Ian Filippini Santa Barbara Living Trust vs. Trust

Ian Filippini

Ian Filippini

Ian Filippini

What Is A Living Trust vs. Just A Trust?

Find out more about author Ian Filippini on

The fact is that there is a lot of different financial vocabulary that gets thrown around when talking about estate planning.  Some of it is used correctly, and some isn’t; this can make things hard to understand and to really be clear.  To get the clearest picture and the clearest understanding, it is best to consult a professional.  Someone who is a professional when it comes to estate planning is who you want to consult when you come upon any real questions you may have.  Ian Filippini is a professional in estate planning.  Ian Filippini is also a professional in wealth management.  In this article, Ian Filippini will address a question that has been posed to him many times over the years; Ian Filippini and Filippini Financial Group, Inc. will give a brief description of what a trust is, and then to go further, what a living trust is.
Ian Filippini and Filippini Financial Group, Inc. say that it is important to first understand what a trust is.  For some people, says Ian Filippini, this can be a little hard to grasp if they have never heard of it before. Ian Filippini says that a trust is an entity where one person is legally in charge and has control of another person’s property.  Ian Filippini says that you can in fact be the trustee and beneficiary of a trust.  Ian Filippini says that there are many financial benefits to creating a trust, even if it is in your own name.  Ian Filippini and Filippini Financial Group, Inc. asserts that there are too many to list here and that you should consult your estate planning professional to determine any financial benefits may apply to you, if you create a trust.
Ian Filippini and Filippini Financial Group, Inc. say that a living trust is just a trust that is created while you are alive, versus after you are dead.
Alfred Filippini (Ian Filippini and Alex Filippini’s late father) was the original founder of Filippini Financial Group, Inc. Ian Filippini’s Mother is still alive and living in the Santa Barbara area Filippini Financial Group, Inc. and Ian Filippini are situated in the Santa Barbara area as well. Ian Filippini and Filippini Financial Group, Inc. will definitely take the time to understand and execute their clients goals and last wishes.
Filippini Financial Group, Inc.is lot a law firm. Ian Filippini is not an attorney and is not licensed to practice law. Ian Filippini and Filippini Financial Group, Inc. recommend that you consult a licensed attorney to address any legal concerns or questions you may come across.

Ian Filippini Santa Barbara Wills Made Easy

Ian Filippini

Ian Filippini

Ian Filippini

Wills Made Easy

Find out more about author Ian Filippini on

Having a will is important for everyone.  Whether you have a lot to leave to loved ones, or not much at all, a will is a smart thing to have.  Even if a will is the extent of your estate plan, you should at least have one of these in place.  People may think that making a will is hard and/or expensive, but it does not have to be.  Today, there are many ways that you can make a will yourself, without the need of a lawyer.  Ian Filippini is an estate planning professional that has helped many of his clients create their own estate plans, including the creation of their wills.  In this article, Ian Filippini and Filippini Financial Group, Inc. will briefly explain what should be included in your basic will and if you fit the criteria for only needing a will in your estate plan.
Ian Filippini and Filippini Financial Group, Inc. feel that there can be as little as four basic pieces to a simple will.  You will decide and document who will get any property you may have, says Ian Filippini.  Ian Filippini reminds his clients that you can also leave property to organizations as well.
Another basic piece to your will, according to Ian Filippini and Filippini Financial Group, Inc., is naming who will care for any children that you have, who are still minors at the time of your death.  Ian Filippini says that this is an important piece in will writing that can often be left out because people assume that this is obvious.
Ian Filippini and Filippini Financial Group, Inc. say that with naming someone to care for your minor children, you also need to name someone to be in charge of any property that you leave for your children to inherit.
The last thing, according to Ian Filippini and Filippini Financial Group, Inc. is to choose an executor for your will. This person will carry out the wishes of your will.
Ian Filippini is a local to the Santa Barbara area and is also the current president of Filippini Financial Group, Inc. Filippini Financial Group, Inc. is also located in the Santa Barbara area, specifically in Montecito, CA. Alfred Filippini and Deborah Filippini (parents of Ian Filippini and his brother Alex Filippini) moved the family to the Santa Barbara area. Ian Filippini and Filippini Financial Group, Inc. have years of expertise working with Santa Barbara retirees and pre-retirees.
Filippini Financial Group, Inc. is not a law firm and Ian Filippini is not licensed to practice law. Ian Filippini is not an attorney. Please consult a licensed attorney to address any legal questions or concerns you may have.

