Santa Barbara Fiduciary News

"In the past people automatically named an adult child, close friend or financial institution as executor of their estate. But today there’s another option: the private professional fiduciary. A relatively new phenomenon, the professional fiduciary takes the burden off loved ones at a difficult time and, frankly, does a better job of it."

Paragon Academy's Rock Steady boxing program improving symptoms of Parkinson's patients

Less than a year after putting on their boxing gloves, some Parkinson's patients are starting to see bonafide results from the "Rock Steady" Boxing program offered at Paragon Academy in Santa Barbara. NewsChannel 3 profiled the class in July, 2016 and promised to revisit the story in several months to review the participant's progress.

At the beginning of the program, Parkinson's boxing students were videotaped to demonstrate their current level of agility, balance and flexibility. Several months later after taking the boxing class consistently, they were videotaped again and in many cases the results were dramatic.

Wednesday, May 17, 2017, join us for a one day annual training conference on Safeguarding Elders and Dependent Adults Against Abuse. 8:30 a.m. - 4:00 p.m. At the Carrillo Community Center, 100 E. Carrillo Street, Santa Barbara.

Those of us who think of our companion animals as family members are becoming aware of the fact that part of our responsibility to these dependent creatures is to make sure that their care and comfort continue uninterrupted should we become incapable of caring for them ourselves. One way to plan for that contingency is to set up something called a pet trust. To help you decide if this might work for you, here are some basic definitions and guidelines to keep in mind:

Paul Greenwood, San Diego’s Deputy District Attorney, has been investigating crimes against the elderly for over two decades. As head of San Diego’s Elder Abuse Unit, he’s been a front-row witness to the tragedies such crimes have left in their wake.

“I have seen for myself many instances where victims in their seventies, eighties, nineties, never recover,” he said. “They don’t recover financially; they don’t recover psychologically. And emotionally, it can be devastating for them.”

While some aspects of the ‘Golden Years’ might not feel so golden, this is also the time to live life to the fullest; and to do that you need proper nutrition. Perhaps now you finally have the time to do all of those things you have put off, are relishing in extra time with kids or grandkids, or creating the garden you’ve always wanted.
Whatever the activity may be, the foundation (and the energy) comes from a well-balanced, healthy diet rich in fruits, vegetables, legumes, and whole grains. Many changes occur as we age including changes in taste, smell, dental status, and vision-all of which directly impact appetite and dietary intake. Nutrient status also changes due to age-related declines in absorption, use, or activation of certain nutrients. There are a few nutrients in particular that Golden Age folks need to make sure are part of their daily diet like vitamin D, calcium, and B vitamins; but no need to worry because you can find most of these nutrients in your own backyard.

Finding the right person to take care of your property, finances, daily care, housing and medical needs is one of the most important decisions one will make in their life time. Naturally, one might think that naming one of their children is the best option. However, naming one's child for this role is often not the optimal for a number of reasons. Commonly, conflict arises among family members when a child is appointed as fiduciary. Family members, including siblings, frequently have trouble communicating with one another, and remaining completely objective. A lot of times, those closest to us disagree over division of personal property, medical care, the selling of assets, and how long the estate should take to complete.

An increasing option is to hire a professional fiduciary. These trusted professionals are experienced in managing finances, personal care, medical care, and preserving assets. Because it can be daunting to enlist an outside source with your personal, medical and financial matters, there are 3 essential steps to ensure you hire a trustworthy fiduciary.

“How can you just leave me standing? Alone in a world that’s so cold?”
-Prince (When Doves Cry)

UPDATE (October 7, 2016): Certainly news of Prince’s passing is known by everyone now, but the probate court proceedings regarding his estate continue and promise to do so for many months, possibly years. So far, a will has still not been produced or uncovered so it appears no estate planning was ever done. This is an extreme example of intestacy (no will), but bad and broken estate plans produce undesired results too.

The federal estate tax (40%) for Prince’s estate comes due on January 21, 2017. An additional 16% to the State of Minnesota will be owed on or shortly after that date. A Minnesota probate court judge recently granted approval to liquidate a mix of homes, vacant lots and one commercial building with an estimated value of $22 million. Most of that will go towards attorney fees. They’ll need to take greater actions to address the taxes.

At last count there are two dozen lawyers involved, a number that will continue to grow, representing heirs. Probate court fees are incrementing rapidly as well. There are also other large expenses of unknown amounts (administrator companies, music business, I.P. experts, etc.), who’ve been appointed by the court.

It’s been estimated that Prince’s estate may have been worth $300 million. Some quick math illustrates that there may not be much left after all taxes and fees are paid. Probate ensures that all creditor expenses are reimbursed first; before heirs can receive anything. The IRS will become more directly involved soon.

You can easily see how any lifetime of hard-earned wealth can be decimated. Whether you speak with us or someone else about yours, please make it a priority that your estate be maximized and planned for before too long, or before it’s too late. Once done, you’ll feel better, knowing that your property will go to who and where you decide. Most of what you read here could have been avoided.

Why Some Men Avoid Estate Planning

CIFG's DeSoto Goes On Air at Santa Barbara Station 1290 to Discuss "Money Talk."

Westmont alumna Courtney (Fetter) DeSoto '94, who launched Channel Islands Fiduciary Group to continue assisting vulnerable adults in the local community, has opened a new office in downtown Santa Barbara, California.