High-net-worth individuals often seek effective strategies to manage and preserve their estates. One powerful tool is the Irrevocable Life Insurance Trust (ILIT). Understanding how ILITs work and their benefits can significantly enhance estate planning efforts. How Does an ILIT Work? An ILIT is designed to own and control a life insurance policy, thereby removing the…
If you wish your charitable giving made a bigger dent on your income taxes, you’re not alone. Since the Tax Cuts and Jobs Act (TCJA) went into effect in 2018, many individuals are finding that their charitable donations just aren’t making the same impact they used to. That’s because the TCJA made sweeping changes that…
As an experienced fiduciary, we understand that your estate plan is not just about finances; it’s about safeguarding your legacy and ensuring your loved ones are provided for according to your wishes. Critical to this process are precise asset titling, strategic beneficiary designations, and the proactive appointment of successor agents. Let’s explore these elements with…
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empower-your-legacy
Estate planning can be a complex and sensitive matter, and we often look to celebrities for lessons in what not to do. The unfortunate tales of celebrities like Aretha Franklin and Prince—and the subsequent family dramas—serve as cautionary tales for everyone. At Santa Barbara Fiduciary, we understand that it’s crucial to navigate trust administration with…
Creating an estate plan is a vital step in securing your financial future and protecting your loved ones. However, it’s not enough to simply have a plan. To ensure its efficacy and gain true peace of mind, you must understand what each document aims to achieve. Below, we’ll explore the must-have documents that every estate…
June is Alzheimer’s & Brain Awareness Month, a time to raise awareness about Alzheimer’s disease and the impact it can have on individuals and their families. As Alzheimer’s progresses, managing finances can become increasingly challenging—in fact, some of the earliest warning signs of dementia include money mismanagement. Recognizing these signs—and taking proactive steps to protect…
If you haven’t watched HBO’s series “Succession” yet, it revolves around a family that owns a media conglomerate. The show delves into the power struggles among family members as they vie for control of the family business while also grappling with their patriarch’s failing health. These themes resonate with the everyday challenges we’ve seen at…
The world of money management is a jungle, so it only makes sense that you would build an ecosystem of advisors to ensure your financial and investment planning stays on track. A professional fiduciary is a key player in this arrangement and can support you in everything from day-to-day money management to acting as your…