Ian Filippini Santa Barbara: Front Country Hikes

Ian Filippini Santa Barbara

Ian Filippini Santa Barbara

Ian Filippini Santa Barbara

Front Country Hikes

Find out more about author Ian Filippini on

Ian Filippini truly enjoys living in Santa Barbara.  Santa Barbara offers so much for Ian Filippini and for all of its residents.  Ian Filippini moved to Santa Barbara over ten years ago and is still just as fond of the city as he was when he first moved here.  So, Ian Filippini loves Santa Barbara and Ian Filippini also loves to hike in Santa Barbara.  Ever since Ian Filippini moved to the Santa Barbara area, he has loved hiking as a means of exercise, and also for mental clarity, and recreation.  Ian Filippini has experienced many of the different hiking trails found in the Santa Barbara area.  The Santa Barbara area has so many hiking trails, in fact, that many people have broken them down into geographical categories, according to Ian.  In this article, he will briefly discuss several Santa Barbara front country hikes that he finds especially great.

Ian Filippini would first like to describe to you what “Santa Barbara front country” means.  Someone coined this term because these hiking trails are on the southern side of the Santa Ynez Mountains, meaning closest to Santa Barbara.  Ian Filippini loves the Santa Barbara front country hikes because there is almost always a breathtaking view of the beautiful city of Santa Barbara.

Ian Filippini especially loves the Santa Barbara front country hike by the name of Cold Spring trail.  This Santa Barbara front country hike is most liked by Ian because it is a fairly difficult hiking trail, but there are special rewards along the way, such as waterfalls!

Another front country hiking trail that Ian Filippini is fond of is the San Antonio Creek trail.  Ian Filippini says that this is a good hike for the area if you have children along because it is flat and easy.

Ian Filippini, the current president of Filippini Financial Group, Inc., has written a number of articles relating to real estate, insurance, tax, asset protection, financial advice, and estate planning. Filippini Financial Group, Inc. and Ian Filippini have spent many years using their unique expertise and hands on approach to provide value to hundreds of retirees and pre-retirees in many areas of wealth management.

Filippini Financial Group, Inc. was originally founded by Ian Filippini’s late father Alfred Filippini. Filippini Financial Group, Inc. is located on Coast Village Road in Montecito, California. Ian Filippini’s mother, Deborah Filippini, and brother, Alex Filippini, moved to the Montecito and Santa Barbara area.

No advice is given or intended.  This article is not to be considered legal advice.  Ian Filippini is not a attorney.  Filippini Financial Group, Inc. is not a law firm.

 

Santa Barbara Restaurants

Santa Barbara: Nature’s Playground

Santa Barbara and Wedding Bliss

Transfer on Death and the Estate Plan

The Right Gifting Strategy

 

 

Santa Barbara Restaurants

Santa Barbara, California is such a terrific place to live and work.  The weather is almost always beautiful.  There are many activities to do both indoors and outdoors.  There is so much history and culture everywhere you look.  From art, to sports, to education, to culinary greatness, Santa Barbara definitely has it all (Ian Filippini will attest to this).  There are so many wonderful things about Santa Barbara, but in this article I will focus on the many restaurants that this city has to offer.

Santa Barbara can be thought of as both fancy and casual.  There are very wealthy people that live here, there are “starving” students and artists, and there are people in between.  In order to support these different styles of living, Santa Barbara must have a plethora of different types of restaurants—and it does!

