Financial Finesse Podcast

S4E2: Estate Planning with Heart with Patricia De Fonte

Estate Planning with Heart with Patricia De Fonte

Patricia De Fonte Shares Why She Practices Estate planning with Heart

My guest today is Patricia De Fonte, founder of De Fonte Law based in San Francisco. Patricia practices estate planning with heart and is focused on working with happy, proactive people who want to protect their heir’s privacy. Through her estate planning process, her goal is to give her clients the tools they need to become savvy and successful people.

However, what’s unique about De Fonte Law is how they develop values-driven estate plans that empower heirs and preserve family harmony. In addition, they work with all members of the community, operating from the belief that estate planning is for everyone.

Moreover, Patricia has been recognized as a San Francisco Super Lawyer due to her dedication to estate planning and her clients. Additionally, she recently won the 2021 Better Business Bureau Torch Award for Ethics in the San Francisco Bay Area. She is also a graduate of Golden State University, where she adopted social justice as a core value.

In this episode, Patricia and I discuss a variety of estate planning topics, including:

  • Why everyone needs an estate plan.
  • Why an estate plan is more than a will.
  • The importance of choosing an estate planning attorney you trust and how to find an attorney whose values are aligned with yours.
  • Patricia’s estate planning with heart process and how she works with her clients to create a personalized estate plan that reflects their values and preserves family harmony.
  • Finally, some of the common misconceptions many people have when it comes to hiring an estate planning attorney.

Indeed, Patricia offers several nuggets of wisdom during this episode, and I think you’ll benefit from hearing her take on estate planning. Lastly, be sure to check the show notes for more information and resources related to this episode.

With that, I hope you enjoy my conversation with Patricia De Fonte as much as I did.

Episode Highlights

  • [04:30] Patricia De Fonte explains what an estate plan is in plain English and what documents a comprehensive estate plan typically includes.
  • [11:32] What Patricia De Fonte recommends using to direct your assets instead of a will.
  • [20:36] The importance of choosing an executor or trustee you can trust to manage the distribution of your estate according to your wishes.
  • [32:44] How to find an estate planning attorney you can trust and who is well suited to your needs and objectives.
  • [40:11] Cathy and Patricia discuss some of the most common mistakes people make with their estate planning documents.
  • [45:28] Patricia De Fonte shares some of the biggest misconceptions people have about estate planning based on her experience.
  • [54:42] What to do if you don’t know who to appoint as executor of your estate.
  • [1:05:06] Patricia shares additional questions you should ask any estate planning attorney you’re considering engaging.

Links Relevant to this Episode

De Fonte Law’s Website

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S4E1: Advancing Democracy Worldwide With Your Investment Dollars

Democracy Investments

Democracy Investments Is On A Mission To Promote Democracy By Shifting Capital Flows

In this first episode of Season 4, I interview the management team from Democracy Investments: CEO Julie Cane, Chief Investment Officer Chris Browne, and Chief Economist Rick Rikoski. These three individuals have decades of financial services experience and unique back-stories, all of which influenced them to collaborate in creating an investment management firm that’s committed to advancing democracy worldwide. And I really believe this conversation couldn’t have been more timely given Russia’s ongoing attack on Ukraine and the explicit dangers of authoritarian government.

This team’s mission is to incentivize democracy by directing capital towards the economies of democratic nations and away from authoritarianism. In fact, by holding an exclusive license agreement with the publishers of The Economist, they leverage The Economist’s Democracy Index to measure and rank countries globally based on their democratic values and practices. Democracy then uses this information to construct a diversified international index. This is the basis for their flagship ETF, the Democracy International Fund.

In this episode, we discuss the genesis of Democracy Investments, as well as their investment philosophy and approach. Additionally, we talk specifically about Russia’s war in Ukraine and more broadly about the global trend towards authoritarianism. Lastly, be sure to listen all the way through to the end, as we discuss why investors who want to make an impact with their investment dollars may want to consider the Democracy International Fund.

With that, I hope you enjoy my conversation with Democracy Investments as much as I did!

Episode Highlights

  • [05:47] The team shares their insights into the Russia-Ukraine crisis and events leading up to it.
  • [08:41] Democracy Investments explains their methodology and why they believe overweighting democracy is a good investment decision on multiple levels.
  • [19:11] Cathy asks the team to explain why parts of the world are trending towards authoritarianism.
  • [22:23] The team shares their thoughts on why ESG investors should consider the “D” first when making responsible investment decisions.
  • [30:25] Cathy asks where the U.S. would rank on the Democracy Index if Democracy Investments managed a global fund.
  • [35:10] The team offers final thoughts on how investors can access their fund and why now may be the right time to consider the Democracy International Fund.

