Absolute Trust Talk

Absolute Trust Talk welcomes consumer debt law expert Jen Lee into the studio to discuss essential tips, resources, and information people need to know about debt. Creator of workplace financial program Employees Are Assets™ and co-author of Preventing Credit Card Fraud A Complete Guide for Everyone from Merchants to Consumers, Jen focuses her practice on helping individuals and business owners come up with practical legal and financial strategies to deal with debt and credit issues. Kirsten and Jen start their discussion by highlighting how people have more options available to them than just filing for bankruptcy. Jen also highlights common issues she comes across with debt settlement cases. Finally, Jen and Kirsten dive into the numerous myths and misconceptions that plague the consumer debt world.

Big Three from Episode #014:

1. Know your rights
2. Know your options
3. Don’t be embarrassed about your situation

Time-stamped Show Notes:

2:04 – Many people don’t know that they have other options available to them – other than filing for bankruptcy.

3:30 – Jen highlights common issues she comes across with debt settlement

5:50 – Embarrassment is the biggest reason for clients not finding out all rights and options

8:45 – Jen shares the most common misconception of why people file bankruptcy

13:05 – Is it true you can’t borrow money for a long time after you’ve declared bankruptcy?

16:30 – What happens when you first meet with a client who needs help with debt?

18:30 – Doing nothing about your debt is for these types of people

22:30 – Jen shares how long the different types of bankruptcy take to navigate

Episode #014 Freebie:

Many people are embarrassed about their situations and don’t want to face their failing financial conditions. Absolute Trust Talk guest and consumer debt expert Jen Lee is a strong advocate for making sure everyone knows their rights and their options. To help spread the word, Jen is giving listeners exclusive access to not one, but TWO of her educational bankruptcy videos. Click here to access them now, and see if bankruptcy is an option for you.

Resources/Tools/Links Mentioned In This Episode:

Jen Lee Law Youtube Education Library - https://www.youtube.com/channel/UCaqJcOuJBX1AHDZwScrb6SA/

Book: Preventing Credit Card Fraud - https://www.youtube.com/channel/UCaqJcOuJBX1AHDZwScrb6SA/

Absolute Trust Talk welcomes Walnut Creek international tax law expert Jenny Lin to the show. Lin has been practicing tax law since obtaining her juris doctor degree in 2000 from U.C. Berkeley and is one of approximately 400 attorneys certified as a tax specialist by the State Bar of California Board of Legal Specialization.

In this episode, Kirsten and Jenny dive into the complexity that is foreign taxes, focusing on the importance of seeking out the proper help when it comes to cross-border tax planning to avoid some of the steep penalties that can come from not filing correctly. Kirsten and Jenny also discuss international estate planning for foreign individuals with U.S. beneficiaries and U.S. individuals with foreign assets. 

Big Three From Episode #013:

1. If you find out you’re noncompliant somehow, seek out international tax attorney help – don’t wait!
2. Evaluate your situation
3. Don’t panic

Time-stamped Show Notes:

3:25 – There are lots of forms that need to be filed in regards to having foreign assets and income, but this one by far has the biggest penalty.   

4:10 – Kirsten and Jenny discuss willfulness penalties and what the IRS looks for when looking into someone’s foreign assets.

7:03 – Jenny talks about three compliance programs that allow people to file the proper paperwork and come into compliance.

10:52 – Jenny shares what foreign assets, such as life insurance are treated differently in foreign countries compared to the U.S.  

12:55 – A foreign parent or family member needs to watch out for this when gifting someone in the U.S.

17:12 – What steps should a U.S. citizen with a foreign asset take in terms of the estate planning process?

22:05 – What do spouses – one who is foreign and one who is not – need to think about in terms of future planning?

24:22 – Kirsten and Jenny discuss how one asset might have more than one reporting requirement. 

