Absolute Trust Talk

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:

1. Many laws and regulations are governing reverse mortgages that protect consumers and ensure transparency.
2. 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.
3. 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 protected]

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.

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:

1. Get life insurance.
2. Make sure your money is going into as many different buckets as possible, purposefully as you cycle through life.
3. 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. 

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:

1. Buy life insurance as soon as you can. You’ll never be as young as you are now.
2. The right amount of life insurance depends on what you’re trying to accomplish in life.
3. 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. 

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:

1. 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.
2. 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.
3. 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.

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:

1. This pandemic or new environment that we’re in has opened a new market for a twist on scams.
2. If anyone is calling you from the government asking for personal financial information – don’t give it to them.
3. 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. 

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:

1. Long-term care facilities are required to have emergency plans in place with employee training and practice runs.
2. 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.
3. 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.

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:

1. A written estate plan is critical when it comes to making decisions and acting on behalf of another person legally.
2. If a document requires incapacity, it specifies precisely what that means. So, be sure to read the document carefully.
3. 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.

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:

1. The elder care journey is when a loved one starts to need more advanced help and medical care.
2. Family members are just as much a part of the journey as the elderly family member.
3. 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.

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:

1. Look out for the words FTE Reduction Quotient – Watch out for these words and ask your accountant!
2. Remember “Safe Harbor 2”
3. 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.

Reasons to move out of California, or if you’re thinking more local, out of the Bay Area, may range from a lower cost of living, lower taxes, less crowding, retirement, following family, or simply a change of pace. But it’s no secret that the extensive list of things that need to be done for moving can be overwhelming. How do you start? Where do you start? And when planning ahead, how far in advance should you start?

In a new episode of Absolute Trust Talk LIVE, we are happy to welcome guest Scott Fuller, relocation expert and founder of LeavingTheBayArea.com. As the top resource for helping clients navigate the moving process systematically, Scott brings a wealth of information on the type of moving trends in the Bay Area and across the state. Scott and Kirsten will also examine how COVID-19 has impacted the market and the relocation process. Moving is a big job, but when you have the right plan and thought process in place, you will be able to smoothly check off all the “to-dos” on your list and move like a pro.

Big Three from Episode #045:

1. Moving isn’t just about logistics. It’s also about being mentally and emotionally prepared as well.
2. Are you ready to move, but not sure where? Take time to sit down and visualize the process and visualize your goal for making a move.
3. While there are a lot of people moving out of California, there are just as many relocating within the state to lower density areas – especially now with COVID.

Time-stamped Show Notes:

3:29 – Who is moving out of California, and why?

5:02 – Are people moving just moving out of state, or are they moving to other parts of California?

6:23 – Scott discusses the impact COVID has had and will have on this California moving trend

7:43 – Scott shares some interesting stats and trends that are coming out of the bay area

10:07 – Kirsten and Scott discuss the most common relocation challenges today

15:27 – How far in advance should someone start planning a move?

17:35 – Scott discusses how to prep for moving your items

22:43 – Kirsten and Scott talk about some of the most popular out of state locations people are moving to

Episode #045 Freebie – 12 Step Roadmap to Your Next Destination

When moving, it’s essential to have a plan, something that breaks down the process and helps you transition from point A to B, and so on. And for the average person trying to develop that plan, and then put it into play can be daunting. Today’s guest, relocation expert Scott Fuller, is sharing exclusive access to his thoughtfully curated planning resource, “12 Step Roadmap to Your Next Destination.” This 12-step roadmap will help you break down each step of your next move making it more manageable and less stressful. It’s time to plan your move like a pro. Download your free copy now! 

Resources/Tools/Links Mentioned in This Episode:

Zumper.com

LeavingTheBayArea.com

U-Haul Migration Trends

[Ad] No matter what the reason, moving can have a significant impact on your estate plan. It’s important to review your plan with your attorney to go over any positive or negative changes as well as strategies for helping to minimize the tax impact on your estate. As experts in California law, we can help modify or build an estate plan to meet your needs. Schedule a free discovery call today, and let’s get started!