Links Relevant to this Episode

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S3E8: Can’t Stick to Your Budget? Try These Money Saving Tips Instead

Money Saving Tips

Money Saving Tips for Women Who Don't Like to Budget

Lately on the podcast, we’ve been talking a lot about awareness, mindfulness, and creating space for what’s most important in our lives. I think these topics are so important because of how they relate to our finances, and specifically, our spending habits. When we’re not aware of where our money’s going, it’s easy to get off track when it comes to budgeting and long-term financial goals. So, in this episode, I want to focus on a few money saving tips that don’t involve traditional budgeting. Instead, they’re going to require you to be more self-aware, mindful of your spending, and intentional with where your money goes.

Episode Highlights

  • [01:37] How to identify your values to spend more intentionally
  • [02:47] Why you should budget for your future, not your past.
  • [05:06] 20+ tips to get your shopping habit under control and save money
  • [09:34] Why finding your personal style can be a great money-saving tip
  • [11:17] The surprising reason you may need to go on a decision detox.

Links Relevant to this Episode

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S3E7: Sage Money and Life Advice from the Savvy Women of Season 3

Podcast Guests Share Expert Money and Life Advice for Women

Money and Life Advice from Our Season 3 Guests

The Financial Finesse Podcast features some of the smartest, savviest women on the planet. In this special compilation episode, we’re sharing the top money and life advice from our season 3 guests.

Episode Highlights

  • [01:30] Liz Eshleman on Planning for Long-Term Care
  • [03:25] Joy Lere, Psy.D. on Living Authentically
  • [05:10] Jennifer Barrett on Thinking Like a Breadwinner
  • [06:28] Megan Gorman on Saving for Retirement
  • [08:25] Lis McKinley on What True Organization Looks Like
  • [10:55] Nichole Proffitt on Mindset and Meditation

Links Relevant to this Episode

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S3E6: How to Calm Your Mind and Experience Life More Fully with Nichole Proffitt

Nichole Proffitt, Presence Mindfulness Coaching

Practicing Mindfulness and Presence with Nichole Proffitt

On today’s episode of Financial Finesse, I’m interviewing Nichole Proffitt, founder of Presence Mindfulness, Somatic Counseling & Coaching for Women, based in the San Francisco Bay Area.

Nichole is a graduate of the UCLA Semel Institute for Neuroscience and Human Behavior, with a certification in mindfulness facilitation. She is also a Certified Mindfulness Teacher Professional and holds interdisciplinary degrees in psychology, education and the arts. Nichole is trained as a counselor, coach and dance teacher and has advanced-level training in Somatic Experiencing, a nervous system-based trauma healing modality. Her work is informed by 20 years of meditation practice and a lifetime as an artist.

In this episode, Nichole and I discuss:

  • The importance of being more present in our daily lives
  • How to reduce anxiety by first accepting it, rather than trying to fight it
  • And how even as a beginner, we can all practice mindfulness so that we can experience life more fully.

From improving our mental health and relationships to our careers and finances, we can all benefit from incorporating Nichole’s tips into our daily routines.

Tweetable Quote

Nichole Proffitt on meditation:

Episode Highlights

  • [04:57] What it means to be present.
  • [07:58] The importance of being more present in our daily lives.
  • [13:39] Managing anxiety through mindfulness and acceptance
  • [16:15] How Nichole’s training in somatic experiencing helps clients alleviate the effects of nervous system trauma.
  • [18:28] Why Nichole believes meditation is key for building a life that feels useful and manageable
  • [20:51] Nichole explains the “right” way to meditate.
  • [22:24] The relationship between being present and having presence.
  • [26:00] How to cultivate more presence and truly connect with others.
  • [27:55] Nichole’s personal journey that led to her becoming a mindfulness coach.
  • [36:00] The group coaching programs Nichole offers clients and newcomers.

Links Relevant to this Episode

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S3E5: How to Make Room in Your Life for What Matters with Lis McKinley

Lis McKinley Let's Make Room

Lis McKinley will help you get--and stay--organized

On this episode of Financial Finesse, I’m interviewing Lis McKinley, a Certified Professional Organizer and move manager. Lis is the owner of Let’s Make Room, a residential organizing and move management company that has organized hundreds of living, storage and work areas in the San Francisco Bay Area and beyond. Lis is a recognized public speaker on personal productivity, organizing and well-being. She is also a trained Marriage and Family Therapist, holding a Master of Arts degree in clinical psychology from John F. Kennedy University.