Episode #013 Freebie:

International tax is a very focused area and oftentimes people have a misunderstanding about what the requirements are. We even find that some tax practitioners miss some important conditions as well. Absolute Trust Talk guest Jenny Lin shares eye-opening insights about international taxes in this episode, and now she’s sharing even more. If you find yourself in international tax trouble, or just want to know if you’re keeping up, then Jenny’s list of common IRS forms you need to file and her guide to come into compliance are precisely what you’ve been looking for. Click here to download the Information Return & Compliance Options guide now!

In this episode of Absolute Trust Talk, Kirsten welcomes Walnut Creek copyright law expert Kelley Way into the studio. This Walnut Creek native, wanted to practice copyright law since she was in high school, as two of her biggest passions are books and music. She fell in love with copyright law after resolving a case for her first ever client – the copyright holder of a New York Times bestselling fantasy series – and the rest was history.

Because copyright law is confusing to many, Kirsten and Kelley dive into a discussion of what intellectual property and creative expression actually mean and what makes them worthy of protection. Kelley highlights the different types of intellectual property and how long they last, and she later weighs in on how it can affect future generations.

Take Away From Episode #012:

1. If an intellectual property asset will affect future generations, make sure they know what to look forward to and make sure they understand how to deal with their finances in a smart way.

Time-stamped Show Notes:

2:00 – What is intellectual property?

2:45 – How do you register to protect your intellectual property?

5:50 – Kelley discusses what kinds of assets are protected by copyright and what makes them worthy of registration

8:35 – If you have a copyright, what kind of protection do you get? (Hint: There is more than one type of protection, depending on the work)

12:45 – How long does a copyright last?

14:09 – Kirsten and Kelley discuss how and why creators can take back the right to their works and get a second chance at making their content a lucrative business deal

16:30 – Can heirs enforce certain rights when it comes to a copyright?

20:00 – What happens when someone inherits a copyright asset?

Episode #012 Freebie: What Is Intellectual Property? A Guide to Copyrights, Trademarks, and Patents

What many people don’t realize is that there is, in fact, an overlap between copyrights, trademarks, and estate planning – what they don’t quite understand is the “why” or the “how.” The key to bringing it all together is the background information, what each piece of copyright protection is for, how and why copyright protection works, and how your future and future generations can be affected if proper care is not taken. Absolute Trust Talk guest and copyright law expert Kelley Way shares exclusive access to her in-depth article, “What Is Intellectual Property? A Guide to Copyrights, Trademarks and Patents.” Kelley breaks down what each area of intellectual property and how all of these practice areas tie together, in an easy-to-consume, no-nonsense way. To brush up on your understanding of copyrights, trademarks and patents, click here to read Kelley’s article!

In episode eleven of Absolute Trust Talk, Kirsten welcomes award-winning Remax Accord Real Estate Broker Mark Shaw into the studio. Mark has been serving Contra Costa and Alameda Counties for more than 19 years and, even though he spent some time as a teacher, you could say his career started back in the 60’s & 70’s when he was helping his father pass out flyers and set up open house signs.

Mark is well-versed in the San Francisco Bay Area real estate market, and Kirsten wastes no time digging in. During this podcast, Mark and Kirsten discuss why buying and selling in the Bay Area is so unusual right now and how the cash purchase of a home is influencing the marketplace.

Later, Mark weighs in on some surprising statistics and trends that are influencing aspects of the local market, and also, shares some advice to sellers on some essential tasks that need to be done before putting your home on the market. Download this resource here! 

Big Three From Episode #011:

What the clients are thinking:

1. Can I trust you?
2. Are you good at what you do?
3. Do you care about my needs and me?

Time-stamped Show Notes:

2:00 – What is making the San Francisco Bay Area real estate market so high? Can a seller name their price?

3:12 – The average buyer spends this much time searching for homes before they contact a realtor.

3:40 – Does the amount of cash buyers have to spend on housing distort the market?

6:15 – Why the number of years people are staying in their homes (not moving) is increasing.

