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…
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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…
This complimentary newsletter is an educational resource with “links” on financial exploitation & behavior that may contribute to privacy concerns/financial exploitation. DISCLAIMER: Information & links are based on sites that appear to me as legitimate, but even I can be duped. If you find a problem, please let me know immediately, so that I can get the word out. Judy Christman Yates, DPA,Criminologist,
Are Your Digital Assets Protected? Don’t Overlook This Important Piece of Your Estate Planning Puzzle The concept of estate planning has always been pretty straightforward: by “planning” in advance, you can ensure your assets are protected should you become incapacitated, and later distributed in accordance with your wishes after you’re gone. Of course, the…
Join us for Our Estate Planning Pitfalls To Avoid webinar on Thursday, July 2 at 2pm! We’ll be addressing two common estate planning pitfalls we see way too often: family member fiduciaries and springing powers of attorney. You’ll learn (at least) three reasons why having a family member act as trustee might not be a good idea and the problems with springing powers of attorney. You will leave with actionable knowledge on how to protect your wishes and family from unnecessary challenges. Hope to see you there! ~ Lindsay and Barbara