In Santa Barbara, you will find everything from a one-dollar taco truck to a five star steak house, all within the city limits (Ian Filippini favorite)!  There is a different restaurant for every taste, every budget and every dining out experience one could ever ask for here in Santa Barbara.  Whether you feel like dressing to the nines, or wearing flip-flops and board shorts, you can always find somewhere you want to eat, and that will also respect your chosen attire in Santa Barbara.

Some people may think that because Santa Barbara has so much Spanish and Mexican history and culture, that this would be the dominating restaurant type.  Actually, Santa Barbara houses many, many different kinds of cuisines.  Not only are there wonderful Mexican restaurants, but amazing sushi, American fare, Italian, Mandarin, Moroccan, French, Vegan and Vegetarian in Santa Barbara.  Being right on the beach, there are of course, great seafood restaurants all around also.

Santa Barbara has no shortage of sweet spots either!  Whether ice cream, cupcakes, frozen yogurt, sorbet or fresh baked cookies are what you crave, you can find it in Santa Barbara.  There are specialty dessert establishments all over the place!

So remember, when you come to Santa Barbara, no matter what you are craving, you can find it here! (by Ian Filippini)

Ian Filippini is also the current president of Filippini Financial Group, Inc. (Santa Barbara). Ian Filippini has written on topics relating to real estate, financial consulting, insurance, tax, asset protection, financial advice, and estate planning. Filippini Financial Group, Inc. and Ian Filippini have spent many years of experience. Ian Filippini’s unique expertise and hands on approach provides value to hundreds of retirees and pre-retirees in the Santa Barbara Area.

Filippini Financial Group, Inc. was originally founded by Ian Filippini’s late father Alfred Filippini. Filippini Financial Group, Inc. is located on Coast Village Road in Montecito, California just outside of the Santa Barbara City limits. Ian Filippini along with his mother, Deborah Filippini, and younger brother, Alex Filippini, moved to the Montecito and Santa Barbara area.

Santa Barbara: Nature’s Playground

Santa Barbara is an absolutely great place to live and to work.  Santa Barbara’s beauty is hard to match, it has great weather, and great people who live and visit here.  Over the years Santa Barbara has become more and more health conscience.  Santa Barbara locals have really developed a culture where activity is key; and since Santa Barbara has so many terrific outdoor spaces, outdoor activities have become key.  In this article Ian Filippini will briefly touch on the many different sports and other outdoor recreational activities that Santa Barbara has to offer.

In Santa Barbara, there are many different ways to fulfill that need to be outside and to be active.  There are things to do by yourself, with a partner or with a group.  There are also different organized teams throughout different times of the year.  Of course Santa Barbara offers sports activities to do both on land, and on sea!

If you want to be adventurous and get out to Santa Barbara’s beaches, here are a few things to consider doing: kayaking, stand up paddle boarding, surfing, scuba diving and boogie boarding or snorkeling.  There are many different Santa Barbara companies (Ian Filippini) all along the beach that can help set you up with any of the equipment or lessons and instructions you may need for any of these activities.

If you prefer to stay dry, Santa Barbara still has plenty of options for you.  In Santa Barbara there are many different hiking trails, rock climbing areas, golf courses, basketball, and tennis courts, baseball and softball fields, public swimming pools, and other organized sports such as kickball or dance classes.  Basically whatever you can think of to do, Santa Barbara has that option for you.

If you prefer to stay inside to get your activity, there are several different gyms and athletic clubs in Santa Barbara also (Ian Filippini likes the local Santa Barbara Gyms).  It is always nice to have the option to be indoors or outdoors, even in beautiful Santa Barbara.

Ian Filippini has written a number of articles relating to real estate, estate taxes, financial advice, insurance, tax, asset protection, and estate planning. Ian Filippini also is current president of Filippini Financial Group, Inc. Filippini Financial Group, Inc. and Ian Filippini have spent many years using their unique expertise and hands on approach. Ian Filippini personally provides value to hundreds of his clients ranging from retirees to pre-retirees in many areas of financial consulting or wealth management.