8:30 – What are the main reasons people move?

11:40 – How is the buyer’s market trending?

16:42 – This is a huge determining factor in real estate sales.

22:11 – In the current market. what do sellers have to do to get their house sold?

26:14 – It might seem all dollars and cents, but home buying has much more to do with this.

Episode #011 Freebie: 13 Top Tips for Home Maintenance and Safety

Taking care of a property can be a lot of work, and some maintenance issues will obviously take priority over others. However, when it comes to your home’s safety, there are easy, low-cost, DIY projects we neglect because they are either not at the top of the list or not top of mind. Absolute Trust Talk guest Mark Shaw has generously offered to share his resource “13 Top Tips for Home Maintenance and Safety” to ATT’s audience. Shaw created this resource to be a tool to simplify target issues and help you focus on simple, common-sense tasks to keep your home safe. He has broken these projects down so they are easy to commit to doing one or two per month to maintain a safe home environment.

In this episode of Absolute Trust Talk, Kirsten welcomes Herb Thomas, founder and principal fiduciary of Herb Thomas and Associates. Herb has a big passion for people, which is shown through his extensive experience serving families throughout California with special needs trusts, public benefits counseling and advocacy, trust/estate administration, and conservatorships. He is also a board member of the Behavioral Intervention Association, which is a nonprofit dedicated to providing intervention services to children diagnosed with autism and their families.

During his conversation with Kirsten, Herb touches on what a professional fiduciary is and what makes the job right for someone who has “experienced a little bit of life.” He addresses why it’s essential for a family to look outside immediate members to a resource such as a professional fiduciary. He also provides actionable guidelines and tips for planning around the proper execution of a Special Needs Trust – everything from organization to the rest of the team involved.

Herb later weighs in on the biggest responsibilities expected of a special needs trustee and how to get started with a licensed professional fiduciary.

Big Three From Episode #010:

1. Choose a trustee wisely – they are the main ingredient of a successful trust.
2. Have a financial plan set up before you start.
3. Choose the rest of the team wisely.

Time-stamped Show Notes

2:25 – What does it mean to be a licensed professional fiduciary?

4:22 – A professional fiduciary can serve in these various roles.

9:30 – What challenges are faced when administering a special needs trust?

12:41 – Here is why special needs trusts are important – the benefits, and why it’s needed.

15:08 – Here is why you should consider using a professional fiduciary.

24:50 – What is the process to hire a professional fiduciary? How do we find you?

25:47 – Herb discusses who he works with on the trust administration, other than just the beneficiary.

29:40 – Herb highlights the most significant responsibilities of a Special Needs Trustee – consider this when you are deciding whom to choose for your trustee.

Episode #010 Freebie: Special Needs Trust Tools – “Trustee Can Purchase” + What to Ask When Hiring a Professional Fiduciary

Assets are important to everyone, whether you have the resources or not. In the case of a special needs trust, the job of a licensed professional fiduciary or trustee is to help protect those assets for as long as possible and to use them solely for the benefit of the beneficiary. It’s vital, going into this process, to have goals to help you achieve what needs to be done for the recipient. To accompany this episode of Absolute Trust Talk, guest Herb Thomas put together a couple of tools to help you get started. “Trustee Can Purchase” is a guide to help the trustee understand what can be purchased for the benefit of the beneficiary. In addition, Herb provided a list of interview questions to ask when you are hiring a professional fiduciary. Above all else, you want to make sure the beneficiary is taken care of adequately and that their needs are met for the rest of their life.

Download these free tools here!

Resources/Tools/Links Mentioned In This Episode:

PFAC – https://pfac-pro.org

Professional Fiduciary Bureau of California – http://fiduciary.ca.gov

HerbThomas.com

In this episode of Absolute Trust Talk, Kirsten welcomes trust and estate litigator Denise E. Chambliss from Tri-Valley law firm Hoge, Fenton.

