Absolute Trust Talk

Did you know that in California, any property acquired while married is considered Community Property? This means that, regardless of who bought it, the ownership is split 50/50 in the case of divorce. It also means that if you die without valid estate planning documents, your spouse automatically receives 100% of the ownership. If we're talking about Separate Property, that's a slightly different story, and of course, there are always exceptions to the rule. This episode of Absolute Trust Talk kicks off our Character Matters series, where we're diving deep into the important distinctions between these two types of property and why you need to understand this for estate planning purposes. Let's get started!

Time-stamped Show Notes:

0:00 Introduction

0:38 To start, we're sharing the "celebrity situation" that inspired this new Character Matters series of discussions.

2:26 Before going too far, let's clarify the basic definitions of our terms. Listen in to learn the key differences between Community Property and Separate Property.

4:35 While Community and Separate Property definitions are straightforward, some situations aren't. Here's a great example.

6:33 If you pass away without a valid will or trust, your Community Property automatically goes to your surviving spouse. But what about Separate Property? Here's what you need to know.

8:38 Did you know you can get a higher tax exemption with Community Property than Separate Property?

10:29 We get asked a lot about the pros and cons of getting married, and even though finances and assets probably aren't the main factors in determining your relationship, there may be some circumstances where they influence whether you should officially move forward.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

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Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

When it comes to funding your trust with assets like cars, mobile homes, and boats, it can get a little complicated and confusing. For instance, do you know whether or not you need to retitle your cars to your trust? And when it comes to mobile homes, before you can even determine whether you should retitle it, you must first know if it's registered as a vehicle or a home. And what's recommended for cars and mobile homes differs completely from boats. In this episode of Absolute Trust Talk, we explore these topics in detail to answer some of our most commonly asked questions so you can be more knowledgeable about properly funding your trust. After all, your trust's effectiveness is directly tied to its assets. So, listen in now!

Time-stamped Show Notes:

0:00 Introduction

0:36 The first asset we're starting with is cars. Should you retitle them? Here's what you need to know.

2:48 Bonus Tip: Here's a way to retitle your vehicle without visiting the DMV.

4:11 Mobile homes—are they a vehicle or a house? The answer varies, and therefore, so does how you include them in your trust.

9:24 If you have a boat and would like to include it in your trust, you don't want to miss this segment.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

One area of estate planning that is largely overlooked is funding the trust. The first step is developing the trust. The second step is ensuring that all the assets you want included are properly transferred over as needed. This can be especially difficult in today's digital-driven world because there are more and more places where funds can be stored away. Thanks to the advent of the internet and digital banking, funds are no longer just kept in savings accounts and piggy banks. Instead, they are spread across various apps, like Venmo and PayPal, stored in digital savings, like Capital One or Ally, and even invested in cryptocurrency. As we kick off our mini-series on funding trusts and managing assets, we're dedicating this one to all things digital assets and how you can ensure your heirs can access them after you're gone or in the event of incapacity. You don't want to miss out – Tune in now!

Time-stamped Show Notes:

0:00 Introduction

1:45 In this episode, we're putting an emphasis on digital assets, and to start us off, we're looking at apps designed to move money around, such as Cash App, Venmo, and PayPal. What happens if you still have money in these accounts after you die?

5:15 Every platform has its own set of procedures, so it's important to know how they operate to ensure proper planning and the protection of your funds.

7:11 If you have any cryptocurrency, you'll want to tune in here as we discuss how you can ensure your investments don't become forever inaccessible.

9:51 Our last word of advice on the topic is to write down your login information and ensure someone else knows how to access your digital assets.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

Typically, when we think of estate planning, we only consider planning for after death. But what happens if you become incapacitated? That's where a Power of Attorney enters the picture. Incapacity planning is a significant component that is just as important, if not more important, than most other aspects of estate planning. Think about it. If you're in the hospital, you don't want to wait for your loved ones to go to court to access your funds to pay for care. You want care right away! So, in this episode of Absolute Trust Talk, we're addressing all the major ups and downs we've seen our clients face when navigating Powers of Attorney. Listen in to learn how to avoid the most common mistakes and ensure your Power of Attorney is ready to go if it is ever needed.

Time-stamped Show Notes:

0:00 Introduction

0:55 To start, we're covering the basics: What is a Power of Attorney?

