Created with Sketch.
Absolute Trust Talk
28 minutes | Jun 9, 2021
065: Diablo Valley Foundation for the Aging: A Valuable Community Resource
Many aging adults rely on a spouse, children, or other family members to help manage things if they become incapacitated or unable to thrive in daily life. But what happens to those who don’t have extended family or anyone who lives close by? Fortunately, there are various resources and solutions to help those types of clients, such as bank trust departments and licensed professional fiduciaries. For others, a foundation for aging may be a better fit. Haven’t heard of a foundation for the aging? You’re in luck. In today’s episode of Absolute Trust Talk, Kirsten sits down with Jody Iorns, Executive Director of the Diablo Valley Foundation for the Aging (DVFA). DVFA is a nonprofit that has been providing services to seniors in Contra Costa County since 1975. Kirsten and Jody dive into the organization’s history and break down all the benefits and support provided to seniors and their families to maintain quality of life. Where you’re local to the area or not, this is an episode you don’t want to miss. Big Three from Episode #065: Diablo Valley Foundation for the aging is not just for orphaned seniors. They provide support to all seniors and their family members however they may need it. DVFA has various programs, but their primary three services include professional private fiduciary services, care management, and adult daycare. DVFA’s mission is to provide support enabling older adults to find independence and freedom to age wherever they may be. Time-stamped Show Notes: 4:44 – Jody shares the history of Diablo Valley Foundation for the Aging 5:33 – Kirsten and Jody discuss the types of clients they serve and why they turn to the foundation 8:16 – Jody breaks down the three different main types of services that DVFA provides 15:40 – DVFA does have some service fees. This is the breakdown – they are under market rate 19:25 – DVFA is a nonprofit, and this is how they can provide services 20:13 – Jody shares how volunteers are vetted to work with DVFA 21:13 – Can DVFA serve as trustee for a Special Needs Trust? 22:25 – Does DVFA help elderly low-income people find and access assistance from other programs? Get in touch! You can reach the Diablo Valley Foundation for the Aging by calling (925) 945-8040 or emailing email@example.com. More information can also be found on their website by visiting www.DV-FA.org. [Ad] Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
28 minutes | May 13, 2021
064: Trust Failures: Don’t Let This Happen to You
At Absolute Trust Counsel, in nearly 100% of the trust administrations, we’re hired to execute, there is a least one failure that could have been avoided. Some of these failures are small and simple to fix. Unfortunately, the majority are much more difficult to rectify. In this context, difficult also means expensive. As a trust grantor, it is vital to review your estate regularly, especially if there are significant life changes. Talk to your estate planning attorney and keep your documents up to date to ensure your wishes and promises to your beneficiaries are kept. In a new episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn. Madison joined the firm in 2019, bringing extensive legal background and experience, starting as an intern and working her way up to attorney at law. She has a passion for helping seniors, individuals, and their families prepare and protect legacy over the last few years in all aspects of estate planning and trust administration. As a fellow expert, Madison joins Kirsten to discuss some of the most common trust administration failures and what you need to do to avoid these issues with your own estate plan. No matter what stage of the trust administration journey you’re in, you’ll want to listen to this podcast and protect the future of your legacy and your beneficiaries. Big Three from Episode #064: When it comes to real estate and your trust, make sure you know how everything is titled. If you’re going to make promises to potential beneficiaries and inheritance, be sure to talk to your estate planning attorney and get things in writing. Keep all your documents up to date, and be sure to dot all your I’s and cross all your T’s to make sure your estate plan truly follows your wishes. Time-stamped Show Notes: 4:09 – Madison and Kirsten jump right into discussing the most common failure they see, which has to do with funding a trust. 4:56 – Madison shares a couple of things that can cause real estate to fall out of a trust. 10:04 – This is what happens to the trust when real estate falls out – hint, it can be frustrating and expensive! 11:57 – Like the failure of funding, Kirsten and Madison discuss another common failure – a lack of beneficiary designations. 16:26 – Another common failure has to do with your current living arrangements. 18:21 – Kirsten shares a scenario where this failure comes into play. 23:52 – Should you put real estate that’s located out of state in your trust? 25:10 – Can you name your trust as the beneficiary of your IRA? 26:24 – Should your trust own safety deposit boxes? [Ad] Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
26 minutes | May 6, 2021
063: Aging in Place: It Takes a Village
While there are a variety of senior living communities and assisted living options, a majority of older adults want to age in place for as long as possible. Many, however, need assistance to do so, but that doesn’t always mean hiring caregivers. For some, help with chores and simple daily tasks like grocery shopping or changing a lightbulb can make all the difference. In a new episode of Absolute Trust Talk, Kirsten sits down with board-elected president Larry Toy of Lamorinda Village. Lamorinda is a 501(c) (3) non-profit developed as a community-based network of people ages 55 and older that offers support and connections to help older adults stay connected and thriving while aging in place. Larry and Kirsten dive into the programs and services that the village offers as well as how people can join and get involved. If the village sounds like an option for you or someone you know, you’ll want to listen to and share this episode. Big Three from Episode #063: Villages like Lamorinda help older adults age in place and cultivate community and connection. Memberships provide various services from events and activities to referrals, home-based help, and more. Villages are non-profit and membership based. Time-stamped Show Notes: 3:32 – What is the concept of the village, how did it get started? 