Filippini Financial Group, Inc. was originally founded by Ian Filippini’s late father Alfred Filippini. Filippini Financial Group, Inc. is still currently located on Coast Village Road in Montecito, California. Ian Filippini’s mother, Deborah Filippini, and Ian Filippini’s brother, Alex Filippini, moved to the Montecito and Santa Barbara area.

Santa Barbara and Wedding Bliss

Santa Barbara is a gorgeous place to live and to visit.  With beautiful scenery, weather, culture and people (Ian Filippini), it makes a terrific place to plan a wedding and get married!  There are a plethora of wonderful venues to choose from, and with perfect weather almost year-round, any time is a great time to get married in Santa Barbara!

Whether you are thinking about an indoor wedding or an outdoor wedding, Santa Barbara has the venue for you.  In this article I will briefly list and discuss some of the popular and successful wedding venues in Santa Barbara and its surrounding areas of Goleta and Montecito or other parts of Santa Barbara County.

For Santa Barbara outdoor weddings, there are many beaches to choose from.  The most important thing to be aware of about beach weddings in Santa Barbara is that all beaches here are public.  There are no private beaches in Santa Barbara, so if you plan to have a beach wedding, plan for city fees and a public audience.  Check with the city of Santa Barbara for costs and reservations (Also ask a local like Ian Filippini).

Another wonderful outdoor wedding venue is the sunken gardens at the Santa Barbara county courthouse.  This has beautiful gardens and with the backdrop of the historical courthouse, it truly is a special place to get married.

For Santa Barbara indoor wedding spots, there are many as well.  The Double Tree Resort offers several wedding packages to choose from and has beautiful décor inside and out.  The Montecito Country Club (Ian Filippini’s brother was married here) boasts breathtaking views and traditional, elegant indoor décor.  And of course the Santa Barbara Mission has been a longtime wedding venue favorite of the locals.

Besides all of the wonderful places to have a wedding in Santa Barbara, there are many wonderful and trustworthy vendors to choose from also. Not just in Santa Barbara city, but also in Santa Barbara County.  From flowers, to music, to food, to cake, to wedding dresses and tuxedos, Santa Barbara has everything you are looking for.

If you are looking for a special place to get married, check out Santa Barbara and the greatness that it has to offer!

Ian Filippini with his younger brother, Alex Filippini, and mother, Deborah Filippini, moved to the Montecito and Santa Barbara area. Filippini Financial Group, Inc. was originally founded by Ian Filippini’s late father Alfred Filippini. Filippini Financial Group, Inc. is located on Coast Village Road in Montecito, California (Santa Barbara County)

Ian Filippini is the current president of Filippini Financial Group, Inc. Ian Filippini has written a number of articles relating to real estate, insurance, state tax, federal tax, estate tax, asset protection, financial advice, estate planning, and financial consulting. Filippini Financial Group, Inc. and Ian Filippini have spent many years using their unique expertise. Ian Filippini’s hands on approach to provide value to hundreds of retirees and pre-retirees in many areas of wealth management.

Transfer on Death and the Estate Plan

Your estate plan is your set of golden rules. It is what you want to achieve in the long term through your build up of wealth. However, it is critical to know how this plan can make changes to your estate at the time of your death. We are not talking about the long-term goals, but the immediate occurrences at the time of your death.

Transfer on death is one of the terms your estate planning team will talk to you about as one of the foundations of your plan. In short, TOD, as it is often referred to, is a designation that helps you streamline the process of transferring your assets to your heirs after your death.