2:55 There are two types of Power of Attorney – springing and immediate. Here's what you need to know.

3:40 Did you know that many Power of Attorney agreements include requirements such as getting two doctors to sign off on your incapacity "under penalty of perjury"?

5:35 You can have more than one Power of Attorney, but it's best only to have one.

8:45 An Institutional Power of Attorney only applies to a specific financial institution for which you sign the papers.

10:11 Next, let's discuss how to make updates if you have multiple Powers of Attorney and want to change who has access to what.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

You know of the infamous murder trial involving OJ Simpson and the Goldman and Brown families that took place in the 90s. And in case you happened to miss the news, Simpson passed away recently, stirring up the family conflicts all over again. Here at Absolute Trust Talk, we have an affinity for celebrity estate drama, mainly because of the important estate planning lessons we can take away. While the exact details of OJ's estate structure remain unknown, the estate will probably undergo probate due to the presence of creditors. Listen in as we cover all the details we know so far and share some essential estate planning wisdom with you along the way.

Time-stamped Show Notes:

0:00 Introduction

1:23 Here's what we know about the executor handling OJ Simpson's estate and the public statement made.

3:35 Next, we're summarizing the current legal tension with the Goldman family.

5:33 The Goldmans want their rightful payout from the Simpson estate. However, much of his assets are tied up.

7:36 Listen in as we discuss what it means to go through the probate process and the executor's role.

8:55 When divvying up money from an estate, the probate expenses and executor must first be paid, as well as super creditors like the IRS.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

Family conflict after a loved one has passed is very common, but that doesn't mean it can't be avoided. In our years of experience in estate planning, we've seen many different scenarios play out and have a thorough understanding of the nuances that tend to cause these conflicts. The number one reason for disputes over a trust lies in the feeling that it is not fairly divided. While Mom and Dad or Aunt Sally can set up their estate however they wish, often, a simple conversation with family can go a long way to clarify why certain decisions were made.

In this episode of Absolute Trust talk, we discuss the top three areas where the biggest issues arise: real estate, tangible possessions, and perhaps most importantly, who gets appointed trustee. We'll also share relatable examples, easy-to-follow advice, and more to help ensure your estate plan is carried out peacefully and as you see fit.

Time-stamped Show Notes:

0:00 Introduction

0:49 While every family has their own unique situation, the number one reason people contest a trust or estate plan is because they feel they didn't get their fair share.

2:52 Hiring a professional to act as trustee can have unexpected benefits for managing your trust. Here's what you need to know.

3:50 Appointing a family member as a trustee can come with complications. Here are just two great examples.

5:15 It's a common misconception that if you hire a third-party fiduciary, your children will have no say in anything. But that couldn't be further from the truth.

5:50 Here's an extra piece of advice: If real estate can be a point of conflict, write a provision to have your house sold after you're gone.

6:51 There's no question that family feuding over a loved one's belongings is common. Here are ways you can mitigate it.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

When we first begin working with a client who is setting up their estate plan and, more specifically, building a trust, the number one question we always get is whether they need a revocable or an irrevocable trust. For us, this is always an interesting and fun conversation because as soon as the client hears the difference, they immediately know which tool they need.

Not to give it all away, but the standard option is the revocable trust; however, there are certain instances in which the irrevocable trust is needed—there is no one-size-fits-all approach to estate planning. So, which trust is right for your specific circumstance? Press play and listen in for more details, and of course, when you meet with your estate planning attorney, they will help ensure you're making the right decision to protect your loved ones and your future.

Time-stamped Show Notes:

0:00 Introduction

0:55 A revocable trust is what we typically do in our practice, which gives you control over everything in your trust, you are in charge.

1:10 An irrevocable trust is used to give everything away; you can't change it.

1:58 Next, Madison discusses in more detail why you would want to use an irrevocable trust and how they are set up.

4:40 If you're worried about being sued, that may be another issue. Your trust isn't generally going to protect you from something like that. Here's what you need to know.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

Welcome back! In our last episode of Absolute Trust Talk, we were joined by expert psychotherapist and certified coach Tess Brigham, MFT, BCC, to discuss the differences between generations and, more specifically, examine the unique dynamics between Baby Boomer parents and Millennial children.