5:10 – What geographic regions are covered by villages here in the Bay Area? 7:45 – Larry discusses the programs and assistance that Lamorinda provides. 13:43 – Kirsten and Larry discuss online programs developed during COVID to help combat social isolation. 18:26 – Fires and power outages have been a big issue for members, but this new initiative is vital in supporting emergency preparedness for older adults. 20:15 – How can people find Lamorinda Village and get involved or join? 23:52 – How do you start a village? 25:25 – How do you vet volunteers for your village? Get In-Touch with Lamorinda! www.LamorindaVilliage.org Info@LamorindaVilliage.org 925-283-3500 [Ad] Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
35 minutes | Apr 21, 2021
062: Hiring Home Caregivers: Know the Law
Studies show that universally, people prefer to stay in their own homes as they age rather than moving into a facility. Who wouldn’t, right? That, however, means that those same people will be hiring in-home caregivers, and there are a few different ways of doing so. If you don’t end up working with an agency that provides someone for you, you may end up hiring a caregiver directly and may unknowingly be stepping into the shoes of an employer. With that option comes several legal requirements that an employer must follow. In a new episode of Absolute Trust Talk, Kirsten sits down with Jon Babione of Ferber Law. He practices in a broad range of employment matters, including discrimination, harassment, wrongful termination, and wage and hour claims, in the state and federal courts and the office of the Labor Commissioner. Jon and Kirsten discuss the requirements involved, and Jon provides some best practices to follow when hiring a caregiver to avoid any legal issues. Big Three from Episode #062: It’s important to understand wage orders and necessary laws. Know how you are utilizing your employee. Keep track of all work by maintaining accurate and labor code-compliant time records. Time-stamped Show Notes: 5:55 – What is a wage order? 9:04 – How does the Domestic Worker Bill of Rights fit together with wage orders? 13:04 – What do people have to do to ensure a caregiver is considered a personal attendant? 14:24 – As an employer, it’s important to know how you are utilizing a person. This is an excellent way to keep track of their time and work. 16:41 – If you don’t maintain accurate records, the burden turns to the employer to prove hours worked. 19:26 – Even if you set up an LLC or corporation, you can be sued. 20:50 – Jon discusses the financial consequences of not keeping good records and an employer. 23:36 – An on-duty meal break waiver is signed if you need the caregiver to do this. 25:19 – Kirsten and Jon discuss what issues clients need to be aware of with live-in caregivers 28:49 – Aside from legal requirements, what else does an employer have to do to hire someone? 30:19 – Do all the regulations and requirements apply when hiring a family member as a caregiver? 32:49 – What are the most common problems that you see clients have when they employ in-home caregivers? [Ad] Planning for the future is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
32 minutes | Apr 7, 2021
061: Keys to a Successful Transfer of Wealth
Unfortunately, many today see money as a solution to problems, but that is not always the case. In fact, wealth can be quite damaging to a family dynamic. Planning, in this instance, is vital. When family members have prepared and have learned how to work together, that’s when wealth and inheritance can be used as a tool to benefit a family for generations to come. In this Absolute Trust Talk episode, Kirsten sits down with Richard Del Monte of the Del Monte Group to discuss the underlying reasons why wealth transitions so often fail. They also look at the tools and processes he recommends for families who want to avoid that fate. With more than 35 years of experience as a Certified Financial Planner and Certified Wealth Consultant, Richard excels in guiding clients through challenging life transitions and finding ways to make seemingly out-of-reach financial goals become a reality. This is an episode not to be missed. Big Three from Episode #061: Teach your heirs ahead of time how to handle wealth successfully. Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around. Have the family find a shared purpose for using their wealth as a tool. Time-stamped Show Notes: 5:57 – How often do these wealth transfers fail? 6:41 – What do these failures look like? 8:19 – Richard shares eye-opening statistics about what causes wealth loss from generation to generation. 9:32 – When do families get in touch with Richard? How does he get involved? 12:37 – What does Richard’s process look like when working with clients? 13:22 – What happens when we think we’re right. 16:00 – Richard shares so examples of unprepared heirs and how to change that situation. 22:02 – Kirsten and Richard share a couple of his tools for getting a family to work as one. 27:09 – What do parents need to do to help their children grow up with a work ethic? 29:43 – This is Richard’s process to encourage someone to attend a meeting if they don’t want to. 30:50 – What is the first step in implementing these types of techniques with full-grown siblings? FREE BOOK OFFER: Did you know that when wealth is transferred from one generation to the next, 70% of the time, that generation loses the wealth by the end of their lifetime? That’s HUGE. How does that happen? Unprepared heirs and lack of family connection and communication. Wealth can damage relationships and cause rifts within a family that have devastating consequences for all. To help you dive deeper into this topic and build a better plan for the future, Absolute Trust Talk guest, Richard Del Monte, is offering a FREE copy of his book “Endless Inheritance.” This book will help you avoid discord, conflict and create fulfillment and harmony, ensuring your wealth will live on. To order your free book, you can call the Absolute Trust Counsel office at 949.943.2740 or email us at Info@AbsoluteTrustCounsel.com. [Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