During their discussion, Denise and Kirsten hone in on the specifics of trust and estate litigation with an emphasis on elder abuse and undue influence. Kirsten highlights that elder abuse is an epidemic, it’s happening everywhere, and it’s often happening right under our noses. In response, Denise defines, characterizes, and zeros in on how best to defend those abused and how to prevent it from happening in the first place.

Top Three from Episode #009:

1. If you suspect something in regard to elder abuse, say something.
2. It’s not just happening with family members.
3. Elder abuse is a crime.

Time-stamped Show Notes:

3:00 – Denise defines and characterizes elder abuse

6:23 – How does undue influence fit in?

7:55 – Elder abuse is considered these two types of crimes

8:45 – Family members aren’t the only ones who abuse the elderly

11:30 – How hard is it to prove elder abuse in court?

12:17 – How does decision making factor into a case?

14:00 – How does a No Contest Clause fit into the elder abuse arena?

16:07 – What would make a No Contest Clause more effective?

17:12 – How to avoid litigation

21:15 – Denise shares what other areas elder abuse can crop up in

Episode #009 Freebie: Discussion About the Dreaded No Contest Clause

Denise works hard as a trust and estate litigator to help protect and defend those who might not understand what’s happening to them anymore but also to educate and protect the trustees, executors, and beneficiaries who are involved. A big part of that is speaking out and educating others on the myriad of ever-changing laws in this field. One that has an impact on the issue of elder abuse is the No Contest Clause. It is an intriguing element to many people, yet they don’t know how to navigate it in order to use it to their best advantage. In a recent article authored by Denise, she details the history of and changes to the law, what became of the“Safe Harbor” provisions, and the best practices for an enforceable No Contest Clause combined with a disinheritance. This is essential information everyone should know when it comes to effective estate planning, and Denise is giving you exclusive access! Click here to download the discussion!

In this episode of Absolute Trust Talk, Kirsten welcomes special needs financial planning expert Jon Elfin into the studio. Jon has over 35 years of experience in the financial services industry and focuses on processes and expertise to help clients understand their options and more importantly take action when it comes to building and preserving wealth for families with special needs dependents.

Jon and Kirsten break down what exactly special needs planning encompasses and discuss the processes that Jon goes through with each of his clients. More importantly, Jon discusses a few of the biggest mistakes he sees when clients come into his practice and also highlights effective strategies that a special needs family can take now in securing the future of their dependents. As Jon is also a parent of a special needs child, throughout the interview he weaves in topics of transitional life experience from his own personal perspective.

Big Three From Episode #008:

1. Start early
2. Don’t be overwhelmed
3. Utilize your resources!

Time-stamped Show Notes:

1:50 – What exactly is Special Needs Planning?

2:48 – How Jon got into Special Needs Planning

4:00 – The complexities of Special Needs Planning

7:00 – Jon highlights common mistakes he’s come across in his practice when working with clients

8:05 – Jon and Kirsten discuss a few of the biggest benefits/acronyms that people miss

10:42 – Kirsten discusses Special Needs Planning from the estate planning point of view and a special provision that should be put in all estate plans

11:37 – Jon addresses why ages 18 and 22 are important ages for special needs people

13:30 – Jon defines “transition class” and its extreme importance

15:35 – What a regional center is and how it helps special needs families plan the next step.

16:20 – Don’t leave all the money for a special needs family member to a sibling!

20:14 – A special needs person can save money in these accounts too – Big win for the disability community

25:15 – The other important strategy for special needs individuals according to Jon is life insurance 

Episode #008 Freebie:

No matter where you are in your journey as a special needs family know that there are things that can be done to help build and protect the future of your special needs dependent. During this episode, Jon mentioned a few of the common mistakes well-intentioned special needs families make. To help educate listeners on what to look for he outlined and is exclusively sharing with us a few more! In addition, Jon is also offering a FREE 90-minute consultation. So if you’re a special needs parent or caretaker who is worried or doesn’t know where to start, call Jon. He will cover all of the basics and see if he can be of further service in making your special needs life transitions go as smoothly as possible.

