Important Considerations When Estate Planning
Ian Filippini Santa Barbara is a blog located in the county of Santa Barbara, California with a growing population and thriving economy. After Santa Maria, it is ranked the second largest city in the county. Ian Filippini, the current president of Filippini Financial Group is situated in the area of Santa Barbara. Ian Filippini holds a reputable image as an estate advisor for the area of Santa Barbara. Filippini Financial Group seeks to provide you with a comprehensive guidance on special considerations during the process of estate planning.
The earlier the better
If you are thinking of estate planning in Santa Barbara, Ian Filippini of Filippini Financial Group stresses on taking the initiative as early as possible. Usually, people consider estate planning for the old age group. However, once you do not have the mental capacity to deal with the long and tiring procedures of estate planning, you are bound to be trapped by frauds.
According to the research of Ian Filippini Santa Barbara, the current president of Filippini Financial Group, Santa Barbara is heavily populated with an older age group. This is because of its serene and beautiful locations that offer an idyllic retiring option.
Ian Filippini also encourages earlier estate planning because once the older population living in Santa Barbara have lost their mental capacity; it is too mentally and financially burdensome for the dependent relatives to legally work out the estate plan. In such cases, there is no other option except going to the court and bogged down by legal formalities. There is a great deal of stress for your loved ones to wait for the courts to appoint a guardian or conservator. In cases of death, the legal formalities incur far heavier financial losses.
Revise your plan
Ian Filippini Santa Barbara, the current president of Filippini Financial Group which he founded with his father Alfred Filippini, has been living in the area of Santa Barbara for several years. Ian Filippini is the most trusted name if you need a management plan of your wealth in the area of Santa Barbara. A complete estate plan by a dedicated financial group such as the Filippini Financial Group does not only initiate and process your estate plan but also guarantees its revision as necessary. The fluctuations in Santa Barbara’s economy and real estate market every year require refined and revised estate plan. Ian Filippini recommends that once the estate plan has been designed, it should be revised every subsequent year. Furthermore, Ian Filippini’s experience and research of wealth management, working at the renowned Filippini Financial Group, can guarantee an updated estate plan for you.
Revocable Living Trust
Estate Planning is a complex procedure and one mistake can lead to the entire plan crumbling. It is important to make sure to completely fund your revocable living trust for a successful estate plan. In addition, Ian Filippini elaborates that failure to do so might lead to some of your assets ending up in probate. According to Ian Filippini’s experience, the most common problem lies in the limited knowledge of people working out their estate plan with attorneys and financial consulting services who are not aware of tax implications as a result of a client’s estate plan. The president of the renowned Filippini Financial Group illustrates that the funding of the trust should be given equal importance to the process of creating it.
Furthermore, titled assets in the name of the trust should be an important consideration in the estate plan. This is because, without a title to the assets, the trust agreement will be useless to determine the long-term fate of the assets. In extreme situations such as death or diseases leading to the mental incapacity of the owner, the assets will have to be probated in order to transfer their control to the dependent members of the family.
Choosing the trustee
A simple yet mostly neglected part of an estate plan is choosing the trustee. Choosing the trustee wisely should be given top priority in the estate plan. According to Ian Filippini, this should take into account the relationship between the two people involved, which is of chief importance for a successful estate plan.
Ian Filippini, the current president of the Filippini Financial Group has years of experience and tremendous knowledge to provide you with a complete and comprehensive estate plan as a part of your wealth management process in the city of Santa Barbara. They also advise you on the best attorneys in the region for legal work while they help you manage the financial aspect of the process.