While you may be thinking, “what does home organizing have to do with personal finance?” I think you’ll be surprised to learn how many parallels there are between what Lis does as a personal organizer and what I do as a financial advisor when it comes to helping our clients achieve their goals and aspirations. In this episode, you’ll hear how mindset is the number one determinant of maintaining an organized life and how Lis helps her clients get unstuck from the bad habits that keep their homes cluttered. You may also get some great ideas for how to organize your living space if it needs a refresh.

Tweetable Quote

Lis McKinley on getting organized:

Episode Highlights

  • [5:55] Lis’s process for helping her clients curate their belongings to match the vision they have for their life
  • [16:17] How having a personal mission statement can help you get and stay organized
  • [29:53] The online auction and estate sale platform that can help you downsize and make money in the process
  • [46:30] How lockdown inspired Lis to pivot her business to include virtual services
  • [50:23] Lis demonstrates her ACT system on Cathy

Links Relevant to this Episode

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S3 E4: Understanding the SECURE Act and Inherited IRAs

Understanding the SECURE Act and Inherited IRAs with Megan Gorman

How the SECURE Act May Impact Your Estate Plan with Megan Gorman

In this episode, I interview Megan Gorman, Founder and Managing Partner of Chequers Financial Management, a high-net-worth tax and financial planning firm in San Francisco. An attorney by training, Megan is passionate about the problem-solving required to work in the world of complex financial planning. She is also a senior contributor at Forbes and writes on personal finance and income tax.

As you listen, you won’t be surprised to hear that Megan is an adjunct professor at Golden Gate University in San Francisco as well. She is a very clear communicator and a great educator. And I’m happy to call her a friend, too.

Megan’s expertise is invaluable for today’s topic, inherited IRAs, which is why I’m so excited to have her on the podcast. Specifically, we’re talking about how the SECURE Act of December 2019 changed the rules for certain beneficiaries of inherited IRAs. I think everyone can benefit from this information, whether you have an IRA or expect to inherit one.

Tweetable Quote

Megan Gorman on estate planning:

Episode Highlights

  • [08:11] Why the SECURE Act impacts so many people–not just the ultrawealthy
  • [10:28] Two major changes the SECURE Act made to IRAs an how it impacts certain inherited IRA beneficiaries
  • [14:54] Groups of beneficiaries excluded from SECURE Act inherited IRA rules
  • [18:22] Why everyone should take a holistic view of their estate plan in light of these inherited IRA rule changes
  • [24:29] Measures some IRA owners may want to take before they die to reduce their beneficiaries’ tax liability
  • [37:32] The importance of having a personal tax philosophy when it comes to estate planning
  • [41:34] Additional planning ideas to minimize taxes related to inherited IRAs

Links Relevant to this Episode

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S3 E3: Learning to Think Like a Breadwinner with Jennifer Barrett

Learning to Think Like a Breadwinner with Jennifer Barrett

Jennifer Barrett Will Teach You How to Think Like a Breadwinner

With April being National Financial Literacy Month, my conversation with today’s guest is even more meaningful and relevant. Jennifer Barrett is an award-winning financial journalist and digital strategist with more than 15 years of experience in print and digital media and a passion for personal finance. She’s currently Chief Education Officer at Acorns, a growing financial wellness startup with more than 9 million subscribers. In addition, she’s the author of Think Like a Breadwinner, a wealth-building manifesto for women, which is available for purchase everywhere books are sold on April 6.

In this episode we focus on some of the most important concepts Jennifer writes about in Think Like a Breadwinner, including:

  • The financial literacy gap in this country and its impact on women, specifically.
  • The importance of dispelling the myths that prevent many women from making good decisions with their money.
  • And the one mindset shift that will not only give women a more active role in creating their own future but can also create a positive ripple effect on every aspect of your life.

I think Jennifer’s message is so important, and I encourage all of you to read her book as soon as it’s available. I promise it will change the way you think.

Tweetable Quote

Nichole Proffitt on meditation:

Episode Highlights

  • [05:00] Jennifer and I discuss the financial literacy gap in this country and the long-term implications for women.
  • [09:17] I ask Jennifer to expand on some of the more surprising research from her book that underscores women’s general financial unpreparedness.
  • [11:41] Jennifer shares her personal story and the moment she knew she had to start to think like a breadwinner.
  • [17:47] We discuss how our experiences in childhood and the way our parents talked to us about money affects our relationship with money into adulthood.
  • [21:10] I ask Jennifer to talk about why investing is a must for women and to dispel some of the common myths that keep women out of the market.
  • [30:05] Jennifer describes the activism work she’s involved in to push for policies that better support women and allow them to step into the breadwinner role in their families more easily.
  • [39:32] We wrap up the episode by discussing how a breadwinner mindset among more women is beneficial for everyone.