Resources/Tools/Links mentioned in this episode:

Special Olympics

Sunflower Hill

Disability benefits 101 - https://ca.db101.org/

In this episode of Absolute Trust Talk, Kirsten welcomes Walnut Creek family attorney Ariel Brownell Lee into the studio. 

During her conversation with Kirsten, Ariel touches on all aspects of a prenuptial agreement. While discussing the pros and cons, Ariel reveals just how much a prenup can, and can’t, protect. Kirsten and Ariel explore the overlap between estate planning and divorce by examining community property, characterization of assets, and the protection a postnup can offer married couples years into their marriage.

Later, Ariel weighs in on what couples heading for divorce should think about and offers actionable tips and tools.

Big Three From Episode # 007:

1. Have the uncomfortable conversations with your spouse
2. Plan ahead, even if it seems like something you don’t need to think about, you do.
3. Always seek counsel. Don’t try and do the work on your own. It’s more efficient to do it right the first time than to hire someone to clean up your mistakes.

Time-stamped Show Notes

2:55 – What kinds of couples need a prenuptial agreement?

3:50 – Ariel talks about the pros of a prenup

4:20 – Ariel talks about the cons of a prenup

5:30 – Ariel and Kirsten discuss what a prenup protects

6:15 – Spousal support gets tricky here – don’t think you need it, but do you?

8:09 – Ariel highlights the things a prenup doesn’t protect

9:09 – Kirsten talks about community property, the magic number 8 and post nuptial agreements

10:59 – What’s the difference between prenups and postnups?

12:02 – How to ensure your prenup is enforceable – hint: the answer isn’t online.

14:30 – Ariel roadmaps what a divorce looks like with a prenup and without a prenup

19:00 – What should couples think about when they are heading for divorce?

24:06 – What does child custody look like in divorce?

27:54 – What are other custody disputes?

33:13 – Ariel talks ladies in law

Episode # 007 Freebie:

Heading for divorce is an emotional time and getting your head in the game is not always the easiest. Your judgment is probably clouded whether or not the separation is mutual. If you are heading down this road, it’s time to get started and get ahead of the game. Family lawyer and Absolute Trust Talk guest Ariel Brownell Lee has put together a free pre-divorce checklist and roadmap. These take a bit of guesswork out of your future. From issues to consider, to documents to gather, Ariel provides and a broad overview of what to expect from filing to judgment. Ariel hopes these tools will bring a little bit of support and a little bit of certainty to you about starting the process. 

Resources/Tools/Links Mentioned in this Episode:

A Seat at the Table: http://cwlseatatthetable.blogspot.com

In this episode of Absolute Trust Talk, Kirsten welcomes Walnut Creek Financial Planner Ora Citron into the studio. For Ora, financial planning is a way to make a difference for individuals in our community, directly and meaningfully, by taking responsibility for helping clients create a path to the future based on their personal goals.

During her discussion with Kirsten, Ora shares with listeners what financial planning really is, and hint, it’s not all about the money. Ora highlights that for a majority of her clients, financial planning makes a huge difference by relieving stress and creating clarity. Financial planners can bring new and different resources to the table. Ora and Kirsten also discuss the biggest misconceptions in financial planning, and Ora weighs in on complex and often misunderstood topics like social security and long-term care.

Later, Ora also shares that a large part of her focus, and a subspecialty of her firm, is working with women in transition. Whether it’s retirement, divorce, or widowhood, it’s important to educate women, relieving stress and creating clarity in very emotionally difficult times.

Big Three From Episode #06:

1. Financial Planners bring new ideas to the table, things you have never even heard about.
2. It’s not solely about the money
3. Don’t leave your future to guesswork!