34 minutes | Mar 24, 2021
060: Navigating the World of Senior Living Communities
There are many great options these days when it comes to senior living communities and long-term care, but that's just it. There are hundreds of options. Finding the best solution for yourself or a loved one is a project and can be a daunting task for families. How do you truly know what the best choice is for elderly parents? In a new episode of Absolute Trust Talk Live, Kirsten sits down with placement expert Juliane Bigelow, founder of CareQuest, a local placement agency helping families in Alameda and Contra Costa counties. Juliane has spent decades advocating for elders and their families, and with a trusted network that has been nurtured since 1990, it's safe to say she knows her stuff. Listen in to hear a thorough discussion on all the options available, what kind of care is available, general costs, and more. No matter where you are in the planning or decision process, this episode will highlight all the factors you should consider. Big Three from Episode #060: Finding out what's important to people – who they are and what they like is key to helping maintain quality of life. Work with someone local, knows the communities, assess clients, and have a physical presence. Who pays for long-term care and senior living communities? We do with our assets that we save, long-term care insurance, and for veterans, a program called Aid and Attendance can help. Time-stamped Show Notes: 4:21 – What is the difference between assisted living and board and care? 5:36 – This is the type of care provided in an assisted living facility if needed. 10:00 – How does memory care fit into these different types of senior living? 13:20 – Juilane talks about why you can't necessarily "one-stop-shop" when looking for a care facility. 14:04 – This is how the process works, how families get started looking for a care facility. 18:00 – Do people with more complicated medical situations need assisted living? 21:07 – Juliane discusses how she stays in the know when it comes to what facilities are available and what they offer. 22:25 – How do you get someone to move out of their home and into a better environment if they don't want to? 24:00 – Juilane talks about how you can find placement professionals in another county or state. 25:19 – What are the general costs of the senior living options discussed? 29:21 – Juliane covers who pays for these types of senior care. 30:13 – Spoiler alert – it's free to work with CareQuest! [Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don't wait until it's too late. Schedule a free discovery call today, and we'll review your case to make sure all your needs are met.
28 minutes | Mar 9, 2021
059: Resolving Family Conflict Through Elder Mediation
As family members age, we often find other members becoming involved in caregiving and decision-making. Unfortunately, this can sometimes lead to conflict as communication and relationships deteriorate in disagreement over an issue that impacts the older adult or the family as a whole. In these cases, it can be helpful to have a qualified third party ask the right questions and help everyone find common ground - a professional we like to call an eldercare mediator. In a new episode of Absolute Trust Talk, Kirsten sits down with Katharina Dress, MA. A mediator and facilitator who specializes in helping families understand each other’s viewpoints, reach an agreement, and ultimately make the best decisions about care and planning for aging loved ones and their families. Listen in to learn more about the issues Katharina sees among family members, what causes tension, and some of the approaches she uses to resolve conflict successfully. Big Three from Episode #059: Elder mediation is not legally binding. Even if you think a conflicting party will not agree to mediation, it’s worth getting in touch with a mediator to try to get the process started. The ultimate goal is to make decisions that are in the best interest of the elder. Time-stamped Show Notes: 3:57 – What does an elder mediator do? 4:47 – These are some of the most common issues that families struggle with. 5:35 – Why is it important for the Powers of Attorney to work together? 6:49 – Katharina talks more about how she gets started with a family in conflict. 7:43 – Katharina and Kirsten discuss, generally, what family members are involved in mediation. 9:12 – Every case is different, but this is typically how long an elder mediation case can take. 13:49 – Katharina discusses some of the different training that she offers. 15:49 – This is the type of training needed to become an elder mediator. 17:58 – Are the mediations binding? 19:27 – Should family members get in touch even if they think other members won’t agree to mediation? 21:28 – Katharina shares an example of a successful mediation case. Get in touch with Katharina: Phone: (510) 356-7830 Email: firstname.lastname@example.org [Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
14 minutes | Feb 24, 2021
058: The Importance of Guardianship in Your Estate Plan
If you have minor children, nominating a guardian for them in case of your death or incapacity is one of the most important reasons to do an estate plan. For many families, the choice is not easy, and they end up procrastinating. Think of it this way, do you want a judge, who may know nothing about your children or your family, deciding who your child will be raised with without knowing your preference? Parents have the opportunity to make a choice, and we can help. In a new episode of Absolute Trust Talk Live, Kirsten discusses the different types of guardianship in California, the process of guardianship, factors to consider when choosing a guardian, and more. Naming a guarding for your child(ren) and the work that goes along with it is largely misunderstood. Tune in to get the facts and find the right next steps for including guardianship in your estate plan. Big Three from Episode #058: Parents can nominate someone for guardianship, but only the judge can appoint someone. As a parent, make sure your wishes are clearly expressed in your estate plan; otherwise, you will have absolutely no say in the matter. Choose potential guardians that you can trust to make sure things get done. Time-stamped Show Notes: 2:30 – These are the two types of guardians in California. 