Absolute Trust Talk

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:

1. When it comes to real estate and your trust, make sure you know how everything is titled.
2. 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.
3. 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.

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:

1. Villages like Lamorinda help older adults age in place and cultivate community and connection.
2. Memberships provide various services from events and activities to referrals, home-based help, and more.
3. 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

[email protected]

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.

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:

1. It’s important to understand wage orders and necessary laws.
2. Know how you are utilizing your employee.
3. 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.

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:

1. Teach your heirs ahead of time how to handle wealth successfully.
2. Communication and conflict management is KEY to building a solid family foundation, especially for when the older generations are no longer around.
3. 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 [email protected].

[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.

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:

1. Finding out what's important to people – who they are and what they like is key to helping maintain quality of life.
2. Work with someone local, knows the communities, assess clients, and have a physical presence.
3. 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.

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:

1. Elder mediation can help families reach agreements about legal, financial, and care planning for their aging loved ones and their estate.
2. Even if you think a conflicting party will not agree to mediation, it’s worth getting in touch with a mediator to find ways to engage the parties in communication.
3. The ultimate goal is to make decisions that are in the best interest of the elder while considering the needs of everyone involved.

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: [email protected]

[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.

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:

1. Parents can nominate someone for guardianship, but only the judge can appoint someone.
2. As a parent, make sure your wishes are clearly expressed in your estate plan; otherwise, you will have absolutely no say in the matter.
3. 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.

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:

1. The current estate tax exemption is $11.7 million, but that doesn’t mean you shouldn’t file.
2. Estate tax returns are not easy, but they are worth it. Margaret’s expert opinion: If you can take advantage, file it.
3. 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.

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:

1. Don’t wait until it’s too late, start planning NOW!
2. Treat your parents like your partner.
3. 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: [email protected]

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.

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:

1. Prop 19 is a time-sensitive issue that may impact real estate inherited by your children after February 16th.
2. 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.
3. 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?