Absolute Trust Talk Kirsten Howe: Attorney and podcaster

Managing a trust can be challenging, especially when it involves real estate assets. In this episode of Absolute Trust Talk, host Kirsten Howe welcomes Karen Fisher, founder of Bishop Fiduciary Services, and Kathy Rodriguez, a licensed professional fiduciary and co-trustee with Bishop Fiduciary Services. Together, we will explore the complexities of life estates and trustee responsibilities and the essential steps for protecting and maintaining real estate assets, from securing insurance and handling maintenance to addressing unique challenges faced by elderly inhabitants. Karen and Kathy also highlight the critical differences between professional fiduciaries and family member trustees. Tune in to gain valuable insights and hear real-life examples that will help you manage these responsibilities with confidence.
Time-stamped Show Notes:
0:00 Introduction
1:18 Please join us in welcoming Karen Fisher and Kathy Rodriguez of Bishop Fiduciary Services!
3:20 To help get us started, Karen and Kathy define what a licensed professional fiduciary does and why they are unique to the estate planning and administrative world.
6:00 Why is it so crucial to evaluate the condition and value of property in a trust?
9:25 There are countless things to think about when you're in charge of someone else's real estate. Here are a few you might not have considered.
13:50 Estate planning can involve some tough conversations. Hear how Karen and Kathy handle these sensitive topics with senior homeowners.
15:50 As professional trustees, Karen and Kathy think about things that family-appointed trustees might overlook, like fire hazards or fall risks. Let's dive into that.
16:35 What should a trustee do when they're responsible for a home that's empty?
19:10 Storytime! Listen to this wild tale about professional squatters moving in overnight.
20:30 Thanks so much to Karen and Kathy for their amazing insights. We can't wait for Part 2 of this conversation!
 
 

To all of our local Bay Area listeners, you may have heard about the recent story of a three-bedroom house listed for $488,000 in San Francisco’s Russian Hill with a tenant renting it for only $417 a month. How is that even possible?! If you’re as intrigued as we are, stick with us for this episode of Absolute Trust Talk, where we will be dissecting this situation with associate attorney Jessica Colbert. Listen in as we explore crucial lessons in trust management, the impact of California's Prop 19 on property taxes, and the importance of updating estate plans as circumstances change. There’s so much wisdom to take away from this episode, so don’t miss out!
Time-stamped Show Notes:
0:00 Introduction
1:01 Here’s what we know about the situation around the San Francisco Russian Hill house listed for $488,000.
6:23 What happens to a family home after the homeowner dies can be a difficult thing to navigate. We suspect a few specific issues present in this unique case, including the potential for undue influence. Listen in as we discuss!
9:39 Next, Kirsten and Jessica discuss a few ways the grantor could have avoided the issues seen in the Russian Hill case.
11:47 Under Prop 19, homeowners can pass their homes down to their children without increased property taxes as long as the children make it their primary residence. If Prop 19 had been considered in this scenario, it could have prevented several issues.
15:04 If there is one lesson to take away from this episode, it’s this: When circumstances change, talk to your attorney about how it might affect your estate plan and adjust accordingly.

We’ve all heard the saying, “Don’t put all your eggs into one basket,” which rings true for building your portfolio. The ideal portfolio consists of more than stocks and bonds – it includes Alternative Investments, like real estate, drilling funds, and value adds. In this episode of Absolute Trust Counsel, certified financial planner Miguel Delgado joins us for a third installment of our financial planning discussion to take a deep dive into this invaluable topic. Together, we’ll discuss the benefits of Alternative Investments, the different types, how to qualify, and how you can get the most out of them. These strategies include qualified opportunity zones (QOZ), 1031 exchanges, and so much more. Don’t miss out - tune in now!
 
Time-stamped Show Notes:
0:00 Introduction
1:33 We’ve all heard the saying, “Don’t put all your eggs in one basket,” so to start us out, we’re discussing asset diversification and what it truly means.
2:51 Having a diverse mix of stocks and bonds can lessen your risk to an extent, but at the end of the day, they all belong to the same asset class. That’s why, in this segment, we explore Alternative Investments.
5:40 What makes alternative investments less volatile? They’re not affected by the same risks as publicly traded markets, like stocks and bonds.
8:37 Not everyone qualifies for Alternative Investments. Here’s what you need to know.
11:15 Why are Alternative Investments crucial for a portfolio? The number one reason is spreading out risk.
13:09 Press Play as we explore some Alternative Investments and their benefits, starting with drilling funds.
15:37 A Qualified Opportunity Zone (QOZ) investment allows you to defer taxes for an event where capital gain is triggered.
18:35 A QOZ investment and 1031 Exchange are similar but have key differences. Listen in for everything you need to know.
20:41 While QOZ investments and 1031 Exchanges can both be used on real estate assets, one could be preferred over the other, depending on the circumstance. Here’s why.
22:47 Thank you, Miguel, for sharing your incredible insights with us!