6:17 – This is the process for how guardianship works. 7:51 – This is why, as a parent, you want to express your wishes for a guardian. 8:37 – Estate planning can help you avoid going to court. Here’s how. 9:54 – Utilizing a Letter of Intent can act as a helpful guide for those who are nominated as guardians 11:40 – Does a guardian get paid? 12:07 – What can someone do if there is a family member they do not want to be the guardian? 13:20 – What happens if the guardian dies? When it comes to guardianship, a Letter of Intent can be an essential tool in your future planning. It can serve as a guide for those who may become responsible for decisions regarding your child(ren) and that person’s role as their guardian. But what information should be included? Download our free resource guide for more details on building the right Letter of Intent for your plan. [Ad] Choosing the right guardian for your child(ren) can be a difficult decision and it’s one that shouldn’t be taken lightly. If you need help determining the right choice for your estate plan, we can help. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
30 minutes | Feb 17, 2021
057: Estate Tax Returns: Why You Might Want to File Anyway
Because the federal estate tax exemption is so high, currently set to $11,700,000, many people believe their families won’t have to worry about filing a federal estate tax return (IRS Form 706) on their deaths. And while this may be true to a certain extent, there are also benefits that come with filing an estate tax return that could save your family a lot of money, money that can only be claimed if you file. In a new episode of Absolute Trust Talk Live, Kirsten sits down with CPA Margaret Schopp. Margaret’s firm, Schopp & Co., focuses on trust and estate tax returns, including Form 706 for (portability). They work closely with estate planning attorneys and other CPAs who may have an occasional need for a Form 706. Listen in as Kirsten and Margaret break down the estate tax return process, discuss how to calculate it, and review the significant benefits as well as some common mistakes to avoid. Even if you don’t meet the current estate tax exemption, you might want to file anyway. Big Three from Episode #057: The current estate tax exemption is $11.7 million, but that doesn’t mean you shouldn’t file. Estate tax returns are not easy, but they are worth it. Margaret’s expert opinion: If you can take advantage, file it. An estate tax return is not an income tax return. It’s an inventory of your assets, your deductions. It’s an inventory of who the beneficiaries are and the values at the date of death. Time-stamped Show Notes: 3:49 – How do we calculate the general estate tax that is owed when someone dies? 8:20 – What are some things that can reduce your assets? These are also known as deductions. 9:27 – Margaret reviews some deductions that people don’t necessarily think about. 12:00 – What is portability? 13:33 – Margaret shares an example of what happens when transferring property to a spouse. 17:46 – How difficult is it to prepare this kind of tax return? 22:14 – Kirsten and Margaret discuss common roadblocks and mistakes people have with filing a 706 tax return form. 24:27 – This form is another big part of filing the 706 tax return. 29:25 – Do you have to get an appraisal of the real estate for the estate tax return, or is it a broker comp letter? 29:56 – Do you include personal possessions, like clothes, jewelry furniture, on the return? And if so, how do you value those? 31:31 - If you do probate, do you have to have the property appraised by a probate referee assigned by the court and use that as the appraisal for your state tax return? [Ad] Not sure of the benefits of filing an estate tax for your family? We can help. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.
29 minutes | Feb 4, 2021
056: 5 Mistakes to Avoid When Moving Senior Parents
Unfortunately, there comes the point in life when the family home becomes a burden, whether that is emotionally, physically, or financially. And, usually, downsizing might seem like the way to go, but it doesn’t come without complications. There is so much more to moving and downsizing in the aging journey. It’s not just about buying and selling a home, but rather finding the right solution for the older adults and their families to ensure that everyone involved is thriving. In a new episode of Absolute Trust Talk Live, we are thrilled to welcome Seniors Real Estate Specialist Dayna Wilson of Keller Williams. Dayna and her team have over a decade of experience providing comprehensive senior-friendly transition services, handling virtually every facet of the process. Today, she dives into what that process looks like, why and how to start planning now, tips on communicating with parents, and strategies for a successful move. If you or someone you know is in the midst of this process or planning ahead, this is an episode not to be missed. Big Three from Episode #056: Don’t wait until it’s too late, start planning NOW! Treat your parents like your partner. Listen to what’s important to your parents. What do they want to happen? Time-stamped Show Notes: 5:43 – When is the right time for adult children to have conversations with their parents, and what is the best approach? 7:51 – Dayna shares her top tips on how to make the conversation more comfortable. 9:04 – It’s important to start any conversation with this perspective in mind. 12:57 – When it comes to aging in place, what do families need to consider when trying to accomplish this? 15:46 – 70% of people who want to age in place don’t find it feasible – here’s why. 18:39 – Dayna discusses the best way for adult children to hand a lifetime of belongings that parents have accumulated over the years. 26:18 – Dayna tells us more about her background and how she became credentialed with a focus on seniors. How to Contact Dayna: Website: Day-RealEstate.com Email: Dayna@Day-RealEstate.com Phone: 925.788.6582 [Ad] No one knows what will happen as they age, but that doesn’t mean you don’t need to be prepared. At Absolute Trust Counsel, we can help explore the available options that best meet your needs. Schedule a free discovery call today, and let’s discuss how to protect your elder care journey.
