Absolute Trust Talk

Being named as the executor or trustee of an estate is a big job. There are many tasks and responsibilities to take care of. And on top of that, it’s hard to imagine being able to make these important financial and legal decisions while grieving. A lot of times, people have no idea where to start or what to do. Without basic knowledge of the trust and estate administration process, the whole experience can be overwhelming.

In this new episode of Absolute Trust Talk LIVE, Kirsten dives into some of the most common mistakes that trustees and executors typically make that can also have serious consequences. With a little education and extra guidance, these mistakes can be avoided. Listen in to learn more about how you can navigate the estate and trust administration process like a pro.

Big Three from Episode #044:

1. It’s essential to understand your fiduciary duty event if you too are a beneficiary
2. Record keeping is of utmost importance - you must be thorough and organized
3. Being an executor or a trustee of an estate is a big and time-consuming job – you are responsible for an entire estate. It’s okay to ask for help and consult with your attorney.

Time-stamped Show Notes:

1:49 – These are the categories trustees, and executors usually find the most trouble with

2:12 – What does it mean to have a fiduciary duty?

3:11 – What happens if a trustee is also a beneficiary?

6:39 – Here’s why record keeping as a trustee or executor is important

9:47 – Trustees and executors are entitled to compensation too, make sure you do this

11:25 – As an executor or a trustee your job is to protect and preserve the estate, here’s how

[Ad] Take the stress out of the trust administration process.  At Absolute Trust Counsel, we have the experience and compassion necessary to make the complicated process, whether trust administration or probate, as efficient and stress-free as possible. Schedule your free discovery call today, and let’s get started on the right path.

Resources/Tools/Links Mentioned in This Episode:

Estate Administration

Individuals with special needs and their families face unique challenges when it comes to living, working, and even participating in their community, but it doesn’t mean that they can’t find independence.

In a new episode of Absolute Trust Talk Live, Executive Director of East Bay Innovations, Tom Heinz joins Kirsten to discuss his organization and the variety of programs they run designed to enable and empower persons with disabilities to live their most productive, independent and satisfying lives.

While there are so many ways that EBI serves the special needs community, Tom and Kirsten will focus on services that include things like daily money management, disability benefits planning, and affordable housing. If you or someone you know is a person with special needs or a trustee of a special needs trust, this episode is a valuable resource.

Big Three from Episode #043:

1. Special needs persons can find affordable housing through HUD that provides rental subsidies to people who are low income.
2. Yes, getting a job and making more money can impact your SSI or MediCal benefits, but it will not necessarily terminate them, and there are ways to plan and troubleshoot.
3. Special needs individuals of all ages, with the right support, can work and live independently.

Time-stamped Show Notes:

3:12 – How does EBI help disabled persons with affordable housing?

8:30 – This is the process for getting people section 8 vouchers

11:26 – Tom discusses how EBI also helps with disability planning

16:28 – These are the most common services that special needs trust beneficiaries use at EBI

19:24 – Tom explains how EBI is expanding its Case Management Services

22:51 – Are there concerns as an increasing number of people with disabilities become seniors in terms of housing and care?

25:01 – How does EBI help with employment?

[Ad] Special needs planning is vital to maintaining a safe, comfortable, and healthy lifestyle for a person with disabilities, however, it needs to be done with extra thought and care to ensure they are still able to access necessary government benefits. At Absolute Trust Counsel, we can help navigate even the most challenging situations to ensure that a person with special needs will be able to thrive. Schedule your free discovery call today and let’s discuss your planning needs.

Resources/Tools/Links Mentioned in This Episode: Disability 101: www.ca.db101.org EastBayInnovations.org Absolute Trust Counsel – Special Needs Tools

When a loved one is diagnosed with Alzheimer's or Dementia, a spouse, partner, or family member is thrust into the caregiver role. They are just expected to know what to do and how to do it. There is no conversation about it. The caregiver's journey is lonely and challenging, taking on more and more responsibility as their loved fades away.