In our latest episode, we welcome back Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management. Miguel previously offered an excellent inside look at financial planning for small businesses, and his insights were so valuable that we knew we had to have him on again.
This time, we're diving deeper into the challenges that businesses often face, challenges that might need to be added to your radar. For instance, how can you improve employee retention? And for all the business owners out there, do you have a buy-sell agreement in place in case a co-owner decides to exit the business?
Tune into this episode of Absolute Trust Talk to learn from an expert in the field. Miguel's wisdom could be the key to enhancing your own financial and business planning strategies.
 
Time-stamped Show Notes:
0:00 Introduction
1:37 We’re thrilled to welcome Miguel Delgado back to the show as we continue discussing building business longevity.
7:31 Need help with employee retention? Listen now for some fantastic recommendations that can help you keep your team happy and engaged.
9:20 Ever heard of a Golden Parachute Plan? Discover this unique incentive that isn't required for all employees but can significantly boost retention.
11:48 Looking for high-value, low-cost employee benefits? Don't miss this segment, where we discuss options that benefit you and your employees.
13:14 What happens when business owners lack a buy-sell agreement? Miguel sees this issue frequently. Press play to learn what you can do to prevent potential problems.
18:16 Disability buyout insurance—ever heard of it? Neither had we, but it could be a game-changer. Find out if it's worth considering for your business.

Are you a business owner or partner? If so, you don’t want to miss this episode of Absolute Trust Talk! We’re exploring all things financial planning for business owners so you can transform your business success into personal wealth. Joining us is Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management, who specializes in tax minimization, asset protection, and fulfilling personal passions. Together, we’ll discuss ways you can maximize your savings, secure your assets, and plan for a successful, stress-free retirement. You can even apply some of these tips to your plan today, so let’s get started!
Time-stamped Show Notes:
0:00 Introduction
0:15 Meet our special guest today, Miguel Delgado, Senior Wealth Advisor at Legacy Wealth Management.
1:48 To get things started, Miguel shares why he likes working with business owners.
3:56 When it comes to helping business owners with wealth management, there are some “low-hanging fruits” that can make a big difference, like looking at tax planning, taking advantage of HSAs, and considering upgrading their CPA.
7:32 How your business is registered can also play a role in your wealth management. Learn more in this segment.
8:57 If you have a partner or partners in your business, have you reviewed your legal agreements lately?
10:04 We see it all the time – the business is profitable, but the owner doesn’t keep much of the profit for themselves. Miguel shares key insights on why this happens and how to avoid it.
14:27 When financial planning with business owners, the key is understanding goals and objectives. Here’s what should be considered.
17:17 Thank you, Miguel, and we can’t wait to have you again on our next episode!

Have you ever considered what would happen to your children if you passed away? It can be daunting and hard to think about; no one wants to plan for the possibility where they aren’t around to see their kids grow up. We often talk to clients who follow that old superstition that if they don’t think about it, then it won’t happen to them, so why plan, right? In our opinion, that isn’t the best course of action. While it's rare for a child to lose both parents and be taken in by a guardian, it does happen, and it's crucial to be prepared. Fortunately, guardianship is an element you can include in your estate plan and a planning element you should take action on.
In this episode of Absolute Trust Talk, we're joined by Lara Heisler, a seasoned Bay Area attorney with over 25 years of experience specializing in conservatorships and guardianships. Together, we'll cover everything from the legal responsibilities of a guardian and the process of becoming one to how to have essential conversations with your family and avoid the risk of foster care. If there's one key takeaway from this episode, it's this: The more uncomfortable family conversations you have when life is comfortable, the better prepared you'll be when life gets challenging. Let's get started!
Time-stamped Show Notes:
0:00 Introduction
0:55 Please join us in welcoming Lara Heisler to the show!
3:02 Guardianship – It’s a term we’ve all heard, but not everyone knows what it truly means. Here’s what you need to know.
4:55 How can someone obtain guardianship of a child?
8:43 In this segment, we examine an extreme guardianship case and then discuss some of the more common guardianship scenarios.
11:43 When nominating family members for guardianship, it's essential to explain your reasons for doing so, so they aren’t left guessing.
17:03 It may also be important to name people you don’t want as your child’s guardian.
19:04 When it comes to guardianship, who steps into the role first matters, especially under extreme circumstances like the court case discussed.
21:16 “What happens if…” It's a conversation none of us want to have with our family and kids, but here’s why you should.
26:18 While parents of children under guardianship still have many rights, enforcing those rights can be challenging.
28:40 Have you ever wondered about the visitation rights of grandparents and other family members of a child under guardianship? Lara will answer all your questions here.
30:36 Next, we’ll discuss the procedures for ensuring the child’s wishes are considered in a guardianship case.
33:48 In this segment, we explore what happens if a child has no relatives in the US and what you can do to prepare for this situation.
37:41 While conservatorship does not provide long-term oversight, the courts have a rigorous process to ensure the guardian is someone the child will be safe with.
40:08 If there’s one piece of advice you should take away, it’s this: The more uncomfortable family conversations you have when life is comfortable, the better off you are when life gets very uncomfortable.