{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"010: Thinking Outside the Family \u2013 Special Needs Trusts & Professional Fiduciaries","description":"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 \u201cexperienced a little bit of life.\u201d He addresses why it\u2019s 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 \u2013 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: Choose a trustee wisely \u2013 they are the main ingredient of a successful trust. Have a financial plan set up before you start. Choose the rest of the team wisely.   Time-stamped Show Notes 2:25 \u2013 What does it mean to be a licensed professional fiduciary? 4:22 \u2013 A professional fiduciary can serve in these various roles. 9:30 \u2013 What challenges are faced when administering a special needs trust? 12:41 \u2013 Here is why special needs trusts are important \u2013 the benefits, and why it\u2019s needed. 15:08 \u2013 Here is why you should consider using a professional fiduciary. 24:50 \u2013 What is the process to hire a professional fiduciary? How do we find you? 25:47 \u2013 Herb discusses who he works with on the trust administration, other than just the beneficiary. 29:40 \u2013 Herb highlights the most significant responsibilities of a Special Needs Trustee \u2013 consider this when you are deciding whom to choose for your trustee.   Episode #010 Freebie: Special Needs Trust Tools \u2013 \u201cTrustee Can Purchase\u201d + 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\u2019s 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. \u201cTrustee Can Purchase\u201d 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 \u2013 https:\/\/pfac-pro.org Professional Fiduciary Bureau of California \u2013 http:\/\/fiduciary.ca.gov HerbThomas.com 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: Learn about your unique situation and goals Answer questions about our services 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\u2019d love for you to follow us if you haven\u2019t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We\u2019d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select \u201cRatings and Reviews\u201d and \u201cWrite a Review\u201d 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\u2014from 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. ","author_name":"Absolute Trust Talk","author_url":"https:\/\/absolutetrustcounsel.com\/podcast","html":"