You may feel angry, afraid, frustrated, and guilty for feeling these things all at the same time. And who is there to talk to when friends and family don't truly understand what you're going through? 

In a new episode of Absolute Trust Talk Live, guest Cheri Bailly-Jacob joins Kirsten to discuss the challenges and emotions that caregivers face, as written in her memoir, "Caregiver Confidential: Stories of Living with My Husband's Alzheimer's Disease." Whether your loved one was just diagnosed, or you've been caregiving for a while now, we hope this conversation with Cheri and her book will encourage and support you on your journey. 

Big Three from Episode #042:

1. Don't feel guilty for having negative emotions - it is normal!
2. After the diagnosis find new activities that both you and your loved one can participate in.
3. Read Cheri's book, whether you are a caregiver or not!

Time-stamped Show Notes:

1:15 - Why did you write this book?

3:26 - What did Cheri first notice that makes her think something was wrong? It's not just about losing my car keys. 

5:21 - Cheri shares how she brought up the subject checking on Bob's memory health 

7:26 - These are the steps Cheri and Bob took to gain clarity on his diagnosis

12:37 - Kirsten and Cheri discuss one of the most important reasons to read her book - being thrust into the caregiver role

13:04 - Don't feel bad about negative thoughts and feelings as a caregiver. It's normal

14:03 - When do you talk about a diagnosis with friends and family?

15:40 - These are the most important things for caregivers to take care of in the early stages

[Ad] If you find yourself lost, and don't know what to do or how to plan for a loved one who is suffering from Dementia, our team can help.  Schedule your free discovery call today, and let's talk through your situation and your concerns. Together we will put the right plan in place for you, your loved one, and your family.

Resources/Tools/Links Mentioned in This Episode:

Caregiver Confidential: Stories of Living with My Husband’s Alzheimer’s Disease

 

 

 

Most parents of children with special needs understand how important it is to plan ahead. While there are many vital parts to this planning, a special needs trust should be at the top of the list.

Utilizing a special needs trust will ensure that after the parents pass away, the child will not lose any government benefits due to inheritance. But what happens if a special needs person gets an inheritance from someone other than a parent who did not set up a special needs trust? Could that impact their government benefits too? What many people don’t realize is that there are two different kinds of special needs trust available and how they are set up mainly depends on one, who is setting them up, and two where the money is coming from.

Tune in to a new episode of Absolute Trust Talk to take a closer look at special needs trusts and how to ensure that inheritance doesn’t impact government benefits for the special needs person in your life. With the right guidance and planning in place, you can rest assured your loved one will be protected.

Big Three from Episode #040:

1. If you have a special needs family member, get in touch with your attorney, and get a plan in place.
2. Placing money and inheritance in a special needs trust will ensure that the special needs person will not lose necessary government benefits.
3. Even if you don’t have a special needs family member, consider having a special needs provision added just in case.

Time-stamped Show Notes:

1:20 – What kind of government benefits are critical to a special needs person?

2:27 – What is the difference between the two types of special needs trusts?

3:34 – This is a common scenario for special needs planning and setting up a special needs trust.

4:44 – Why would a special needs person set up a first-party trust?

6:54 – This is the most important regulation to follow when setting up a first-party special needs trust.

8:26 – Where do you get started with special needs planning? Start here.

8:56 - Kirsten shares her top tip that everyone should do with their trusts, whether they have a special needs family member or not.

[Ad] If you need help planning for the future of a special needs family member, we’ve got you covered. We can help put the right protections in place to ensure your loved one is cared for properly. Schedule your free discovery call today, and let’s get started. 

Now that we've settled into somewhat of a new normal for the time being, people are thinking about getting things in order. There is still a sense of urgency, but many are taking the time to review their estate plans to make sure everything is in place, or are taking steps to put a new plan in place.

In California, one of the key tools we use is a trust. We want to keep things simple, keep the cost down, and keep the family out of court, so we use a trust to avoid probate. But problems arise when an asset doesn't make it into the trust before the grantor dies. When that happens, probate happens - not always, but most of the time. And surprisingly, this is a very common mistake.