27 minutes | Feb 3, 2021
055: How Will Prop 19 Impact Your Estate Plan on February 16th
Proposition 19 is a ballot measure passed in the November 2020 election in the state of California that significantly changes the property taxes on real estate inherited by children from their parents. And not in a good way. Under this proposition, a parent can only transfer the primary residence (either by gift, by inheritance or by sale) without causing the property taxes to go up. That’s it! Not to mention, the law goes into effect on February 16, 2021, just a few short weeks away. This massive change has left many of our clients and California residents wondering how these negative impacts will affect their estate plan and what they can do in this short window of opportunity to save their families tens or even hundreds of thousands of dollars. Join us as Kirsten Howe discusses the intricate details of this new proposition, the impact on estate plans, and the next steps you need to take now. Big Three from Episode #055: Prop 19 is a time-sensitive issue that may impact real estate inherited by your children after February 16th. The only way to maintain a low property tax payment under Prop 19 is if a child keeps an inherited primary residence as their own primary residence. Own a vacation home? Be prepared for higher property taxes. Time-stamped Show Notes: 2:57 – Understanding Prop 19-What is assessed value, and how is it influenced under property tax laws? 4:38 – What does Prop 13 do for assessors? 6:52 – What does Prop 58 mean, and what did it do? 7:57 – What is Prop 19, and what does that mean for a parent to child transfer? 9:06 – If you have a vacation home, here is how Prop 19 affects you. 11:10 – Should you transfer a property? 12:01 – Does Prop 19 apply to you? 13:23 – What if your children don’t want a property? 14:04 – Why is it important to act NOW? 15:43 – What if you pass away after February 16th? 19:22 – If two siblings inherited the parent’s primary residence, can reassessment be avoided if only one sibling moves into the home? 21:35 – What happens to cases in progress right now? 23:00 – Seeing that time is of the essence, will investors be more compelled to sell their rental property sooner? 24:00 – Is there a way to transfer rental properties into an LLC or limited partnership to reserve the assessed tax base?
31 minutes | Jan 12, 2021
054: How to Use Reverse Mortgages as a Financial Tool
In the past, reverse mortgages have had a negative connotation associated with them due to high fees and a lack of understanding of what they were and why they are being purchased. Nowadays, we see a rise in popularity among older adults and seniors who have equity in their homes and want to help supplement their income. In a new episode of Absolute Trust Talk Live, Kirsten welcomes Home Equity Retirement Specialist Russell Doi to the studio. Russell has over 30 years of experience in the lending industry, ranging from private money, conventional lending, and reverse mortgage lending. He has seen firsthand how the incorporation of a reverse mortgage in retirement has had a dramatic positive impact on the lives of over a million senior homeowners. Today you will hear more about what a reverse mortgage is, how it can be used as a smart financial tool, how to determine how much is available to you, and more. Tune in now, and share this episode with your friends! Big Three from Episode #054: Many laws and regulations are governing reverse mortgages that protect consumers and ensure transparency. Reverse mortgages are a useful tool to help solve a variety of financial problems like enabling seniors to remain in their homes, pay for in-home care, and more. Take the time to educate yourself on reverse mortgages. It is worth it to find out if this is a smart tool for you. Time-stamped Show Notes: 4:43 – What is a reverse mortgage? 5:56 – What are some of the reasons why people do reverse mortgages? 9:16 – Russell discusses one surprising way you can use money from a reverse mortgage – to buy a home. 10:42 – Kirsten and Russell talk about the qualification requirements for a reverse mortgage. 12:53 – Did you know that one major misconception about reverse mortgages is that the lender will own your home? 14:31 – What are the different ways that people can take their reverse mortgage money? 17:24 – Russell shares how borrows can determine how much is available to them. 19:35 – Does credit score affect eligibility for a reverse mortgage? 20:12 – If you have a reverse mortgage, who is paying for the taxes, insurance, etc.? 20:46 – Are there any requirements to maintain the home? 22:10 – What the costs and fees involved in a reverse mortgage? Free Resource: Reverse Mortgage FAQs Do you have even more questions about reverse mortgages? We have answers. Today’s guest, Russell Doi, has provided us with a Q&A answering some of the most frequently asked questions about reverse mortgages. Download your free copy now! Ways to get in touch with Russell: Phone: 510-305-9476 Email: email@example.com Visit his website for more information: www.RussellDoi.com [Ad] When planning for the future, it’s important to explore all the tools and strategies available to ensure your goals are met. California estate law is the only thing we do, and we have a deep understanding of what may impact you and how to build an estate plan that meets your specific needs no matter where you are in life. Schedule a free discovery call, and let us help you get started today.
27 minutes | Jan 6, 2021
053: Planning For Young Families
When it comes to planning for a young family, whether it is financial or estate planning, it’s never too early to get started. Typically, young families share the same concerns and characteristics. It can be hard to navigate all the tools, information, and strategies that are out there. Many may put planning off or choose a route, not knowing if it’s best for them. In today’s episode of Absolute Trust Talk, we sit down with Michael Strohl, CFP(R) from Open Advisors, who is an expert in working with young families. You don’t need to have a large investment portfolio to get started, but you do need smart financial advice and know-how when prioritizing. Spoiler alert: it may not be what you think. No matter what stage of planning you are in, Michael’s advice will help get you started down the right path or shift the focus of where it might need to be. Tune in now and share this episode with your friends. Big Three from Episode #053: Get life insurance. Make sure your money is going into as many different buckets as possible, purposefully as you cycle through life. Besides your 401k, are you doing any systematic investing? Time-stamped Show Notes: 3:05 – Michael works with a variety of clients but has a specialty with young families in the tech sector. Here he discusses some of the common characteristics he sees when working with these families. 5:43 – Michael discusses how he gets started with a client who’s struggling with financial planning. 6:44 – This is how a young family should prioritize when it comes to financial planning. 9:13 – Often, people leave money on the table or don’t funnel it into the right places to meet their goals – here’s how you may be getting it wrong. 11:30 – How do you get your money in the right place to meet goals? 18:40 – If someone just had a baby, what should they do? 20:42 – How much life insurance should someone have? 22:12 – To sum things up, Michael covers how to prioritize saving in different places. [Ad] It’s never too early to start planning for the future. As experts in California estate law, we understand what may impact you and how to build an estate plan that meets your specific needs no matter where you are in life. Schedule a free discovery call, and let’s start building your plan today.
