence of creditors. Listen in as we cover all the details we know so far and share some essential estate planning wisdom with you along the way. Time-stamped Show Notes: 0:00 Introduction 1:23 Here’s what we know about the executor handling OJ Simpson’s estate and the public statement made. 3:35 Next, we’re summarizing the current legal tension with the Goldman family. 5:33 The Goldmans want their rightful payout from the Simpson estate. However, much of his assets are tied up. 7:36 Listen in as we discuss what it means to go through the probate process and the executor’s role. 8:55 When divvying up money from an estate, the probate expenses and executor must first be paid, as well as super creditors like the IRS.
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129: Estate Planning Strategies to Reduce Family Conflict After Death
04/16/2024
129: Estate Planning Strategies to Reduce Family Conflict After Death
Family conflict after a loved one has passed is very common, but that doesn’t mean it can’t be avoided. In our years of experience in estate planning, we’ve seen many different scenarios play out and have a thorough understanding of the nuances that tend to cause these conflicts. The number one reason for disputes over a trust lies in the feeling that it is not fairly divided. While Mom and Dad or Aunt Sally can set up their estate however they wish, often, a simple conversation with family can go a long way to clarify why certain decisions were made. In this episode of Absolute Trust talk, we discuss the top three areas where the biggest issues arise: real estate, tangible possessions, and perhaps most importantly, who gets appointed trustee. We’ll also share relatable examples, easy-to-follow advice, and more to help ensure your estate plan is carried out peacefully and as you see fit. Time-stamped Show Notes: 0:00 Introduction 0:49 While every family has their own unique situation, the number one reason people contest a trust or estate plan is because they feel they didn’t get their fair share. 2:52 Hiring a professional to act as trustee can have unexpected benefits for managing your trust. Here’s what you need to know. 3:50 Appointing a family member as a trustee can come with complications. Here are just two great examples. 5:15 It’s a common misconception that if you hire a third-party fiduciary, your children will have no say in anything. But that couldn’t be further from the truth. 5:50 Here’s an extra piece of advice: If real estate can be a point of conflict, write a provision to have your house sold after you’re gone. 6:51 There’s no question that family feuding over a loved one’s belongings is common. Here are ways you can mitigate it.
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