Absolute Trust Talk Kirsten Howe: Attorney and podcaster

If you missed the first episode of our "Character Matters" mini-series, we discussed the differences between Community and Separate Property and why the "character" of your assets matters in estate planning. As a quick recap: Separate Property includes assets owned before marriage or received as gifts or inheritances during marriage, while Community Property consists of assets acquired during the marriage.
Now, as we start Part Two, we're delving into the deeper details of property types and how specifically to estate plan for each of them. Join us as we explore important topics such as whether you should consider a pre- or postnuptial agreement, what to consider when signing one, and how the process works. Whether you're single, married, or even remarried, this episode is a treasure trove of valuable information, so don't miss out!
Time-stamped Show Notes:
0:00 Introduction
0:45 We’re getting straight to the point: Character matters when estate planning because you can’t give away what’s not yours. Sounds simple, right?
2:55 If you’re interested in estate planning for your second marriage, you’ll want to listen to this portion as we discuss how the type of asset affects what you can do with it.
4:01 Even though you can’t personally choose whether an asset is legally considered Community or Separate Property, you can change its character. Here’s how.
5:39 Is a prenuptial agreement right for you? Here’s an example of when you might want to consider one and what you can include.
6:41 Postnuptial agreements can also be an option if you’re already married. If you’re doing your estate planning with us, we’ll work with a family law attorney who can help navigate the process.

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.

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.

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.

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.

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.