Time-stamped Show Notes: 

2:36 – The Basics: What do financial planners do?

3:45 – What difference does financial planning make for a client?

4:40 – Retirement isn’t the only goal that a financial planner can help someone achieve

5:39 – Medicare, people know about it, but they don’t know these facts

6:35 – Why can’t someone just do it on his or her own? There is Google, right?

8:40 – Ora discusses the one piece of financial planning that is most critical to a financial planner’s success with clients

15:33 – Ora highlights a subspecialty of her practice – working with women in transition

16:44 – What’s makes working with women clientele different?

18:20 – Social Security planning is something that should not be dismissed. Here’s why…

26:14 – Ora discusses her approach to long-term care in financial planning

29:04 – Isn’t long-term care planning just for the wealthy?

30:52– Ora highlights the biggest misconceptions that she see’s with clients and in general

Episode #006 Freebie: Risk Tolerance Assessment

You’ve found a good financial planner, someone, you’re comfortable working with, but that’s only half the battle. You want to feel comfortable with what they are doing for you and your money. A crucial piece of successful financial planning is risk analysis because it defines the risk you’re willing to take with your money. Walnut Creek financial planner Ora Citron swears by one tool that she uses with her clients, Riskalyze. Riskalyze is an online questionnaire with practical questions to assess how comfortable you are with taking risks. It makes you think about what you would realistically do, how content you are with that and what adjustments need to be made in your financial plan, so you meet all of your goals. Ora is offering Absolute Trust Talk listeners exclusive access to this questionnaire so that you too can see where your risk tolerance lies. 

Resources/Tools/Links mentioned in this episode:

The Undoing Project by Michael Lewis

In this episode, Kirsten talks to Denae Budde, managing shareholder of Budde Law Group, a niche practice that focuses in on handling either transactions or litigation in the real estate and business.

During her conversation with Kirsten, Denae discusses the rising trend of parent/child real estate transactions. Denae highlights some of the unique things that parents are doing to ensure their children are living in the home or area they want. Denae addresses some of the challenges and roadblocks that face these types of deals and offers effective strategies that can be used to make intrafamily real estate transactions more successful.

Top Two From Episode # 005:

1. See your attorney before any decisions are made
2. Communicate with your family members and loved ones – those the transaction could affect 

Time-stamped Show Notes:

2:04 – Kirsten and Denae discuss techniques regarding parent/child real estate transactions

3:50 – Denae shares the most challenging real estate transaction – house swapping – and highlights roadblocks of this type of deal

6:15 – Denae offers parents a reasonable alternative option to help parents help their children

6:55 – Kirsten and Denae discuss children purchasing the home that the parents are living in

7:40 – The best way to make this deal favorable if there is more than one child in the family

8:28 – Kirsten and Denae discuss the importance of family harmony and communication to aid in the smooth sailing of these types of deals

11:15 – Denae highlights an important point – make sure your landlord actually owns the property you are about to rent

13:19 – Kirsten and Denae discuss challenges surrounding commercial leases

15:40 – Denae gives advice of protection to those who own rental properties that are investment properties and not intrafamily rentals

17:56 – Kirsten and Denae discuss an LLC versus a Corporation

24:40 – Denae’s parting wisdom on business deals

Episode # 005 Freebie:

As a parent you’ll do anything for your child, but how far would you go to make sure your child has the type of home they want or is living in the location they want to be in? Many people jump in not wanting to spend the extra money on the front end to protect their transactions and make sure that no surprises arise. Absolute Trust Talk guest Denae Budde recommends talking to an attorney first and to remember that the upfront costs will save you more on the back end. Denae offers listeners this exclusive tool “Consider This – A Brief Guide to Owning and Renting Property,” that takes you through the considerations, questions like “How should we own our rental property?” and “What’s involved in setting up an LLC?” The guide lays out clear actionable steps and what you have to pull together to get started. In addition, she talks about things to consider when you’re thinking about leasing a property.