30 minutes | Dec 9, 2020
052: Estate and Financial Planning with Life Insurance
When it comes to life insurance, most of us think of it as a death benefit when someone dies too soon. However, when used strategically, it can do so much more. In estate and retirement planning, it can be used as a complementary financial tool to help you meet specific goals or help secure financial protection. In a new episode of Absolute Trust Talk LIVE, Kirsten welcomes MassMutual Northern California Financial Planner, JP McDermott, MBA, ChFC, CLTC. With over 20 years of experience, JP is an expert Financial Planner helping clients plan for a comfortable retirement while leaving a legacy for their families. As we dive into this topic of estate planning, financial planning, and life insurance, we will discuss topics like how to pay estate taxes with life insurance, the value of life insurance in blended families, business, and how the election results may impact our planning. No matter where you are in the estate or financial planning process, this is an episode that everyone should listen to. Big Three from Episode #052: Buy life insurance as soon as you can. You’ll never be as young as you are now. The right amount of life insurance depends on what you’re trying to accomplish in life. Life insurance helps estate taxes, blended families, businesses, charitable giving, even families with special needs persons. Time-stamped Show Notes: 3:51 – We may see some changes to our federal estate and gift tax laws – even our income tax laws with a new administration. This is what listeners need to know. 5:42 – How can someone use life insurance to limit or the impact of estate taxes? 8:40 – How do irrevocable life insurance trusts help solve estate taxes? 11:29 – What is the importance of life insurance in blended families? 15:10 – Here are a few reasons why a business should own life insurance 17:15 – Life insurance is another great way to help with charitable giving. Here’s how. 19:15 – When is a good time to buy life insurance? 20:00 – How much life insurance is right for a person? 21:28 – Why is term insurance so much cheaper than whole life insurance or permanent? 23:53 – Is it possible to use life insurance to cover a debt you don’t want to leave to a spouse or loved one? Resources/Tools Mentioned in Today’s Episode: LifeHappens.org [Ad] Wondering how life insurance can play a part in your legacy planning? With our extensive knowledge in California Estate Law, Absolute Trust Counsel is here to help you explore all the options and build a plan that meets all of your goals. Schedule a free discovery call, and let’s discuss your specific estate planning needs today.
33 minutes | Nov 13, 2020
051: Financial Planning for Women in Transition
Taking over control of finances and your financial future can be overwhelming, especially for women who may be experiencing divorce, a spouse's death, or another major life event. However, it can be done smoothly and with peace of mind. In a new episode of Absolute Trust Talk LIVE, Kirsten welcomes guest Mary Ballin. Mary is a Certified Financial Planner™ as well as a Certified Divorce Financial Analyst® (CDFA®) with more than 20 years of experience helping women navigate substantial life transitions. Mary is an endless resource as she shares what exactly it is a CDFA® does, provides some interesting statistics on the confidence gap between women and men, and highlights some of the most common challenges and concerns that women face on their journey. Kirsten and Mary also discuss the value of financial planning in a typical divorce scenario. If you or someone you know is going through a big life transition and is in need of some guidance, we hope you will listen in and share this episode with them. Big Three from Episode #051: As a woman, no matter what transition you are going through, no matter what your financial situation looks like, you can do it – you will get through it. Remember, in terms of divorce and splitting assets, it's important to figure out the right combination of what's going to work best for you and your circumstances based on where you are in life. Financial planning is about ALL different aspects of your financial life working together. Time-stamped Show Notes: 1:00 – What exactly does financial planning for women in transition mean? 3:38 – Mary shares what she sees in terms of helping women during a significant life change 7:32 – Given that there is a fear among single or widowed women, how do you get started? 9:28 – In what ways are men and women different when it comes to financial planning? 12:34 – The key to smart financial planning is this 13:36 – What does it mean to be a Certified Divorce Financial Analyst®? 14:39 – Mary highlights issues that women face with finances when going through a divorce 19:40 – How do I pick a good financial advisor who knows what they are doing? 22:53 – How difficult is it to start financial planning? 25:36 – If my advisor only talks about investments, how do I really know how much I have for retirement? Free Resource: If you are searching for a financial planner, it's important to ask questions so you know who you are working with and what their process looks like, but it can be challenging to know what to ask and how to get started. To help you with your search, our Absolute Trust Talk guest, Mary Ballin, has provided a free checklist tool of questions you may want to consider when you're interviewing potential advisors. Download your free copy today! [Ad] Do you have a plan in place that will help you stay in control of your future? Absolute Trust Counsel is here to help you prepared no matter what may come your way. Schedule a free discovery call, and let’s discuss your specific estate planning needs today.
