Legacy Giving Blog

For Marian Jean, supporting the Santa Barbara Maritime Museum is a natural extension of a lifelong love of science, the sea, and Santa Barbara’s unique coastal history. Marian has been connected to the Santa Barbara waterfront for decades. She began volunteering as a naturalist on local whale watch boats in 1996 through the Whale Corps at...

What Are the Differences Between Federal and State Estate Taxes? Taxes related to estates can sometimes be confusing. You may hear terms like estate tax and inheritance tax, but these are not the same as income taxes. Instead, they apply only in certain situations at the time of death. An estate may be subject to federal estate...

A simple tax-time detail can make a big difference for donors who support SBMM through their IRA. A qualified charitable distribution, or QCD, can be one of the most tax-efficient ways for donors age 70½ and older to support the Santa Barbara Maritime Museum through an IRA. When handled correctly, a QCD is generally excluded from...

According to a recent article by Alexander Clark in “Wealth Advisor,” most estate attorneys indicate that common mistakes associated with wills are very basic and avoidable.  The biggest errors show up again and again: putting off a will, who you appoint, how clearly you write the will, and whether you ever bother to update what...

If you usually take the standard deduction (and don’t itemize), a new federal tax change arriving in 2026 may make charitable giving a little more rewarding at tax time. Under the 2025 House of Representatives Bill 1, taxpayers who do not itemize will be able to claim an “above-the-line” charitable deduction for cash gifts to qualified...

I had a wonderful childhood and my parents provided for our family, yet with five children they believed in giving sound advice and education instead of giving outright funds for non-essentials. Therefore, we were each given ownership in buying anything extra such as our own cars and paying for gas. I recall as a teenager...

A California girl at heart, Marie L Morrisroe was born and grew up in Los Angeles. While she did move with her husband to the East Coast for a time, as promised by her husband they made their way back to California, settling in Pasadena for 25 years. They eventually found their way to Santa...

As we approach the end of 2025, there are several key tax-planning strategies to consider and potential action items to address: Maximize retirement contributions Harvest tax losses:  sell investments at a loss to offset capital gains and up to $3,000 of ordinary income.   Take your IRA required minimum distributions (RMD) to avoid penalties.  Better yet, if you are...

A nonprofit endowment is a dedicated pool of donated funds that are invested for long-term support of the organization’s mission. The income can be used for various purposes, such as operational budgets, program funding or scholarships, while the principal is kept intact. This allows the endowment to grow over time. Endowments provide a sustainable source...

Ultimately, a well-structured estate plan does more than preserve/transfer wealth—it preserves family unity and minimizes conflict and legal risk.  Recent legal trends show that silence, secrecy, or unnecessary complexity can lead to litigation.  When a trust surfaces unexpectedly or includes terms that were not clearly disclosed, such surprises can trigger resentment among beneficiaries and some...

More heirs are heading to court in 2025—and the biggest trigger? Surprise trusts. These are trusts that surface after a loved one’s death with unexpected terms, undisclosed beneficiaries, or sudden amendments. They’re fueling a rise in lawsuits among family members who feel blindsided. Here’s why it’s happening: 1. Silence Breeds Conflict Keeping estate plans a secret may...

The new budget bill, the Opportunity, Balance and Better Budget Act, was just signed on July 4th and includes the federal estate-tax exemption at $15 million per person for next year and provides for the threshold to remain high barring future unknown legislative changes.  However, this does not take proper estate planning off your to-do list.  The...