In this episode, we continue our conversation with Tess, focusing on the interactions between Gen X parents and Gen Z children. These two generations are very interesting as Gen Xers were heavily influenced by events like the Persian Gulf War, the women's movement, and high divorce rates. As Tess points out, this generation is a very "figure it out on your own" group. Whereas Gen Zers are true digital natives and have no real concept of life before technology. We hope you will listen in as we talk about how these generations' unique experiences shaped their approach to estate planning. Plus, we share some special insights from real client stories!

Time-stamped Show Notes:

0:00 Introduction

1:19 To kick off the episode, Tess gives us a little background refresher on what types of events and movements had an impact on these two generations.

7:30 One way the younger generations differ from the older ones, in terms of estate planning, is how they consider the possibility of divorce and whether they want to burden their children with responsibility. Listen in to learn more!

10:55 We're likely all familiar with the stereotype that the oldest daughter always gets the responsibility of taking care of her parents, but will this continue with the newer generations?

14:05 At the end of the day, women are biologically and evolutionarily designed to care for family, so perhaps we won't see a change in the oldest-daughter-caretaker stereotype after all. Only time will tell!

15:29 As we wrap up the show, we highlight why it's important to analyze how these heavy conversations play out among generations.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

The battle between the generations is real and seems to be everywhere. Yes, generational divides even play a role in estate planning. In fact, estate plans nowadays are built around more diverse and multigenerational families than ever before. In this new episode of Absolute Trust Talk, we are joined by psychotherapist and certified coach Tess Brigham, MFT, BCC. Tess specializes in helping young adults discover their unique life path to enter the world and make an impact. Join us as we discuss how the generations are defined, what makes each one unique, and how these factors influence estate planning.

Time-stamped Show Notes:

0:00 Introduction

1:18 Please join us in welcoming expert psychotherapist, certified coach, author, and public speaker Tess Brigham!

3:26 To begin our discussion, Tess lays a foundation by defining the various generations, starting with the Silent Generation.

4:58 Next, we discuss the Baby Boomers, who currently make up about 20-25% of our population.

5:53 Gen X: Raised on hose water and neglect, those born between 1965 and 1980.

6:57 Millennials have gotten a lot of negative attention, so we're digging in to get a deeper understanding.

10:51 Finally, listen in to find out what makes Gen Z so different from the rest.

12:28 Here, we discuss some of the main things that determine generational differences. These include world events, parenting styles, research, and the environment.

19:25 Did you know that generational differences have a fairly large impact on estate planning? Listen in to learn more, especially regarding living situations.

28:14 In this episode, we delve into important details about the impact of different generations' upbringings and how they influence certain estate planning decisions. We're just getting started! Thank you, Tess. We can't wait to continue our discussion with you in Understanding Multigenerational Estate Planning Part 2!

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.

Recently, the entertainment world has been abuzz with numerous high-profile conservatorship battles, and the latest to emerge involves iconic singer Cher. She has initiated a conservatorship petition concerning her son, Elijah Blue Allman, aiming to oversee the financial benefits he inherits from his father, the late Greg Allman's trust. Legal filings state the urgent need for a conservator to safeguard Elijah's estate against potential damages or losses, citing his inability to manage his finances due to significant mental health and substance abuse challenges. Tune into a new episode of Absolute Trust Talk for an in-depth analysis of this situation and to explore possible measures Greg Allman might have taken to avert such a conservatorship scenario.

Time-stamped Show Notes:

0:00 Introduction

1:09 Madison Gunn fills us in on the conservatorship case for Cher's son, Elijah Blue Allman. In short, Cher is concerned Elijah will use his father's trust money to feed his drug addiction.

2:24 Next, we look at how this conservatorship case differs from the others we've recently covered in that the others were to make sure someone with dementia could get the care they need.

3:14 Another major difference in this case is that Elijah Allman does not agree with the conservatorship and will contest it in court.

4:23 Estate Planning Lesson: Greg Allman likely knew of his son's drug problem and could have put provisions in his trust for this possibility.

6:52 As we wrap up, we want to drive home this message: You can always plan ahead if you're concerned about your child(ren)'s management of their portion of the trust.

Take the Next Step in Your Estate Planning Journey

If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll:

1. Learn about your unique situation and goals
2. Answer questions about our services
3. Determine if we're the right fit to work together

Visit https://absolutetrustcounsel.com/scheduling/ or call 925-943-2740 to schedule your free discovery call today.

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast.

Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com.