17 minutes | Nov 4, 2020
050: Phishing for More: What You Need to Know About the Latest COVID Scams
Fraudulent schemes aren’t uncommon, especially among our senior populations. Since COVID began, we’ve seen a few interesting twists pop up. Scammers have become even more creative at seizing opportunities as they arise. That’s why it is vital to take the necessary steps to protect yourself, your loved ones, and your assets. In a new episode of Absolute Trust Talk LIVE, Kirsten will review some of the latest scams that have made their way onto the scene and highlight some important things you can do to protect yourself and your family. It’s more difficult now, but more important than ever to stay connected – especially to our senior family members. We hope you will take the time to listen and share this episode with your friends, family, and loved ones. Big Three from Episode #050: This pandemic or new environment that we’re in has opened a new market for a twist on scams. If anyone is calling you from the government asking for personal financial information – don’t give it to them. The best defense for older adults who are scammed – an up-to-date estate plan. Time-stamped Show Notes: 3:00 – How has the pandemic changed the way scammers get you? 5:08 – This is one of Kirsten’s top tips for making new or unusual purchases 6:00 – These types of scams involve people trying to obtain your private financial information 6:41 – Fun fact - the government is not calling you for information! 8:29 – These types of fake people are calling to know more about your medical situation 10:06 – These types of scams happen more so to this age group 10:26 – This is one of the best defenses against these scammers 10:58 – What do you do if you have a parent who really needs to go into an assisted living situation because they cannot safely live at home anymore, but they refused to move 12:17 - What is the best kind of power of attorney, springing or immediate 13:58 – Kirsten reviews the information on the IRS website that she talked about earlier in the podcast [Ad] Do you have a plan that would enable a trusted family member to step in to protect you from predators? Regardless of whether you have an estate plan or not, we can help review or put a plan into place to cover your bases and safeguard your assets from those who could try to take advantage of you. Scammers wait for no one. Schedule a free discovery call, and let’s discuss your needs today.
17 minutes | Oct 21, 2020
049: The Elder Care Journey – Part 3: Emergency Preparedness
It's easy to say, "when disaster strikes, be prepared," but how easy is it to move hundreds or thousands of long-term care residents when a fire or flood is bearing down on a facility? How do you know a family member will be safe and taken care of? The good news is that facilities are required to have an emergency plan in place, but we also need to be sure we understand what will happen to our senior family member in case of disaster and how we can help prepare. In this new episode of Absolute Trust Talk LIVE, Kirsten takes a look at part three of the elder care journey, which dives into the details of disaster and emergency preparedness. Kirsten will review the basics of how a facility plans and provide a short checklist of what questions you should consider asking when it comes to your loved one's safety. These days, disasters can happen at any place and at any time. Share this episode with your friends and family, and let's keep our loved ones safe. Big Three from Episode #049: Long-term care facilities are required to have emergency plans in place with employee training and practice runs. Ask for a copy of the plan from your family members' facility. Read it, ask questions, and understand it, so you know what happens to your loved one when a real disaster strikes. Make sure your contact information is up to date with the facility, and you know the latest medical needs for your loved one. Time-stamped Show Notes: 3:30 – Kirsten reviews the types of long-term care facilities available 4:38 – What to departments govern RFCEs and skilled nursing facilities? 5:13 – What type of emergency plan are facilities required to have? 6:02 – What needs to be included in an emergency plan? 7:35 – How do we know that the person in long-term care will be safe? What can we do to understand facility emergency planning? 9:50 – What is the best way to determine the help a parent needs if they want to remain living in their home? [Ad] If disaster strikes, you want to know that you and your loved ones will be protected. At Absolute Trust Counsel, we know what questions to ask and the steps to take to ensure you have a plan in place that covers all the bases. Schedule a free discovery call today, and let’s discuss how to protect your elder care journey.
21 minutes | Oct 5, 2020
048: The Elder Care Journey – Part 2: Incapacity Planning
Estate planning is an interesting topic, usually because most people immediately think we're talking about planning for their death. But what happens if you are unable to make decisions for yourself? Incapacity planning is one of the most critical planning strategies you can implement because things can be challenging for your family without it. In this new episode of Absolute Trust Talk LIVE, Kirsten takes a look at part two of the elder care journey. She discusses some real-life scenarios in which incapacity planning has been vital to take proper care of a loved one who can no longer make decisions for themselves legally. No matter what type of plan you have in place, incapacity is something that everyone should address because you just don't know when something could happen. We hope you will take some time to listen in and share this episode with your friends, family, and loved ones. Big Three from Episode #048: A written estate plan is critical when it comes to making decisions and acting on behalf of another person legally. If a document requires incapacity, it specifies precisely what that means. So, be sure to read the document carefully. Without the proper documentation, you will have to go to court. Time-stamped Show Notes: 2:57 – When do we know that someone has sufficient cognitive impairment that allows another person to step in and make decisions for them legally? 5: 07 – What are the different kinds of Powers of Attorney? 7:16 – Why is it critical for a person to have a written estate plan and Power of Attorney? 10:41 – How does someone go about getting the authority to do estate planning for someone else? 13:21 – What if a client doesn't have the legal capacity to understand what's going on or make a decision? 14:34 – What happens if an elderly parent makes changes to their estate plan at a time when they may not have legal capacity? 17:01 – What do we do if we have a power of attorney, and we also have the two doctor letters, but the bank we are dealing with still won't accept it? 19:19 – Is a written doctor note stating that a person can do estate planning valid? Resources/Tools/Links Mentioned in This Episode: Incapacity Planning Resources [Ad] If you become incapacitated without a plan, you don’t have time to wait. Support and care are needed right away. At Absolute Trust Counsel, we can help explore the available options that best meet your needs, so that if you become incapacitated, your life and the lives of your family members can proceed as desired. Schedule a free discovery call today, and let’s discuss how to protect your elder care journey.