This method is used for a variety of investments, but most often for such things as stocks and bonds, mutual funds, and other types of investment accounts you own at the time of your death. The process of transferring this ownership from you to another person is seamless using this method. The transfer of death designation is a private move, and it is almost automatic when it is part of an estate plan. By using this method, assets transferred in this way avoid the probate process. In fact, the only thing you really need to do is set up a form that outlines the process and you are well on your way to managing this process.

One more advantage to using this method is that it allows the transfer to occur fast enough to ensure that the heir is able to trade those funds or to have access to the funds fast, if it is necessary for that to occur. Imagine the market plummeting—you want your heirs to have access sooner rather than later to preserve that wealth. This tool allows for that.

For those who are facing the inevitable—what will happen at the time of their death—it can be very challenging to know what to do. What should you plan for? What does your family need at this point? What should you provide for and how can you do so? The good news is that you can have a plan. Ian Filippini and the professionals at the Filippini Financial Group can help you determine how to handle the long term aspects of your estate plan.

No advice is given or intended.  This article is not to be considered legal advice.  Ian Filippini is not an attorney.  Filippini Financial Group, Inc. is not a law firm.

Ian Filippini’ was lucky to have grown up in California. Ian Filippini raised by his parents, Alfred Filippini (deceased) and Deborah Filippini, lived in the Montecito or the Santa Barbara area. Ian Filippini has sisters, but his younger brother, Alex Filippini, also worked for Filippini Financial Group, Inc.

The Right Gifting Strategy

There are many ways to gift through an estate plan so that you can achieve your long-term goals. The following are two of those strategies to consider.

Irrevocable Life Insurance Trust (ILIT)

The irrevocable life insurance trust is a type of gifting strategy in itself. One of the more common elements of an estate plan is life insurance. This helps to provide liquidity to the plan in case some of the assets cannot be sold quickly, or it works as a wealth replacement vehicle. It gives family members money at the time of death, and proceeds from life insurance policies are generally income tax free for the beneficiary. They are still, however, counted towards your gross estate value.

Using an irrevocable life insurance trust will stop this from increasing the value of your estate and making it subject to higher taxes. The trust owns the life insurance policy and the proceeds from the policy will pass to the listed beneficiary as you direct, free of both income taxation and estate taxes. The trust purchases the policy in the best scenario.

Intentionally Defective Grantor Trust (IDGT)

This type of trust is defective only for the benefit of income taxes. This type of trust takes advantage of the different rules that apply to income taxes and gift and estate taxes. Transfers to this type of trust will be completed gifts and therefore outside of the estate, for the benefits of the GSST. However, for the purpose of income taxes, the trust’s presence is ignored and the grantor of the trust is considered the owner of it.

One of the best times to use such a strategy is as a part of dynastic planning, as well as when you wish to shift wealth properly to reduce taxes.

  • The assets can be sold to the trust income. It does not incur a capital gains tax.
  • All future income that any asset earns will be taxed to the seller, which is reduced by the seller’s estate.

This type of trust can be a very powerful tool when it comes to minimizing taxation and managing ownership. It must be created properly, of course, to receive these benefits.

To find out if these options work to help you achieve your goals, talk to Ian Filippini and the Filippini Financial Group. You may find that there is a solution to achieving your goals.

No advice is given or intended.  This article is not to be considered legal advice.  Ian Filippini is not an attorney.  Filippini Financial Group, Inc. is not a law firm.

Ian Filippini’s was cared for by parents, Alfred Filippini (dead in 2009) and Deborah Filippini (alive and kicking), all lived in the Montecito, Carpinteria, Summerland, and Santa Barbara area. Ian Filippini’s little brother, Alex Filippini, followed in Ian Filippini’s footsteps also worked for Filippini Financial Group, Inc.

The Gifting Strategy of the Family Limited Partnership (FLP)

As you consider building an estate plan that fits your needs, one area you are likely to focus on is gifting, the process of moving property and assets from your ownership to someone else’s. Finding the right gifting strategy is critical to keeping those assets from plummeting in value after taxes are levied on them. There are several strategies that estate planners implement to prevent these taxes from diminishing your estate. One type of strategy is through gifting. Gifting can be done through several different ways. Here, we will analyze the Family Limited Partnership strategy. This strategy is a good way to manage the assets of a family, while also providing a way to transfer wealth to others without taxes being a major component.

