1. A method of fabricating at least one magnetic element, the method comprising the steps of: depositing a magnetic element blanket layer; depositing a masking layer overlying the magnetic element blanket layer; removing portions of the masking layer overlying the magnetic element blanket layer to expose portions of the magnetic element blanket layer; and transforming the exposed portions of the magnetic element blanket layer, to form insulative inactive portions and active portions, the active portions defining the at least one magnetic element and the inactive portions defining dielectric insulators.