32 minutes | Sep 8, 2020
047: The Elder Care Journey – Part 1: Different Types of Elder Care Explained
The elder care journey is called a journey for a reason. It’s not linear, and many times people won’t know what will happen to them as they age. And while it is hard to predict, it’s not impossible to plan for, but it is essential to recognize that the type of care needed and how that care is paid for is a large part of the journey to help an older adult thrive. In a new episode of Absolute Trust Talk LIVE, Kirsten discusses part one of the elder care journey that organizes and breaks down the different types of care available. We will discuss different scenarios, how each level of care applies, and, most importantly, how to pay for the different types of care needed. No matter where you or someone you know is in the journey, it’s important to address these topics should the need for care arise, so we hope you will take some time to listen in and share this with your loved ones. Big Three from Episode #047: The elder care journey is when a loved one starts to need more advanced help and medical care. Family members are just as much a part of the journey as the elderly family member. While the elder care journey is not linear, thinking about the progression as four different levels of care will help you understand the types of care available. Time-stamped Show Notes: 0:28 – What is “the elder care journey”? 1:38 – Why do families need to think about this journey? 3:50 – What are the types of elder care available? How do you pay for it? 7:23 – Phase two of elder care tends to look like this. 8:46 – Who is our “go-to” for personal care/help for an older family member? 14:39 – What are the activities of daily living? How do they put an elderly family member in another level of care? 18:15 – What is boarding care? 20:20 – What is memory care? 23:55 – Kirsten shares more about a resource specific to veterans. 24:51 – What happens if an elderly family member needs care 24/7? 28:12 – Medi-Cal doesn’t kick in until this level of care. Resources/Tools/Links Mentioned in This Episode: Absolute Trust Talk Ep. 033 Learning the Language: Long-Term Care Insurance [Ad] No one knows what will happen as they age, but that doesn’t mean you don’t need to be prepared. At Absolute Trust Counsel, we can help explore the available options that best meet your needs, so that if incapacity or elder care is needed, your life and the lives of your family members can proceed as desired. Schedule a free discovery call today, and let’s discuss how to protect your elder care journey.
31 minutes | Aug 19, 2020
046: How to Get Your PPP Loan Forgiven
For any business owner who’s taken a PPP Loan, you know exactly how challenging the application process was. Now that you may be looking to get that loan forgiven, unfortunately, the forgiveness application isn’t any less challenging or confusing. On top of that, if you don’t apply correctly, you will have to pay all the money back. In a new episode of Absolute Trust Talk LIVE, we are happy to welcome guest Ed Gines, PPP Loan expert, and founder of Strategic CFOs. As the top resource supporting small business leader clients with high-level accounting supports and insights, Ed brings a wealth of information on each step of the PPP Loan forgiveness process like specific time limits, forgiveness percentage calculations, income caps, and more. If you feel like you’re lost in the process, unsure whether a PPP Loan is right for you or need help with the forgiveness application, this episode is for you. Ed’s expertise will ensure your loan is forgiven in full. Listen In! Big Three from Episode #046: Look out for the words FTE Reduction Quotient – Watch out for these words and ask your accountant! Remember “Safe Harbor 2” PPP Loans and Loan forgiveness is complicated, but there is help – don’t struggle, get the forgiveness you deserve and ask for professional help. Time-stamped Show Notes: 4:26 – What are some basic things that businesses should know about PPP Loan forgiveness? 6:22 – When is the ideal time to apply for forgiveness? 7:55 – Ed discusses how to calculate or figure out what percentage of you PPP Loan can be forgiven 10:48 – What is a cover period vs. a comparative period? 14:15 – What requirements – calculations, information, and data are required for forgiveness? 17:20 – Ed and Kirsten discuss the importance of spending the minimum amount of money on payroll in a specific 24-week time frame 23:20 – These are the application forms that you should know about for PPP forgiveness 27:18 – When does a business have to repay the portion of a PPP Loan that is not forgiven? 28:22 – How does an employee who was laid off during COVID and didn’t come back impact your forgiveness? 29:50 – Do bonuses paid out to employees’ impact percentage of forgiveness? 31:03 – Do employer 401k’s count in the forgiveness calculation? Episode #046 Freebie – Paycheck Protection Program Phases & FAQs Did you know that over 80% of businesses are confused by the entire PPP Forgiveness application process? Yes, that’s right; you are not alone. Today’s guest, PPP Loan expert, Ed Gines, gives exclusive access to his Paycheck Protection Program Phases & FAQs resource guide. This checklist breaks down the process and answers some of the most frequently asked questions about each step, helping you understand the process more thoroughly. Download your free copy now! Resources/Tools/Links Mentioned in This Episode: Strategic CFOs [Ad] A lot of time and effort goes into building your business, and it’s important to not only protect it but clarify what will happen to it when you’re gone. An estate plan will address all issues involved and protect current and future owners if it is passed down. Schedule a free discovery call today, and let’s discuss the ins and outs of protecting your business and your needs.
Terms of Service
Do Not Sell My Personal Information
© Stitcher 2021