This strategy functions in a specific way. Here is a typical method in which it will be useful in dealing with a partnership:

  • The parents decide to gift the majority of the partnership to the family members. They do this with limited partnership interests.
  • Limited partners do not have any say in the running of the partnership. They cannot borrow or sell their interest in the partnership.
  • For the purchase of gift tax, this scenario creates a valuation discount that comes from the lack of liquidity and the marketability.
  • There may be additional valuation discounts on the assets themselves, such as in a scenario where there is an undivided interest in real estate or the small business is not liquid.

It is critical to use this tool properly because over-aggressive action can create a situation where there is unreasonable valuation discounts which may cause unwanted and definitely too much scrutiny from tax authorities. If you plan to use this particular type of protection tool, ensure you do so with the aid of a financial planning team who can properly structure such a scenario.

It is critical to use a professional to set up this type of estate plan strategy, especially if you want to ensure it will be successful. When done properly, it can help you to achieve your goals. If done poorly, it could end up costing your estate and your heirs. When you turn to Ian Filippini and the Filippini Financial Group, you can achieve your goals and avoid the potential taxation that your estate would otherwise face. Keep in mind, most people will benefit from a gifting strategy, but this may not be the right one to use at the beginning. Ask a professional if it can work for you.

No advice is given or intended.  This article is not to be considered legal advice.  Ian Filippini is not an attorney.  Filippini Financial Group, Inc. is not a law firm.

Ian Filippini’s parents, Alfred Filippini (dead as of June 2009) and Deborah Filippini (Still living), traveled to the Southern California area and decided on moving to the Montecito (Santa Barbara) area. Ian Filippini’s and his younger brother, Alex Filippini loved the adventure. They both even decided to do work for Filippini Financial Group, Inc.

Asset Protection Trusts

When deciding whether or not to file bankruptcy, do your research. A quick search on the internet will lead you to the topic of asset protection plans or more specifically, asset protection trusts. There are quite a few acronyms for these asset protection trusts. The can be referred to as: Foreign Asset Protection Trust, Offshore Asset Protection Trusts, International Protection Trusts, or many other various names. There are currently 12 states that allow for asset protection trusts. They are Alaska, Delaware, Tennessee, South Dakota, Nevada, Wyoming, Hawaii, Utah, Rhode Island, Missouri, New Hampshire and Oklahoma. The law for each state regarding asset protection trusts varies greatly depending on the usability and overall impact of that particular states.

Any trust that is used to shield assets from a creditor is an asset protection trust, especially when an individual does file bankruptcy. Usually, these trusts are established in an offshore location or another country. Yet we have seen that most of these assets remain in the United States and are controlled indirectly by whomever decided to create the trust (also known as the settlor). Most asset protection trusts are structured to be irrevocable trusts for a set term of years. This is done so that the settlor is not the current beneficiary. If one is to file for bankruptcy and has a properly settled and drafted asset protection trust, creditors are unable to gain access to those assets within the trust itself. It can be structured in a way that undistributed assets belonging to the trust can be returned to the settlor whenever the trust is terminated. This would allow the settlor to have full control and access to the assets that were formerly protected. All of the above is useless if there is still potential file bankruptcy again or of another creditor attack.

No advice is given or intended.  This article is not to be considered legal advice.  Ian Filippini is not a bankruptcy attorney.  Filippini Financial Group, Inc. is not a law firm.

Ian Filippini’s father, Alfred Filippini, passed away in 2009. Ian’s mother, Deborah Filippini, is still living and residing in Montecito and the Santa Barbara area. His younger sibling, Alex Filippini lives in the area as well and has worked for Filippini Financial Group, Inc.