Links Relevant to this Episode

JenniferBarrett.com

Think Like a Breadwinner by Jennifer Barrett on Amazon

Acorns

The Happiness Spreadsheet by Cathy Curtis

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S3 E2: The Link Between Self-Awareness and Financial Success

If You’ve Ever Struggled to Change Your Money Habits, This Episode Is For You

As a financial planner and advisor, I’m continually struck by how much my work intersects with that of a clinical psychologist. Which is why I invited Joy Lere, Psy.D. to be a guest on the podcast this month. Joy’s expertise as a clinical psychologist and behavioral finance consultant illuminates why our psychology and money habits are so closely linked–and why developing self-awareness is critical for financial success.

Personal finance isn’t just about facts and figures. It’s also about understanding our emotions and behaviors around money and why we make certain decisions, even when we know it’s not in our best interest. But as Joy says, we are not our past; we always have the ability to change.

I hope this conversation helps you begin to see the parallels between your psychology and money habits–and inspires you to start (or continue) the work of understanding yourself and your values, so you can get more happiness and fulfillment from your money.

Tweetable Quotes

Joy Lere, Psy.D. on psychology and money:

And the thing with money is, either you learn to manage it, or it manages you. Click To Tweet

Episode Highlights

  • [03:05] I ask Joy to share some of the tools she uses with clients to help them overcome behaviors that no longer serve them.
  • [08:06] Joy explains why setting boundaries–or exercising what she calls the “no muscle”–is so important for developing healthy money habits.
  • [10:57] We talk about the dangers of comparison and how it gets in the way of truly understanding ourselves and what we value.
  • [14:07] Joy shares the psychological reason traditional budgeting is so hard for so many people.
  • [23:05] We get into why money is inextricably linked to our overall happiness and wellbeing.
  • [27:25] Joy and I wrap up our conversation by discussing how financial illiteracy often leads to shame and other negative emotions around money.

Links Relevant To This Episode

The Happiness Spreadsheet by Cathy Curtis

Loaded by Sarah Newcomb

Freud and Finance

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https://youtu.be/54Ifzk3PB-8

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S3 E1: What Every Woman Needs To Know About Long-Term Care Insurance

As You Plan For Retirement, Don’t Forget About Long-Term Care Insurance

As women, we have a number of unique considerations when it comes to planning for a financially secure retirement. One topic that comes up repeatedly with my female clients is long-term care insurance–what is it, who needs it, and is it worth paying for? And the answer is: it depends. 

The truth is, long-term care insurance is a complicated issue. While it may make good sense for some women, there are still many factors to consider before purchasing a policy. To help explain the ins and outs of long-term care insurance and clear up some of the more common misconceptions about it, I invited Liz Eshleman onto the Financial Finesse podcast for a very enlightening discussion. 

Liz is a long-term care planning specialist and founder of Eshleman Insurance Services in Sacramento, California. Her mission is to help individuals and families avoid the devastating financial and emotional consequences of not having a long-term care plan in place.

I’ve partnered with Liz on many long-term care planning situations for my clients and could think of no one better to join me for this discussion. I hope you find this episode as illuminating as I did!

Tweetable Quotes

Liz Eshleman on long-term care insurance coverage:

You don't have to crisis-manage on day one... But people sometimes think, well, if I can't get unlimited (coverage), why would I buy this at all? Which I think is missing the point. Click To Tweet

Episode Highlights

  • [04:00] Liz explains who long-term care insurance is for and why a mobility issue might cause problems for you, even if you’re otherwise healthy.
  • [07:38] We talk about the impact the coronavirus pandemic is having on long-term care and your eligibility to purchase insurance if you’ve tested positive for the virus.
  • [08:58] Liz lists some of the more surprising health issues that could make you ineligible for long-term care insurance.
  • [14:50] We discuss the various types of long-term care insurance products on the market today.
  • [20:12] Liz gives a real-life example of when and how an initial claim is triggered.
  • [26:00] Liz shares some of the other benefits of long-term care insurance, specifically having access to a long-term care manager.
  • [40:38] We wrap up our discussion by talking about the potential drawbacks of long-term care insurance for women and how it plays into your financial plan.

Links Relevant To This Episode

Morningstar: 100 Must-Know Statistics About Long-Term Care (Pandemic Edition)

[Of Independent Means] Women and Long-Term Care Insurance: Preparing For Your Future Well-Being

Free Guide: What Issues Should I Consider When Purchasing Long-Term Care Insurance?

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https://youtu.be/5n8Hx9JjaUY

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