“It’s rare for us to do trust administration for a client and not have this mistake show up. I would say 95 out of 100 times we find an asset outside of a trust that should have gotten in.”

-Kirsten Howe

In a new episode of Absolute Trust Talk, I'm going to share the tips and information you need to know to avoid this kind of mistake and keep your family out of court. I'll talk about how to fund a trust: which assets to fund, how to fund each kind of asset, and how you can tell if your trust has been correctly funded. With COVID-19, people want to make sure they protect themselves and their loved ones the best they can. Together we can help build an airtight plan.

Are you looking for a solution to keep the stay at home senior in your life safe during the COVID-19 pandemic? In-home caregivers are considered frontline, essential personnel, and have been prepared to care for seniors in place since long before the worst of Coronavirus.    "Our caregivers, that are working in these communities are staying in those communities. They are not going anywhere else except working one on one with that one client. And they do not go anywhere else."   -Francesca Vogel  Home Care Assistance   Francesca Vogel of Home Care Assistance joins a new episode of Absolute Trust Talk to discuss the specialized COVID-19 response efforts that home care providers are taking and have been taking to provide the vital care and support seniors need to remain safe.

It’s no secret that our most vulnerable population during this COVID-19 pandemic has been our seniors and older adults. They need extra protection and closer oversight because of the isolation they have been put in. The questions that remain include things like, “Who is there to make sure necessary care doesn’t fall through the cracks?” “How can I stay in touch with my loved one?” “Who can I reach out to if I don’t feel like my loved one is properly cared for?”

To help answer these questions and more, Executive Director Nicole Howell, from Ombudsman Services of Contra Costa, Solano and Alameda joins us for a new episode of Absolute Trust Talk.  She has been on the frontlines of COVID-19 safety efforts among seniors and elderly in long-term care across the Bay Area, and we’re excited to have her join us to share the latest on all things elder care. 

Are you a health care worker, or do you have a loved one who is? Then this episode is for you.    Health care workers are very special, and we all owe them our gratitude for the work they do, but it's important, especially now, that they do not allow their instinct to help others get in the way of supporting themselves.    Statistics are showing that there is an alarmingly high rate of COVID-19 cases among health care workers in some locations. We just don't have enough data to know why that is. But, it's clear that health care workers are getting sick, and they need to be prepared.    Join me as I triage your estate plan - breaking down the components needed to keep you and your family safe during this mega-crisis and beyond.

Do You Have a Plan That Would Enable a Trusted Family Member to Step in to Protect You from Predators?   It’s hard to believe we are living in such scary and uncertain times. Unfortunately, there are still those out there who are taking advantage of that for their financial benefit. The coronavirus has resulted in new twists on common scams that mainly affect seniors – the most vulnerable population.   It’s more difficult now, but more important than ever, to stay connected – especially to our senior family members. Scams are much easier to pull off on someone who is isolated, as many older adults are, and especially if they experience cognitive decline as they age. These types of scams cost families millions of dollars every year. But there are things you can do now to protect yourself, your family, and your loved ones.   Join me as I discuss the importance of coronavirus estate planning to protect you and your family now. Don’t miss out on my tips to help ensure you get your $1,200 economic impact check ASAP.

In uncertain times, like those we’re facing now, we tend to go into panic mode, worrying about everything all at once. With so much on our minds, we don’t realize that there is still an opportunity to take control and be prepared.

Have you thought about what would happen if you or a loved one is impacted by coronavirus? Will your loved ones be protected if something happens to you? Will you get the immediate support and care needed? If it’s a loved one isolated and impacted, do you know how to manage their care? Do you even have the authority

If incapacity happens without a plan, you don’t have time to wait. You don’t have time to sort through the mess for the right support and care that’s needed immediately.

If it’s untimely passing, what are the next steps? Is there a plan in place to protect your loved ones and assets? Or, will there be expensive and long drawn out time in court?

Listen in for to an all-new episode of Absolute Trust Talk LIVE, where I discuss the importance of coronavirus estate planning now, and give you some action items to help you plan and prepare.